Mandy asks…
What’s a decent forex broker which is not a seedy bucket shop but still not to high priced?
What’s a decent forex broker which is not a seedy bucket shop but still not to high priced?
I want something that I can start off with with around $500 or so just so I can learn the ropes and make my little trades. I’ve read warnings about certain forex brokers which are unregulated bucket shops and aren’t insured properly either. But are there any decent forex brokers which don’t charge terribly high fees but still are decent?
kenspong answers:
First, you aren’t going to be a talking to a broker. With forex, you will have an account with a dealer who will be taking the other side of your trades.
Second, since they are dealers, they make their money off the spread, not by charging fees or commissions.
Third, they are not banks or brokers, so there is no such thing as “proper insurance”.
If you want to learn how the trades work google “forex” and you will see a list of dealers. Any legit dealer will give you a demo account free for 30 days.
Since forex is not governed by law anybody can be a forex dealer, but all the legitimate ones voluntarily register with the National Futures Association even though they don’t have to because they are not actually futures brokers.
Joseph asks…
What is the difference between a Forex Dealer and a Forex Trader?
Can you please explain in detail, what is the difference between a Forex Dealer and a Forex Trader? What do their jobs consist of?
kenspong answers:
Forex dealer or broker is individual or company who represent the traders so they can trade in the interbank market via their service while forex trader is individual who do buying and selling activities to get profit.
William asks…
What is the best forex trading strategy?
I have been reading about trading forex but I am unsure about the strategy I should be using. I have read about so many different strategies and they all claim to be the best and easiest. I was just wondering if anybody had any real experience trading forex that could recommend a good strategy to start out with.
kenspong answers:
If you are a beginner, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.
Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours for your questions, doubts etc.
They also have chat channels where you can talk, exchange opinions and ideas with traders of your country or international traders.
To open your account please visit http://www.marketiva.com/index.ncre?gid=3371
John asks…
when funding a forex account, do you need to give the company a copy of your passport and utility bill?
I am looking to open an eToro account and I am not comfortable with giving a copy of my passport and a utility bill to the company, are these things necessary? Also if you have a good forex site for people with small amounts of funds such as myself, what would you be using? Thank you.
Have you guys used etoro? I like how its setup and the pips are really low. Plus the starting amount is very small.
kenspong answers:
Verifying your ID is a must, but I guess it could be also driver license. Utility bill is to verify your address which be done also by something else like bank statement. Yes, it is not uncommon. To succeed in forex you need to learn the best methods. Check the forex system reviewed below.
Ruth asks…
What is the best Forex book for medium to advance investors?
I want to get a book on Forex but I am not a beginner. I would like to learn better strategies.
kenspong answers:
Save your money, the only thing books will give you is the basics, nothing more, not in any ive read. If you are looking for the best forex software, visit this site
http://the-best-forex-software-in-internet.blogspot.com/
This software is the best software that can help increase your trading profit and user friendly.
Best Wishes,
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