How can I get started trading forex without having to pay high commissions? What brokers should I use? Should I trade with them or open an account directly with my bank?
Forex has been around since the 1940s, but until recently, it was mostly only accessible to institutions and large companies. Today, however, new technologies and innovations have changed things drastically. Now anyone can start their own investment firm and even profit from short term trading. It is wiser to start with a trusty broker when you’re new, and this article looks at some of the best ones to use.
What is a Finance Broker?
The finance industry in forex is very complex just like usa online gambling, so before we talk about choosing a broker, let’s take a look at what they are. There are two main types of forex brokers: retail and institutional. Retail Forex brokers offer services on your behalf, while institutional brokers are those that deal with huge sums of money. A lot of forex brokers do both – although most retail clients will be dealt with by smaller firms.
Top Brokers for Beginners
FXCM offers free training videos and online courses, along with living webinars and mentoring sessions. They also run a 24/7 helpline, giving customers access to experts who can advise on technical analysis, spreadsheets, market trends etc.
IG was the first independent brokerage firm and now boasts over $6 billion worth of assets under management (AUD). They provide live streaming trading through mobile applications, phone calls and instant messaging.
Xetra is another popular institutionally owned FX trader, offering a wide range of services including chat rooms, technical support and multi-asset accounts. Xetra provides the ability to create custom orders as well.
A global leader in CFD trading, Plus500 offers one of the largest ranges of products available, allowing traders to choose from hundreds of different financial instruments. As well as providing multiple markets just like australian casino affiliates, they also offer a variety of educational resources and tools for both beginners and more experienced traders.
Choosing a good broker is key to any trader’s success. We’ve looked at some of the top brokers out there today, and covered a few features each company offers to help you pick the right one for yourself. If you’re looking to increase profits quickly, you may want to consider an automated system like MetaTrader4. Traders generally tend to couple their trading with another potentially profitable side, the most common being real-money gambling. Note that this is risky trade that you should only try after gaining sufficient experience.