Finding the right Forex broker - Move Your Money

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Finding the right Forex broker - Move Your Money

Finding the right Forex broker - Move Your Money

Posted: 27 Nov 2019 01:01 AM PST

The world's Forex market is a huge beast with over $5 trillion traded on it every day. Open 24-hours a day, five days per week, it is the largest financial market in existence. Traders pick out a currency pair such as the USD/GBP and then predict if the price will go up or down in future. If you make the right call, you make some money! One thing you will need to do in order to start trading though is sign-up with an FX broker online.

The issue for many traders though is the sheer choice in this area. There are hundreds of FX brokers you could trade with and not all are reputable. Even those which are genuine may not suit your trading style or have all you need to enjoy trading. This makes it vital to do your research and to pick the right broker to use carefully. But what is the best way to go about this?

Check out online reviews

One of the best tips is to look at online reviews before choosing a forex broker. A simple search online under the broker's name will throw up all you need to know about them from real traders who have used the service. If you do a general search for reputable brokers to use when trading FX, you will also find professional sites that review individual brokers or bring together lists of the best around to consider. This will help give you an objective, third party opinion, about which are worth trusting your money with.

Give the customer service a call

This is something of an old trick but it still works like a charm today. Very often, a quick telephone call is all you need to get a feel for which broker is right for you. If their support team answers the call quickly and deals with you in a courteous, friendly and helpful way, then it is a good sign. Naturally, if they are rude or you can never get through to anyone, it might be a sign to avoid them. If there is no phone number, then try the Live Chat feature or send off a quick email. How quickly they reply and the quality of their service is the key consideration to look out for.

Check if they are regulated and secure

This is perhaps the biggest factor to look at before using any online FX broker – the fact is that the best Forex brokers will be regulated. However flashy their website and however many positive reviews you have found, steer clear of unregulated brokers. If they are not governed or regulated by a professional body, you could have no legal remedy if something goes wrong. It is also often the sign of a scam broker site. You should also check that the broker you are looking at has a licence to operate that is current. While checking this, you should also ensure that the broker's site is secure and uses tech like SSL to keep your data safe.

Look at what features they offer

Choosing the right broker is not only about staying safe online. You also need to make sure the one you pick has features that you will find useful. You could otherwise sign-up with a genuine broker but have a poor experience. Many traders will look for a Demo Account feature as this gives them the chance to practice trading or the ability to try out new strategies with no risk. You should also look at what currencies or assets they carry to trade. If you want to trade an exotic currency for example, not every broker may carry it. By looking at things like this, you will find the broker which has exactly what you need.

Ask friends

Checking online reviews is a great way to track down the perfect broker to trade Forex with but asking around your network of friends is also worthwhile. They may for example use a broker you like and can offer an extra trusted opinion on what it offers. By the same token, they may mention a broker you have not heard of and give you a new name to conduct further research on. By using your friends in this way, you are getting a unique angle on which may be the ideal platform to trade currency on.

Take your time and get it right

If you were needing some helpful tips on finding the perfect FX broker to use, hopefully the above has helped. By doing some research and thinking about what you want in any brokerage online, you will be able to find one that meets your requirements. Of course, being careful in which you use will also keep you safe from online scams and cybercrime.

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Five Tips for Forex Traders in the Middle East - MENAFN.COM

Posted: 26 Nov 2019 09:00 PM PST

(MENAFN - MENAFN Authors) Never before has it been so easy for traders from all over the world to open an account with an online broker and start trading forex. Thanks to strict regulation and strong international brands, most of the top brokers on the market are available everywhere.

Better yet, many of them offer special Islamic accounts that make it possible for people from the Middle East to trade.

 


To help you get started on your trading journey, we've collected fives basic tips that you should consider before you start. So without further ado, here are five crucial tips for forex trading in the Middle East.

