Forex traders always face a difficult choice. It is challenging to determine a brokerage company that meets all modern requirements with an impeccable reputation, years of experience, not a scam or a fraud. However, there are many ways to distinguish a fraudulent company from a reputable broker and they should be discussed separately.
The first question that any trader would be asking is: what licensed company is the most recommendable? It should be noted that the Forex market receives close attention from various government financial institutions. These entities aim to maintain a high degree of confidence in the financial markets, protect consumer rights, and contribute to reducing market crime, thus preventing fraud, abuse, and manipulation.
Traders can always pay close attention to the international Forex market where more than a dozen worthy and recognized companies operate. In choosing the right one, they can consider how some of them behave in the market and what services they offer. Our choice fell on experienced brokers, Saxo Bank, OANDA, and MaxiTrade.
Saxo Bank and OANDA – Forex Veterans
At first glance, the comparison of the three companies may be uncalled for, given the considerable difference in industry tenure. Saxo Bank and OANDA are far ahead of MaxiTrade. The first 2 started working back in the 90s, whereas MaxiTrade broker was created only a little more than 10 years ago. However, do not make hasty conclusions. Tenure is important, but the tools and services that a company offers to different countries hold greater importance. It is also worth noting that none of these companies have ever been proven a fraudster or generators of scam projects. None are bankrupt either.
Let’s consider the brokers’ websites. It is here that all the necessary information can be found, and we will focus on the main points. Saxo Bank offers a large selection of financial instruments: commodities, securities, futures, CFD contracts, options, and the like. They offer three types of accounts: Classic, Platinum, and VIP. To open an account, a trader must have $10,000.00 or more within the account; this is already a high enough capital for entering in the market. Saxo Bank experts have developed their own trading platforms, and this is a big plus; this already qualifies the company as top tier. We can say that Saxo Bank is a trustworthy, despite the large amount required for opening the account and the lack of sufficient informational component.
The OANDA Company is in a slightly different situation. Like Saxo Bank, it also offers a large range of financial products. However, for an organization with solid experience, this is more of a rule of thumb in the market.
OANDA also offers various trading platforms. Unfortunately, the company’s website doesn’t have any account options, (e.g. what amount should be deposited in order to be able to open and close transactions). Do note that these small flaws are unlikely to adversely affect the choice of traders.
MaxiTrade – Young Companies Always Have a Chance
MaxiTrade’s website immediately attracts with its content and usability. However, we have met many similar and attractive websites of companies which were proven to be scammers and fraudsters. Therefore, it is necessary to study the information component with greater scrutiny.
MaxiTrade offers a wide set of financial instruments for trading, which are up to par with that of Saxo Bank and OANDA’s. The same can be said about the choice of trading platforms. In addition to the standard MetaTrader4 terminal, the company offers its own, xCritical platform, as well as mobile trading applications. Moreover, MaxiTrade is not limited to this and provides users with the opportunity to undergo training.
The conditions of trade are more favourable compared to Saxo Bank and OANDA. It boasts of a minimum deposit of only $500.00. This is affordable enough for many. Moreover, you can take advantage of a substantial leverage.
MaxiTrade delights its customers with low spreads and the absence of commissions, a very convenient, understandable system of account replenishment, and an easy withdrawal of profits. Moreover, a trader can withdraw funds or replenish an account using credit cards, bank transfers, web-wallets, and the like.
The MaxiTrade trading terminal deserves a separate discussion. It is compatible with any computer, has a user-friendly interface, and has a good design. The platform has already won the favour of users. It is spoken of as one of the fastest working platforms with orders being executed at lightning speed; customers immediately receive a report on each transaction in real time. On top of these, the company’s financial advisers are always ready to answer any inquiries from their users.
One of the biggest advantages that MaxiTrade takes pride in is the availability of a large number of analytical materials. On the company’s website, you can find Forex forecasts for various time periods.
Also available through the site are up-to-date financial news and quarterly reporting dates for the world’s leading companies. The economic news calendar describes the events of world markets, shows their influence on the Forex market. Here, you can see the graphs and forecasts online. Account holders get access to a unique Autochartist tool that provides signals on five currency pairs using graphical models, Fibonacci models, and key levels. MaxiTrade offers extensive training opportunities for traders as well.
Hence, the age of the company in the Forex market does not matter much. Of course, you it would be wise to be wary of younger companies because you will never know which of these are actual fraudsters.
No trader wants his or her brokerage company would want to be bankrupt or be banned altogether from the business. As such, always be careful in examining the company from all sides.