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Monday, August 26, 2019

FX trading account – A must for every new trader

Posted by admin on March 15, 2012

 

forex

forex

Many people are shifting from their jobs to home business because of making huge money in the latter. These people are trading on the FX currency market from the comforts of their home. In order to do this business, you should have the right FX trading account. You will find plenty of broker accounts on the internet and thousands of websites in your search results. Here are a few tips in searching for the right FX trading account?

Registration: You must search the Forex brokers thoroughly. They should be registered with the Futures Commission Merchant and a member of the National Futures Associates. Don’t deposit your money with some company who is new in this business and not properly registered. Your money will be lost overnight.

Cost: Forex brokers make their money through currency pair spreads. The spreads is between 1 to 3 pips for the top traded currency pairs EUR/USD, USD/JPY. USD/JPY, USD/CHF, GBP/USD, USD/CAD. Few brokers charge a small fee per trade. There are firms offering managed forex accounts who will do trades for you. They will charge around 30% of your trade profits plus a per transaction fee. Search for the company offering a fair price.

Leverage: After you know your FX trading strategy and practice it, you will want to start out by depositing a small amount of money. You feel like making more money on every single trade. This is done by leverage. You will want the option to leverage your money by 1:10, 1:50, or 1:100. For doing this, you should have the flexibility with the broker account.

Support: Robust customer support is a must in the trading platform. Whenever you face any technical issues, you should be able to reach the customer support by phone, web chat or email.

Practice account: You should start with a practice account before you start your trading. This is an account feature with which you can trade using fake money. When you have your FX trading accounts, make sure that you have this option.

Follow these simple guidelines to find the best FX trading account. Then find an easy to use trading system that will make you a lot of money whenever you trade.

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