As a new trader from Bahrain, you must ensure that international forex brokers that you choose have clear and trustworthy licenses and legality. This is necessary for your safety during your trading activity. You can also go to http://www.arabforex.pro/en/bahrain/ to find some of the most trusted forex brokers in Bahrain
From looking at several international brokers, I came across several institutions that regulate forex trading:
UK Financial Conduct Authority (FCA) the UK
Australian Financial Services License (AFSL) and the Australian Securities and Investments Commission (ASIC), Australia
Cyprus Securities & Exchange Commission (CySEC), Cyprus
Japan Financial Services Agency (JFSA), Japan
The MiFID (European Markets in Financial Instruments Directive), Europe
The broker names the regulatory agency and lists their company license number. You can cross-check with the agency from the Bahrain government that issued the license to find out whether the broker is registered there.
Of course, you need to read the discussions on online forums carefully, because not all of them are true. In checking the legality of brokers, both in Bahrain and abroad, my advice is, don’t trust one source, let alone the sales of the broker concerned, try to do a cross-check yourself.
For beginner investors from Bahrain like me, getting into financial instruments requires caution because they are new. It takes time to carefully study the instrument.
Because of that, I need a broker in Bahrain that has an affordable (small) minimum deposit so that I can start trading with a small amount, and then over time, I can add more volume of trading while my skills are improving.
I have seen international brokers set a minimum deposit of $ 200 to start trading, while some Algerian brokers are slightly above the minimum deposit.
The broker’s job, in my opinion, is not only to encourage customers to trade to collect the maximum possible fee but also to educate customers about the correct investment methods and strategies.
You must prioritize brokers that offer educational services, such as:
– They offer trial accounts so you can practice without losing real money.
-They have training materials that you can get on their websites for free.
– They hold seminars and webinars often.