Forex trading is a highly liquid market interested by an incredible amount of daily trading rate. Once territory of top tier financial institutes which used it to trade foreign currencies in order to gain maximum profits from price’s fluctuations which interest these assets, nowadays interest retail traders too.
With all that being said, if you want to be a part of it you must find the right brokerage firm in order to access the forex market. And this broker forex comparison website may come handy for this purpose.
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Regulated Brokers Only
This should be a golden rule for every future trader interested in the Forex world: never trust a non-regulated broker.
To deal with a broker without a regulation, means that you’re dealing with a service which is not bound to any financial rules thought to protect you and your investment. Imagine going to a restaurant and discovering that they’re not following any food safety legislation to ensure that all their activities are carried out in a hygienic way. Would you eat there?
That’s why you should trade with services provided by regulated brokers only. Those brokers following the regulations imposed by a financial regulator entity are considered trustworthy because of the fact that they have to meet certain standards to gain their licenses, which are reviewed periodically.
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Compare Commissions & Fees
Once you individuate two or more regulated brokers of your interest, you can begin your comparison starting from commissions and fees required from your future brokerage services.
Nowadays today brokers have adopted a policy of 0 commissions per trade, which leaves the traders to only cover spreads while performing on a platform. The latest is a crucial expanse to take in consideration, especially for Day Traders or Scalpers, and should never be underestimated if you have a specific strategy in mind.
Another cost to take in consideration, especially when starting for the first time this activity, it’s the minimum deposit. Most brokers require their traders to make a first minimum deposit in order to access their services, which may change sensibly from broker to broker. Usually, minimum deposits for standard accounts range from a minimum of 20$ to a maximum of 200$.
When trading for the first time with a broker it is important to take in consideration the possibility of trying out the service for free with a demo account.
Using this kind of free-account can lead to many benefits, especially if approaching Forex trading for the first time.
A trading platform for a trader is like a ship for a sailor, and having the possibility of trying how it sales the market for free is an opportunity to not miss, for both new and old traders. Plus, thanks to the fact of performing any trading activity via a virtual balance you will not have to worry about sinking while trying your trading strategies, because you will not have to use (your) real money.
And yet, you will be able to see the outcome of any operation executed through the trading platform without risk.