Tpsfxmarkets.com Review Is TpsFXMarkets A Legit Forex Broker

Tips for Finding a Great Forex Broker

Tips to help you choose the right broker and avoid disaster

As if there wasn’t already enough to learn when trading forex, the forex broker you choose is actually the biggest trade you’ll ever make. You’re giving all your trading capital to that company, with the expectation that you’ll be able to trade with it and withdraw it when it’s time to take your profits.

You may have great forex strategies, but if your broker runs off with your money, all your hard work and research was for nothing. Follow these five in-depth tips on how to find a great forex broker, so you end up with the right broker that meets your needs, without exposing you to any scams.

Consider Your Needs

Before looking at brokers, assess your own needs. Here are some things to consider:

• Are you going to day trade a lot or a little?
• Trade very small moves, or capture bigger moves?

If you day trade a lot and capture small moves, consider an ECN broker. You’ll pay a commission on trades but the spreads are much tighter, which matters when trading small moves. Search only for “ECN Forex Brokers.”

If you don’t think you’ll need an ECN broker, then you still have a big pool of potential brokers left.

If you’re going to do “scalp” trading, you’ll need an ECN broker.

How much capital do you have? With a small amount of capital, you have to trade micro-lots. If you have over $5,000 you can start day trading mini lots. Don’t open a standard lot account unless you have at least $50,000.

Choose a broker and account type (lot size) that matches your capital.

When it comes to depositing and withdrawing funds from your account, different brokers offer various methods. Choose a broker that aligns with your needs

What the Broker Should Offer

Now that you know what you want, and have hopefully narrowed the list of potential brokers, look for the following in the brokers you’re still considering.

No “dealing desk.” If you’re a day trader you want to be interacting directly with the market, and not sending your order to a trading desk which then initiates it in the market. That takes too much time, and often results in “re-quotes.” This is when the price has changed since you placed your order, and the broker asks you if you wish to proceed. Because of the time delay, your trade opportunity is likely gone.

Make sure your broker is regulated in a country with a well established financial system. A forex broker regulated in Cyprus, for example, is better than no regulation, but you could still have problems. Pick brokers regulated by U.S., U.K., Canadian, Japanese, New Zealand or Australian authorities, as examples.

You’re a day trader, so demand competitive spreads. For example, if day trading the EUR/USD during a major session expects the spread to be close to one pip (point in percentage) with a non-ECN account. Two pips are too high; eliminate that broker as an option. With an ECN account, the spread should be half a pip or less during major sessions.

Look for a broker that’s available when you need them. Open a demo account with brokers you are interested in, then send them lots of emails with questions. Monitor how fast and how thoroughly they respond. If the customer service isn’t good, eliminate that broker from the list of your potentials.

Be Wary of “Losing Trader” Reviews

Part of your research in choosing a broker should be looking at written reviews of the broker as well as discussion forums.

Be wary of these though. Unless the information comes from a credible source, and most forums are not credible sources, you’re likely to find fake reviews, both positive and negative.

Most day traders will lose money, and since most traders can’t admit that to themselves, they blame others when it happens to them. Just because someone complains about losing money doesn’t make the broker they were using bad, even though the writer may blame the broker.

Look up what people are saying, but maintain objectivity. Lots of false information gets published with no credible reference.

Personally Test out the Broker

Your list of potential brokers should be smaller now. But with so much false information out there, don’t make a decision yet. Instead, test out the brokers you are most interested in.

• First, open a demo account and take note of the trading conditions. Your orders should execute instantly. Spreads should be tight and the platform stable, not crashing all the time.
• If the demo works well for several weeks, then open a live account, with a fraction of the capital you intend to deposit. For example, if you have $10,000 to deposit, start by only putting in $1,000.
• Trade the live account with your partial deposit for at least two weeks. During this time, continue to test customer support, asking them questions and assessing how quickly they respond.
• Initiate a withdrawal for some of the funds in your account. Depending on your withdrawal method, this may cost you several dollars, but it’s worth it to know whether withdrawals can be done easily.
• If everything seems good after all this, you’ve done your due diligence. Deposit the rest of your capital and begin trading as usual.

Avoid “Bonuses”

When you open a live account avoid any and all “bonuses” the forex broker may offer. Here’s an example: “Open a $1,000 account and get $100 in bonus cash!”

