When you are browsing through Youtube, you might encounter an advertisement called eToro with their comedic advertisements about their services. eToro is one of the many forex brokers that you can find online as they provide a platform to trade and earn money safely.
There are many best forex broker Malaysia to choose from with each broker having their own benefits and suit towards a certain trader’s trading style. eToro is one of the most popular forex brokers in the world as it is known for specializing in copy trading. Through copy trading, copy traders are able to copy accounts through the eToro platform and their accounts will mimic the action of their “master”. This would allow beginner traders to learn more about the decision made behind certain actions and are able to ask for their master’s advice by paying them a certain sum of money. However, copy trading can only take a trader only so far as it is considered to be not viable for trading in the long run. In addition to the forex market’s volatility, the returns from copy trading is equally volatile, which you can run a risk of losing all of your capital on the same day you start your first day as a forex trader. Additionally, choosing a trader can be difficult as you will not know how the trading style of certain accounts. It is possible that you will end up following an aggressive account who invests in multiple stocks, which could also cause you to lose all of your money within a single day. And finally, eToro only supports copy trading and does not have a Meta Trader(MT) software, which is a necessity for every forex broker to provide a platform to observe the market.
If you are looking for alternatives, then you might want to look into IG as it provides one of the best all-rounder services on the internet. It has plenty of educational materials for beginner traders to learn more about the forex market and develop their own skills by opening a demo account. Through a demo account, traders are provided a set amount of virtual money, which they could use to test their platforms, tools and services they provide. Once they gain enough confidence and experience, traders from IG can open a live account and start trading after paying a small amount of minimum deposit at USD 10.
Overall, forex trading can be a worthwhile investment if you have any throwaway cash to use. But, you must take note that the forex market is known for being volatile, which means that the stock market price is always changing in addition to operating 24/7 everyday. External factors are also able to fluctuate the market as seen with the coronavirus pandemic which sets every country into an economic recession. Nevertheless, if you can trade well, you might see a pretty good flow of money coming into your bank account.
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