There is a widely spread misconception that Forex trading is a corporation, founded somewhere, that it has its managers and a number of workers, but as it has already been remarked this is a great misconception. Forex is not a company, it is an abstract notion. Forex trading becomes materialized only through brokerage companies. Each brokerage company offers its separate trading conditions and we can choose the one that best corresponds to our preference. These brokerage companies are uncountable, spread all over the world. What is the most peculiar in this kind of trading is that these brokerage companies provide services to anyone no matter where they are located. Besides, more and more people grow interested in Forex trading thanks to margin trade. These are what make Forex trading international.
In order to become a participant of fx market, one needs first of all to choose among a large variety of brokerage companies. A simple internet search will result a vast list of brokers. To decide which of them to choose, you should closely study their web sites. A proper web site as a rule contains a range of the following points:
- Forex education – in this section one is able to get a general notion about Forex trading, particularly how trading is realized in Forex, what the Forex analysis methods are, how to handle them, what margin trade is, what one needs to know about currency pairs etc..
- Platforms – every brokerage company suggests a couple of trading platforms, moreover a brokerage company providing its own platform is likely to have an advantage over others. Procedures for opening an account with each of the them are to be described in details, otherwise traders will face real difficulties.
- Account types – each brokerage company has various account types. They differ from each other by minimum and maximum deposits, as well as by minimum and maximum leverage ratios.
- Trading instruments – this is a very significant point, since they are not the same for all brokers. They greatly differ from one brokerage company to another. That difference lies in the variety of currency pairs available for trading, as well as in the variety of Contract for Difference trading. For example one brokerage company may create an opportunity to trade with CFDs on equities, another one with CFDs on indices, the third one with CFDs on commodities. One more thing to take into account is fixed spreads. So pay special attention to that spreads be fixed.
- Deposit methods – the web site should also contain those methods that are implemented for transferring investment. These methods are also specific for each broker.
- Another important point is that the brokerage company be registered in a specific place under a specific number. The legality of the broker serves as a stimulating factor for traders. After all, everyone needs to be involved in legal and secure operations.
- Contact means – without any contact means a brokerage company cannot be considered a properly operating one. Among all contact means (Telephone, E-Mail, Skype, Callback, Live Chat) live support plays a very significant role. It partially represents the company’s image, its quality. The more punctual, the more precise it is, the higher the company’s rating will be.
The rating of the company also depends on the ability to transfer money as soon as possible. The velocity of transfers is one of the indicators of a brokerage company to be highly-qualified