Just as the name implies, a forex currency trader is an active participant in the forex market. They trade in currency pairs in order to gain an income from the profits of the market proceedings.
Forex currency traders usually collaborate with forex brokers who serve as middlemen in the market to assist them in trading the currency well. For a forex trader to actively take part in the market, he or she must operate any of the following types of accounts.
While the minimum deposit for a classic account has been pegged at $2000, a minimum deposit of $10, 000 and $50, 000 is required from both VIP and institutional accounts respectively. In terms of leverages, a maximum leverage of 1:2000 is required for a classic account while 1:100 is required for VIP and a negotiable leverage can be negotiated upon for the institutional accounts.
All the account types grant the traders the ability to gain complete access to both MetaTrader 4 and also the Real Forex proprietary trading platform which includes a full chart package, expert advisors who help and access to detailed account information. A token of $500 is needed as the minimum deposit amount for a trading account with real forex brokers. When you register for a demo account with real forex brokers, you get enrolled for a free forex trading course.
FEATURES OF REAL FOREX BROKERS
AUTOMATED FOREX TRADING
Real Forex brokers have a room for automated forex traders and they also cater for technical traders by offering them a plethora of charting tools that are based on the ProRealTime API.
Real forex brokers offer its traders different education offerings which come in the forms of tutorials on the best ways to utilize some of their trading platforms and tools. They also provide an ebook on trading strategies which includes the Golden Cross Forex Strategy as well as the Forex Shark Strategy.
Real forex brokers have a provision where all logged in members can access a free currency rate table and also a daily forex newsletter which is stocked with valid information concerning the market, forex signals, trading strategies, interesting insights and many more. These newsletters are usually accompanied or summarized by illuminating graphs and thorough explanations.
FUNDING AND MAKING WITHDRAWALS FROM YOUR REAL FOREX ACCOUNT
Real forex brokers have a provision for credit and debit cards, wire transfers and various online payment programs for easy deposit into the real forex accounts. In the same vein, withdrawals are made by following the same procedures of either filling out an online withdrawal form or contacting a representative in the head office.
Real forex brokers provide a 24/7 customer support which can be accessed by filling an online form or by speaking a representative through the phone or communicating by mail.
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.