The content of the article
What kind of broker is a reputable FOREX broker?
The concept of a reputable Forex broker
A reputable forex broker is located in the Forex market, which is built on an interbank system – a global network where financial institutions trade currencies directly with each other. It’s a global, decentralized OTC market for trading foreign currencies.
A forex broker is an intermediary financial institution – a forex broker, which establishes platforms and trading conditions for investors to open accounts there for the purpose of profitable trading.
Trading products on Forex are the rates of currency pairs, gold, oil, etc. And there are also coin trading (similar to futures in Binance) and US stock indices.
Criteria to achieve 1 reputable and quality Forex broker:
1. Top types of licenses A reputable forex broker must have 1 of these 3 types:
* FCA: British license.
* ASIC: Australian license.
* CySEC: Cyprus license (Cyprus)
2. Low spreads.
3. Fast deposits and withdrawals.
4. Especially, reputable Forex brokers are not based in Vietnam , the reason why Vietnamese law does not allow opening forex brokers. All Vietnamese brokers are underground. They are not directly connected to international markets and are deceptive in nature. (The usual way to identify is that fraudulent teams will sell phones inviting to register their floors, invite them to the headquarters to visit for advice, have a technical expert to help with orders).
Reputable Forex Brokers 2023
Blackmantrader would like to introduce you to the TOP 2 most reputable Forex brokers today: EXNESS and ICMARKETS
EXNESS FOREX BROKER:
Exness Overview
Exness is a reputable forex trading platform founded and developed by Exness Group in 2008. The head office is located at: No. 1, Siafi Street, Porto Bello Building, Office 401 Limassol, Czech Republic – the largest financial center in the world. In addition, Exness has offices located in other countries such as the United Kingdom, Seychelles, South Africa, Curacao, British Virgin Islands, Singapore and Malaysia.
Since its launch until now, Exness has become a reputable forex broker and achieved a lot of admirable achievements with impressive numbers, according to statistics in August 2022:
- Trading volume in August 2022 reached US$2.811 trillion.
- More than 360,785 active customers during the month.
- US$984.9 million in customer withdrawals in the second quarter
- More than US$88.6 million in partner bonuses in the second quarter
See also: “ What is Exness? Why Be Trusted in 2023“
Advantages and Disadvantages of Exness
Advantage:
- Licensed from reputable financial institutions ( CySEC, FSCA ).
- Transparent information, high security.
- Offers a wide range of trading products.
- Supports 5 account types, suitable for all investors.
- Popular, easy-to-use trading platform. (MT4, MT5 and Exness’ own app available on App Store and CH Play)
- Low spreads and competitive commission fees.
- No maximum leverage limit. ( Up to unlimited)
- Fast deposits and withdrawals with various methods. (Extremely fast in just 15 minutes, fastest in the world)
- Professional online customer care service, with Vietnamese support.
Shortcoming:
- Spreads are still widened if the market is highly volatile.
- There are not many incentive programs for customers. However, this is also 1 factor that confirms that the broker has a position in the Forex market. And the new exchanges will have a lot of promotions to attract users but potentially many risks.
How to apply to open an Exness account
2. ICMARKETS:
SÀN FOREX UY TÍN ICMarkets:
Overview of ICMarkets Forex Platform
As a reputable forex broker Established in 2007, under International Capital Markets Pty Ltd, up to now, ICMarkets Forex platform has had 12 years of operation in the international forex trading market. With full and strict compliance with the registration and operation regulations of the Australian Securities and Investments Commission ASIC, in 2009 IC received an Australian Financial Services License (AFSL) as proof of its trustworthiness.
The Australian Securities Commission (ASIC) will guarantee your deposits as segregated accounts with the Bank (Westpac Bank of Australia and National Australia Bank (NAB)) and be compensated by law if the exchange goes bankrupt. This helps you preserve your money to the maximum, avoiding being used for rotating investment like other Forex brokers, these also make a reputable forex broker that many traders trust
Since its launch until now, ICmarkets has become a reputable forex broker trusted by many traders and achieved many admirable achievements with impressive numbers, according to statistics in 2022:
Trading volume in March 2022 was 1.11 trillion
The number of users is reaching the milestone: 180 000 people
Rating on Trustpilot 4.9/5
Advantages and Disadvantages of ICMarkets
Advantage:
- True ECN Broker
- Super low spreads, many zero pairs such as USDCHF, EURUSD, USDJPY…
- Provide free trading signals from Autochartist or Trading Central
- Professional and enthusiastic support staff
- Offers advanced trading platforms: MT4, MT5 and cTrader
Shortcoming:
- High minimum deposit: 200 USD or more
- Do not trade the coin market on Saturday and Sunday
- There are no bonus programs for traders. This is 1 thing similar to Exness when reputable brokers have a position in the market.
- The withdrawal procedure is complicated and time-consuming. Although ICMarkets only follows ASIC regulations, this will also be frustrating for many traders.
