In essence, there are four ways to trade the Forex market. You can trade manually, with a managed trading account from the brokerage, by using Forex forecast signals, or by using an automated Forex trading system. An automatic Forex trading system is a relatively new approach to Forex trading. It offers traders the benefits of automation and precision execution.
Before you can begin trading in Forex,You will need to open a trading account at a Forex company or brokerage. Your trading orders will be executed by the Forex trading company. As compared to brokers dealing with the stock market, Forex trading companies do not charge commission for their services. How Forex trading companies earn for their services is by charging a "spread" on the currency pair that you are purchasing. With the proliferation of online Forex companies, it is easy to get confused about which Forex trading company to choose.
Selecting the correct Forex trading company will require some research and time into the background of the company in question. Although it may take some additional effort on your part to find out about the services offered and the range of "spread" charged by these Forex trading companies, this effort will be worth it in the long term as you need to be fully satisfied with the party that you are closely working with in all your trading.
In order to give you some direction as to what to look for in a Forex trading company, below are some guidelines that you can follow to help you scrutinize the Forex trading companies that you are interested in.
Check to see if the Forex company is registered by a regulatory agency
The quality of their customer support
Evaluate the online trading platform that they provide
The types of account that they have
The policies of the company
Regulating Bodies
Investors who are scammed out of their money and their hard-earned cash by unscrupulous Forex companies have few recourses for their losses. It is therefore important to choose reputable Forex companies registered with an independent regulator. More information regarding regulated Forex trading companies in the US can be obtained at the websi. In Australia, the Australian Securities & Investments Commission (ASIC) is the regulatory body that is in charge of regulating financial companies. Their website is .
Customer Service
Because you are dealing with a 24 hours trading environment, your have to ensure that the Forex trading company that you are signing up with also provide you with 24 hours technical support. Because it is your money that is at stake, you must not compromise on this prerequisite. Ensure that you www.fxcm-markets.com/insights/crypto-trading-everything-you-need-to-know-about-cryptocurrencies-in-malaysia/ are getting "live" support and not a recorded "voicemail" on the helpline.
Evaluating the Online Trading Platform
Any online trading platform's ordering system is the foundation. Ensure that the system have real time viewing of the exchange rates. The system should also provide you with a summary of all of your trading activity so that you can get an overview of your entire investment portfolio.
Account types available
There are basically three kinds of account that a new trader can open with a Forex trading company. You can choose between a "Micro Account", a Mini Account or a Full Account. Micro or Mini accounts are especially recommended when you are just starting out in Forex trading as they allow you to trade on a smaller scale.
Company Policies
Before you sign up with any Forex trading company, you should also check their policies and well as any terms and conditions they might have. Checking:
The currency pairs that they deal in
Transaction costs such as the spread and rollover charges
Margin requirements
The working hours
Interest rate they charge for utilizing the margin facility
One of the first steps to entering the Forex market is finding the right Forex trading firm. As such, it very important that you take your time to evaluate each and every one of the Forex trading companies that you shortlisted.