4 Tips To Find Yourself An Amazing Forex Broker in Nepal

The $5 trillion dollar market of Forex needs no effort luring in traders; its sheer liquidity reels in the crowd! With currency trading accounting for such a mammoth value, every trader wants to pair up with an amazing broker and make good money. However, money attracts all sorts of evil. There are several brokers who play nice and will scam you the first opportunity they get. Getting a reliable and trustworthy broker is one of the first steps to your Forex trading success. 

Here are different aspects that will help you find an amazing Forex broker:

How to find a best suitable forex broker for your trading

1) Demo Account Provision: Novice traders underestimate the power of demo trading accounts. Without a good account to practice with, learning the real-time market is impossible! Even the best online traders have learnt from demo accounts. Trying to enter the market directly, without prior practice will lead to severe repercussions! A good broker will provide you with a demo account loaded with all the necessary features to learn the art of trading.

2) Spreads Charged: Spreads and transaction fees are the main source of a Forex broker's income. In Forex it is common to come across brokers who claim to not charge any commission; don't fall for such scams. Similarly, a broker will fool you by offering high leverages. Although leverages can be beneficial, in the event of a losing trade you will end up paying a hefty sum to your broker! Be wise with the spreads and leverages offered.

3) Quality of Customer Care: New traders are ignorant to the fact that down the line, their broker will play a prominent role in their trading career. Customer service is substantially important when it comes to Forex trading. With such a volatile market and large amounts of leverages on the line, precision in speculation is necessary. During tough trades, you will need your broker's assistance more than anything!

4) Currency Pairs: There are several currency pairs in Forex, and no two pairs are always trending. Some brokers only offer specific pairs. However, the predominantly trending pairs are sometimes left out by brokers. Ensure the broker you partner with provides the pairs you wish to trade in and has impeccable support facilities.

Aided by a good Forex broker, trading will be a cake-walk! From strategies to currency pairs, make sure you get the best. At WesternFX, we strive to provide our customers with perfect trading solutions and services. From helping them devise plans, to providing 24x7 support, we offer a complete package! Call us today to avail our online Forex Trading services.

Things You Should Know About Your Forex Broker

When it comes to picking an online broker, confusion suddenly spurts. There are several categories that govern the efficiency of a broker. Misconceptions are common when it comes to judging a broker. Some demand unjust commissions, while some demand rates so low that it's misleading. You are essentially viewing brokers through an opaque glass and not everything they do will be visible to you! 

From boastful claims to suspicious profits, here are 4 things you should know about your online broker:

Things You Should Know About Your Forex Broker

1) Regulation and Financial Backing: The first thing you ought to ask your broker is, if he is regulated by a well-established financial agency. In an era of infamous scams and escalating scandals, having a regulated broker serves as a seal of assurance. Additionally, brokerage agencies aren't constructed on a million dollar base; they need to make money just like you do. This is done using spreads - the difference between selling prices and asking prices. It is a good measure to compare and watch the spreads your broker charges and ensuring it is just. 

2) Customer Service Quality: Novice traders often fail to understand the importance of good customer service. Forex trading isn't a one-man show. Both the trader and the broker are essential for a deal. Forex operates round-the-clock and through the week. Traders can only make calls depending on the overlap of time-zones and brokers are responsible for facilitating this irrespective of the trader's region! From Monday to Friday, Forex brokers should offer undivided assistance.

3) Demo Trading Account: A major deciding factor when it comes to picking a online broker is the provision of demo accounts. The first best way to learn trading is by trading on a comfortable trading platform. However, with the volatility of Forex trading markets and the immense risks involved, it is best to learn on a demo account before committing full-time. Demo accounts let traders experiment around, devise trading strategies and see the consequence of their actions - all without any physical, real-time losses. There can be no compromises when it comes to demo accounts and trading platforms.

4) Leverages: Investing a few thousand dollars might seem possible, but how do you work your way around a $10,000+ trade without shelling some capital? To aid traders financially, brokers offer leverages. Leveraging essentially means to borrow a certain amount from the broker for a trade. The positive side is that leveraging allows you to trade huge amounts without leaving a hole in your pocket; the downside is that if you incur a loss, not only do you lose your money; you lose the borrowed amount as well. Always tread carefully while leveraging. 

Forex demands traders to partner up with reliable and trustworthy brokers, the lack of which will brew inefficiency and incapacitate the trader. Hire the best, hire WesternFX! Forex trading in Nepal is as appealing as ever and now is the right time to invest. With our stellar brokerage assisting you throughout, you will notice no hindrance. For availing the services of the best Forex brokers in Nepal, call us today.