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What is forex and how to do it
The field of online trading has also become varied, with many platforms. But in addition to the services they offer, you also need to keep an eye on whether or not they have a license to operate. This obliges the sites to sign a series of regulations to defend registered traders.
So, let’s not waste any more time and let ‘s see what Forex trading is and how it works .
Currently the best solution for trading forex is to take advantage of CFD platforms. For example, an excellent one is that of the easymarkets UK Broker. It is an authorized broker with dealCancellation service – “One of the industry’s most innovative tools which allows you to trade risk-free*” according to easymarkets.com website.
Forex trading: frequently asked questions
Before delving into the question, let’s try to answer some frequently asked questions:
What is Forex?
The forex trading market is the reference market for currency pairs, in practice where exchanges of currency pairs are traded – according to forextradingnz.co.nz website
Is Forex a Scam?
Absolutely not. Forex is a market that has been regulated and where traders from all over the world transact on currency pairs every day.
How to start trading forex?
To get started it is advisable to rely on regulated CFD trading platforms, which are also the most convenient ones. For example, with the forex reviews guide https://www.bestforexbrokeraustralia.com you can find brokers to trade without commissions in Australia.
Forex trading how it works
How does Forex trading work? As mentioned, at the base there is something much simpler than you think: the exchange of one currency for another using a trading platform.
More precisely, a currency is the unit of exchange of a country’s currency, while the exchange (technically called the exchange rate) is the number of units of a currency that can be bought with another currency.
Each currency is indicated with an alphabetic code consisting of three letters. Here are some examples:
- EUR stands for Euro
- USD stands for US Dollar
- CAD for CAD,
- CHF means the Swiss Franc
- GBP the British pound
- JPY the Japanese Yen
The exchange will therefore involve two currencies , generally divided by a dash, the slash or written all together: EUR-USD, GBP / USD, EUR / JPY, and so on. Where the first currency reported is the “base currency”, while the second is a “quoted currency”.
Forex trading sees the so-called institutional traders as the main players. That is to say banking institutions, central banks of various states, multinationals, hedge founds, large capitalists, institutions, etc. While small traders, those who invest very small sums (or at least relatively to them, therefore hundreds of euros or at most tens of thousands) are called trader retails.
Types of Forex pairs
On the Forex market, you can find three large families of currency pairs:
What are they different from? From the fact that the Major currency pairs are the ones that always see the presence of the US dollar exchanged with another major currency. So Euro, Pound, Yen, Ruble, etc.
The main pairs are those in which there is no US dollar, but still the currencies are those of important economic areas.
Instead, exotic currencies are those that also see the presence of the US dollar, but also the presence of currencies of emerging states or minor economies.
The most traded currency pair is the EUR / USD . While exotic couples are generally the most volatile ones. Which therefore offer higher profits but also present greater investment risks.
Forex trading commissions
What are the commissions on Forex trading? The name of the cost of Forex trading is the spread , which can be translated into differential (a term that reminds us Italians of the bad period at the end of 2011, when the spread skyrocketed. But in this case, it was the differential between Italian bonds and German Bunts, aka the respective Italian and German government bonds).
The spread on Forex is in fact a generally fixed cost, indicated in pips . The latter is a unit of measurement of the change in the fifth digit of the exchange rate.
For example, if a Broker expects a Pip of 5 on the EUR / USD exchange, then I will pay its value, for example 1.1276, plus 5 pips. Hence 1.1281.
This is why, in addition to the license and services offered by the Broker seen before, it is necessary to keep in mind the cost issue. Since these are rumors that in the long run they will end up weighing on your final profit. Therefore, it is better to keep an eye on the spreads and commissions provided by the Broker.
Best broker for forex trading
What are the best broker in New Zealand to trade online on the Forex market?
We propose some.
The eToro broker has almost 7 million registered traders and boasts three licenses to operate:
eToro expects spreads and commissions lower than the market average, as well as very interesting services such as:
- Copy Trading , which gives a novice trader or any level of experience the opportunity to copy what the most experienced traders do. Referred to as Popular trader. Which in turn earn a commission for each trader who copies them. Copying can be stopped when you want and trading can be customized by placing stop loss and take profit on it. There are no limits to the traders to copy
- CopyPortfolios, trading on baskets of assets created by experts and managed by algorithms based on Artificial Intelligence. Who decide which assets enter and exit based on performance. This will also facilitate the much-recommended diversification of the securities portfolio
- Social trading, a social network where traders interact with each other, to exchange opinions and suggestions on what to do
- eToroX: an internal wallet to the platform to conveniently manage cryptocurrencies. Recall that eToro also provides 16 for CFD trading