An extremely popular, and usually first, question individuals ask when they’re looking at getting into trading is, “What broker should I use?” or even “Do I need a broker to trade?” Short answer, at least with FOREX. is no. You don’t need a broker to trade currencies. The longer answer is yes, though. FOREX trading is really just saying “I want to make my Canadian Loonies into Japanese Yen, then to U.S. Dollars, then back to Loonies and hopefully, I will make money in that process.” Banks and international airports usually have a teller where you can walk in and do this. For that, no brokers to worry about. Instead, you just have outrageous conversion fees. If you’re looking to get into trading as a professional and not just add a cool-looking 100 yen bill to a shadow box at home, you need a broker to trade through like Apiary Fund. Review these tips before making a decision.
Banks and airports have tellers or companies that only do currency exchanges for individuals traveling around the world. But the thing is, that’s all those places do. And legally, these people need to be paid. Since they’re not a service that everyone uses such as the lights or actual flight, their wages are not part of your ticket price like everyone else you encounter at the airport. Instead, they’re paid by convenience fees, heavy spreads, and transaction fees. This is not an option if you’re looking to become a trader. This is just if you decide to visit Chile for a week.
To be a trader and actually profit from it, you have to go to a company that works with a broker or go through a broker on your platform. Another important thing to consider while looking to choose a broker is if they work with the platform you’re looking into. You can see some common platforms here. Each broker will have different benefits for you aside from the platform as well, such as monthly data costs and commissions per trade.
Trading for companies like Apiary Fund, there are no commissions per trade. Check out Apiary Fund reviews to see how it all works. Other companies, however, will charge any amount per trade and add additional spread onto the trades so that they make even more money off of those. When you’re looking around, make sure you look at spreads as will. All in all, brokers are usually easy to compare and contrast to find the one that best suits you. As long as you make sure you know where the fees come from, look for the broker with the system you want and the least fees to maximize your profits.