Forex market is easy to master. Anyone can try their hand at this area. Even success can come to you from the very first transaction. However, understanding how the market works, the proper assessment of risks and profits is an important step in Forex trading. Familiarity with the technical and fundamental analysis of currency pairs and the correct application of the knowledge gained leads to successful trading experience in the market.
|SIMPLE FX||20 $||1:500||From 0.1 Points||Open an Account|
|ROBOFOREX||10 $||1:2000||From 0 Points||Open an Account|
|FOREX4YOU||0 $||1:1000||From 0 Points||Open an Account|
|FOREX CHIEF||100 $||1:400||From 0.1 Points||Open an Account|
|ALPARI||1 $||1:1000||From 0.1 Points||Open an Account|
|FINMAX||100 $||1:1000||From 0.1 Points||Open an Account|
|ETORO||50 $||1:1000||From 0.1 Points||Open an Account|
|AMARKETS||1 $||1:1000||From 0.3 Points||Open an Account|
|AMEGA||1 $||1:1000||From 0.1 Points||Open an Account|
FOREX is just one of many tools that a trader can choose to use. Like all other financial instruments, profit and loss are part of the job in this market. One of the best ways to increase your chances of successful work in Forex is to understand all the subtleties of currency trading. Opening a demo account or a training account can provide an opportunity to make transactions in the real market without putting your money at risk. Most Forex brokers offer this perhaps today.
What to look for when choosing a Forex Broker?
Traders regularly need to contact the broker for clarification or additional information. Contact information should be listed on the main page and should include phone numbers and email addresses. The chat offers immediate contact with the company’s online support and is available from most brokers.
Types of accounts
Brokers usually offer their clients several types of trading accounts. Accounts can vary depending on the amount of money needed to open an account, fixed or floating spreads, different leverage and much more. Bonuses may also depend on the type of open account.
Some trading accounts can be opened from as little as $ 1, which will allow you to try yourself in the market. While other companies require a minimum deposit of $ 2,500. Brokers, as a rule, provide a choice of accounts, and their main difference may be the amount of the initial deposit. Deposit can be made in various ways, but credit cards and bank transfers are the most popular methods.
In most cases, the commission for opening an account with a broker is not charged. Some companies have a withdrawal fee, while some have no such fee. When deciding on which Forex broker to work with, a trader should carefully look at all the commissions.
Most companies offer traders a variety of leverage. However, within the framework of the legislation, the client has a maximum leverage of 1: 100, for a qualified client 1: 200, for a professional client 1: 500. Therefore, the choice is not too different. In general, leverage allows you to increase your investment. Novice traders must first avoid using large leverage, as this may expose capital to increased risk. It is believed that the lower the leverage, the lower the risks in the market.
Spreads are the difference between the purchase and sale price of the final asset, and it is here that the Forex broker makes money. It is important to assess which type of spread is fixed or floating, and also compare the size of the spread with several other brokers. In most cases, a floating spread is more profitable than a fixed one.
Free demo account
Another function that you need to look for from a Forex broker is the possibility of a free demo account. Demo accounts allow you to make transactions on a real online account without investing money. Brokers offer this option with different time frames and different numbers of virtual trading accounts. But even for a short period of time, using a demo account gives you ample opportunity to understand the basics of Forex trading and learn about price movements.
Most companies offer trading on major currency pairs, such as EUR/USD or USD/JPY. Other brokers add cross rates to this set. Third companies offer to trade Bitcoin and various cryptocurrencies and CFDs.
The Forex trading platform offered for use by each broker should also be seriously evaluated before making a decision to open an account. The trading platform is used for trading, as well as viewing Forex news, conducting technical analysis, managing a trading account and much more. Sometimes the platform is a third-party application, but in many cases it is also a specific application created, developed or modified by a Forex broker. It is believed that the more Broker offers more platforms, the more money he invested in the development, so you can evaluate the reliability of the company by the number of trading terminals.
Training materials, analytics, webinars
The more you know about the market, the better you will be. Some brokers pay a lot of attention to education and provide many different places, such as analytical reviews, forex forecasts, seminars, webinars and more. Most broker websites publish daily news and news analysis, and many provide additional fundamental analysis of what is happening in the markets.
Some brokers offer their own loyalty programs for traders. These promotions can significantly increase the balance of a real trader account with the subsequent refinement of received premiums. Therefore, you should also pay attention to this item at the time of selecting a company.
Choosing the Right Forex Broker
In today’s fast-paced world, Forex trading can bring great profits in a very short time, and it attracts many investors who are tired of other trading tools and have lost interest in various financial markets. But let’s face it, when hundreds of brokers pedal their products, choosing the right broker can be difficult and time consuming.
Forex Brokers Rating
To simplify the process of choosing a Forex broker, the BUZTRADE.COM team checked and evaluated all the companies represented on the market of the world and formed some conclusions. Therefore, before you make your choice and register an account, spend some time studying our reviews of Forex brokers in order to have the best chance of becoming a profitable trader on FOREX.