The biggest risk for a beginner trader is that, while looking for where to trade, they will run into scammers. Guaranteed. And the chance of handing over their money right at the start is far too high.
Because it’s precisely the scammers who guarantee profits and the best conditions on the market. After all, they won’t have to deliver on any of it. Their goal is simple: take your money and block your withdrawal.
That’s why you need clear criteria for choosing a reliable broker.
What does “reliable broker” mean?
- One that lets you withdraw your money and your profits with no hassle. You just press the “withdraw” button, without writing to support and waiting for an answer from some “specialist.”
- One that, even if it operates from abroad, has a clear regulator and works according to international brokerage service rules.
- A company with an active audience of 100,000 or more traders who trade daily.
- Truly reliable companies have a reputation, which means they have been in the market for 5 years or more.
- The broker or exchange MUST have well-developed social media. It’s a key factor!
The simplest way to save yourself the work: take a look at the brokers and exchanges I use.
How to check a broker or exchange on your own?
First, analyze the company’s domain using public statistics services like Similarweb and a WHOIS lookup. Pay attention to:
- the number of daily visits;
- the age of the domain;
- how much the company is talked about online.
If the company passes these 3 tests, look in the footer of its website for information about the regulator and follow the links to its social media. A YouTube channel is mandatory: the comments on the videos are where it’s easiest to see whether the audience is happy with the broker. Then look at the other social networks. The more it has, the more reliable it should seem to you.
But the final test should be your first withdrawal. After registering and verifying your identity (do it only if the company passed the previous tests), deposit the minimum, 10 or 100 dollars, and request a withdrawal right away. If there were no problems, you can start trading for real.
