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If you’re budding to get into the Forex Trading Business then there are few things you need to know about Forex Trading and brokers before you really dive into it and start throwing your money around. It is essential that you get the right information and learn the right education around Forex trading to ensure you to be able execute yourself into trading. It is also important that you read reviews so that you don’t get caught in a scam. In saying this though I am sorry to inform you that 95% of traders indeed lose. This statistic, while it may be extremely off putting, it should encourage you to learn your stuff and doesn’t stop encouraging new Forex brokers from entering the trading market every day.
Forex trading is the process of trading foreign currencies. It is suggested that it is the most liquid market which makes it easy and convenient to use which is probably why it is the biggest trading market in the world. The Forex trading business is worldwide but the majority of the main Forex trading centres are located in London, New York, Tokyo, Sydney and Frankfurt which obviously will state the main currencies that are most commonly traded. Among all currencies that are traded, the U.S dollar sees the most action as it is involved in nearly 90% of all transactions.
There are a lot of things to learn before you get into the business but the most important is picking the right Forex broker to ensure that your experience while Forex trading is a pleasant one and to hopefully see a return on your bidding. Forex Brokers are companies that provide currency traders with a platform to buy and sell major foreign currencies which are accessible by traders 24 hours a day. If you’re ready to execute your plan in Forex trading then it is simple to join a Forex broker. They only you require you to make a deposit as collateral, which is usually a small fee, and then you will be on your way.
The most important thing to do though, is to make sure you pick a good Forex broker and defiantly avoid dodgy ones. The Forex broker you decide to choose will have a significant effect on your experience while Forex trading. There is certainly a dark side to the Forex trading business and it is one you want to avoid. There are a number of Forex brokers out in the world that are not trustworthy, secure, may be committing questionable acts or there are those that are committing fraud and taking your money. A few Forex brokers you should definitely avoid are:
- CWM FX
- Sigma Forex
- Forex Macro
- Cyber Market Group
- Refco
- Crown Forex
- Trade 24
- Peregrine Financial Group
- JLTrading
- Ferdinald Hill
When researching which Forexbroker, you should join you should make sure that regulating authorities such as NFA, CFTC or CySec have approved the particular Forex brokers. Read this guide for a deeper understanding. These regulating authorities state the firms license status. Alternatively, when you are researching you can go directly to the likes of the NFA website to make your decision on which Forex brokers to join.
So now that we’ve talked about dodgy Forex brokers, let’s talk about how to find the best Forex broker suited to you. There are plenty of good Forex brokers to choose from so after putting in some research it shouldn’t be too hard. Ultimately you are going to be looking for a Forex broker that has a solid reputation, is trustworthy, has a fast execution capability, is reliable, has high security features, encrypts data, is regulated and is one that you will feel confident with when making your account deposit. There are a lot of other background things to consider when choosing a Forex broker but I assure the ones stated above are the most important. The Forex brokers that prove to be the most favorable in the business and ones you should consider joining include:
- Forex.com
- FxPro
- Gallant
- AvaTrade
- OctaFX
- Oanda
- Etoro
- IronFX
- MIG Banks
- FXC
The key thing to do when thinking about getting into Forex trading is to do extensive research to ensure you know what you are getting into, to make sure you are doing it the right way and to ensure you will be a good trader because the risks are very high for those who are not prepared.
