FxPro Experts on Choosing FX Brokers the Right Way
Wed, 30 Sep 2015 08:40:00 +0400
How to make money trading Forex? How to choose a reputable FX broker? Why Forex is the best option among financial markets for most of us? These are some of the questions FxPro experts are going to answer within the scope of this article.
Is there a decent alternative to Forex these days?
Each year, the amount of internet users grows. On top of that, new technologies allow us to stay online 24/7 and even on the go. Still, most of us keep on wasting our precious time on the web. We browse the Internet for hours, hang out in Facebook, Twitter, Instagram and other social networks. Others play online games day and night. The key thing that unites all of these activities that they simply waste our time without any reward. Time is money. Especially these days. Wasting days and even weeks of your precious time without being able to get a decent reward for that is simply reckless.
Alas, when it comes to monetizing social networks and online games, it is all about their creators not users (maybe expect a tiny group of other guys who manage to benefit on these activities through their affiliated businesses).
Forex is another story. Those who traded Forex at least once in their lives can say that trading currencies is as exciting as playing online games or hanging out in social networks, if not more exiting. At the same time, this exciting activity can also become a major source of income for your, thereby allowing you to sustain yourself and your family while enjoying financial freedom. Apparently, in order to get rich trading Forex, you absolutely need to learn and master the art and science of trading.
Forex is a unique phenomenon. Most financial experts out there share this standpoint. This is the biggest financial market in the entire world. While some trades choose stock markets and commodity markets, these markets are closed for most small-scale retail traders while Forex is affordable for virtually anyone in the entire world.
All you need is a computer with Internet access and some savings as your initial equity to start trading on your live account after you have registered it with one of hundreds of FX brokers out there. With most FX brokers, you don’t need thousands for dollars to start with. Even $100 will be enough to start since you will be able to leverage your trading to make bigger-scale trades within the scope of margin trading.
Despite being the biggest and most affordable and loyal financial markets in the world, Forex has become a reason for disappointment for all those who one tried to get from rags to riches in an instance. Why? Because they confused the affordability of the market and the simplicity / power of the technologies and the trading process with how easy t is to make money in financial markets. In fact, making money trading Forex is way more difficult than doing anything else for a living. However, that doesn’t mean you cannot succeed as an FX trader…
What is required to succeed in FX trading?
In order to succeed in FX trading, first of all you need to be confident in yourself and your potential while being backed by reliable partners. This is the recipe for success in any business, including FX trading. According to FxPro experts, it is irrelevant what starting capital you have. Even if you have $100, it is about investing it the right way.
A lot has been written and said about the necessity of learning how to trade Forex properly before making it a full-time job. For starters, it is easy to get your feet wet in FX trading through demo-trading. It will require several hours of your time and the desire to learn something new. Diving deeper in the subject will require more time and effort but it is still possible. Coping with your emotions and staying cool-headed when trading Forex is way more difficult but possible. Basically, a complete rookie can turn into an intermediate trader with more or less clear vision of the market and his/her own strategies in a matter of several months provided that he/she has a good mentor. Well, this not the full recipe for success.
No matter how good you are at trading Forex, you cannot do without a reputable and honest FX broker. It is the very company you are going to trade with and make money with. Therefore, such a company has to be honest and loyal towards you. It absolutely has to be interested in your success to let you succeed. With that said, choosing a decent broker is 50% of your success in FX trading.
These days, most FX brokers have been caught refusing to withdraw their clients’ profits on various pretexts and making a lot of lame excuses to set apart traders and their money. That’s a huge problem of the contemporary FX industry. How to find out whether a certain FX company is really ready to fulfil its liabilities to the clients? Well, FxPro experts recommend paying attention to the following 6 points, which have never been seen in FxPro relations with the clients:
1.The broker shouldn’t create a conflict of interest between the company and the client. The broker should benefit from spreads and some other fees instead of client losses.
2.The broker should comply with the requirements of several international financial regulators. As for FxPro, these are FCA (UK) and CySEC (Cyprus ).
3.International financial markets are subject to force majeure and other risks. With that said, trader capital should be insured. FxPro insures trader capital up to 20 000 EUR.
4.Trader capital should be stored in segregated accounts. This will back extra financial security while reducing the likelihood of unpurposeful use of client funds.
5.The broker should cooperate with major banks to back decent market liquidity.
6.Another key point to pay attention to is the true reason why new clients keep coming. By the way, this can be treated as an extra guarantee. If new clients come as the result of an aggressive ad campaign or a very tempting promo / bonus offer, that’s not the same as getting your client base expand on recommendation. By the way, 40% of FxPro traders once joined the company on recommendation.
When agreeing to become a client o a certain FX broker, you should be aware of the ways the company is going to benefit from you. If you are being told about zero spreads and commissions and 100% deposit bonus, you should think twice before going with the broker. Chances are, you are not going to get your money back later when it is time to withdraw profits. Indeed, there are all kinds of miracles in this world. On top of that, nobody is forbidden to give away some benefits. This is not necessarily a sign of a scam. However, this is a point of concern. You have to make sure the broker you are going to trade with is transparent and honest. Only then you will be able to enjoy regular profits as a successful FX trader…
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