Regulatory financial institutions strictly control the international currency market that Forex represents. In an effort to avoid fake and scam projects and prevent falling for fraudulent transactions, regulators who have had bad experience can enlist the names of unscrupulous brokerage companies on the ban list. This is done in order to protect the life savings of citizens. Everyone knows that filing for a ban is the simplest form safeguarding one’s finances. However, it is far from being the most effective. If a majority of the population has a demand for something, then supply will follow. Therefore, the presence of a Forex market will guarantee that traders will be attracted to trade. It is important to determine one’s course of action and comply with all measures regarding the security of citizens’ accounts.
Fortunately, there is an understanding among many financial players that the Forex market should conduct itself in a legal manner. If it goes underground, it will be much more difficult to control it. The work is difficult, but it needs to be done; sometimes it is a struggle determining a real project is from a mere scam.
How does one distinguish a fraudster from a law-abiding broker? How does one recognise the signs of a company that will go bankrupt over time? In the gambling business, the risks are much greater than in Forex. On one side, one relies mainly on chance, on the other, a calculation based on knowledge of the financial market. So how does a brokerage company gain trust working with traders? Let’s take these three international brokers as examples: Saxo Bank, OANDA, and MaxiTrade.
What is necessary for work on the financial market?
This question obviously requires a logical answer. First of all, your company must be officially registered. Afterwards you can already talk about your track record or the work duration of the broker on the Forex market. Saxo Bank and OANDA were both opened in the 90’s giving them an advantage. MaxiTrade is a younger company, which was founded in the early parts of the 21st century. However, analysts believe that the broker can already be trusted if it has been working for more than 5 years. However, there were cases when a company that existed on the market for a longer period was declared bankrupt. These are exceptions of course.
The official website of a Forex broker can be telling. We will not conduct a detailed analysis of the websites of all three companies, but we will note the main items. Without paying attention to the design, the most informative official webpage belongs to MaxiTrade. It has a great structure and visitors can easily find information they might be looking for. Saxo Bank and OANDA are not up to par with MaxiTrade with this respect.
An experienced trader can give attention to the status of the company. If we consider the broker Saxo Bank, behind it is a bank with a long history. OANDA Corporation can boast of Commodity Futures trading. It would seem that they have a competitive advantage over MaxiTrade. However, MaxiTrade can provide any trader with a very large set of tools.
Trading tools
In this section, we will look at all the tools offered by the three brokerage companies: the financial, informational, and technical. We define what else can attract traders. Moreover, it is very important for each client to understand that determining fraudsters is a tough task.
Saxo Bank, OANDA, and MaxiTrade offer a wide range of financial instruments for every trading need. Through these brokerage companies, traders can add not only currency pairs, but also commodities, stock indexes, precious metals, stocks, bonds, and futures contracts to their investment portfolio.
To open an account on OANDA, the user does not have to invest any funds, on MaxiTrade the minimum deposit is $500.00, and on Saxo Bank it is impossible to open an account without $10,000.00. OANDA and MaxiTrade lack commissions. MaxiTrade has a minimal advantage with low spreads, which allows clients less chances of losses.
All three companies are well-equipped technically. Each has its own trading platform, sometimes more than one. At Saxo Bank, they have the SaxoTraderPRO and SaxoTraderGO, at OANDA, it is fxTrade platform, and at MaxiTrade, the platform has the same name as the company. Needless to say, there are applications that can be downloaded to tablets and smartphones. MaxiTrade is a step ahead of its competitors because its platform is more friendly to the market. Traders enjoy the compatibility of the platform to any computer, instant execution of orders, provision of compete reports for each transaction online, convenient settings, round-the-clock customer support, and the benefit of directly communicating with the personal manager and financial advisors.
If in the case of the financial and technical component, all serious companies are on a high level in one way or another. When analysing information resources, MaxiTrade obviously takes the lead. Saxo Bank does not have any information about analytics and training opportunities. OANDA on the other hand pays more attention to this area of work. Its website contains all relevant forecasts, financial news, and video materials.
MaxiTrade should be reviewed separately. The trader can use Forex forecast from company analysts both daily and weekly. The economic news calendar provides information on past and upcoming events in the global financial markets. It also provides information on their impact to the Forex market. Every day, you can read about a dozen financial news regarding assets of all kinds. MaxiTrade publishes a report calendar of the world’s largest corporations. Traders who have opened an account can take advantage of the Autochartist technology which allows search engines to constantly monitor thousands of financial instruments and automatically detect trading opportunities through graphical models.
MaxiTrade offers training. A trader can read numerous articles regarding the Forex market and alongside use other materials. In conclusion, we can say that MaxiTrade rightfully wins the competition. Opening an account with MaxiTrade will make it possible for you to forget about fraud, scam projects, the threat of being involved with an already bankrupt company, and ultimately avoid the risk of being engaged with a fraudulent entity.
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