Forex Market :
The forex market is the world’s largest financial market with over $5 trillion USD daily trading volume. It is an ideal destination for all forex traders because it provides forex opportunities to investors across the globe who want to make profits in their own currencies.
To open forex trading account you should choose regulated forex broker . Also check the account features broker is offering. consider the currency pairs offered by brokers and the quality of customer service broker is providing. You should also consider trading platform which broker is providing.
regulate forex broker is the best solution to make your forex trading account safe and secure. Also its worth checking forex brokers rating, forex reviews and forex net promoter score (NPS).
If forex broker has NPS lower than 0 it is not reliable forex broker.
Look for Following Terms and Conditions:
When you are opening forex trading account in forex broker, try to check these things in forex brokers terms and condition:
– forex trader should have the right to close his/her forex account at any time without any charge. Forex brokers can ask for early withdrawals but there is no need to charge anything for withdrawal if clients are closing forex account themselves.
– forex trader should have right of fund transfer from owned by himself forex manager account into another personal bank accounts. This right allows him avoid high currency conversion costs when he wants to withdraw amount of money from forex broker . Some regulated forex brokers forex traders have forex card, forex debit card to withdraw forex account funds from forex broker directly or from ATM.
– forex trader should have the right to open demo forex trading account. Regulated forex brokers provide demo accounts free of charge as a standard feature for all clients.
– forex broker should disclose the ownership structure and other related information about its owners and their positions in forex company. This will help its clients understand forex broker better and make decision whether they want to trade with forex broker .
– regulated forex brokers should disclose financial position and liquidity of individual markets it offers, including: historical data on spread/spreads, turnover/turnover ratios, transaction costs, margin requirements and forex spreads. forex traders should know forex broker ‘s forex spreads and commissions before opening forex trading account with forex broker .
– forex brokers should work in accordance with all global AML guidelines to make sure that every forex trader is completely compliant with forex anti money laundering rules and regulation. Also regulated forex brokers should be able to provide clients access to the investor compensation fund, as required by law.
On top of all these check what languages forex broker offering demo account platform or trading tools platform, this will help you open a demo account faster.
Foremost thing for newbies is choosing reliable forex broker because there are scams out there! We have a list of best regulated online forex brokers forex traders should check forex broker before opening forex trading account. Once forex trader is opened forex trading account with forex regulated broker he should start learning how to trade forex and make a profit from forex market.
Foremost best advice for newbies in forex is to take your time while doing your research, read reviews about any forex broker you are considering before signing up and let the trades come to you!