In the ever-growing world of Forex, it’s important to find a broker you can actually trust with your funds. There are plenty of fake platforms out there that are after your money, so you have to find proof that the one you choose is legitimate. 

Trusting the rating they posted on their website is never a good idea, as they can easily manipulate that data. Fortunately, you can check the rating of a Forex broker yourself in a couple of easy steps, ensuring that our trading funds are in the right hands. Here’s what you have to do: 

• Toggle

  Identify the License

The first thing you have to do is look for the regulatory information of the broker on their website. You should be able to find it in the footer of their website. Check for the regulatory authority (e.g., ASIC or FCA), as well as the license or registration number. Remember that the legal entity of the broker may differ slightly from the brand name.

• Research Forums and Online Reviews

Each Forex broker can publish reviews on their website, but they can just as easily have others write them online, too. An average of 10.7% of the reviews on Google are fake, which means that you have to be careful where you get the information. Check independent reviews, but be wary of those that are too positive or vague. It’s better to trust the ones who gave 2-4 stars out of 5. 

• Verify the License

Even if there’s a license number on the website, it doesn’t mean it’s legitimate. Anyone can copy or make up a random number and pass it off as an official license. This is why you need to take that number and cross-check it on the website of the regulatory body. Each authority should have a search feature where you can look up the company name or the license number.

• Scrutinize Their Trading Conditions

If a broker is legitimate, they’ll be transparent about their fees, leverage ratios, and spreads. They’ll offer you trading psychology courses, information you need to make a good decision, and will be clear about their offerings. If they promise unrealistic profits or try to pressure you into making investments as fast as possible, then it’s a major red flag.

• Test Their Customer Service

They may have a legitimate license and clear trading conditions, but a good rating also comes from responsive customer support. You never know what may go wrong, because servers can crash or markets can change. You have to make sure someone will be there to help you, should something happen. Contact them via phone, live chat, or email to see how fast (or if) they answer; if they’re vague or aren’t in a hurry to get back in touch with you, then it’s clear their rating is off. 

Choose Your Broker Carefully!

Research is important when you choose your broker, so dispute every good rating that you see. This way, you can ascertain that the choice you make is indeed a safe one.