Criteria for Choosing Forex Broker.
PaxForex Online Forex Broker.
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Choosing a Forex Broker Explained
Choosing a forex broker that is right for you is very important. There are thousands of forex brokers available and not everyone will be right for you. In this video i break down exactly which things you should consider when choosing a forex broker.
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You can place bets on the world's currencies through forex (foreign exchange) brokerage accounts, buying or selling currency pairs that react to economic developments all over the globe. The forex market operates 24/6, opening on Sunday afternoon in the U.S. and closing after stock traders complete their business on Friday afternoon. The volume of currency trading is enormous, transacting an estimated $4 trillion per day, which is larger than the world's stock or bond markets.
Forex traders take long and short sale positions on currency pairs, which calculate the exchange rate between two forms of legal tender, like the euro (EUR) and U.S. dollar (USD). A long position opens a trade that makes money when the exchange rate moves higher; a short sale profits when it moves lower. Unlike stocks, a trader doesn't borrow money or securities from a broker to open a short sale position, but she may have to pay a rollover fee.
Brokers hold your money in an account that changes value nightly in reaction to daily profits and losses, and they handle fees that may include commissions, access to expert advice and withdrawal requests. Some brokers hide their fee schedules within legal jargon buried deep in website fine print, which means potential clients need to do their homework before opening an account.
How to Choose a Forex Broker
Choosing a forex broker requires you first to figure out what type of investor you are and your goals in investing in currencies.
Each broker that features forex investments has advantages and disadvantages. Some of the most important things to consider are regulation, the level of security provided by these companies and transaction fees.
Many forex brokers are regulated. Brokers in the U.S. are regulated by the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC), and France, Germany, Switzerland, Austria, Canada and the United Kingdom also regulate forex brokers.
Brokers also differ in their platforms have different required account minimums and transaction fees.
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