Pros and Cons of Some Forex Brokers to Know about

The process of finding the right Forex broker can be really tiresome. The variety of possible options is huge! How can you know which one you can rely on? Which one will provide you with a satisfactory online trading experience? Which one has reliable safety policies? To make an objective decision, you will need to look through all the pros and cons of a particular Forex trader. Here is how it should be:

TickMill

Tickmill is an online Forex broker registered under the trading company Tickmill Limited which is located in the Republic of Seychelles. Tickmill is a relatively new player in the online brokerage industry that has been founded in 2014. Tickmill is developed and administered by FSA in Seychelles. It follows the industry standard by offering the popular trading platforms of MetaTrader4. Having a set of excellent tools, Tickmill has achieved over $30 billion of average monthly trading volume. This is an excellent result, especially for a young online broker.

Tickmill’s homepage reflects the broker’s professionalism, seriousness, and convenience of the use. This broker has become not just a brand new company looking for a place in the online forex trading sector but also a serious broker aiming to become one of the industry’s leaders. This individual style is apparent even in their customer service which addresses inquiries with warm professionalism, ensuring that all clients receive what they need. Moreover, you should not worry about the language barriers. The website of this Forex broker offers its content in multiple languages including English, German, and Spanish. Also, you can use this language for writing messages to customer support representatives via email, live chat, phone, and Skype.

Pros:

$100 minimum initial deposit;
Great number of trading tools;
1:500 and 1:250 leverage;
Efficient customer support.

Cons:

Relatively new and still waiting to reach a stable market reputation.

ForexTime

Forex Time was developed and regulated by the co-founder of Alpari. It can be accessed by non-U.S. and non-E.U. traders. With numerous offices across the globe, Forex Time is supported by CySEC that monitors the broker’s market activities and their correspondence to the mandatory norms. The broker provides a vast array of currencies, commodities and CFDs. No wonder Forex Time received the status of the “Fastest Growing Forex Broker” from Mena Forex Show. The broker offers ECN (Electronic Communications Network) and fixed spreads. Thanks to advanced educational resources, new and experienced traders can find some useful information for a long-term experience. Their support instruments include a wide range of webinars and trainings which are updated on a daily basis. Forex Time provides quality Forex and CFD trading experience and is one of the Top Tier brokers in the given sector. Their service should be seriously considered by traders looking for a MiFID-managed broker that offers a professional trading environment.

Pros:

Attractive rewards and bonuses for signing up;
Excellent customer support and fast trade processing;
Good for international trades and diversifying investments.

Cons:

Limited time in the business environment.

IG Index

IG Index is a London-based spread betting broker that offers online spread betting and Forex trading operations. Since 2003, IG has grown into a massive online brokerage company with a huge set of tools to make your Forex experiences as productive as possible. As a result, IG Index has increased its international presence to eleven countries such as the United States, Germany, Japan, Australia, and so on.

IG provides customers with effective support on technical and other issues that they might be facing while trading at the website. These services can be received through phone and email from 09.00 am to 05.00 pm. Unfortunately, the broker cannot be contacted at the weekend, which decreases its responsiveness. IG is equipped with some of the most trusted trading platforms in the Forex sector. These include the IG Web-Based platform enabling one-click trading, customization of the layout, and advanced charting, and the MetaTrader4 offering a whole range of benefits such as Direct Market Access (DMA), excellent charting instruments, and automated dealings. As you can see, there are more than enough benefits to count on before you register on the official website of this online broker.

Pros:

Availability of a free Demo account to allow some practice;
IG’s platforms for high-speed trading operations;
The best charting instruments in the trading sector to be used by both new and advanced traders.

Cons:

Great customer service which can be accessed within limited timeframes.