Currency Trading Information Channel
How To Choose Wisely A FOREX Broker
Most 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 Sun. May / 19 / 2019
Zimbabwe to Supply Interbank Forex Market With $500 Million Bloomberg
Zimbabwe will supply the interbank foreign exchange market with $500 million on Monday as its tries to resuscitate a currency trading system implemented in ...
Future Returns: The Risk and Reward of Foreign Currency Exchange Markets Barron's
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China's currency is sending a warning signal about the trade war CNBC
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.
Venezuela loosens currency exchange controls to allow forex trading Reuters
CARACAS (Reuters) - Venezuela will allow local banks to open foreign currency trading platforms as part of a loosening of the OPEC nation's exchange controls ...
Refinitiv currency trading and data terminals face ‘major incident’ Financial Times
Products used by investors and news organisations suffer glitch ahead of London open.
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Blackstone's Refinitiv Outage Upends Currency Trades Bloomberg
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RPT-Brokers brave China's FX market crackdown in hunt for household high rollers Reuters
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‘Don’t go too far’, China tells US in phone call about recent disputes South China Morning Post
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Islamic currency trade gaining popularity, but has to follow rules Gulf Times
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Longboat Key firm charged with operating a $75 million foreign currency trading scheme - Sarasota Herald-Tribune
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CMA licenses second non-dealing online forex trading broker Capital FM Kenya
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S'pore aims to cut sub-second lag to boost forex trading The Straits Times
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Reeling Australian Dollar Still Buffetted By US-China Trade War Storm DailyFX
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Schoolboy, 16, turns £150 into £61,000 in less than a year... by studying trading tips online - Daily Mail
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XTB Reports Significant Drop in CFD Currency Trading in Q1 2019 Finance Magnates
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Risk to Turkey’s Economy Deepens With New Istanbul Election The New York Times
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Equity Bank forex trade earnings rise to Sh819m Business Daily
Equity handled Sh30.93 billion worth of remittances during the quarter.
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Bitcoin Touches $8,200, Gold Hits Its Highest Point Since April Cointelegraph
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