The Forex market is the globe’s biggest financial market, with daily transactions exceeding $4 trillion. This market lacks a central exchange despite its enormous scale through which Forex dealers may execute their operations. Instead, Forex traders must trade via an intermediary, the Forex broker, to perform their trading activity. This demonstrates the significance of the broker’s position in the trading system. When it comes to picking a broker, users have literally hundreds of options on the market. But the critical question is, how can you be sure that the broker you’ve picked is a good fit for your trading needs?

To help you with this complex decision, here are the most critical aspects you should look into when choosing a forex broker or a forex trading platform. 

• REGULATION STANDARD:

When choosing a broker, the first factor you should examine is whether or not a reputable regulatory agency authorises the broker. Working with a licensed broker gives you the certainty that the broker has satisfied the regulatory body’s operational criteria. Some of these standard regulatory criteria include proper capitalisation and the use of segregated accounts to safeguard the cash of customers. Furthermore, regulation safeguards funds in the event that the business becomes insolvent and guarantees that the broker adheres to stringent criteria as a financial service provider.

• TRADING PLATFORM AND FEATURES:

When selecting a trading platform, it is critical to select one with robust features that are simple to use. It must include everything you require to accomplish your trading requirements. Most respectable online trading brokers usually provide demo accounts to give you an idea of what to anticipate when you join up for a real account. Take your time and examine the trial account to determine whether it will fulfil your trading demands before making your final selection. You may pick from various online trading platforms, including social trading, web-based trading, smartphone trading, and Meta Trader.

• TRADING COSTS:

Trading costs are high and can significantly influence your total profitability as a trader. This is particularly crucial for high-volume traders. Quality is not always costly. Take your time and look for an online broker that is dedicated to providing high-quality services at a price you can afford. However, you should not compromise service quality in order to save money. Sometimes what appears to be a good cheap deal turns out to be a bad one.

• TRADING AND EDUCATIONAL TOOLS:

Another vital thing to consider when selecting an online trading broker is the educational resources and trading tools provided by the broker. Many respectable internet brokers frequently offer free instructional resources like videos, articles, seminars, e-courses, and workshops. However, the quality of these products differs depending on the broker you select. As a result, it is critical to select a trader that provides excellent trading tools and instructional resources to all clients.

• COMMISSIONS AND SPREADS:

Unlike other typical financial markets, this market is primarily based on spreads rather than fees. This is why most brokers market their operations as commission-free.

So, how do brokers make a living? Simply said, they make money by charging traders a spread. The spread is the difference between the purchase and sale prices. For instance, if the EUR/USD forex pair’s bid and ask prices are 1.0845/1.0848, the spread is three pips. As a Forex trader, you will encounter three types of trading fee structures levied by brokers:

• Fixed spread – the spread does not change, and you know the amount of the spread prior to your trade.
• Floating spread – this spread is fluid and always moves in response to market volatility.
• Commission fee – The commission is computed as a percentage of the broker’s spread. Before you trade, you should be informed of the amount payable.

Fixed spreads are typically the favoured option for traders seeking predictability in their trading expenses. Floating spreads are preferred by traders who want to pay a lower spread. Ultimately, which is superior will be determined by your unique trading requirements.

• CUSTOMER CARE SERVICE:

Most new traders overlook customer support when deciding which broker to sign up with. They may be unaware of the significance of customer support in their whole trading experience. Because no matter how skilled or informed a trader is, there will always come a time when customer support is essential. When that moment comes, you would like to be able to contact the support crew without difficulty. As a result, it is crucial to determine whether the broker with whom you wish to join up can give you with dependable customer service.

Check to determine whether there are different ways to reach out to customer service. Most brokers will give their customers with many options to contact customer services, such as mail, web chat, and telephone. To put it simply, you don’t need to be in a situation where you have to spend many nights wondering about what your broker will do with your issue.

FINAL THOUGHTS:

Essentially, the current broad availability of forex trading platforms from online brokerage firms and other software developers has made it possible for anybody with a computer and internet access to begin trading. Because the trading platform you pick may significantly impact your success as a trader, you should pick one that includes all of the capabilities you need or foresee requiring in the future at an accessible price.

If you are looking for a trustworthy forex trading platform, HubbleBit is the perfect platform. HubbleBIT is an example of how FX trading services should try to be. It’s approachable and inviting to novice traders. In addition, HubbleBit provides a sophisticated trading platform, numerous educational resources, a simple registration system, and round-the-clock customer assistance to help you capitalise on financial market possibilities.

According to Sparkasse Bank Malta plc, the consensus among its principals is that the operations of the Bank itself will have limited exposure to Brexit. However, Sparkasse Bank Malta plc, which was established in 2000, acknowledges it will have to keep a watchful eye on the future, especially as it relates to how prospective clients might be impacted. Sparkasse Bank Malta plc says it will have continuous dialogue with its U.K.-based business partners, who may be affected and implement strategies to limit any negative impacts and protect business relationships. After a June 2016 referendum vote, the U.K. withdrew from the European Union on Jan. 31, 2020, an event referred to as Brexit. The deal contains new rules and regulations regarding how the U.K. and EU will coexist, work, and trade together. Therefore, it’s no surprise that banks in the U.K. are having to monitor the possible effects this move could have on business operations post-Brexit.

