Abstract：This article will educate the reader what are the steps needed if someone would like to start forex trading in a little capital?
Forex trading does not need a big quantity of funds. Of course, the more cash you invest, the bigger the profit you may get. That is how online trading works. Many licensed brokers offer a minimum deposit of as little as $10. However, we primarily urge those who want to begin their trading career to use a demo account and a trading platform to practice trading. In this manner, you will put everything you have learned on the WikiFX education page into practice. Online trading is low risk since it is provided trade knowledge and has a low chance of failure. Just bear in mind that before you put money in a broker, you should ensure that the broker you choose is extremely trustworthy and capable of managing its investors' demands at no cost. WikiFX has over 36,000 forex brokers listed and has worked closely with 30 financial authorities. IC Markets, which has an excellent rating on WikiFX, is an example of a highly trustworthy broker (as shown below).
ASIC has monitored IC Markets since 2009, and CySEC has regulated them since 2018. (as shown below). According to regulatory records, the broker IC Markets has a CySEC MM license and is headquartered at Omonoias, 141, The Maritime Centre, Block B, 1st floor, 3045, Limassol, Cyprus.
The WikiFX survey team was able to visit the broker's official office and check that the location shown on their website is correct.
Choosing the Best Broker
As shown on the IC Markets dealer page, no complaint from a single a trader from across the world received by WikiFX about IC Markets was negligent in handling its investors. This is how WikiFX checks each broker through trader complaints. This is also the way where the rating is computed.
As we all know, trading forex is a high-risk investment that may cause you to lose all of your money in a single deal if you do not have prior forex education and broker information. The benefit of WikiFX is that it assists traders in recovering as much of their invested funds as possible from their broker. On the WikiFX exposure page, you may see an example of such an occurrence. (As shown below)
Selecting a Broker with Caution
The WikiFX exposure may assist many traders in exposing their broker's illicit practices and allowing the WikiFX investigative team to take action by confirming the broker with financial authorities and commencing the procedure to close their offices if required. As a result, it is easier to identify unregulated brokers and prevent their operations from stealing money from innocent individuals who only wish to earn a career via forex trading. The following is an example of a reported occurrence was “unable to withdraw”.
Just always keep in mind that WikiFX has a lot of features for a trader to utilize, especially the search bar to fully understand a broker's full details before investing with them. WikiFX app is also available on smartphones and can be downloaded for free on App Store and Google Play Store.
According to WikiFX, victims of MBA FOREX fraud have given the Economic and Financial Crime Commission, EFCC, a 21-day deadline to arrest and prosecute Christ Embassy Pastors, Amaechi Bartholomew Udeaku, Paul Odogbo, and Precious Williams, who have been declared wanted by the commission for MBA Forex fraud.
TradeFTM, a trading name of TradeFTM Limited, is allegedly an unregulated ECN forex broker based in London, the United Kingdom that claims to provide its clients with over 140 tradable financial instruments with flexible leverage up to 1:500 and variable spreads from 0.6 pips on the CTrader trading platform, as well as a choice of eight different live account types and 24/5 customer support service.
Tradeplus, a trading name of Navia Markets Ltd, is allegedly an unregulated financial brokerage firm registered in India and founded in 1997. The broker claims to provide its clients with a wide range of trading instruments on web-based and mobile applications trading platforms.
Gujjufx is allegedly a suspicious regulated forex broker registered in India that claims to provide its clients with forex trading with leverage up to 1:1000 on the industry-standard MetaTrader5 trading platform.