As well as some useful tips for to how to proceed with a broker. There has been an influx of businesses from all sectors, including various financial companies and Forex brokers. This is where different trading options can be involved. Admiral Markets UK Ltd. Hirose Financial UK Ltd.
Introduction to MAS Regulation
Live Chat offers immediate contact with an online rep and is available with most brokers. Brokers usually offer their clients a choice of different trading accounts. Accounts can differ according to the amount of money required to open the account, fixed or floating spreads, varying leverages and more. Bonuses can also be contingent on the type of account opened. Brokers tend to provide a choice of accounts and their main difference may be the amount of the initial deposit.
Deposits can be made in a variety of different ways, but credit cards and bank wires are the most popular methods with online payment systems gaining popularity. In most cases, there are no charges for opening an account with a broker. When deciding with which Forex broker to open an account, you should look carefully at all charges and fees and especially the percentage of pips included in losses and profits as this can determine the final outcome of the trade.
Most brokers offered traders a certain amount of leverage to enable them to increase their investment amount. These differ from broker to broker as well as from one account to another. New traders just starting out should avoid using leverage at first as it can put him at increased risk if his trades end in a loss. Spreads are the difference between the buy and sell price and this is where the broker makes its money.
It is important to check what type of spread-fixed or floating-is levied as well as to compare the amount of the spread with that of several brokers. Another feature to look for in a Forex broker is whether the option of a free demo account is provided.
Demo accounts allow you to make trades in a real online account without putting up any money. Brokers offer this option with varying time frames and different amounts of virtual trading funds but even for a short period of time, the use of a demo account offers sufficient opportunity for you to grasp the concept of Forex trading and learn the ins and outs of currency price movements.
Other brokers add on what is considered exotic pairs which are currencies from smaller or developing countries. Still others offer trading in bitcoins, a cryptocurrency.
The Forex trading platform offered for use by each broker should also be seriously considered before deciding whether or not to open an account. The trading platform is used to place orders, check out Forex news, perform technical analysis, manage the trading account and much more.
Sometimes the platform is a third party application but in many cases it is also a specific application created, designed or modified by the Forex broker. Comparing the features provided in the different versions of both the basic platform and those on the higher upgrades is necessary in assessing whether or not the platform works for you.
The more you know, the better trader you will be. Some brokers place a strong focus on education and provide a host of different venues such as videos, seminars, webinars and more. Most broker websites post daily—sometimes weekly—news updates and analysis and many provide additional fundamental analysis of what is happening in the markets.
Economic calendars list upcoming financial events around the world and different calculators help traders calculate margin interest, pips, profits and more. Some brokers find bonuses and promotions to be an important way to attract new clients and they offer them generously. There are some brokers who come up with unique promotions such as cash prizes, electronic devices and even cars or trips.
This means they must comply with and pass the examination process for MAS licensing. As well as rewarding licenses, MAS can also revoke licenses if brokerages fail to withhold the guidelines implemented by them.
All brokers are under constant supervision and must file periodic audit reports to ensure financial compliance. As well, brokers are required to hold client funds in separate accounts. This page may not include all available products, all companies or all services. MAS Responsibilities The agency is responsible for the regulation and supervision of all Forex brokers offering their services in Singapore.
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