1. Open an Islamic Account with a Top Broker

As you probably already know, it's not as straightforward for Muslims to start trading as it is for most others due to religious limitations. Luckily, several of the world's leading brokers understands this and offers unique Islamic trading accounts according to Sharia Law.


Not all brokers do so yet, but if you follow the link above you'll be presented with several options. For example, the British broker IG Markets as well as the Ireland-based broker AvaTrade has Islamic accounts. Both of these brokers are also tightly regulated by the FCA and the Bank of Ireland, meaning they're safe to use.


Also, never use an unregulated broker, regardless of what they offer you. The forex market is strictly regulated and there is no need for you to subject yourself to unnecessary risk.

 


2. Trade Local Currencies


The Middle East happens to be the home of the world's highest-valued currencies. In fact, the four most expensive currencies in the world – Kuwaiti Dinar, Bahraini Dinar, Oman Rial, and the Jordan Dinar – are all middle eastern currencies.

 


Moreover, the Middle East and the Islamic World in general, are home to some of the most traded currencies on the international forex market, including the Singapore Dollar, Turkish Lira, UAE Dirham, Saudi Riyal, etc.

 

Our point is that there are many currencies that you, in one way or another, have a connection to, that are considered great assets for trading. And there is no reason why you shouldn't be trading local currency.

3. Take Advantage of CFDs Offered By Your Broker

 


One of the main benefits of today's forex brokers is that they rarely limit themselves to only offering forex trading. Instead, many of them also provide access to derivatives markets such as CFDs.

CFDs, which is short for Contract for Difference, is a derivative that allows you to trade pretty much any other instrument. However, you never have to invest in the said instrument but rather speculate on its value.

That means that you can open a trading account with an online forex broker in the Middle East and trade everything from currencies to stocks and commodities, on the same platform.

 


4. Use Demo Accounts to Maximize Your Opportunities

If you've never traded before you'll need some practice. Naturally, you have to study the market you're looking to trade on as well as learn all the skills you need to open and close profitable positions.

According to us, the best way to do so is a demo account. A demo account is a replica of a regular trading account but instead of trading with real money, you use virtual money. In turn, this removes all related risks meaning you can't lose any money or make a profit, making it perfect for practice.


Today, most of the top brokers offer demo accounts so we suggest you open one with the broker you're planning to use for your real trading as well.


5. Start with Baby Steps

As with most things in life, you must start off slowly and work yourself up when you first get into trading.

You see, trading is difficult and it can take years to master all the skills needed to make a profit. Therefore, it's advisable that you limit the amount of money you deposit when first getting started and that you don't rush into anything.

If you take your time and follow a strict pattern regarding how you analyze and trade assets, you'll be on your way to becoming profitable in no time.


Lastly, don't forget to never invest money you can't afford to lose and never chase your losses. Retail forex trading is associated with risk and the only one that can lower the risk, are you and your skills.

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Candy n Candy CEO awarded best African forex trader - The Star, Kenya

Posted: 27 Nov 2019 01:01 PM PST

Candy n Candy CEO Joe Kariuki has been named the Best African Forex Trader 2019 by IC Markets, a leading Forex Contract For Difference provider based in Sydney, Australia.

Kariuki received the award at his 51 Capital offices in Nairobi on Tuesday, a few months after being released from prison in Tanzania.

51 Capital is an online forex trading that gives soft loans to people with no credit history.

Speaking to the press, Kariuki urged the youth to take up forex trading as an income-generating activity.

"I am happy to be awarded this award. It comes at a period when we have restlessness because of unemployment, especially among the youth," the businessman said.

"I feel forex trading is still an unexplored sector that young people can venture in since a majority of them are tech-savvy. Armed with only a laptop and Sh10,000, they can easily start online trading."

Peter Gicheru, a partner director at 51 Capital, said the company has already initiated 70 trainees for a continental challenge, where the best 10 would be selected and given Sh1 million to start trading.

"Before they get into trading, we trained and mentored them so that they become knowledgeable on various issues such as knowing the market trends," he said

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