The trick is to be very attentive. Remember that the FOREX platform is high risk, being possible to have big profits and also great losses. It is also important to research a lot about the brokerage house that you intend to use, since by having rules defined by other countries and being virtual, there is no guarantee that it will not break.
Many people have also considered starting a career to be a FOREX trader, ie a professional who works only on top of that market. If this is your case, the most important is to study very well and understand the operation of the brokerage firms, to know in full detail what the procedures, profits and factors of security. You can click here to learn more now.
How to choose reliable FOREX brokers?
Because it is an exclusively virtual market, FOREX has some risks, especially if you choose a brokerage house that is not regulated (which is more common than it should be). In addition, unlike the Stock Exchange, FOREX trading does not have a centralized operation, making transitions between different institutions.
Finding material about each brokerage house on the internet, especially since it is a very young category, is a difficult task. Therefore, even those who have heard of FOREX may feel inhibited from risking the market, due to the lack of quality information.
But what do you need to analyze to choose a reliable FOREX broker? See our selection of tips:
- Do a great research to understand all aspects of FOREX and thus evaluate what your needs are. From there, you can check if the broker offers what you need
- See if the brokerage house has regulations, and if so, what country is it? Escape houses that have no regulations at all
- Check all fees that the brokerage company wants to charge you
- Test the broker by opening an account and inserting some money into it. Take the opportunity to test how the company’s support service works
- Beware of the bonuses ! Some brokerages offer this possibility. However, it is usually somewhat difficult to get the bonus, with complicated rules to be fulfilled
- Find out if the brokerage firm can protect the clients’ money in case of bankruptcy