As the economic uncertainty associated with the COVID-19 pandemic across the global economic space continues to mount, the Regional Director at INFINOX, a globally-recognised and award winning FX and CFD broker, Dany Mawas, has canvassed 8-point options for online traders to consider in choosing their brokers in order to achieve effective and profitable online trade transactions.
Mawas listed the issues as critical to online trading success as including regulation and licensing, insurance and segregated client fund offering, real-life real-time representation, dependable proactive customer service, array of instruments to trade, reputable and safe trading platforms, and seamless deposits and withdrawal opportunities.
Describing regulations and licensing of brokers as key, the digital trading expert advised online traders to only operate with brokers that are recognised, registered, and regulated by well-established authorities in different global regions.
This is even as he stressed the importance of insurance and segregated client fund offering, saying that traders should partner with brokers that segregate client funds from operational funds and other forms of investment as this provides traders with the peace-of-mind in knowing that their funds are secure and protected.
On real-life real-time representation, the INFINOX boss noted that while the brokerage operates online, firms that have a physical presence in their respective regions or countries demonstrate a commitment to their business, their teams, and ultimately their clients. Local representation is imperative to provide traders with the support that they will require to be successful.
Mawas further explained that apart from voice calls over the phones, traders also require necessary premium support from their preferred broker teams to ensure their success, adding that leading brokers also offer additional channels of communication including online chat platforms and mobile tools, while ensuring easily understood lines of communication through multi-lingual support.
On the instruments criterion for engaging brokers, the online trade expert recommended that since
not all traders operate from the same markets, traders should look to partner with brokers that offer an array of instruments to suit their preference such as Forex, CFD Equities (CFD), Indices, Commodities, ETFs and CFD Futures, amongst others.
He expatiated: “Apart from valuable trading platforms, traders should opt for brokers that offer additional features like a social trading platform. Utilising these platforms allow traders to be a part of a trading community, learn from each other, copy experts’ trades, execute from a single place, share strategies, and monetise their knowledge.
“Brokers should offer traders the peace of mind, flexibility and convenience of being able to deposit and withdraw funds easily via a client portal. This comes by partnering with trusted payment providers with low fees and fast transactions. Being able to access your funds at any point you choose if hugely important”, Mawas added.