Do you have a feeling that you are ready to get in the market of trading currencies? If yes, you should first take sufficient time in finding the most reliable Forex broker in the market. A forex broker is firm or a company that enables forex traders to buy and sell foreign currencies by offering them access to a trading platform. The foreign exchange market is the world’s largest financial market as it has a daily average traded value of more than $4 trillion. Consequently, the number of forex brokers has increased. Therefore, caution has to be taken when selecting the right forex broker for success in this foreign exchange market.
Rakuten broker as a leading international forex and metals broker provides a suitable trading atmosphere for forex and metals trading. Its reliability can be described by achieving the following aspects that are taken in to account when evaluating the right forex broker for you.
Tips for selecting a reliable forex broker
• Regulation
A reliable forex broker should be duly registered and regulated by the appropriate regulatory body in the country of establishment. This ensures safety of the deposits made by the clients and affirms the integrity of the forex broker.
Rakuten Securities Australia is registered and complies to the Australian Securities and Investments Commission (ASIC). It complies to the commission by having segregated bank accounts to hold the funds for its retail clients. Having this trustworthy bank accounts allows it to distinguish its own money from its retail clients’ money.
Therefore, incase Rakuten broker becomes insolvent,its clients will get the refunds of the funds held in the bank accounts.
• Safety of the deposited funds
Having segregated bank accounts is a form of safety of the clients’ funds. However, one should consider how the funds deposited in these bank accounts will remain accurate.
Rakuten broker conducts client money reconciliations every single day to ensure that the funds being held in the bank accounts accurately mirrors the client assets. This is usually in accordance with the regulation requirements by ASIC.
• Commissions and spreads
Spreads represents the costs of the brokerage services and replaces transaction fees in the provided platform. It is usually the difference between the price of the bid and ask of the currency pair. Typically, forex brokers make money through conventional commissions and spreads.A forex broker that utilizes commissions to make money may charge an identified percentage of the spread. You should therefore consider this spread to ensure that it is favorable for you.
Rakuten broker utilizes pricing technology directly from its global expertise of Rakuten SecuritiesInc., which is located in Tokyo. This allows it to provide a distinctive pricing model to the global markets. For Rakuten broker, there is no commission that it chargesfor its spreads. During 95% of the normal trading hours Rakuten’s spreads are fixed. The other 5% of the time is usually during low liquidity times for instance during holidays, data releases and market roll-over.
• Initial deposits
To begin trading in the forex market, you are required to have a forex account on the identified platform. A reliable forex broker should allow its clients to fund their forex account with a small initial deposit. Usually, with leverage, the purchasing power can be significantly great than the minimum deposit. Leverage in forex trading is commonly borrowed from the forex broker to enhance the trading capacity of the trader.
Rakuten Securities Australia allows a minimum deposit of $50 for its prospective clients to gain the access of its market leading pricing model.Moreover, regardless of its clients’ capital worth, they all receive equal operational support and high quality customer service.
• Customer service
A reliable forex broker should provide adequate support to their clients including forex analysis and global market research tools.
Rakuten broker provides this support to its client by providing: daily market updates and long-term analysis; live market updates through Twitter feed; and new traders are provided with educational content.
• Trading platform
A trading platform being the trader’s portal to the forex market should be well designed, easy to use and have a variety of important analysis tools.
Rakuten broker uses the MetaTrader platform for forex trading. This popular software for forex and metal trading manages trades and has technical analysis tools to enable the traders analyze prices easily.
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