Trading – Frequently Asked Questions (FAQ)
Welcome to the TopBrokers.Trade Frequently Asked Questions (FAQs) page. Here you will find:
Trading and Forex related questions
Technical trading questions & answers
Trading support questions
Who are we? What do we have to do with the top trading sites?
We at TopBrokers.Trade appreciate how important it is to have a credible, trustworthy trading broker and realize it can be quite a daunting task to find all of the relevant trading information in one place. That is why we created this free broker comparison website to assist you in choosing the right Broker or exchange for your needs. Our diverse team is made up of people, many of whom are actual ex-traders that have the intuition and the skills to identify the top online brokers and rate them. When we assess any trading broker, we consider many things including their reputation as well as customer feedback.
How does this website make money?
TopBrokers.Trade is a free comparison tool built to assist you in choosing the right Broker for your needs. TopBrokers.Trade is an independent professional comparison site that is supported, in part, by referral fees from the companies listed.
We at TopBrokers.Trade receive compensation from these listed websites and can continue to provide this free comparison service thanks to the allowance we receive from the companies featured on this site.
What is Forex?
Forex and ‘FX’ are abbreviated terms used for ‘foreign exchange.’ Foreign exchange or ‘Currency trading’ is the exchange of money from different countries. The value of one country’s currency is constantly changing against the value of another country’s currency. The foreign exchange market operates as the primary exchange system for international business and trade. Forex traders earn money through buying and selling currencies on the foreign exchange market. For more information, please see our tutorial: What is Forex?
What do I need to know about Forex?
Discover more about Forex trading in our Education section. Where you will find a series of news, articles, and charts that explain currency trading and the foreign exchange market.
Is trading in the Forex Market risky?
Yes, we caution all our clients that foreign exchange trading does involve a substantial amount of risk.
As well; Forex, Options, Commodities and CFDs (OTC Trading) are leveraged products that carry considerable risk of loss and may not be suitable for everyone. It is crucial to fully understand the risks involved in trading and never to invest money you cannot afford to lose.
Please refer to our full risk disclaimer.
Is the Forex Market regulated?
Yes, be sure to check that your preferred broker is regulated in your region
Why should I choose a regulated broker?
We suggest using a regulated broker as they have necessary measures and protocols that they must follow. Specialist agencies supply these measures and ensure that the brokers are legitimate. These agencies have been nationally chosen by the government or other specific state autorities and will issue the license that the broker needs to be officially listed on the market. Without a license, the trading platform could be considered a scam. Make sure your choice of broker has both a license and proper regulation.
Are these all of the Best Brokers on the Internet?
We are unable to provide you with an exact list of ALL of the best brokers available. Listing all Brokers would be an impossible task, as the list is quite extensive. As well, each trader will have their personal preferences, requirements, and demands for a specific trading platform. So while we have listed many, there are still hundreds more Brokers that we have not added to our current database.
What should I look for in an online trading platform?
There are numerous online trading platforms available, with various options available. Here are some key points we suggest looking for on any platform you choose:
You will need a user-friendly platform – are you able to do everything online or will you need to download software?
The platform should have easy deposit methods, such as e-wallets or Wire Transfers
Look for a company that offers a high level of personal service and support including live chat, SMS services, and personal training
Use a company that has a regulatory license for your region
You will want 24-hour access to your accounts
There should be various trading tools available including charts, outlooks, financial calendars and news
Look at the Leverage offered and the cost of renewal/rolling fees for Day Trades
Be sure there are no hidden costs including commissions on deposits or withdrawals
Look for a platform with no maintenance margins with fixed rates and stop loss limits
Which trading features should I look for?
Preferred trading features vary on your status as a trader. For example, beginners will usually find a broker that offers a learning center and automatic signals, whereas a more experienced or advanced trader will most likely prefer a site with a live streaming channel, showing the latest news, as well as an option for hedging and scalping. Trading features also include beneficial spreads, availability of all trading assets such as a high payout ratio, stocks, foreign currency pairs, indices, and commodities, along with educational materials.
Which type of payment methods should I look for?
Be sure that your chosen broker offers a variety of payment methods. Payment methods will affect both your investments and your profits. If you are a beginner, you may prefer a broker with a low deposit amount. You will find that some brokers charge fees on deposits and withdrawals. However, you will find the top rated brokers do not generally charge anything extra. As for the payment types, the more variety offered on a platform, the better. The preference is up to each individual trader, but you will find that payments via debit or credit card, or via bank wire transfer are standard. Most traders today prefer to use electronic payment systems, such as PayPal, Skrill, Netteller, WebMoney, Moneybookers, among others.
Are Bonuses important?
Yes, Bonuses are great – particularly those such as the “No Deposit Bonus” or the “Refer A Friend” program – but keep in mind that they should not be the sole way of forming your opinion of a broker. While we do agree that it matters, a forex bonus should not be the main feature you look for.
How do I know which currency will go up or down?
International currency prices are exceptionally volatile, making them tough to predict. Now, because of this volatility, no system can assure you that any transactions on the foreign currency market will result in significant benefits to you, nor is it possible to guarantee that your transactions will yield favorable results.
What is Sharia or Islamic Law Accounts?
With Islamic trading accounts, traders may extend their Day-Trading deals to the next day, and no rolling fee is charged. Therefore, the maximum duration offered for Day-Trading deals is limited (typically one month, however, it can be longer or shorter depending on the currency pair traded).
Which other trading terms should I know?
Review our Glossary of Terms to brush up on your trading lingo.