What you should know if you decide to become a Forex trader

First of all you must decide on the choice of the agent and the online trading platform through which you are going to trade. You should be aware of the advantages of a particular platform, the amount of leverage provided, the minimum number of transactions, the size of the spread and other fees charged to the trader.

In addition to information on currency movement courses most relevant to foreign exchange market traders, you should study the statements and actions of the international financial institutions, which affect foreign exchange rates to become a professional currency trader, statements and actions of the central banks of the world’s major economies (e.g. changes in interest rates or discount rates, etc.).), publication of the issuing country’s macroeconomic indicators appearing on the currencies of the currency markets – the United States, Canada, the United Kingdom, Japan, Switzerland, Australia, New Zealand, Singapore, South Africa, Israel, Sweden, Denmark, Norway, the “euro area” countries.

On the eve of the negotiations

All brokerage companies earn commissions on spreads: commissions for buying and selling certain currencies. However, the level of spreads may be different and this will affect forex trading profitability. Low spreads start at 2 points. Some companies charge a fee to replenish their Forex deposits or take profits. As a general rule, good faith brokers only eliminate SWAP, a small fee for providing a loan for more than one day. Choose the brokers you can trust. The important points are guarantees of security and confidentiality with regard to your personal data and the details of your bank card or bank details. The next step is to register on the Internet platform. Carefully consider filling out a form with your personal details: they will be necessary when you transfer your potential earnings to your account: Forex deposit. After registration, you will receive from the broker your requirements to transfer money to your Forex deposit.

How to open and complete the Forex deposit?

Make a down payment and, in the future, if you wish to replenish your Forex deposit, you can use any of the methods most convenient to you:

  • With a credit or debit card;
  • Through the web wallet (Web Money, MoneyBookers);
  • Bank transfer.

When you replenish the deposit by wire transfer, the bank charges you a small fee. However, in this case, some of them compensate their customers with all the fees charged by the banks. You can ask our specialists about the details of replenishment of Forex deposits. In the future, by logging into your personal account on the online trading platform, you can view your account balance and transaction history, which reflects all of your trading on the Forex market; profit or loss received; commission charged by the broker.

Leave a Reply