Understanding Forex Brokers & Signal Providers
Having a good Forex broker is perhaps one of the most important factors when it comes to being a successful foreign exchange trader. Sure, there are many good brokers out there, but finding one of those good ones is much easier said than done. There are a whole lot of unreliable brokers out there which will scam you and steal your money the first chance they get. We want to help you find a good broker out there, one that is reliable, reputable, and at the end of the day profitable too. Here are some of the most important things to keep in mind when choosing a Forex broker to use.
Need To Be Regulated
The most important thing to look out for is regulation. There are many governmental and financial agencies out there which are responsible for regulation brokers. Regulations are those things which restrict brokers and control them, with the ends of making sure that they don’t engage in fraudulent practices. A regulated broker is a safe broker. Before you choose a broker, make sure that they are regulated, that they are reliable, and also check to see if they are a scam broker or not.
Another important thing to look out for when choosing a broker is what kind of features the platform has. You want to have access to as many features as possible including portfolio building, automated account management, portfolio advisors, charting solutions, analysis, and even more. A general rule of thumb is that the more features a broker has, the better off you are.
Cost & Profits
The final thing to look out for before choosing a broker is how much they cost to use and how much money they can make for you. A good broker will be affordable to use and will also have a very high profit potential.
Best Forex Brokers
To give you a good head start, and so you don’t have to go searching on your own, here we have a few awesome Forex brokers for you to choose from. All of the brokers listed below are reliable, regulated, and highly profitable.
VantageFX.com – This broker features a whole lot of options and various trading features, it is AU regulated, and shown to be quite profitable.
Invest.com – This is one of the highest regulated brokers out there and conforms with over 11 different regulation agencies including CySEC. You can get a free demo account, and a full-fledged account will give you access to a plethora of trading features.
EasyMarkets.com – This broker is CySEC regulated and is also in compliance with MiFID as well as ASIC. With this broker you can deposit a minimum of $100 and get access to a multitude of features, plus it has the ability to engage in foreign exchange and CFD trading.
Top Forex Signal Services
In case you need some good Forex signal services to use, here we have two awesome ones.
This is one of the most profitable, reliable, and best performing signal services out there for both Forex and BO. This is a live investment platform that has been in use across the world for the last 6 years. The live investment feature means that you can talk to day traders to get up to date advice and info regarding trades. This signal service has an average ITM rate of 75% and can help you generate several thousand dollars per month. You will like the fact that this service only costs $97 and does not require you to sign up with a broker.
Mike’s Signal Group
This is by far the largest signal service out there with over 12,000 current members signed up. This signal service can provide you with ITM rates anywhere from 70% to 85% on a good day. If you need a good signal service, this is perhaps the very best one to go with.
FAQ’s – FOREX, Signals, & Software
You may not know everything there is to know about Forex, which is why we have answers to the most frequently asked questions out there. Let’s get right to the point.
What Are Forex Signals?
Forex signals provide you with essential info in terms of the best trades to make, recommended expiry dates, stop-loss, and everything else you need to know to make a good trade. These signals can be provided by charting solutions, special software, and real life service providers, plus they can come to you in the form of email, text message, or through special features in your trading platform.
What Is An Indicator?
An indicator is a technical solution that can be applied to your specific charting solution. It is a type of software that can be used for generating and signaling trades. Indicators tell a potential investor if there is a good possibility of an investment being profitable.
Are There Free Indicators?
Lots of free indicators can be found as parts of charting solutions. Many indicators will offer you a plethora of customizable technical indications to help you make trades. Some of the best ones include Traders Way MT4, FreeStockCharts, MetaTrader 4 & 5, and HotForex Meta Trader.
How Do I Get Free Signals?
The simple fact of the matter is that getting free signals is nearly impossible. Most providers that offer signals will require a minimum deposit with a broker, or if the signals are free, chances are that it is actually a scam.
Is There A Difference Between Independent Signal Providers & A Forex Broker’s Signals?
Forex broker signals are usually only available after you deposit money. If possible, use an independent provider, because making a deposit with a signal service means that your money is not completely in your control anymore, and if you aren’t careful you may be giving your money to scam artists. ON the other hand, independent signal providers are usually run by trading veterans who are responsible, reliable, know what they are doing, and most important, have no reason to try and steal your money.
Is There A Difference Between Forex & Binary Options?
The main difference between the two is that BO makes you trade against the brokers or other investors, whereas with Forex you are trading in the actual financial market, not just some derivative like with BO. BO features a little less liquidity than Forex, it has more trading options than Forex, and doing BO trading is also a little simpler than Forex.
Are There Free Forex Demo Accounts?
There are free demo accounts you can use to practice your Forex trading, such as Invest.com, which gives you a demo and $10,000 fake dollars to hone your skills.
Will I Always Make Money With Forex Trading?
Forex is a good way to make money, especially because a recent host of regulations have made it very safe. A good Forex broker and signal service will definitely help you make money, even with an average ITM rate as low as 70%. Do keep in mind, this is trading and with trading comes risk, risk of loss. There is always a chance of losing your money, all of it, but there is also a good chance of making a profit too.
**Important Side Note**
If you are located in the U.S.A, do not register with a non CTFC regulated broker based in the U.S.A. It is illegal for a service to solicit you to buy or sell commodity options and therefore will make what you are doing illegal as well.