Regardless of the type of investment, there are good and bad forces everywhere. In the same way, you will find good and bad brokers when you want to try your luck in forex exchange. Of course, you need the help of a broker in order to get to the forex exchange and benefit from the exchange rates. There are different types of brokers out of which the ECM brokers are considered the most reliable ones. Some brokers will rely more on helping you through expert advice whereas others urge the traders more to do forex trading automatically.
You can always view the online reviewing websites to look for the most reliable brokers. The best way to identify the reliable and credible brokers is by looking at the FCA regulation though. FCA stands for financial conduct authority and this authority regulates the financial institutions. Not only is it meant to regulate the conduct of the financial institutions but also protect the rights of the customers and clients of these companies. In terms of forex brokers the brokers' conducts are regulated by FCA and in turn the traders associated with these brokers receive the security and safety of being attached to right people.
[FCA] Financial Services Registry: https://register.fca.org.uk/
It is important for traders to look closely at the brokers and their reputation before placing the money in their online accounts. The traders who want to trade in the forex market need to open an online account on the broker's website. They need to keep this account funded in order to keep trading. In short, they have to give out their personal information, information about their debit or credit card and they need to have the security of trading money on the internet with safety. Without proper security protocols in place a trader wouldn't want to trade with a broker.
FCA Regulated Forex Brokers List: http://www.topfxandbinary.com
If you are a person who has always been thinking of trading and benefitting from the traded money, you should look for online traders. First, look at the reviews given by the online community about the trader. Secondly, see whether the broker is regulated by FCA or not. Being regulated by FCA is already enough proof for any trader to start trading with a broker. Lastly, see if the broker has encryption technology in place i.e. the information you provide on the website is coded in such a way that no third party can reach it.
FCA Complaints - How to Make a Complaint: https://www.fca.org.uk/consumers/how-complain
Any malpractice or misconduct from the broker can lead to its name getting blacklisted on FCA's list. This is an indication for the traders to not trade with such a broker. In most cases, you will be able to see it on the website of the broker whether the broker is regulated by FCA or not. At the same time, most websites will provide you their company reference number on the website through which you can check whether the company is really regulated by FCA or not. So, just before you put your money in the trade, make sure you are putting it in the right place.