Foreign exchange market, or forex market, is the world’s biggest trading platform that every businessman is familiar with. Along with the stock market and cryptocurrency, the forex market is a trading platform for businessmen and retirees who are looking to earn extra money on the side. Thanks to the advancement of technology, observing the forex market has never been easier than before. However, some countries prohibit forex trading especially in countries with Sharia Law such as Arabia, Iraq, Malaysian and Pakistan.
If you are in a country where trading is not prohibited, then lucky you! If you want to start your career as a forex trader, you will need to register a license with any legal forex brokers in your country. With so many brokers, you might think that they are all the same right? As a matter in fact, they aren’t. Each forex broker has their own specializations and provides different services than the other brokers.
If you are looking for a simple forex broker, then Forex Time, or FXTM, is a popular forex trading brokers vietnam that traders can open an account with to start their trading careers. Considered as one of the best all-rounder brokers among the forex trading community, FXTM has services that caters both beginner and veteran traders alike. With FXTM, traders can find plenty of educational materials to learn about terms and things to look out for in the forex market. Additionally, they are able to create a demo account to test their skills and knowledge without dealing with any consequences. This allows beginner traders to build up confidence and skills before opening a live account on their own. However, they charge a withdrawal fee that traders must pay and punish inactive traders by inflicting an inactivity fee.
If you are starting your career but you want to understand the forex market with more depths, then you can try eToro who mainly provides copy trading. Through eToro, you can open an account and copy any existing accounts to mimic their sales and purchases. Copy trading helps you to learn more about the forex market when you follow a “master” and pay a certain amount of money to get advice from your master. However, it comes with a few disadvantages with the first one being the biggest issue which is the minimum deposit. Before you can start trading, you need to deposit at least USD 1,000 which is steep for some traders and may discourage them from using their services. Then, eToro is not equipped with the latest trading softwares which almost every other forex broker provides by default. Finally, finding a right account to copy can be difficult as following the wrong account can cause you to lose all of your money within a day.
If you are looking to make forex trading as a long term investment, make sure you are prepared to deal with the risks as the values of the market can change unexpectedly.
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