Forex traders play a crucial role in the system, and that’s where the average individual and professional investors find their way to invest the money. Forex is a pool of money, which attracts good and bad in one place. There have been lots of fraud reports registered over the years, and it is important to put your money in the right place. Unfortunately, the internet has opened online portals to invest money in Forex stocks, but many cheaters have set up websites that look & feel legit.
What are regulated Forex websites?
Fortunately, many financial regulatory bodies have come forward to regulate companies to ensure legal transactions between traders & investors. In short, there are plenty of financial institutes in several countries that have given certificates to the companies to allow the public to invest in Forex stock with help of Best Forex Brokers. Now, you have legit companies & online websites that allow the public to invest money and make sure that they won’t fall prey to fraudsters. Let us look at several factors that make online Forex regulated brokers that are legal and secure for the clients.
Regulated by Financial Authorities
All legal firms are registered and authorized by the financial authority in the country, so you don’t have to worry about their legitimacy. Financial companies that deal with money are required to register the business, and it is a “MUST” factor in Forex trading. Always choose an online portal that is a registered business in the native country and has a traceable license number.
You can find out about the license number and find out about the business on the government website or financial authority site.
Never invest money on random sites that are not registered and don’t have a traceable license number.
Local Offices & Address
Legitimate Forex trading portals may deal digitally, but they will have a headquarters (HQ) located in the native city. You can take Plus500, for instance, where it is registered the Forex business in the UK and have a physical HQ in Israel. All digital companies don’t need to have a physical address, but it is a common actor for reputed firms. Companies that deal with digital currency or physical currency always have an HQ in the native country, so make sure to learn about the address & track it via Google Maps or Apple Maps.
Segregated Bank Accounts
Reputed Forex trading firms have stronger protection against frauds, but there is a risk of funds transfer within the organization. Plus500 firm has come up with a plan to separate the client’s funds and the company’s funds. You no longer have to worry about uploading the funds to the Forex trader bank account because they will create a segregate bank account. Your bank account and firm’s bank accounts aren’t linked, thus your funds are safe within the wallet.
Stock Exchange Listed
Forex is a broader subject, but the trader has the business registered, which means they have expanded the horizons over the years. Many reputed traders have listed the business in developed countries’ stock exchange markets, which is not an easy spot to secure. Only legitimate firms can list the business on the stock exchange market, and it is a clear indication that you are dealing with a reputed trader. You will lots of best CFD brokers and do the business smartly to gain momentum and never lose the money to scammers.
Deposit and Withdrawal
Reputed traders don’t force the clients to get with hefty amounts because they want to attract new users to the platform. You can take Admiral Markets, for example, where the investment starts at €1 with starting trading amount of €100. None of the reputed & legal traders don’t force the clients to invest larger amounts in the wallet, and it is a power indicator. The same theory goes to withdrawal, where you should look at the policy because reputed firms make the payment on the same day.
Registered digital Forex trading firms have dedicated customer support for the clients. You will have a dedicated team working behind the scene, and you can connect with them via phone, live chat, and email service.
Forex trading is also known financial market, and it has attracted millions of business people, individuals, and even people with ill intentions. The digital era may have solved a few loopholes, but many innocent investors fall for schemes & traps. Do not fall prey and always keep your distance from too-good-to-true Forex trading deals.