What to Look for in the Best Forex Broker in Dubai
What is the best Forex broker in Dubai? This is a common question of many who are into foreign exchange trading. The answer really depends on who you ask. It all depends on what you want to trade. There are a few major factors which determine the best Forex broker in Dubai, but there are also a number of other things which are important.
For instance, what type of trader do you want to be? If you want to be a day trader, and want to earn huge profits over short period of time, then obviously the best forex broker in Dubai for you is one who will give you a very low rate of commission. If you want to be a short-term trader, who wants to earn money even while you are sleeping, then it is better if the broker will let you pay for your trades in a one-time setup. A regulated broker will do thorough research before making your transaction and listed down the various criteria based on which you will select your broker.
Brokerage firms are regulated by government bodies in Dubai like the Dubai Stock Exchange Company (DSE). They are not allowed to trade against their clients’ interests. Their duty is to facilitate the smooth functioning of the market and keep the traders informed of latest market developments. These brokers will collect the trader’s deposit and secure the interest of the client. If a trader losses on any of the trades, he will have to pay the brokerage fee to the broker as well as pay a fine.
Many brokers will have a minimum deposit bonus. If you plan to trade using your own funds, then you need to find out if the minimum deposit bonus of the forex broker you are going to deal with is sufficient. You can even ask for a higher minimum deposit bonus. On the other hand, if you want to use your trading platform with the money you already have, then you need to ensure that you have enough money with you to cover the brokerage fee as well as other costs of trading.
Another important thing you should consider is choosing an experienced broker. There are certain technical analysis indicators available in many brokers, which make them very lucrative. However, choosing a young inexperienced broker will always bring you losses. This is because they may not be able to interpret the charts correctly and may also be using outdated tools to analyze the market.
One aspect you need to check is the availability of customer support. Many brokers provide 24 hours customer support and this is something you should also check. Forex trading can be very risky, so you need to ensure that the customer support system offered by the company is always active. It is important to know how friendly their staff are and if they respond to calls in a timely manner. In addition, the response time should be very quick, as most traders do trade within a few minutes.
Last but not least, you should consider the different types of trading brokers available, such as CFD brokers, online forex trading, bank forex and more. There are some brokers that offer services only through one or two institutions, while others offer all kinds of services. With so many options out there, you should always ensure that the broker you choose is regulated by the FSA, and the one you choose should also be FSA registered.
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