5. Customer support
The success of Forex trade is often tied to strict timing; in case of issues, the traders require instant help and relevant solutions. The support should be available every time the Forex market functions, offering various channels of communication.
6. Educational content
If the broker offers guides and tutorials into the Forex world, it certainly deserves your attention. Their willingness to share knowledge and experience is valuable.
For instance, one of the top-list brokers Google offers is FB, let’s analyze it: aplikasi fbs adalah is a broker licensed with the top-tier CySEC (Cyprus) and ASIC (Australia) regulatory bodies; it offers several platforms for trading, letting its clients choose the most fitting one; it offers commission-free trading, and floating spreads, which is particularly good for those who are involved into high-frequency trading. According to the reviews, the customer service is highly responsive and helps to resolve the issues as soon as possible.
Such a least of characteristics make FBS Forex broker a reliable option to consider.
2. The Currencies
The whole world of Forex exists because of a global currency turnover and its basic units – the currency pair.
The pair consists of two currencies – the first is a Base currency, and the second is a Quote currency; the pair indicates how much of a quote currency you need to pay for 1 unit of base currency.
For instance, USD/EUR states the amount of euro to pay for 1 USD.
The trader’s ‘job’ gets down to anticipation of currency fluctuation, either the currency gets weaker or stronger.
The currencies in Forex are divided into three main groups:
- Majors – the most popular currencies and pairs, with a high liquidity rate. Major pairs include the Euro, the US dollar, the Japanese yen, the British pound sterling, the Swiss franc, the Australian, the Canadian dollar, and the New Zealand dollar. Every major pair features the USD.
- Minors – the minors include the above-mentioned currencies traded against each other, excluding the USD.
- Exotics – the pair of currencies, which include one of the major currencies (typically USD, or EUR) against the one from emerging economies – USD/SGD, EUR/MYR, etc.
The forex ‘newbies’ are highly recommended to start with the major pairs, as they typically offer a relatively stable return on investment, and it is easier to predict their movement. The exotics, on the other hand, require a great deal of knowledge and skills in Forex. It is better not to risk the funds with a low-liquid market.
3. The knowledge
Forex is a key to financial prosperity, yet it can only be reached through decent knowledge and understanding of the global market. Forex requires constant vigilance about world affairs, and the ability to see the causal relationships between the events.
Forex traders will benefit from the Forex-related guides, articles, and statistics, as well as a decent understanding of geopolitics and economics.
The Final Thoughts
Forex is one of the most profitable affairs to participate in. It helps the traders to stay on top of all the world’s economic instabilities and make their profit from all the inconsistencies and fluctuations.
Learn the basics of Forex, dedicate time to all-encompassing analysis and research, and practice-practice-practice. While honing your skills, you will be able to improve your financial safety and thus, the quality of life.
