Forex market is the world’s biggest capital market. There also comes the risk of money loss if you fail to follow correct money management methods. Trading in this volatile market becomes challenging for beginners. So they need the support of an experienced online broker in Italy. It is because this helps them to maximize their returns in no time. But picking the right Forex trader in Italy is a tough task, mainly when you didn’t know what you are seeking for.
The first thing you need to note when choosing a Forex broker in Italy is security. It’s evident that no one wants to hand over his hard-earned money to someone who is unregulated. But sadly, there is no way to check out the trustworthiness of the broker. Sadly, many brokers nowadays have become scammers, and they are minting a good sum of money from their clients illegally. So make sure you carefully inspect the Forex broker. Choose a broker that has:
-A reputed security agency that uses a high level of encryption like SSL to prevent hacking.
-That use two-factor authentication for entry
Below is the list of countries with their regulatory bodies:
a) United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
b) United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
c) Australia: Australian Securities and Investment Commission (ASIC)
c) Switzerland: Swiss Federal Banking Commission (SFBC)
d) France: Autorité des Marchés Financiers (AMF)
e) Canada: Investment Information Regulatory Organization of Canada (IIROC)
f) Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
Just because a broker looks professional does not mean he is regulated. So before you hire any broker, make sure he is a licensed and member of regulatory bodies. Every regulated Forex broker usually list what regulatory they are licensed with. You can check out this detail on the site of regulators.
2. Trouble-free Withdrawal and Deposit
Best forex broker in Italy allow their clients to withdrawal and deposit funds with ease. Just note that your broker holds money to make Forex trading easy. These skilled experts also make sure that the money withdrawal process is speedy and smooth.
3. Transaction Cost
No matter what kind of currency you trade, you will always encounter transaction costs. It means that whenever you trade, you need to pay for either the common or spread. So it’s obvious to look for affordable rates. Also, make sure you find the right balance between low cost and security.
4. Trading Platform
Trading usually happens via trading platform given by brokers. Best Forex trading platform for beginners often has a clear ‘sell’ and ‘buy’ buttons. Few of them even have a panic button that shuts down all the open positions.
So make sure that the platform:
-Must be easy to use and comfortable
-Allows you to enter and exit the market seamlessly
-Is easy to customize
-Has new free of cost new feed and market news
-Easy charts and financial market analysis tools
All these features help you to trade successfully without any risk. Also, most Forex broker in Italy provide free of cost demo account so that you can learn how to trade before opening an account and investing your money.
5. Customer Service
Forex trading usually happens 24*7. So make sure you chose a broker that help and support you in need. Good brokers are kind and offer the best customer service. They are always ready to go the extra mile to help their clients. Few forex brokers even provide training for newbie traders in the form of:
Moreover, for a well-financed account, few brokers even provide personal account managers for strategic tips and market advice. So when choosing a Forex broker in Italy, make a quick call to know:
-What’s the wait time?
-What kind of service they offer
-How fast the representatives’ reply to the questions related to regulations, leverage
-And other vital details