Currency Trading Information Channel |
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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 Fri. April / 26 / 2024 Prop Trading: YourPropFirm Taps Leverate to Enhance Services Finance Magnates Top 10 Forex Brokers in the World: 2024 Rankings FinanceFeeds Zimbabwe's new currency suffers chaotic start FRANCE 24 English How to get started in trading forex CNN Underscored Understanding the Correlation of Oil and Currency Investopedia Stock market today: Asian benchmarks mostly slide as investors focus on earnings Yakima Herald-Republic Yen inches closer to intervention point as BOJ meeting starts The Japan Times Kyriba's Quarterly Currency Impact Report: Total Currency Impact for 2023 Reached $95 Billion Yahoo Finance Discover ask2bid.net: A Trusted Destination for Unbiased Insights into Crypto and Forex Trading Yahoo Finance Spotrade.net analysis: A Trusted Destination for Unbiased Insights into Crypto and Forex Trading Yahoo Finance Morning Bid: Japan's FX no-show, Meta plunges Reuters.com Yen Approaches Intervention Point as BOJ Meeting Starts Yahoo Finance Best Forex Brokers In April 2024 Bankrate.com Zimbabwe authorities troubled by tumbling new currency Voice of America - VOA News GBP/USD Analysis Today - 25/04: Focus on US Data (Chart) DailyForex.com Dollar demand pushes naira to 1,420/$ Punch Newspapers EUR/JPY, USD/JPY rally to multi-decade highs while EUR/GBP drops IG International This Is How You Make Money Trading New York Magazine Exclusive: India central bank's stance on underlying exposure for FX derivatives unchanged Reuters.com 3 Best Forex Brokers for 2024 NerdWallet USD/JPY Analysis Today - 25/04: Yen Hits 34 Year Low (Chart) DailyForex.com Towards Increasing Complexity: The Evolution of the FX Market - Liberty Street Economics Liberty Street Economics - South Korea hopes currency reforms will move chunk of NDF trading to spot deliverables - Reuters.com USD/PKR Analysis Today - 25/04: Controlled Trading (Chart) DailyForex.com EUR/USD Analysis Today - 25/04: Euro Stabilizes (Chart) DailyForex.com Why Is the Forex Market Open 24 Hours a Day? Investopedia FOREX.com vs. Robinhood: Which Is Right for You? The Motley Fool Rupee trades in narrow range against US dollar in early trade The Economic Times Forex Trading for Beginners NerdWallet U.S. dollar closes higher on Taipei forex market Focus Taiwan China's New Currency Playbook Council on Foreign Relations How Often Do Exchange Rates Fluctuate? Investopedia Zimbabwe's new gold-backed currency sliding on black market Voice of America - VOA News XAUUSD: Gold's Future Direction Hinges On $2,350 Daily Price Action US, Japan and South Korea seek to limit dollar's rise Financial Times Rupee edges up 1 paisa at 83.32 against US dollar BusinessLine RBI's crackdown on currency trading? Finshots Stock market today: Asian benchmarks trade mixed amid expectations for US rates to stay high - ABC27 Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion The Associated Press How can blockchain platforms make currency trading cheaper? Financial Times Stock market today: Asian shares drop after Wall Street sinks on rate worries - The Associated Press Stock market today: Asian shares drop after Wall Street sinks on rate worries The Associated Press
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