SMI Markets Review – Important Questions to Ask about the Broker
The potential of online trading has become renowned all over the globe and you will certainly learn more about it when you are looking for ways to earn money. The most appealing feature of the trading markets is that they don’t have any such prerequisites that can make it difficult for people to be a part of this landscape. There are some myths surrounding the trading world like people needing millions of dollars for investment or years of experience. However, the truth is that trading has become more accessible than ever and you can begin, even with a small investment.
Where do you start? Your journey begins from finding an online broker that can provide you with the assets, platform and tools you need. Run a quick search and you will discover that there are plenty of brokers promoting their services in the financial markets these days. In fact, each broker will claim to be the best of all and this can often confuse and overwhelm traders when they have to choose one. How do you make your choice? To find a broker that can provide you optimal trading services, you need to ask some important questions about them.
This also applies when you come across SMI Markets in your search. On the surface, the broker appears to be a sophisticated option, as they provide forex and CFDs (Contracts for Difference) to their clients. They also have more than a decade of experience under their belt and cater to traders from different backgrounds i.e. beginners as well as expert traders. However, you need to study them closely before you are ready to commit your funds and your time to this broker. What else should you know? Listed below are some of the important questions you need to ask:
- What instruments can be traded?
First and foremost, you need to know exactly what instruments you can trade with SMI Markets. Yes, this is important because you may want to diversify your portfolio and if the broker has limited options, this can make things difficult. Similarly, if you are drawn towards a particular asset, you have to confirm that the broker is offering it or signing up with them would be a waste of time. There are more than 250 financial instruments that can be traded on SMI Markets and some of the top choices include:
Forex: As stated above, SMI Markets specializes as a forex broker, which means that it allows you to trade in the world’s biggest financial markets. You can find a ton of currency pairs to trade here, including some prominent ones like EUR/USD, GBP/USD, USD, CHF and lots of others.
Indices: If you are a risk-taker, you can also trade indices on SMI Markets, as the broker has added some very lucrative options. These include S&P 500, FTSE 100, DOW Jones and Dax, amongst others.
Oil: One of the most popular commodities in the world is none other than oil and it is known to generate substantial returns for traders. Therefore, the broker has also added oil to its offerings for facilitating its clients.
Precious Metals: In case you are looking for an instrument that can give you consistent returns, precious metals like gold, silver, platinum and palladium can be traded on SMI Markets. These are quite valuable, so they have consistent demand and can give a good ROI.
Commodities: Traders with low-risk tolerance will find commodities like coffee, cocoa, corn and wheat good options to trade because they carry low risk and are also profitable.
- What trading platform can you use?
It is vital for traders to find out what trading platform is offered by a broker because it can determine their trading experience in the long run. SMI Markets has chosen to offer its clients variety in terms of trading platforms as well. Since there are different types of platforms that can be found, the broker has opted to give its clients as much choice as possible. There is a desktop platform that can be downloaded and comes with great tools. It can execute various commands quickly, give trading alerts and comes with charting tools that help during trading.
In addition, SMI Markets have also added a web platform to facilitate their clients as this platform can be accessed through the website. It requires no downloads, offers great execution speed and is extremely easy to use. Lastly, mobile trading apps for Android and iOS ecosystems are also made available, so traders can use their accounts on the move without any hassle.
- What educational resources are available?
Trading education is of the utmost importance, particularly if you are a beginner trader. This fact is definitely not lost on SMI Markets because the broker has added extensive educational resources for their clients. They provide their clients with access to the latest news, along with online courses, videos and tutorials on different aspects of trading. The aim is to help traders in learning how the trading market works, so they will be able to minimize their mistakes and earn as much as possible.
- What are their security policies?
You should know exactly how secure and safe you will be when you are using a broker’s services. This also applies when you are considering SMI Markets for your trading needs. The broker follows international regulatory requirements of compliance with the AML (Anti-Money Laundering) and KYC (Know Your Customer) policies. These are put in place to prevent any illegal activities from being conducted via the trading platform and to verify identities of anyone who signs up for trading services.
Plus, the broker also follow customer account segregation rules to protect the funds entrusted to them by their clients. As far as protection of information is concerned, SMI Markets has opted to use encryption to keep third-parties out. Also, they emphasize the use of strong passwords for protecting your accounts.
Learning the answers to these questions will tell you exactly what to expect when you sign up with SMI Markets and you can go ahead and use their services for starting your trading journey.