When you have made up your mind to trade in the financial markets, then you should understand that find a trustworthy and reliable broker is of the utmost importance. The trading industry has seen a massive influx of traders because everyone is interested in making the high returns these markets are famous for. While it is not necessary for you to have any knowledge or experience to trade in these markets, they can certainly determine how much profits you make. Along with these factors, your choice of a broker will also have a huge impact on your performance in the trading world.
Brokers are responsible for providing you with a trading platform that’s used for trade execution, along with a trading environment. If their offerings are lacking in any way and they don’t offer an optimal environment, your profitability and success will suffer. You obviously do not want that to happen when you are putting in so much effort and investing your money as well. Therefore, it is vital that you don’t make the decision of choosing a broker in a hurry and consider several things before you make your final choice. Bear in mind that you shouldn’t just select a broker after skimming through their offerings.
If you don’t find the right broker, it can result in problems for you in the future, so it is best to understand why signing up with a broker can be a good decision. Amongst the numerous options in the market, you will come across SMI Markets, which is based in Estonia and was founded in 2002 by a company named 1Bit OU. As obvious, the broker has years of experience in offering trading services and is licensed to provide forex and CFD trading options to its clientele. But, does this make the broker good enough to sign up with?
Listed below are some reasons why opting for SMIMarkets may work in your favor:
Reason 1: Security of Funds and Information
When you sign up with any broker, you would have to share your personal and sensitive information with them and trust them with handling your money. These are big risks you have to take and you would want to minimize them as much as possible. One way to do so is by opting for a broker that takes security of your deposits and your information seriously. SMI Markets does a good job in both aspects. For the former, they have opted to go with account segregation.
This means that client accounts are maintained separately from the brokerage’s own to avoid any misappropriation. Funds are only accessed for trading alone. As far as information safety is concerned, SMIMarkets uses high-end encryption for keeping your data safe and outside the hands of third-parties. The broker also recommends that its traders use strong passwords for protecting their accounts.
Reason 2: Array of Financial Instruments
The whole point of signing up with a broker is for trading in the financial markets, which means they need to offer you plenty of instruments for trading. If the options are limited or not profitable enough, why would you want to bother? Thus, it is a good idea to know exactly what instruments will be available. SMI Markets offers its clients with more than 250 financial instruments to choose from, each of which belong to different categories.
There are volatile trading instruments, such as forex currency pairs, which do carry risks, but can also provide a lot of profits. If not, you can go for the more stable and consistent option of commodities, which include precious metals like gold and silver, agricultural items like coffee, corn and wheat and natural energies like oil. SMIMarkets also provides indices like FTSE 100 and Nasdaq. In fact, crypto options like Bitcoin have also been incorporated to provide variety to traders.
Reason 3: Easy and Simple Registration
If you want to use a broker for your trading needs, you will need to register with them and this means checking out what steps will be involved. SMI Markets aims to simplify this process for its clients and so, their registration involves only one form that you have to fill on their website. It is very easy and doesn’t take you more than a few minutes, as the information is very basic. You have to provide your full name, country, phone number, email address and a password. There are three account currencies to choose from, which are USD, GBP and EUR. Lastly, you have to agree with their Terms & Conditions. You will be instantly registered, without waiting for any approval.
Reason 4: Multiple Account Plans
After you have completed the registration process, brokers usually provide you with account plans to choose from. You will find the same at SMI Markets, as the broker has come up with multiple plans for facilitating its clients. They are catering to traders of different backgrounds, so they have provided five account choices. However, you can only choose from four account plans because the last one i.e. VIP is only accessible via private invitation.
The other plans include Beginner, Standard, Gold and Diamond accounts. The minimum deposit to start trading is 250 in your chosen currency, but it increases for every account type. You can also open Islamic accounts for each of these plans. Moreover, the features offered in these account plans are also different and some of them include private analyst sessions, personal account manager, risk management strategies and negative balance protection. Each account also comes with leverage and spreads, but they also vary according to the account option you choose.
Reason 5: Robust Customer Support
SMI Markets also provides its users with robust customer support options. They have added phone numbers for their different office locations on their website. You can also fill out the online contact form available or you can choose to send them an email. Their agents are responsive and available 24/5 for solving your problems.
With SMI Markets, you will be able to diversify your portfolio and trade according to your risk tolerance.