Business

FXOpen: IS IT THE BEST OPTION FOR FOREX TRADING?

2 Mins read

WHAT IS FOREX TRADING?

Foreign exchange trading or forex trading is a way to trade in foreign currencies. Forex trading is a platform where national currencies are traded. Currencies are essential to trade because they facilitate the purchase of goods and services locally as well as internationally. In order to conduct international purchases, currencies need to be exchanged.

If you live in France and want to buy something from the USA, you will have to pay the Americans in dollars to make a purchase. The same goes for traveling. An American tourist in France cannot make payment in dollars to see the painting of the Mona Lisa. The money needs to be exchanged in the currency that is locally accepted in France.

One interesting aspect of this heavily crowded trading platform is that there is no central marketplace for the exchange of foreign currency. The currency is, however, traded digitally. The market is open at all hours of the day. When you, in the US, go to sleep at night after a hectic day trading, the Japanese forex market begins. The difference in time zones enables the marketplace to never fade away.

FOREX LEVERAGE FOR BEGINNERS

One of the main reasons why forex trading is the most popular among other financial activities is because one usually receives higher leverage in forex than one would do with stocks. Leverage refers to the use of the funds that have been borrowed to increase one’s position in trading than what one could have done by one’s cash alone.

Forex leverage for beginners: If you are new to the concept of forex trading then the best forex leverage for beginners is to use 1:10 leverage and 10,000 USD.

FXOPEN: THE BEST BROKER IN THE MARKET

If you are looking for currency trading for beginners, then you may obviously need a broker for beginners. What is a broker? A broker is nothing but a middle man who trades currencies on the behalf of clients and charges commission for his or her service.

One of the best brokers that you can find on the internet is FXOPEN. It offers online trading services with the use of Meta Trader 4. FXOpen was founded in 2003 and was an educational center initially, established in Egypt. After several developments and updates, the company became a forex broker and is now a successful firm.

BENEFITS OF USING FXOPEN

The following are the benefits of using FXOpen.

  • Trading platforms like MT4, MT5, & TickTrader are used
  • There have been Positive customer reviews even in 2021
  • The company is Regulated in the UK & Australia
  • The company has a Decent cryptocurrency offering

DISADVANTAGES OF USING FXOPEN

The following are the cons or disadvantages of using FXOpen:

  • There is a high minimum deposit for UK customers
  • This company is more suitable for experienced traders than for beginners
  • There is a lack of educational tools

If you are looking for forex trading for beginners, currency leverage for beginners then you can find some of the best options here on FXOpen. 

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