In order to participate in the foreign exchange market, investors need the services of a forex broker. The reputation, regulatory status, trading platform, commissions and fees, customer service, and resources provided to traders are all important considerations to evaluate a forex broker. Traders can find a dependable, trustworthy, and accommodating forex broker by considering the aforementioned criteria.
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Why Trade Forex?
Foreign exchange, or FX, is the simultaneous buying and sale of one currency at a predetermined exchange rate. Forex traders make money when they either buy one currency pair at a cheap price and sell it at a high price, or vice versa. Opening a trading account and installing a free trading platform like MetaTrader is all it takes to get started trading forex, which is why so many people enjoy doing it. You can enter, evaluate and exit trades rapidly, set your own speed, and profit in accordance with your trading goals. In order to gain confidence in the market and the asset they are dealing with, many novice investors begin here.
The Legit Broker
Here are some tips for how to know if a broker is legit:
- An honest broker will be registered with the appropriate financial regulator in their country of establishment. You can examine the broker’s or the regulator’s website to be sure they’re properly licensed.
- Read broker evaluations written by other traders, visit internet discussion boards, and investigate the broker’s background and performance. Insight into the broker’s dependability and trustworthiness can be gained from this.
- A reliable broker will be forthright about all aspects of their business, including fees, terms and conditions. A red flag may exist if the broker is not forthcoming or gives only general details. This method of how to know if a broker is legit is recommended.
- An honest broker should provide a safe and reliable trading platform loaded with cutting-edge options and resources for their clients. Try out the broker’s trading platform to make sure it meets your demands and is easy to navigate.
The Top 3 Forex Broker for Beginners
The following are the top three forex brokers recommended according to article in The Week:
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RoboForex
RoboForex guarantees its users a smooth trading experience across all markets. Over a million traders have signed up for a demo account, and it currently serves international Forex investors. RoboForex offers its customers the most competitive discounts available in the forex market. RoboForex’s Market Makers can make trades with no commission and a low minimum deposit. In light of this, RoboForex offers more flexible trading spreads beginning at 0 PIP, subject to the specifics of each individual trade. With RoboForex, users can make money through a “partners affiliate scheme.” For commodities and currency pairs, it offers Copy Trading support.
- Pocket Option
Over a hundred underlying assets, including currency pairs, stocks, and cryptocurrencies, are available through the binary options broker Pocket Option. Over 95 countries and regions provide clients with access to regulated services, including the UK, the US, Europe, and India. It’s really simple to use, and support is quick and painless in emergencies. The cheap $5 minimum deposit necessary to begin trading on the Pocket Option website is only one of the many advantages of using their service. Within ten seconds after its execution, social trading enables traders to monitor and mimic the deals of other traders from all around the world. When contrasted to other trading platforms, Pocket Option is a lot of fun because of how engaging it is.
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Tickmill
Users benefit from lower spreads while trading on Tickmill, as well as more favorable swap rates when exchanging assets at fixed prices. Tickmill’s platform connects customers with regulated brokers and enables them to execute trading, scalping, and investments efficiently and cheaply. Tickmill’s customers pay a minimal commission rate. More than 80 different financial instruments are traded by the traders, and the spreads are kept at a tight 0.0 pips. Traders on Tickmill can employ a wide range of tactics, from day trading to more advanced methods, including scalping, hedging, and expert advisor trading, on asset markets all over the world.