Currency Trading Information Channel |
|
|
|
How To Choose Wisely A FOREX BrokerMost traders use a FOREX broker to handle their transactions. What exactly are brokers? Strictly speaking, brokers are individuals or companies that buy and sell orders according the investor's decisions. Brokers earn money by charging a commission or a fee for their services. FOREX brokers need to be associated with a large financial institution such as a bank in order to provide the funds necessary for margin trading. In the United States a broker should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices. Before trading FOREX you need to set up an account with a FOREX broker. You may feel overwhelmed by the number of brokers who offer their services online. Deciding on a broker requires a little bit of research on your part, but the time spent will give you insight into the services that are available and fees charged by various brokers. The best advertising is word-of-mouth advertising, and this is just as valid in FOREX trading as it is for any other type of business. Talk to friends and associates to see who they are dealing with and find if they have any complaints or difficulties in dealing with a particular broker. You could try selecting a few online brokers and contact their Internet help desks to see how quickly they respond to enquiries and whether or not they answer questions to your satisfaction. Keep in mind, however, that pre-sales service may be better than after sales service. This can be true for any online business, not just FOREX brokers. Customer satisfaction and safety are just part of the story. You want to find a broker who executes orders quickly and with minimum slippage. All online brokers should offer automatic execution and have clear policies regarding slippage. They should be able to tell you how much slippage can be expected in both normal and fast-moving markets. Next you want to know the fees involved. What is the spread? Is spread fixed or variable according to the type of account? Are mini accounts subject to wider spreads? Are there any other charges? Smaller spreads mean more profit for the trader, but there may be a trade-off between spread and service. Look at the overall picture before deciding to go with a particular broker. Margin accounts are the lifeblood of FOREX trading, so be sure you understand the broker's margin terms before setting up an account. You need to know the margin requirements and how margin is calculated. Does margin change according to the currency traded? Is it the same every day of the week? Some brokers may offer different margins for mini and standard accounts. Trading software is very important for the online FOREX trader. Get a feel for the options that are available by trying out a demo account at a few online brokers. Above all, you are looking for reliability and the ability to perform well in fast-moving markets. The software should offer automatic trading and may have special features such as trailing stops and trading from the chart. Some features may only be available at an extra cost, so be sure you understand what your trading needs are and how much the broker charges to provide them. Other information to find out about includes the broker's policy regarding minimum account balances, interest payments on account balances, which currencies can be traded and whether or not non-standard sized lots can be traded. You should also find out whether clients' funds are insured and the extent of that insurance. New to FOREX trading? Don't panic! Abc-of-forex.com gives you all the basic information you need to get started in currency trading. For more info visit this FOREX trading website.
Today's forex currency trading news updated Thu. March / 28 / 2024 Foreign exchange contact group (FXCG) European Central Bank Stock market today: Asian shares trading mixed after Wall Street's momentum cools San Francisco Chronicle 3 Best Forex Brokers for 2024 NerdWallet Morning Bid: Yen traders on tenterhooks Yahoo Canada Finance Dollar gains on euro with Fed's Waller hawkish on rates The Economic Times Yen steady after intervention warning, dollar dips Yahoo Finance FOREX.com vs. Robinhood: Which Is Right for You? The Motley Fool Stock market today: Wall Street edges back further from its all-time highs Sunbury Daily Item This Is How You Make Money Trading New York Magazine Stock market today: Wall Street ticks quietly higher ahead of consumer confidence report The Atlanta Journal Constitution Best Forex Brokers In March 2024 Bankrate.com EUR/USD Analysis Today 28/3: Pressures Ahead (Video) DailyForex.com Rupee falls 6 paise to settle at 83.39 against US dollar The Economic Times Top Fiat Currencies Used to Trade Bitcoin Investopedia Europe Playing Bigger Cryptocurrency Role ETF Trends Forex Today 28/03: Fed's Waller: Slow on Rate Cuts, No Hikes DailyForex.com USD/PKR Analysis Today - 28/03: Steady USD/PKR Trend (Chart) DailyForex.com Stock market today: Asian shares mostly decline after Wall Street drifts to a mixed close The Associated Press Towards Increasing Complexity: The Evolution of the FX Market - Liberty Street Economics Liberty Street Economics - USD/TRY Forecast Today 28/3: Struggle Against USD (Chart) DailyForex.com EUR/USD analysis: Will US dollar retreat again? FOREX.com US U.S. dollar closes lower on Taipei forex market Focus Taiwan Forex Trading for Beginners NerdWallet Stock market today: Asian shares rise after Wall Street sets another record The Associated Press Why Is the Forex Market Open 24 Hours a Day? Investopedia AUD/USD Signal Today - 28/03: AUD Weakness Noted (Chart) DailyForex.com Rupee trades in narrow range against US dollar in early trade The Economic Times EUR/JPY Forecast Today - 28/03: Euro Dips vs Yen (Chart) DailyForex.com China's New Currency Playbook Council on Foreign Relations EUR/USD Analysis Today 27/3: Tight Range Trading (Chart) DailyForex.com Dollar firm after Fed comments; yen under close watch The Economic Times How Often Do Exchange Rates Fluctuate? Investopedia Trader's Case Tests DOJ's Policing of Global Currency Market The Wall Street Journal Forex Today - 27/03: Japanese Yen Hits 34-Year Low DailyForex.com Should You Buy Apollo Currency (APL) Monday? InvestorsObserver How can blockchain platforms make currency trading cheaper? Financial Times USDBRL Analysis Today - 26/03: USDBRL Range Reversal (Chart) DailyForex.com USD/MXN Analysis Today - 25/03: Bearish USD/MXN (Chart) DailyForex.com
|