What can the new ambassador of XTrade, Cristiano Ronaldo do for the trading community?
Many are hoping that the new ambassador of XTrade, Cristiano Ronaldo will bring prestige to the online trading industry. The market has been plagued by bad reputation caused primarily by illicit companies. Currency traders must be aware that scam brokers do exist, but they should also know that many ethical online trading providers are available. Licensed companies possess a higher level of credibility over unlicensed operators. Unfortunately there is no guaranteed way to avoid forex fraud, however it is possible to trade and minimize the chance of becoming a victim of a forex scam, and profit in the market providing you remain diligent and alert in every decision you make. Education and risk management is fundamental to successful trading. Research thoroughly before committing to a broker.
The new ambassador of XTrade, Cristiano Ronaldo’s checklist for finding a legitimate broker
To avoid the troubles associated with the industry we advise you to work only with regulated, licensed firms. A broker that has a license to provide trading services to its clients is a legitimate broker. The license must be issued by a government institution that regulates Forex and CFDs providers. Most brokers get their license in their home country and then register with the regulatory bodies in other countries where they have large operations. A broker which is registered in many countries will generally have a larger client base and will be able to offer better conditions and lower costs to its customers.
Test your future provider with these important points:
- Are you a registered company? Where are you licensed?
- Are you a broker or a dealer?
- What are the fees?
- Is there a demo account available to test the platform and service?
- What is the quality and availability of your customer service?
- Search the web for negative commentary.
How CYSEC monitors XTrade
The role of the financial regulator is to ensure that businesses with a financial license adhere to policies created mainly to protect the public. Brokers must provide transparency in reporting day-to-day activities, maintain enough liquidity to ensure that transactions are processed and must send frequent accounting reports to the regulator. Hopefully the recent news of the new ambassador of XTrade, Cristiano Ronaldo will encourage companies to carry out business in an ethical and transparent manner.
Most trusted Regulatory Organizations:
- ASIC – Australia Securities and Investment Commission (Australia)
- CySec – Cyprus Securities and Exchange Commission (Cyprus)
- NFA – National Futures Association (United States)
- CFTC – Commodity and Futures Trading Commission (United States)
- FCA – Financial Conduct Authority (United Kingdom)
- FSP – Financial Service Providers (New Zealand)
Trust is important to the new ambassador of XTrade, Cristiano Ronaldo
Trust is important to the new ambassador of XTrade, Cristiano Ronaldo. It is wise to ask questions and develop communication. Fraudsters are counting on you not to investigate before you invest. Take the time to do your own independent research. XTrade hopes to grow its brand by reaching the star athlete’s 200 million plus social media followers across Facebook, Twitter and Instagram. Online trading is a method to earn extra income. This highly liquid trading arena allows investors to profit 24/5.
CFDs should be considered risky, but for sophisticated traders it can provide the opportunity to profit anytime, anywhere. A Contract for Difference (CFD) is an investment instrument developed to allow market traders the benefits of possessing Shares, Indices, Forex, and Commodity positions without actually owning the underlying instrument itself. The market trader enters into a contract with a CFD at a specific price, and the difference between that price and the price that it is closed at is settled in cash.