Forex trade can be carried out both online and offline. It doesn’t matter where your choice lies, they all serve the same purpose of providing with a forum to trade in currencies. While the offline forex trading may not require the basic knowledge of the internet, trading in forex online requires you to have a good knowledge of the internet laws and regulations in your region and to also have a basic idea of the internet.
The foreign exchange market with a trade volume of more than $5.3 trillion per day, has been regarded as one of the largest financial markets in the world. When this is compared with the trade volume of the New York Stock Exchange, currently just $22.4 billion per day, you can understand the enormity of the FX market. While these figures look quite overwhelming, it could however be deceiving since it relates to a market which operates on a global scale. When broken down, these figures usually occur in smaller quantities.
Several different names are bandied around in connection with Forex trading; the currency market, foreign exchange market, foreign currency market, forex market and many more. These all refer to a form of investment that is undertaken by businesses, banks, governments, individuals and traders who exchange and speculate on various currencies.
To so many, choosing the best online Forex broker that suits their needs and trading style always posses as a challenge to them. To be able to ascertain the reliability of the forex company, there is a need to consider some aspects such as regulation, capitalization and more.
CHOOSING THE BEST ONLINE FOREX BROKER
Consider the following factors when you want to choose the best online forex broker.
1. CUSTOMER CARE
A good online forex broker has a people oriented customer care service which have a group of professionals who are on standby to provide the clients with valid and timely information. These customer care services are provided in different forms such as phone calls, emails and live chat.
2. TRADING PLATFORM
The best online forex broker has a good trading platform and software which is very easy to use. Some of these software come pre-installed on their sites, hence, bypassing the need to install a software. The trading software provided by the Forex online account is easy to use and navigate.
3. ACCOUNT TYPES
The Forex online account provides the forex trader with demo accounts as well as standard trading accounts. The demo accounts are also provided with educational materials on how to best engage in the trade.
4. CURRENCY PAIRS
The best online forex broker offers up trade in a wide range of tradable currency pairs. Carry out a detailed research on the total number of currency pairs that can be traded by the online forex broker.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.