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Before blockchain came into being, people used dedicated cryptocurrency exchanges and OTC markets to trade virtual coins. The traditional methods required the buyers and the sellers to arrange for the selling and buying of coins directly through over the counter market or through the mail. However, with technological advancement, people can trade cryptocurrencies with the help of forex brokers.
This form of trade is highly profitable but lack of proper regulation is one of the big problems to expect. Moreover, some cryptocoins like Ethereum ripple, bitcoin, Litecoin and dash are dynamic and unstable instruments. You have to handle them cautiously if you do not want to make huge losses. When selecting a broker, remember that they are not the same. They have different things to offer. This guide will help you in your selection process.
One of the first things to consider when choosing a forex broker for cryptocurrency trading is the regulation. Ensure that the broker is regulated by competent regulatory agencies. By choosing a regulated broker, you will be certain that they have met the imposed operating standards. Some of the regulatory requirements include adequate capitalization and maintenance of segregated accounts so that the funds of clients can remain safe.
Moreover, some regulations provide fund protection to ensure that you will still get your money even if the broker became insolvent. With good regulation, the broker will uphold rigorous standards as a cryptocurrency service provider. Some of the countries with regulatory agencies backed with rigorous regulatory enforcement include India, Australia, Eurozone, Japan, Switzerland, USA and the UK.
The trading software will be your door to the foreign exchange market. So, you have to choose a broker with reliable trading software and platform. Most brokers provide several trading platforms so that the traders can choose one that matches their needs. They rely on platforms from third-party providers to be sure that the traders have the best experience. Cryptocurrency brokers who develop their trading platforms have an aim of differentiating themselves from the others in the industry. Mostly, they are the platforms to choose because they are made with the client base in mind.
Good forex brokers provide several platforms. That is because some cryptocurrency traders choose to trade through their mobile phones and others rely on smartphones. The commonly used trading platform is the MetaTrader4 platform. Statistics show that around 84 percent of brokers use the platform. So, it is more likely that you will use it somewhere in your trading career.
If you're looking for the best Hong Kong Forex brokers, check out ForexBrokersAZ.com. The website lists CFD providers that accept investors from the territory. You can compare their trading accounts, spreads, and platforms in one place - including MetaTrader 4 and 5. It helped me find the right broker for me.
That’s just one reason why the search for the best forex broker is complex. Another is that there are a variety of brokers, many of them unregulated or regulated in countries outside of the U.S. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.
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