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Beginner’s Guide

Forex Broker

What is a Forex Broker
Chart Trading – Candlestick, image: pxhere.com

Forex Broker gives a path to currency traders – allowing access to a trading platform, which allows them to buy and sell the Forex (foreign exchange). The retail forex broker as widely known or, forex broker controls smaller portions of the overall FX market.

Forex is a 24-hour currency market – and traders use these brokers to access the market.

Ever wondered how the Brokers make their money? one of the most commonly known ways is through the bid-ask spread of a currency pair. The second way was through charges – a small fee per transaction.

With Forex Brokers, Clients may trade all major currency pairs;  EUR/USD, which is the euro and the U.S. dollar, USD/JPY which is the U.S. dollar and the Japanese yen, GBP/USD which is the British pound sterling and the U.S. dollar and USD/CHF which is the U.S. dollar and the Swiss franc.

Even with the emerging currencies, brokers allow their clients to trade them.

Basically, there are thousands and thousands of brokers around the world, it is very important to choose a very reliable and honest broker with a great reputation, like FBS Broker.

Forex trading is leveraged, and this done through a broker, this simply means you can trade with the money that you don’t have from a small amount that you have in your account.

It’s is not just about the reputation that matters, also find the tools and functionalities used by brokers, if they suit your needs. Almost every broker offers a  demo account – a demo account helps and teaches you the fundamentals of forex trading.

It’s true that every platform might be different from the other brokers, and thus it is important to test all trading platforms and choose whichever is easier to work with – after having made thorough research about brokers you choose.

what’s standing between you and the interbank (networks of banks trading together) is The Broker.

iB Forex Trading

You can open a trading account at any time, you will first need to find a broker, and open your account – the account deals with money, and thus it acts as your bank account – having said that, you need to be extra careful who (Broker) you trust with your money.

After some paperwork and have been verified – you may deposit some money into your forex account and start trading.  If you are a newbie – I would recommend a demo account to get started.

There are plenty of trusted brokers such as FBS that offers free sign up deals like a $50 Bonus Account and $123 Bonus Account – Each with different trading conditions, however, I would personally recommend a $50 Bonus Account because you get to keep all your profit after having traded 2 lots.

Some Brokers offer information and news feeds and research services as well as asset price charting, some go to an extent that they provide clients with trainer trading programs and advice and also they deal with professionally managed accounts.

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