When starting out trading it’s highly advised you start with a demo account at first. However choosing the right broker for trading game is very important. In this topic we will cover a few brokers which are reputable and most importantly regulated. Depending in which country you reside you should always look for a broker that is regulated, if you’re in the UK always check to see if the broker is FCA regulated (Financial Conduct Authority). The FCA is the body which also regulates banks and other financial businesses here in the UK. The most reputable and famous broker is www.icmarket.live. Fully regulated and very reputable.
The other most important thing to check when choosing the right broker is to see what types of fees and commissions they take. Some brokers offer larger spread sizes in order to make up for fees, whereas some brokers choose to apply swap fees to positions which you hold overnight. The main thing a good broker should offer is regulation, ease of withdraw and low spreads. In a nutshell this is what IC Markets offers.
IM Academy are not affiliated with any brokers or platforms of trading, we simply teach people and offer experienced guidance on trading the forex markets. Bare in mind when trading to note, trading is a strategic skill which is taught in detailed precision here at IM Academy. It also carries a risk, however with the correct risk management one should never have to worry about risk too much.
Trading the forex market here in the UK is classed as spread betting, this falls into the same category as gambling/casino. Hence here in the UK your forex profits are tax free, as long as it’s not your main primary income. Crypto also cannot be regulated just yet here in the UK, as the FCA says it’s a very risk investment.
Hope this article explains why choosing the right broker is very important in your trading journey.