Understanding the Risks Involved in Foreign Exchange Trading

After finding reputable brokers, you need to gather more information about how they do business, are they readily available to answer questions, or resolve complaints. You can do this by reading what they have on their website, and by calling them on the telephone to see how quickly and how well they respond, or getting advice from the many chat rooms about forex, including those provided by the broker. Although almost all forex broker review is done over the Internet nowadays, sometimes Internet connections don’t work, or the company’s trading platform isn’t working the way it should or the way you think it should, so it is very important that they also provide telephone service.

Most brokers offer both regular and mini-accounts, and require trades in specific lot sizes. A regular account usually requires at least a $10,000 deposit, and lot sizes are 100k—that’s 100,000 units of currency—and leverage ratios up to 100:1. With a ratio of 100, it takes only $1,000 to buy or sell $100,000 worth of currency. A pip is equal to 10 units of currency with 100k lot sizes. If the currency is USD, then 1 pip = $10.

Mini-accounts require a deposit of as little as $100, and lot sizes are usually 10k, with leverage ratios as high as 200—$100 can buy or sell $20,000 worth of currency. A pip = 1 unit of currency. If the currency is USD, then 1 pip = $1. You can generally buy or sell as many lots as you have leverage for, so a mini-account allows smaller increments. For instance, with a mini-account, you could buy or sell $30,000 worth of currency, but with a regular account, the minimum would be 100,000 units of currency, or increments of 100,000 units.

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