Nothing really comes for free. If you accept a bonus it may interfere with withdrawals, because some of the money in your account is now the broker’s money. Send an email with your account application that explicitly states you don’t want to take part in any bonuses that they have on offer.

Forex Broker Reviews

Here you can find the links to the reviews of all Forex brokers that are presented on EarnForex. If you are looking for the best broker, reading these reviews will help you do it. All broker reviews are linked from this page. Brokers are sorted according to the number of reviews they have received from traders. Upon visiting the page with the actual reviews of the specific broker, you will be able not only to read the reviews left by other traders, but you will also find the detailed information about this broker, including its rating. You will also be able to submit your own review.

Please keep in mind that the review process is anonymous and that the submitted statements express only opinion of the reviewer. The presented reviews and ratings do not represent our point of view. It is important to note that not all of these reviews are based on the real facts and events.

Things to consider when reading online reviews about retail Forex brokers:

• A good review is well-detailed and tries to highlight both negative and positive sides of a broker.
• Some negative reviews might be submitted by the company’s competitors. Even though we have learned to filter those quite well, some are still getting through.
• Some reviews come from incentivized visitors and are partially or completely fake. Just ask yourself: “Does it read like a person who really traded with this company and wishes to share his or her experience?”
• Official representatives of many brokers often respond to issues mentioned in the reviews and help to resolve them. Such cases might turn useful if you are not sure whether that broker is a good choice for you.

Forex broker reviews are a great source of information when selecting a company to open a trading account with. However, they are not always fair and unbiased. You should look at other characteristics of the broker before deciding on opening a live account.

What is a Forex Broker

What Is An Online Forex Broker?

An online Forex broker is a company (brokerage firm) that organizes transactions between a buyer and a seller, and it gets a commission once the operation is executed or performed.

In other words, it acts as an intermediary between the two parties in a purchase/sale transaction and charges a commission for its services as a profit.

Generally speaking, a broker is an independent agency that is used extensively in some industries. The primary responsibility of a broker is to bring together buyers and sellers so that they can trade with each other using the broker itself as an intermediary.

Therefore, a broker is a facilitating agent for transactions between buyers and sellers. An example might be a real estate broker who facilitates the sale of a property. Click here To learn more about Forex Trading .

Brokers can also provide considerable market information regarding prices, products, and market conditions. Brokers may represent the seller or the buyer, but it is not possible to represent both of them at the same time.

An example would be a broker that purchases or sells shares on behalf of their client. Today, brokers play a key role in the purchase/sale of stocks, bonds, futures, foreign exchange, and other financial services.

Before, only wealthy people could afford the services of a broker to access markets. However, the Internet has made it possible for online brokers to appear (discount brokers), which allow investors to operate at a lower cost, although they do not offer any personalised advice (only in some cases).

Thanks to these brokers, almost everyone can operate in the markets.

Before opening an account with a broker and paying for its services—whatever the market in which the investor is going to invest—it is important to dedicate the necessary time to investigate which are the best options of these companies or individuals.

It is also important to choose the broker that presents the best conditions and adapts better to the needs of the Investor, and for this you’ll have to dedicate time in order to make the right decision or visit our Forex Broker List page.

For example, if you want to invest in the U.S. stock market, you have to go for a properly regulated and accredited broker that complies with the strict financial services regulations in that country.

On the other hand, if a trader is interested in the Forex market, then they must choose a broker that has a good reputation, and that is also registered and regulated by one of the most important financial regulatory bodies in Europe or the United States, in this case.

XM.COM Review

XM.COM general information

Cyprus

• Provision of a VPS server
• Trading signals
• Web-based platform
• Guaranteed stop loss

XM.COM Forex broker description

XM is a trading name for Trading point holdings that has its headquarters in Cyprus with other branches in the United Kingdom and Australia.

Trading Accounts

XM broker has three account types for its many clients to pick from depending on their level of experience and also their preference. These accounts are the micro account, the standard account and the XM zero account. Also for beginners and those who are new to the forex business, there is a specially designed demo account that will help them learn the basics of the business.

The XM Micro Account

This is an account that matches the needs of novice and experienced traders. The following are the features of this account.

