Choosing the Best Forex Brokers in Poland
When it comes to picking the best Forex brokers in Poland we are here to help, as it is possibly one of the most important decisions you’ll have to make, when embarking on a Forex career. It will pay in the long run, to spend some time considering the decision, and taking a number of factors into consideration, before making a choice. Forex is an exciting form of investment, but should be entered with eyes wide open, and be aware of the benefits as well as some of the pitfalls.
A brief introduction to Poland
Officially known as the Republic of Poland, this country is situated in Central Europe, between Germany to the west, the Czech Republic and Slovakia to the south, Belarus and Ukraine to the east, and to the north the Baltic Sea, and Lithuania. In total it covers more than 300,000 square kilometers and has a population of more than 38.5 million. It is currently a member of the European Union.
The national currency in Poland is the Zloty, and the value of the currency is greatly influenced by the Euro Zone, which means it is currently feeling the effects of the global fiscal crisis.
When undertaking our research, we found some very interesting information we thought we should share with all those looking for the top Forex brokers in Poland. As it could prove very significant to the decision you’re about to make.
July 2015, saw the rules governing margin requirements changing, limiting leverage to 100:1.
Poland introduces a reduction in leverage to 100:1
For those of you considering trading Forex with a broker in Poland, this could make a difference as to whether you choose to continue, or look for another country in which to base your trading activity. Let’s look at the impact it is currently making.
The Polish Financial Supervision Authority (KNF) spent some time in 2014, looking at the conduct of those involved in the forex industry. KNF is Poland’s financial regulatory authority, and oversees the supervision of banking, capital markets, insurance, pension scheme and electronic money institutions. KNF was prompted to look at forex trading following a review of customer performance in 2013. It was noticed that more than 81% of Polish forex brokers were realizing losses in their accounts. Many experts in the industry were citing excessive leverage as the cause
KNF initially suggested capping leverage at 50:1, but changed it to 100:1. The reduction in leverage came into effect in July 2015. Some Forex brokers in Poland are restricting the limit to customers who reside in Poland, while other foreign brokers with Polish accounts are also restricting leverage to 100:1.
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Things to consider when looking for a Forex broker in Poland
When it comes to Forex trading, an important consideration is the broker you choose to use. Finding the right one for your needs will play a vital role in your trading success. However, whatever country you reside in, there are a number of factors to consider.
The best Forex brokers in Poland will comply with relevant regulations
Nearly every country in the world will have a set of rules and regulations in place that govern trading on the financial markets, along with those that provide related services. For investors this is very important as it provides a level of protection. It also serves to prevent fraudulent activities. All the rules and regulations are easily accessible, and the relevant authorities will also have a website, where investors can check on a broker’s license.
In the US, for example, Forex brokers are registered with the US Commodity Futures Trading Commission, and are usually members of the National Futures Association. In Europe the best Forex brokers will comply with the Markets in Financial Instruments Directive. In Germany the regulatory body is the Federal Financial Supervisory Authority, In Poland it is the Polish Financial Supervision Authority (KNF).
Customer support is vital
When a service is internet based, problems and issues can occur at any time of the night or day, so it is vital to have a point of contact that can help get things back on track as quickly as possible. No trader will appreciate having to wait for an answer and missing out on a profitable trade. The best broker will have live customer support, available 24/7.
Understand the cost of trading Forex in Poland
The cost of trading can make a big impact, so it’s important to understand what they are. Some Forex brokers in Poland will take commission as a percentage of the spread. Others will make a charge through the spreads. A fixed spread would be expressed as a certain number of pips. Part of any cost will be the initial deposit, and this varies depending on the Poland Forex broker.
Different trading platforms
There are some well-known favorites such as MetaTrader 4, as well as a number of in-house platforms. Each has their own set of bells and whistles, and we’ll be looking at some of the most popular here at topratedforexbrokers.com.
Getting your money out
It’s all well and good being able to deposit money easily, but what happens when you want to take some of it out. Being able to access your funds easily and quickly, with as low a cost as possible is an important factor to look out for.