If you are in the UAE and you wish to start trading, the first step that you need to do is knowing what is Forex trading and how does it work? Because having some basic knowledge in this industry is an advantage. While gathering some information about forex, find one of the best Forex brokers in the UAE to help and guide you out in the trading. And always remember to be cautious in choosing the broker because there are numerous brokers in this field. So make sure you select a legal Forex broker in UAE to experience the best forex trading moments. If you too are looking for a good forex broker, check iForex UAE as one of the trusted Forex brokers in the country.
Forex Trading in Dubai
What is forex?
Foreign exchange, also known as forex or FX, is one of the largest and most liquid markets in the world. It involves buying and selling currencies in this market worldwide.
Forex is one of the most generally traded markets around the world, reported with a total daily average turnover that exceeds $5 trillion a day.
A wide range of currencies are continually being exchanged as individuals, companies and organizations conduct global business and attempt to take advantage of rate fluctuations.
Forex is always being traded in pairs – for example, GBP/USD. You predict whether the price of one country’s currency will rise or fall against the currency of another country, and take a position respectively.
How to start Forex trading
You have read what Forex trading means, but how do you start trading in such an industry?
Well, the first thing someone would advise you is to learn as much as possible about Forex, but the best thing that you should do is to find a decent and the right broker to start with. And if you are able to find the best one, the learning will be included in the process.
To choose a good broker there are a few things that you need to follow:
The broker must have a demo account
• The spreads must be as tight as possible
• There must have no commission on any trades
• Deposits and withdrawals must have many options
• The broker needs to have an educational material included in the account
• Make sure the broker is regulated by the local regulator.
Being regulated is very important and it is mandatory for a broker’s legitimacy. If they hold one it definitely means that you are in good hands.
What the license does is that it forces the broker to comply with local law. So if there are any mistakes from the company’s side that could cost you some money, you can easily involve the government to have your money refunded.
An unregulated broker is either a complete scam or a broker that doesn’t pay you any attention. The Forex Exchange market is traded through brokers and today we can find so many brokers especially in the UAE. But picking the right broker is a great job.