For starting forex trading, the first and foremost thing we require is a good computer, very good speed internet connection, and lot of money to invest in trading. After having all these, we should hire a forex broker to learn forex trading. Forex brokers are the mediators who help in completing our transactions.
A forex broker can be either a company or individual who sells and buys orders as per the decisions of the trader and his instructions. Brokers can earn money through commissions or through services. We can go online in search of forex brokers. We shall get surprised with the results of search engine, which will show an infinite list of forex brokers. We should take our time and effort to go through each of the broker’s website. The things we should carry out include the minimum quantity of money required for depositing, the spread value between the selling and purchasing currencies, the type of trading platform which is used by forex brokers.
The next important thing we must ensure about the forex broker is whether they are regulated. This means that the forex brokers must get themselves registered with the forex regulatory agencies. In many cases, we shall find such information in the website of the traders itself. There are different categories of regulatory agencies. In US, brokers must register themselves as FCT (futures commission merchant) with the CFTC (commodities and futures trading commission). This commission protects the traders against illegal practices like price manipulation, fraud as well as bad trade practice. Some of them shall be blacklisted through the commission.
The other region in which learn about forex trading is through payment from the deposit of the brokers. Some of the forex brokers shall take the direct deposit through wire transfer or bank. Some others take the e-currencies like E-bullion, E-gold, PayPal, money bookers or through credit card. The important thing is that, in majority of cases, if there is some requirement for withdrawing our profit or money, the broker would pay us only through medium which we used initially for depositing our money. For instance, if we pay through PayPal then the broker shall also pay back through PayPal. So, we should use the medium which we want to get paid through by the forex brokers.