If you want to trade in the Forex market and make some money, then it’s important that you choose the right broker. There are a lot of Forex brokers out there, and the best way to protect yourself from those who are looking to scam you is to be well-informed on what a good Forex broker should be.
There are many types of investment nowadays that can bring financial freedom for you and secure your future. Generally, investment falls into two categories. First, a low-risk low return investment. Bank saving is a good example of this type of investment. The return is very low, but the risk is also at the most minimum level.
Secondly, a high-risk return investment. There are many instruments in this category, but my all-time favorite is the foreign exchange (forex) or currency market. It is the largest and most liquid market in the world. According to the Bank for International Settlements, there are more than $7.5 trillion traded in the Forex market per day in 2022. These numbers exceed global equities trading volumes by 25 times!
What Is Forex Trading and How to Profit from It?
Forex market is a place where currencies are traded. Currencies are traded in pairs such as EUR/USD (Euro vs US Dollar), GBP/USD (Poundsterling vs US Dollar), USD/JPY (US Dollar vs Japanese Yen). A price is attached to each of these currency pairs. For example, if the price of the EUR/USD is 1.3000, it means that it cost 1.3000 USD to buy one Euro.
If you believe that the price of the EUR/USD pair is going to increase, you can place a buy trade. If the price does go up, you will make some good profit. If the price goes down, you will suffer a loss. On the other hand, if you believe that the price of EUR/USD is going to decrease, you can place a sell trade. If the price does go down, your money will grow. If the price goes up, you will suffer a loss. That is how you can grow (or lose) your money in the forex market.
The Advantages of Forex Trading
A successful forex trader can easily double his/her money in a year, just by sitting at home with a laptop or even a smartphone. He/she can enjoy financial freedom, early retirement, and a luxurious lifestyle.
However please note that forex trading is a high-risk high return investment. You can double your money in a year or faster, but you can also lose your money very fast if you do not use proper risk management/control.
1. You are your own boss
There is great satisfaction being your own boss. You don’t have to answer to anyone, you make your own decisions, working hours, where to work, how much money you want to make, etc.
2. It’s a 24 hours business environment
The forex market never sleeps. It starts Monday morning in Australia and closed in New York on Friday. You can trade and make money anytime you want, any place you like.
3. Small capital to start with
You can start with as little as $10 deposit. If you are a newcomer to forex trading, you can also use a demo account which using virtual money so you can feel the euphoria of the forex market with no risk at all.
4. Very small or no transaction fee
Generally, spread (the difference between the bid and ask price) can range between 0-3 pips. Most brokers don’t charge commission at all.
5. Leverage
In the forex market, traders are allowed to trade currency pairs using leverage, which is the ability to control a much larger contract with only a small amount of capital. For example, if you are using 100:1 leverage, it means that a $100 margin deposit enables you to trade $10.000 worth of currencies.
FXCL: Trustworthy Forex Broker Since 2006
In order to trade the forex market, you need a forex broker, which is a firm that provides and gives you access to the forex market via a trading platform. Forex broker sources of income are fees which usually come in the form of the spread between the bid/ask price and commission. Some brokers may offer signals, forex education classes, webinars and market in-depth analysis as an alternate source of income.
There are many good and reliable forex brokers available in the market and FXCL Markets is one of them. It is registered on Saint Vincent and the Grenadines and operates since 2006. FXCL always keeps up with modern technologies in order to help clients to pursue their financial goals.
- Attractive terms suitable for any trading strategy
- Popular and reliable trading platform: MetaTrader 4
- Cent accounts for low-risk trading
- Free use of Expert Advisors and hedging strategy
- Safe and trusted payment systems
- Swap-free accounts
- Free education from experienced traders
- Free daily forecasts
- Many attractive bonuses
- Great multi-language support team
So, what are you waiting for? Register now, open your first forex trading account and get ready to enjoy financial freedom!