FOREX BROKERS IN ALBANIA: WHICH FX TRADING PLATFORMS ARE THE BEST AND WHY?
Best Forex Brokers in Albania
Want to trade Forex? If so, you will need an online FX dealing account.
Choosing the right broker is a critical decision for any investor. Each broker charges different fees while offering various trading tools, investments, and research. We assessed the top brokers currently available for Forex trading to help local traders find the right match for their needs. We run each broker through a complex acceptance process to find new brokers to bring to our readers. We are always on the lookout for updates and improvements on trading conditions – but before we add them to our top lists, we do some serious digging first. After all, we are not here to bring you just any broker – we only bring you the best and most trusted ones. For that reason, our team has placed innumerable trades, spoken to the customer service departments, and calculated fees to be in the best possible spot to test (and rank) the available platforms.
Regarding the four Brokers that we have presented at the beginning of the article, following you may find comments that will help you choose the right fit for you. Despite other comparison sites that will say 'Best Forex Brokers in Albania' and provide you with 100 options to choose from, we have only chosen what we believe are the best 4, aiming to facilitate the broker picking task for you. There are differences between them, but they are not so substantial at the top of the rank. We will now provide you with the most relevant aspects of the top 4 FX brokers in Albania, and we will then mention the criteria you need to follow when picking the best match for your trading needs.
Best FX Trading Accounts in Albania
AvaTrade is one of the oldest online brokerages. It's one of the Brokers with an extraordinarily high and solid level of regulation, so it's fair to say that it's one of the safest Brokers you can trade Forex with.
With over 3,500,000 clients since it was founded in 2009, XM has grown to a large and well established international investment firm and has become a true industry leader in the FX market.
Founded in Switzerland in 2012, BDSwiss currently has over 1 million active trading accounts worldwide and services over 11 billion euros in trading volume per month. With 200+ personnel, BDSwiss Group’s holding company is headquartered in the Swiss city of Zug (close to Zürich) and maintains its operating offices in Berlin, Germany and Limassol, Cyprus. BDSwiss has upped its expansion efforts by inaugurating five new offices in regions including South East Asia and Latin America to accommodate the notable influx in active traders from these regions.
FXPrimus is a global Trading Platform from Cyprus which states that its mission is "to provide the safest available online trading environment". Besides the industry standard of segregating client's funds, FXPrimus has partnered with an independent entity, the Boudica Client Trust, which is in charge of monitoring the fund withdrawal process on behalf of the Traders.
EURUSD: A great broker must have a tight spread on the most traded pair.
Criteria to test the best FX Broker in Albania
Here is a look at just some of the criteria we test all the best Forex Brokers against.
First things first; Does the Broker accept clients from Albania?: As we have mentioned previously, there are so many websites offering Brokers to local clients when they have not even fact-checked if the broker accepts locals. We have confirmed with the Brokers we present here that they do open FX accounts to Albania clients.
A reliable, secure, and mobile-optimized platform: We live in the 21st century, which means we need an FX broker to offer an equally (if not more) high-quality experience on mobile devices. You never know if the following major FX alert will catch you while having a pizza or while at the toilette.
Spreads, Commissions, and other fees: Currency pairs are priced through the interbank market, a communications system used by big banks and financial institutions but without a central exchange like a Stock Exchange. Forex brokers make their revenues with their fees and spreads that arise from your trading transactions. And, they are not required to offer you the best interbank bid or ask prices, so they may intentionally display wider spreads with less favourable prices, adding to profits when they complete those trades through the system. So, spreads and commissions are a top priority that we consider when choosing the best brokers.
A great FX Pair selection: We are looking for the major pairs and minors, and crosses. In general terms, the more diverse the brokers offering is, the better the trading conditions they offer overall (although this is not an exact science).
Brokerage licenses: We only recommend licensed brokers to ensure our readers and fellow traders' safety. If a new broker has not got their paperwork filed and approved yet, you won't find them here on our site.
An efficient customer support team: As much as we would like to hope you will never need it, a customer support team is a crucial portion of a great trading experience. When things go wrong, you desire that your questions are to answered quickly, in a fair way, and accurately.
How to choose the right FX Broker for you?
Choosing a forex broker requires you to decide what type of trader you are, your goals, and how will you use the trading platform when investing in Forex.
When looking for a reliable forex broker, take your time to check for the one that will appropriately handle your trades and funds. The safety of your capital and private information is more important than any other consideration when you open a forex account because brokers can get hacked or go bankrupt. Unlike stockbrokers, where clients' funds have (usually) a higher level of protection, some dodgy brokers provide no account protection at all.
Also, before you give a broker any money, review its funding and withdrawal procedures. Some require long waiting periods until you can trade when you fund through checks or wire transfers, while others will charge hefty fees when you withdraw funds or close the account.
And, of course, most importantly, check that the broker offers the best trading conditions for the instruments that you will trade. It won't matter if they offer the tightest spread on the EURUSD pair if your most traded pair is the Australian Dollar against the Yen.
The new Forex Trader process
As a new Trader at any broker, you will need to go through a strict process before the ride begins. Forex Brokers are becoming increasingly concerned about things like responsible trading and anti-money laundering, and they’ll want to make sure they know a bit more about you before you get started.
It’s nothing complicated; it’s simply a matter of answering a few questions and possibly supplying a couple of easy-to-find documents. Here’s a look at what to expect:
Opening your account: This is the easy part, and it just requires details like your name, age, address, email, and phone number. It should only take a few minutes.
Identifying information: The broker will ask you to prove your identity by supplying them with a copy of a recent utility bill with your name and address (issued within three months), a copy of your Albanian ID card (Letërnjoftim) or Passport, and proof that you own the debit card you’re operating with. It’s pretty easy to scan these documents in, and all of the brokers on our top list are trusted and safe to share your information with.
KYC (Know Your Customer): This process involves providing information to prove your source of funds or wealth. You may fulfil this task easily using payslips or bank statements. It is not as difficult as it sounds since it’s just for the broker to ensure that you use legal funds to trade.
Responsible Trading: To ensure that you are not trading above your means (leverage instruments are risky and losses may exceed your deposit), some brokers may check in with you from time to time, in the case that your trading habits change (Although this is very unusual).
Am I allowed to Trade Forex if I'm Muslim?
An Islamic Forex account is a halal trading account available to clients who respect the Quran and wish to invest while following Islamic finance principles. Islamic trading accounts differ in several ways from regular Forex accounts.
As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. Also, transactions in Islamic accounts are fulfilled without delays, so currencies must be transferred from one account to another immediately, and transaction costs must also be paid simultaneously. Islamic accounts are also known as swap-free accounts because of this, and they follow four basic principles to be considered Halal:
Prohibition of payment and receipt of any interest rate (Riba)
Immediate exchanges in the context of trading operations
Prohibition of gambling
Distribution of risks and benefits
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. Concerning margin-based foreign exchange trading, off-exchange derivatives like Forex, there is considerable exposure to risk, including but not limited to leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. You should not expect that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses.