Searching for a reputable broker can be a painstaking journey in today’s trading environment. This is due to the sea of brokers and online providers that are all clamouring for a spot on the map. If you are unsure of where to start, reading reviews on brokers before you commit your funds is a good way to begin. On your journey of researching brokers, you should make sure you get the hang of these core points of each investment company:
- Product offering
- Trading platform
- Regulation and licensing
- Level of customer support and contact methods
- Account types and demo account availability
- Fee structure, rates, and other charges
- Market analysis and educational resources
- Peer reviews and user opinions
Why it’s important to choose a suitable broker
Choosing a suitable broker is a critical decision for any trader, whether they are new to the scene or have years of experience and are looking for a change of scene. The broker acts as the middleman between the trader and the financial markets, providing access to various financial products, including FX, commodities, funds, derivatives, stocks, and more.
A good broker can make a world of difference by helping you navigate the complex world of trading and investing, while a poor broker can lead to costly mistakes, potential financial losses, and a waste of your precious time.
How to begin looking for a broker
When choosing a suitable broker for yourself, you should first turn to your trading needs and preferences. What are you looking to get out of trading? This is a good question to ask yourself. Many people simply want to profit from the financial markets, which is far too vague. What kind of instruments will you trade, what strategies will you use, and what kind of profits are you aiming for? You should also understand how the financial markets work before thinking about live trading.
When you understand your needs, objectives, and preferred trading styles and instruments, you can easily narrow down your pool of brokers to choose from. You can also then begin to compare the rates and spreads offered by each broker that fits your needs, as well as the trading platform and other benefits the broker can offer, such as educational resources and market analysis tools.
Our review of EXANTE – a global broker that is worth your time
If you are looking for a broker that can meet your needs as either a beginner or an experienced trader, EXANTE is a Maltese-headquartered global investment company with innovative and accessible trading software and solutions. Founded in 2011 by Alexey Kirienko, Anatoliy Knyazev, and Gatis Eglitis, EXANTE was established in Malta and quickly became the first Maltese broker to offer direct access to global markets for local traders. Today, traders from over 100 countries use the services of this broker, and we are looking to review its product offering and services to find out what exactly it is about them that appeals to so many.
EXANTE offers over 600,000 products including FX, precious and industrial metals, stocks and ETFs, bonds, options, and futures. The broker’s client can access over 50 global markets and over 30 international futures exchanges, including the most popular ones such as the NASDAQ, the NYSE, the ASX, the HKEX, and the LSE.
EXANTE offers a bespoke trading platform that is available on desktop, mobile, and tablet. They do not offer trading via MT4 or MT5. Traders of all skill levels will find there is plenty the platform has to cover. From key modules such as margin utilisationand historical order overview to concise and customisable charting,clients can find freedom in the platform. They can also select up to 100 favourite instruments for price monitoring, and they receive 100% real-time market data if they are using a live account. EXANTE also offers a compatible bond screener that allows for easy bond rate comparison, as well as its own HTTP API for experienced traders to build their own applications to receive raw market data.
Regulation and licensing
EXANTE has offices in Malta, Cyprus, Hong Kong, and London. It also serves clients from over 100 countries in the world across continents. The broker is licensed by the MFSA in Malta, the CySEC in Cyprus, the SFC in Hong Kong, and the FCA in the United Kingdom. Clients of EXANTE in the European Union can also execute trades with peace of mind as the broker is compliant with MiFID-II and GDPR, frameworks that ensure there is transparency in the financial market and data protection is observed.
Level of customer support and contact methods
Clients and prospective traders can contact EXANTE via phone, over email, or through online chat on the broker’s website or in the Client’s Area. The broker also has a 24/7 callback request option, and they guarantee an answer from their professional support team within three minutes upon receipt of client requests.
Account types and demo account availability
EXANTE offers two types of live accounts and one free demo account. Live accounts include individual (minimum deposit requirement of 10,000 EUR/GBP) and corporate (minimum deposit requirement of 50,000 EUR/GBP). All live traders can trade with multiple currencies, and supported currencies include but are not limited to USD, GBP, EUR, PLN, CHF, AUD, CAD, HKG, SGD, and more. Live accounts can also gain access to 100% live prices to ease price discovery. Demo account users can access the traders’ entire product catalogue as well, but market data is delayed by 30 minutes.
Fee structure, rates, and other charges
EXANTE offers competitive spreads on their trades and rates vary depending on the instrument being traded and the size of the trade. The broker also charges a small commission for trade execution, exchange, and clearing fees. This commission is subject to change, and you should make sure you understand your fees before you place an order. Fund deposits are free of charge and withdrawals cost 30EUR. The broker is not responsible for fees charged by third parties such as the user’s bank or e-Wallet when transferring funds.
Market analysis and educational resources
EXANTE offers market analysis in the form of articles on their official website. Their market analysis is written by financial professionals, and they are updated frequently. The articles cover the latest market movements and trends, political and economic events and their impact on financial instrument prices, and their take on industry developments. The articles also provide a breakdown of financial news as they unfold and develop.
Peer reviews and user opinions
It is particularly important to turn to peer reviews of brokers that you are looking to open an account with. A good example is checking out finance blogs and broker review sites to see what others are saying. Freya’s review of EXANTE goes through some key points of the broker’s offerings. You should also check UGC review sites where users – such as existing and past clients of a broker – can leave comments on and rate their trading experience.
Our final thoughts
Choosing the most suitable broker for you is one of the most important first steps you can take as a trader when you are embarking on a new investment journey. Whether you are a complete beginner or have years of experience, you should always consider your own trading needs and objectives before comparing rates and spreads. When researching brokers, always read comprehensive reviews that discuss every aspect of the provider, and you should also read peer reviews to safeguard yourself against untrustworthy information.