With almost a $4 trillion average daily turnover in the global foreign exchange market and many technical and fundamental techniques to help you predict the market, currency trading is a great way to make money in the comfort of your own home.
But with hundreds of currency trading brokers out there how to you know which one to choose? Here are some key points you should consider:
Trading currencies online is performed through a platform. One of the most internationally recognized and widely used platforms is MetaTrader 4 (known as MT4). MT4 allows many currency pairs, indexes, commodities and other futures to be traded, and assist traders by performing technical analysis at the click of a button.
However if you are new to trading then a simplified platform may be more useful. AGEA provides an excellent platform, Streamster. Like MT4, Streamster beside currency trading offers many CFDs (indexes, commodities) but has the advantage of being more user friendly, requires no deposit (some company require thousands of dollars in deposits to use MT4) and you get a $5 reward to trade with immediately.
Furthermore, you can trade using your android phone or tablet PC!
Deposits (Investment needed)
As mentioned above, many companies require deposits when opening a live trading account. The reason for this is to protect the Company if you start losing heavily. Most MT4 accounts require a deposit of around $500.
At AGEA, however, you can open an MT4 account from as little as $10! There are three different levels of accounts; even the top account – Standard – requires only a $100 deposit. And remember Streamster requires no deposit!
Most likely you are trading not for fun but to make money. The higher you’re trading costs are, the harder it will be for you to make profit, so charges are a key factor when choosing a broker.
Currency trading brokers generally only charge commission on Straight-Through-Processing (STP) accounts. This is where your trade is passed onto another broker and the introducing broker just receives a commission.
However on other accounts (such as AGEA’s Streamster, MT4 Cent and MT4 Standard) no commissions are charged. One of the key areas, therefore, that differentiates brokers is the spreads. Spreads are the different between the bid and ask price of an instrument. Let say you buy an instrument and sell at exactly the same ask price, you would still make a small loss as the broker will make the bid price slightly lower than the ask price.
AGEA has institution-level low spreads on MT4 because we do not add any commission or mark-ups to the prime brokerage rates, and we choose the brokerage with the lowest spreads.
It is important that you practice trading before you go live, especially if you are new to trading. Most brokers will provide you with a virtual desk with virtual money for you to trade with, so you get to trade without the risk of losing money. But, of course, you also can’t make money just by trading on the virtual desk – except at AGEA!
AGEA runs a competition which rewards the trader who makes the highest virtual profit on the virtual Streamster desk. The reward is $100 and can be used to trade on your live desk or withdrawn.
All traders receive $5 when they open an account with AGEA to trade on the live desk, so again you could make money without investing any!
Whether you are technology pro or not, you may sometimes need some help. AGEA has a dedicated, high quality, 24 hour, multilingual online support channels. You can chat directly with one of their assistants at any time and they will be sure to help you in any way they can.
If you are serious about making money then you need to reduce your costs and make sure you have the right tools to learn and to trade.
AGEA offers a multitude of platform accounts, learning tools, and full time support all at institutionally low prices!
New to currrency trading? Learn more at extra.agea.com