Romanian Forex Brokers
Forex trading seems to have take the investment world by storm, and there are millions of people who are taking it up as a career. There are a number of different countries in which this form of investment is illegal, and if this is the case in any of the countries we choose to feature we will make sure all our readers are informed. Here on this page we will be looking at the Forex market in Romania, and giving you some useful information, in order to make an informed choice of Forex broker to work with.
A few basic facts about Romania
Romania is a republic in Southeast Europe. It is bordered by the Black Sea, Bulgaria, Ukraine, Hungary, Serbia, and Moldova. The total area is more than 200,000 square kilometers and there are nearly 20 million inhabitants. It is actually the 7th most populated member of the European Union, and the capital is Bucharest.
The official currency of the country is the Romanian Leu. Between 1968, and 1990, there were predominantly 3 exchange rates in Romania. The rate which acted as the base for premium calculations was the basic rate, and there was also the commercial rate, and the tourist rate for residents traveling to other countries. In 1990, things changed a little. The commercial and tourist rates were merged into a weekly adjusted Effective Rate, linked to the trade basket.
Trading Forex in Romania with the top Forex brokers
The National Bank of Romania is responsible for regulating Forex brokers in Romania. Its aim is to keep the local currency stable, and reduce the risk of high levels of inflation. Things have started to look up for Romania in recent years, and their GDP is now much higher. Many Forex traders enjoy the high risks that can come with Forex trading in Romania, and it is definitely a market to watch if you’ve already got some experience.
For those of you who have already decided to give the world of Forex a try, an important first step is to find the best broker possible. As the wrong choice could seriously impact on results.
What to look for when picking the best Forex brokers in Romania
Finding the right Forex broker to invest with is one of the most important decisions a Forex trader can make. Let’s help by giving you a few ideas, on the qualities to look for in a top rated Romanian Forex broker.
First-Rate Forex Brokers In Romania 2019
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Make sure the broker is regulatory compliant
Wherever you may reside in the world, there will be a given set of regulations that govern the way trading on the financial markets is undertaken. For investors this is protection, and also helps to prevent fraudulent activities. The rules and regulations are completely transparent and anyone can obtain them. Take for example, a Forex broker in the US. If it is a reliable and professional brokerage firm it will be registered with the US Commodity Futures Trading Commission, as well as a member of the National Futures Association.
In Romania, the National Bank of Romania is responsible for the regulation of Forex trading, but a Romanian Forex broker should also be regulated under The Markets in Financial Instruments Directive (MiFID), which was introduced in 2007. Companies who operate within the European Union member states, of which Romania is one, should comply with this Directive. If a firm is registered in one member state, it can operate with other clients in other EU states, provided it complies with the regulations. It is sometimes the case that choosing a broker from a local country offers better legal protection.
There should be good customer support
The support of all should be one that is available 24/7, but at the very least during trading hours. As trading platforms are internet based and require specially designed software, it is highly likely that problems will arise with either the software or the internet connection. Therefore, it makes sense if there is always someone available to answer questions, and sort out any problems. But it’s not just a question of always being there. The help should be of the best quality. Live customer support is always the best option as it means issues can be addressed immediately.
Consider the cost of using a Forex broker in Romania
The cost involved with trading foreign currencies can make quite an impact on profitability, so it will be a wise move to make to understand as much as possible. Some Forex brokers take a commission, which is a percentage of the spread. Others usually charge for their services through spreads. It can either be a fixed spread in a certain amount of pips, or a variable spread where the market is more volatile.
These are just a few things to watch out for when choosing the best Forex broker in Romania. We’ll be keeping you informed of the latest Forex news, providing reviews, and sharing more information regarding the exciting world of Forex trading. But remember, like any form of investment there are risks involved, which could turn out to be very costly.