After hearing over and over from my father about it taking money to make money, I decided to look into the world of investing. (You know this but I’m just reiterated for dramatic flourish) The old expression he and so many others still use today set me on my path to research future riches. I researched different fields of investment and different people. I was researching investment records one day, and I read about a man named George Soros.
He had made a record-setting one day trade, and by coming to the conclusion the Great British Pound was going to tank hard, heavy and fast, Mr. Soros made a profit of over $1 billion dollars in a single day on the forex market. A person made over $1 billion by betting money on money, which is called currency speculation. George Soros is now worth over $20 billion, and he is why I decided to focus my research on the forex market and find a good brokerage firm, so I can be like him.
Things have changed a lot with the trading of different currencies because of the Internet. Large financial institutions, hedge funds, the extremely rich like George Soros and central banks like the Federal Reserve, the European the Central Bank, Bank of England and others. The combination of the Internet and brokerage firms specializing in currency speculation and their advanced software has made it possible for the average person like me to diversify into the forex market or start in the forex market as a day trader.
I am narrowing down my decision between some really promising forex brokers. They are reputable, industry award winners and offer highly available customer support at all hours of the day by either phone or chat. According to my research, there are similarities, but there are still differences between the brokerage firms. Today I will start with HotForex.
Just the aesthetic value of this broker made me feel impressed and intimidated. I get the feeling this is a broker for big traders only, but I am wrong. There is a demo account option to practice using the real-time forex market, and this broker has different levels of real accounts. I have seen a lot of different broker account options during my research, but I haven’t come across the chance to start a micro-account. I’ve seen the miniature account options, where the minimum starting deposit is a couple hundred dollars, but I could trade here for $5 if I wanted to.
When Hotforex.com says it has an experienced team member available to any client 24/7, I believe them. There is an advanced, sophisticated system behind everything with this broker, which is palpable just by browsing the site. The team’s technicians and customer service reps are no less sophisticated and advanced, which comes with a guarantee too.
The various account types is the feature I like the most, but it’s the features of the interface and experience, which separates this broker from so many others. There are a variety of tools, and the trading software is showing data at the exact same time it is happening. Interbank spreads and selling is accessible from the advanced, automated platform. I could go on and on. This broker has thought of everything an individual or institutional trader would need to meet any situation.
That’s one down and many more to go. I’ll be sharing my research on several forex brokers over the coming months’ worth of posts, along with some post about random subjects relating to investing. Good bye, for now!