How to choose a great forex broker

Whether you need to send money home to loved ones, pay off debt, buy a new home, repatriate your funds or invest overseas, it pays to choose a great forex broker. Here are four qualities to look out for.

1. Reputation

Now that people are cottoning on to the fact that banks are often the most expensive solution, there are a number of websites popping up offering their services. Be sure to choose a company that has been in business for many years (a sterling reputation among their peers won’t harm anyone).

The last thing you need is to lose your money to a fly-by-night operator, or even worse – a scam.

2. Fees

Shop around to make sure that you are getting a fair deal on transfer fees. You’ll need to decide whether a commission or flat-fee structure will work best for the amounts you normally transfer.

Also be aware of the possibility of “hidden costs;” if you’re unsure – just ask. A good FX provider should answer your questions quickly.

3. Ease of use

These days, there’s no need to stand in queues or even leave the comfort of your home or office to make an international transfer. An online portal that allows you to transfer with the touch of a button, track your money, check past transactions and transact 24/7 should be a standard expectation – with the option of a real live person to chat to over the phone if need be.

4. Transparency

Don’t be fooled by websites that show a certain exchange rate, only for the money you sent to be less than you thought because the exchange rate changed in the meantime. Ensure you choose a forex broker with transparent rates.

A broker that ticks all four boxes…

With more than 100 000 transfers every year, 1st Contact Forex trades in large volumes, which means they can reduce costs for clients. Competitive exchange rates, a flat fee and transparent costs are appealing to expats, who often get faced with large transfer fees from banks and cumbersome cross-border complications.

The rate you see is the rate you get at 1st Contact. In other words, there are no surprises when your money arrives at your destination.

Their secure online system is operational 24 hours a day, with round-the-clock personal support if you need it. And online transactions are cleared within three working days, which is a lot quicker than industry average. If you need your money in a hurry, 1st Contact does offer a speed service.

Finally, if your transferring amounts in excess of £10 000, your transfer via them is free.

Visit 1st Contact Forex to register and enjoy the benefits of transferring your money with their forex experts.

  • Toby Fischer

    Great read Keith. The people at the FCA are always really helpful on the phone to. I have included links the FCA and HMRC registers on an article I recently wrote on this subject here.