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Forex, or foreign exchange, is a currency trading marketplace which operates throughout the world 24 hours a day, five days a week.
The lure of forex trading is a powerful one. Budding investors are often compelled by the idea of a potentially explosive money-making scheme which they can execute from the comfort of their home. But this scheme is just as dangerous as it is exciting, so it is important that you get to grips with the market before investing any of your hard-earned cash.
The UAE is home to many forex brokers and trading companies that work as your eyes and ears in the market. Many provide free demonstration trading accounts which allow newcomers to trade virtually on the marketplace without any risks. Signing up with a broker who will offer such a service is recommended, but there are many things to look out for before deciding.
It is vital that you find a regulated broker who has a good track record and reputation. It is also important to note that a licensed broker is not the same as a regulated broker; the former does not have to adhere to the same rules or ethics as the latter.
A broker should be able to offer you up-to-date technology and platforms which allow you to trade from a range of devices including your smartphone, tablet, etc. Because forex is open 24 hours a day, you need to find a broker who can offer you assistance day and night.
• Choose a regulated broker over a licensed one
• Up-to-date platforms are a must in forex trading
• Brokers often offer free demonstration accounts
You may also like this: Set up a trading company
Source: Georgina Farrell, Special to Classifieds
The writer is a freelancer