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Opening an Online FOREX Trading Platform Account
Opening an account with an online FOREX trading platform account usually consists of four simple steps: selecting an account type, registration, account activation and confirmation. Consider opening a mini FOREX account with two or three platforms if you wish and ultimately consolidating your money to the one that seems to work best for you. Take time making decisions on which FOREX trading platform you want to work with and don��t be afraid to ask lots of questions.
Make sure you��re opening a FOREX spot account and not forwards and futures account. Almost everyone uses the spot market as it is easier to rollover your position. Be certain that you feel comfortable with FOREX trading platform policies before registering. Look for these few things
1. Bid/ask pip spread on major currency pairs
2. Amount of margin that is required per trade
3. Minimum trading unit size
4. No hidden commission costs or other trading fees
5. Reliability of the trading platform
6. Charting and technical analysis services
7. Requoting policy
Always look for the most competitive spreads as this will reduce your cost of trading FOREX. If you��re trading heavily, it might cost you a whole lot extra bucks for not getting a great competitive spreads. Competitive spreads range about 3 to 5 pips and if you��re getting a spread of 8 pips or more, just ignore this platform.
Transparency of the trading platform is also important to make sure they never charge you extra. Sometimes,ferragamo shoes, they might make a mistake and charge you extra and this might cost you an extra amount you didn��t want. Choose which online FOREX trading platform wisely before trading currencies. If possible, open a mini-account in 2 or 3 platforms before choosing which platform you want to use in long term. Test it for few days and see which gives you the best offer. Opening account in a wrong online FOREX trading platform can cause you to lose both your time and money.
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