The coming of the internet has allowed ordinary people to actively participate in forex trading. Formerly, only financial institutions and brokers get to engage in forex trading. They have the technology and the capital. Today with IC Markets Review online trading platforms anybody can trade forex with the aid of a forex trading broker.
One thing you can say of forex brokers is that they can be relied upon to help you learn forex trading. They have online training programs you can avail of, so you can acquire the skills necessary for trading activities worth your while. It’s in their interest that you become a first-rate trader as the longer you invest in forex trading the more they earn. It’s the reason why they provide forex platforms and they see to it that these platforms have all the features that will enable you to make your trades really profitable.
There are numerous forex brokers nowadays and although all have the objective of helping attain success in forex trading, the quality of their services differs. The features and the capacities of their platforms will not be the same. Some will be simple and some will complicated. Newcomers are well advised to get themselves the simplest ones that are equipped with easily understandable graphs and charts of real-time currency movements for better forex trend analysis. The most serviceable broker platforms will have a feature allowing you to practice trading until you have a workable trading strategy formulated.
For all these services, you must let it slip your mind that brokers are businessmen first and foremost. There are those who charge more for facilitating your trades. They get their money using the forex spreads which is the difference between the bid price and ask price of currency pairs. They increase the bid price by a number of pips (the smallest of measure of currency movement) which means you are paying in advance and trading not at the true price of the currency pair which is lower. Low spread forex trading is when the broker does not add too much and high forex spread trading is when he adds a lot. It goes without saying that you want your broker to be offering you low forex spread.
Forex brokers will also encourage you to go for high leverage trading. This is a system that allows you to control bigger trades. If you invest $200 for example, you get to control $ 80,000 worth of trade on a 400:1 leverage. This is way risky for somebody just starting out as you can get wiped-out in just a matter of minutes. Forex brokers want you to earn, but they want to earn also.