You might be a newbie if you have searched for “how to invest in Forex market”. The following are the steps that will help you to start investing in Forex.
The Forex exchange market is also known as the Forex Market or FX Market. It is the world’s largest financial market according to the total market capitalization. According to the Bank of International Settlements, the market accounts for $ 6.6 Trillion per day in 2019. As the Google trends show, the market will keep on expanding year by year and projected to hit $ 10 Trillion after few years. The Forex market is way bigger than the global stock market in total.
Overall the market has huge potential and might turn out to be a good source of income for those who are experts in it. However, to master that level you’ll need to learn forex trading and gain some experience in the Forex market.
Here are the steps you should follow to invest in Forex market:
- Search for the reliable Forex broker
- Read Forex broker’s reviews online
- Open Demo Account with the Forex broker
- Contact the Forex broker for account opening, fees, and other information
- Open Live Account with the Forex broker
- Start Investing!
Choosing a reliable forex broker to invest in forex market without any hassle is a dream in the heavily marketed forex industry. Most of the Forex brokers pay a huge amount of money for marketing. There are lots of scam forex brokers which pay for biased reviews to the news media channels to convert the potential clients into leads.
Search for the reliable Forex broker
There is no better way to find the best or reliable forex broker other than by doing your own research online. You should never fall into the trap of what news media portals, blogs and Forex broker review websites say as they might be paid by the broker itself.
However, by doing so, you’ll get an idea for the most reliable forex broker according to your needs. Wait! the game starts from here.
Read Forex broker’s reviews online
Make a list of forex brokers which are regulated in your country and have good score online. It is preferable to read customer’s reviews. You can read it on various Forums, Reddit and Quora. Also, you might also take the help of Facebook groups and contact directly with other members to know about the broker.
Open Demo Account with the Forex broker
For a beginner forex trader, it’s always a good choice to start with a demo account with the forex broker. You’ll get to know about the forex trading platform and other services that they provide.
The demo account comes with zero charges. Thus, you get enough time to know about the broker and get hands-on experience with the trading platform that they offer.
Contact the Forex broker for account opening, fees, and other information
After carefully examining the forex broker, you can choose the most reliable broker of your choice and contact them for the quotes. Here are the few things you should ask the broker before opening a live trading account with them:
- Opening fees
- Minimum deposit charges
- Types of account
- Withdrawal charges
- Trading fees
- Trading instruments
- Support facilities
Open Live Account with Forex broker
After contacting a few brokers from the list you will get an idea to opt for the best forex broker. Then, you can ask the forex broker to open a live account. The process is very easy and simple nowadays. Just you’ll need to submit a few documents and do KYC. It might take a few hours to open an account with the broker as the process is completely online.
The broker will provide you the login id and password for your live account after you complete all the processes. Then, you are ready to go with your first forex trade and start to invest in the Forex market.
I hope this post might help you to start your journey to investing in the forex market.