Questions & Answers
Brokers Q & A
Yes, registering an account is free. However, if you want to open an account, you have to provide some personal information, such as name and address. You are also required to verify your account data by providing a copy of your ID and proof of address.
Whether your money is safe usually depends on the broker you decide to deal with. As a general rule, the safest brokers are regulated by some of the most reputable financial watchdogs, such as the FCA (UK) and ASIC (AU). It is highly recommended you do your own due diligence before you register with any forex broker.
To make a deposit at a forex broker, you can choose from plenty of options, including e-wallets, crypto wallets and credit cards. Most traders usually choose to use e-wallets, such as Neteller and Skrill, because of the low fees. Some forex brokers also work with PayPal.
When you use e-wallets, some forex brokers offer instant withdrawals, which are usually executed in less than one hour. With other brokers, you might have to wait 2-3 business days for approval. If you like fast withdrawals, you should check the broker’s conditions before you register.
When it comes to trading conditions, you are obviously interested in paying lower fees and using higher leverage. Some brokers promote spreads from 0.0 pips and leverage up to 1:500, but you need to be cautious when dealing with high leverage. Some traders also prefer to trade on MetaTrader 4, and others like web platforms with smoother layouts.
The ECN broker will pass your order to the dark pool liquidity and will match your trade with other traders. The market maker will take the opposite side of your trade, thus creating a conflict of interest. The ECN forex brokers tend to be more reputable among traders.