Brexit Job Exodus Projections and Statistics

When Britain voted in 2016 to exit the EU, analysts like Oliver Wyman projected 35,000 or more financial services jobs would leave Britain. A report by PricewaterhouseCoopers estimated that up to 100,000 financial sector jobs may leave the country because of Brexit. However, according to Ernst & Young Global Limited (EY), so far, there have been no major disruptions or intentional moves by U.K. financial services firms since Brexit. Some of the largest U.K. investment banks have made downward revisions as it relates to staff relocations to the EU since Brexit. Data from EY’s latest Brexit tracker reveals the total number of Brexit-related job relocations from the U.K. to Europe dropped from 7,600 in December 2020 to under 7,400 in 2021. As per the Reuters report in December 2021, the number of finance jobs shifting from Britain to the European Union due to Brexit is less than what was initially anticipated.

Despite regulatory uncertainties and the potential blow to London’s current position as a leading global financial hub, post-Brexit there seems to be some stability and things aren’t spiraling out of control. The U.K. financial sector’s importance to the rest of the EU is evident, as much of the financial activities carried out in Europe are either directly or indirectly performed out of London.

Paul Mifsud, who was appointed Sparkasse Bank Malta plc’s CEO in 2007, was asked in an interview about other geographies of strategic importance to Sparkasse and said, “Another jurisdiction to watch in my opinion is going to be London, because London now is going to be deemed to be a third country and no longer part of the European Union. So we’ll see how that’s going to pan out because there is a world that exists beyond the EU, and it would be interesting to see how they capitalise on that.”

Post-Brexit, Sparkasse Bank Malta says it is hoping for a smooth transition and the continued successful financial relationship between the UK and the EU. It would be to everyone’s benefit to not have any significant deviation between the rules of the EU and the UK.  Brexit will present opportunities for businesses to relocate their operations to other EU jurisdictions, and Malta rates highly as a jurisdiction renowned for its economic stability, growth, and position at the forefront of compliance standards. Sparkasse Bank Malta plc, having its head office in Malta, stands to benefit.

When asked about the benefits of Sparkasse Bank Malta plc’s jurisdiction being in Malta, Mifsud said, “Malta is in the European Union. So you have that surety of law in a way, whereby if you are present in the European Union, you also have the right to passport your product cross-border to various other countries within the European Union.”

Donncha Morrissey, Head of the Sparkasse Bank Malta plc Ireland Branch, believes there may be some medium-term effects post-Brexit and it’s important to keep abreast of the current and upcoming negotiations to mitigate those effects. Of utmost importance to the Bank is the agenda regarding financial regulations. The most important element, he stated, is concerning the designation of equivalence and whether that equivalence is granted by the EU to the UK. “What we all want to ensure is that there is financial stability and that equivalence should be the ultimate objective [that] will be gained through a meeting of minds,” said Donncha Morrissey.

Sparkasse Bank Malta plc Ireland Branch Has Limited Exposure Post-Brexit

When asked about the effects of Brexit on the Ireland Branch Donncha Morrissey had this to say: “Given the Ireland Branch was only established subsequent to 2016, we were somewhat limited in our exposure to Brexit. However, we continually must assess our business partners who may be impacted, such as any UK-based alternative investment funds managers (AIFMs) to the funds we may be contracted with or in negotiation with, and also the investor exposure to our funds. Those risks and exposures may be subject to change; we need to manage and mitigate to ensure continued regulatory adherence and ultimately prevent loss of assets and business.” He summed up by reiterating that Brexit took place during the time when Sparkasse Bank Malta plc Ireland Branch was growing its business, which therefore offered some protection to the Bank.

Despite Brexit Effects, Sparkasse Expects To Thrive

The consensus among Sparkasse Bank Malta plc executives seems to be Brexit will certainly affect the way business is conducted. However, there’s optimism the changes won’t significantly affect Sparkasse Bank Malta plc’s ability to provide quality service to its existing clients and to continue to grow its business. If the UK and the EU can manage to obtain equivalence and if they can maintain an amicable and successful relationship in the financial industry, then the future looks bright. Other welcoming news from Ernst & Young is that Dublin and Luxembourg remain the most popular post-Brexit destinations for new EU hubs, though Paris has received the highest number of staff relocations.

Sparkasse Bank Malta plc holds multiple licences and services its Customers as a credit institution and as an investment services firm. Today, the Bank has over €8 billion of assets under custody. The Bank, which is expanding across Europe, is also authorised by the Central Bank of Ireland to act as a Depositary to Irish authorised investment funds. The Bank was granted its licence to provide custody and depositary services in Ireland, and now has a branch location in Dublin.