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On this video I show you the steps on how to chose and create a forex demo account. I also point out exactly how you can verify your trading account and get ready to start making some money on Forex Trading.
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Tips For Selecting A Forex Broker
If you are a trader in the foreign exchange market, there are dozens of online forex brokers looking to win your business. Visit any financial news website and you're likely to be bombarded with an overwhelming number of internet advertisements from forex brokers. In this article, we look at five things to consider when choosing the broker that is right for you.
1. Regulatory Compliance
The first thing to check when selecting a forex broker is their reputation. In the United States, a reputable forex broker will be a member of the National Futures Association (NFA), a self-regulatory organization for the futures industry.1 It will also be registered with the Commodity Futures Trading Commission (CFTC), which regulates the commodity futures and options markets in the U.S.2
Leverage and Margin
Depending on the broker, forex participants may have access to leverage made available in their margin account. For example, using 50:1 leverage, a trader with an account size of $1,000 can hold a position that is valued at $50,000. Some brokers offer as much as 200:1 leverage. Leverage works in a trader's favor with winning positions, since the potential for profits is greatly enhanced. However, leverage can quickly destroy a trader's account since the potential for losses is magnified as well. Use leverage with caution.
Commissions and Spreads
A broker that takes commissions may charge a specified percentage of the spread, which is the difference between the bid and ask of a forex pair. Many brokers that charge no commission instead make their money with wider spreads. Know how your broker makes its money and shop around.
Initial Deposit
Most forex accounts can be funded with a very small initial deposit, even as low as $50. With leverage, of course, the buying power is far greater than the minimum deposit, which is one reason forex trading is attractive to new traders and investors. Many brokers offer standard, mini and micro accounts with varying initial deposit requirements.
NOT FINANCIAL ADVICE DISCLAIMER
The information contained here and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
How To Create A Forex Demo Account The Right Way | FX113
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