1. A vast range of currency options from the euro, United States dollar, the Great Britain pound and the South African rand among many other currency units.
2. Contract size of 1:1000.
3. Negative balance protection.
4. An option for an Islamic account.
5. Minimum deposit of $5

The XM Standard Account

The XM standard account is also an account that is specially crafted for experienced and professional traders in the forex business. It comes with a flexible trading condition that lends it a versatility factor that is a key agent in good trading. Among the features of this account are:

1. A wide range of currency options to use from the United States dollar, the South African rand and many other currency units.
2. Contract size of 1:100000.
3. Allows hedging.
4. Has an option for an Islamic account.
5. Minimum deposit of $5.
6. Lot restriction per ticket is 50 lots.

The XM Zero Account

A new account that features relatively thin spreads as low as zero pips. The features for this account are as follows:

1. Low spreads of up to 0 pips
2. Fewer currency options compared to the other accounts. It deals with the euro, the United States dollar and the Japanese yen.
3. Negative balance protection.
4. Allows hedging.
5. Minimum deposit of $100

The Company. Security Of Funds

With many years of operation under its graceful wings, XM has managed to spread its clientele base to over 196 countries worldwide. Also as part of its prospecting, it has managed to have large trade volumes with nil requites and rejections at all. Its qualified personnel will ensure you have the best trading experience you can ever want. By looking at various XM customer reviews and comments you can see why the platform is lucrative.

Your funds stored at XM’s coffers are very secure and guaranteed of the utmost safety as part of their clients first operation module. To begin with, XM has the right documentation with proof from the concerned regulatory bodies and authorities. For this, it has the necessary license in every country where it runs its operations. This speaks of its integrity as a company in the volatile forex sector.

It has a clean bill of operation granted by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission, The International Financial Services Commission (IFSC) and also the Cyprus Securities and Exchange Commission. It also has the reference numbers for confirmation.

Among the measures taken to ensure the security of client’s funds are:

1. Owning a segregated account for both their operating funds and also client’s funds. This means that clients’ funds won’t be touched or even mixed with other funds.
2. XM is a member of the investor compensation scheme that will shield its clients in case of liquidation.

Trading Conditions

Minimum Initial Deposit

Traders will need to part with a paltry sum of $5 as their initial deposit. This will serve as the base capital for their first trade and also as a shield.

Spreads

XM offers tight spreads that are as low as 0 pips as noted in them zero accounts. The spreads are also variable.

Trading Platforms

XM has a very advanced platform in Meta Trader 4 and Meta Trader 5. These platforms work for both personal computers, Android mobile devices and also for the IOS operated devices. This gives this platform a versatility factor in usability with various devices.

The Meta Trader 4

An electronic trading platform from Metaquotes. A very nice platform that has spread its usability to a vast host of devices. Among its special and unique features are:

1. Fast execution of trades,
2. Provides charts that provide a very good and visual and statistical analysis blueprint.
3. Expert advisory services.
4. Compatible with a host of many devices from the personal computers, mt4 multiterminal, mac and web trader. It also functions with Android devices, IOS devices and windows operated devices.
5. Easy usability to the users.

The Meta Trader 5

A very nice platform for trading that is a recent version with upgraded features. A versatile platform that enables quick executions as well as providing real-time news of the forex market from global sources notably Reuters. Among the many features of this platform are:

1. Quick execution of trades.
2. Provides multifunctional tools to the user.
3. Has real-time news of the forex market from reliable global sources.
4. Has superb trading tools in charts that help in analysis.
5. Research portal that identifies the best trading options for you.
6. Has the stop loss order command.

Promotions

XM has a variety of promotions that are intended to make the customer experience superb. Among these promotions are:

1. $30 trading bonus for all new clients that will be automatically credited to their accounts plus no deposit will be required.
2. 0% fees on withdrawals and deposits on all e-wallet payments and also credit card payments.
3. Free VPS services to increase the speed in execution of your trades and it is online for 24 hours 7 days a week.
4. XM loyalty program that rewards its loyal clients. This offer is seasonal and comes at selected time periods.

Deposit And Withdrawal Methods

XM accepts a range of legitimate credit and debit card payments on top of payments through e-wallets. XM covers all the transaction fees on all e-wallet and credit or debit card payments. It accepts payments from Visa, MasterCard, Maestro, Neteller, Skrill and bank wire transfer. Also, all transaction by wire transfer of $200 and above are also covered in this zero transaction fee policy.

BRIEFLY ABOUT XM

Among the very credible traders, you can come across with features in versatility and also credence. XM despite not having been in the trading sector for long, it is really proving to be a force to reckon with. The products have been tendered perfectly to meet the preference and needs of all traders from beginners to professionals. If looking for a good trading site, go no further than XM.