Becoming a forex trader can be quite easy, as long as you can get a connection to the internet. The only requirement you need to become a trader is to apply for a license with a local or international legal forex broker that you can find with a simple Google search. However, there are many forex brokers that it can be difficult to find the best forex trading brokers that suit your needs. To determine if the forex broker is suitable for your trading career, then you can look up for some review sites where they list the advantages, disadvantages and the services they provide. Although most forex brokers offer similar services, some brokers can offer better quality of the same services.
If you are looking for a broker to kickstart your trading career, you can open an account with eToro which specializes copy trading, a perfect trading style for beginners. Copy trading helps beginners to learn about the forex market with more depths by copying an existing account within the platform, which helps beginner traders to learn more about the forex market by observing their “master’s” trading activity. Additionally, they are able to pay a certain sum of money to ask their “master” for advice to help them understand their actions better. However, you must prepare some large sum of money before they can start trading as eToro’s minimum deposit is USD 1,000, which can be steep for some traders. It is also unequipped with any Meta Trader (MT) software, which is an essential software for traders to observe the forex market. Because of that, most people would look for better and cheaper alternatives instead, with some brokers having even no minimum deposits to start trading.
If you want a broker that offers almost every service known in the industry, then IG is the perfect broker for you. Known for having one of the best all-rounders, IG has plenty of services that are usable for both veterans and beginners. Just like many other brokers, IG offers traders to open a demo account which they will be provided a certain amount of virtual money. In addition to that, IG is known for having one of the best education material, which could help traders learn more about the forex market through video tutorials, podcasts, tutorials and more. This would help traders to build up enough experience and confidence that they are able to open up and invest into a live account of their own.
Overall, forex trading can be worth your time, effort and investment when you can find the perfect opportunity to invest. However, the forex market is infamously known for its volatility, which could cause even veteran traders to lose all of their capitals. Additionally, the recent surge of forex trading, due to the pandemic, provides an opportunity for scammers to target the financially vulnerable and cause them to lose thousands.
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