Best French Forex Brokers
Forex trading has taken the world by storm. What was just another form of investing for big companies and individuals with huge amounts of cash, has now opened up and almost anyone can participate, with the potential to earn huge pots of money. Let’s get the warnings out of the way first. Because, as with all forms of investment the value of currencies can go up as well as down. So we feel it only fair to mention that there is also the possibility of making huge losses. Which is why we advise new traders to be cautious, and gain some experience with a demo account before trading with your own money.
France, like many other countries, has embraced the world of Forex trading, and there are plenty of opportunities for French citizens to participate. However, it is always advisable to make sure your trading is done with a regulated Forex broker in France. If you want to know more about a particular broker then you can check their license on the website of the AMF, Autorité des Marchés Financiers. The AMF is an independent body, responsible for safeguarding investments in financial instruments and all other savings and investments.
You need to know the basics if you’re planning on trading Forex in France
Before France joined the European Union, the official currency was the French Franc. Once it joined the European Union, the official currency became the Euro. Ever since it was introduced in 2002, it has been used in most money operations carried out in France. Trading in the foreign exchange markets has been taking place for years, but it wasn’t until the advent of online Forex trading that it became possible for anyone to do. Now a number of the best Forex brokers are offering their services to residents of France, and there are also a number of local French Forex brokers to choose from.
The Bank of France is one of the biggest influences on the foreign exchange market in France. There are very few other Forex markets who are dependant as the one in France. It is the bank’s goal to stabilize the market, help in its development, and introduce new fiscal and foreign exchange policies as and when needed.
Most Reputable Forex Brokers in France 2019
The Autorite des Marches Financiers, takes illegal Forex brokers in France very seriously
France isn’t one of the major players in the Forex market, but is still responsible for a large part of the trading volume that takes place. One of the reasons for the popularity of the Forex market is the liquidity of the Euro. And also the fact that the Euro is used all over the world. The Forex market is also important for the French economy, and regulatory bodies are doing everything they can to make this form of trading as safe for consumers as possible.
In 2015, they blacklisted more than 70 unauthorized Forex brokers in France, as the regulators became increasing concerned about fraudulent brokers targeting French investors. Many of the firms blacklisted were located overseas, outside of the European Union, and were benefiting from the fact that Forex trading can be offered online. Numerous other warnings have been issued in recent years regarding unauthorized Forex brokers, as well as informing investors of the risks involved in Forex trading. A recent watchdog campaign organized by the Authority showed some stunning results. The clients of some Forex companies were able to open an account and trade without providing any form of identification, and when it came to withdrawing funds things proved to be very difficult.
Things to consider when looking for the best Forex brokers in France
Finding the right broker, and one that is reliable and trustworthy, is an important step to make when starting out in the Forex market. We’ve already mentioned the importance of choosing a Forex broker that is licensed. But there are a number of other factors to bear in mind before making a choice.
- The standard of customer service – Good customer service is a good quality to look out for. But you can only get a feel for the service once you’ve opened an account. However, spend some time trawling the internet for customer reviews, and you should be able to get a fair idea of the service that is offered. The ideal customer support should be available 24/7, and preferably have a live chat option.
- Swap rates/ spreads/ commissions – Understanding the cost of Forex trading is important. Some express commission as a percentage of the spread, but many charges for their services by way of the spread. Another factor to consider is the minimum deposit requirements, as they can vary considerably.
- Trading platform – Trading platforms are very convenient as they save time and allow orders to be placed 24 hours a day. Try out the various trading platforms by opening a demo account.
- Payment options – It’s important that funding and withdrawing from an account can be done easily. All Forex brokers have their own payment methods which can be found on individual websites, and we will also mention them in our Forex broker reviews.