Threads
No forex broker is perfect: change my mind
Replied 5 hours ago -
Funny but true! They all have some hidden fees somewhere. I tried HF Markets, their minimum deposit was low but their spread was outrageous. I ran to Exness, their spread seemed better but the execution quality was not good enough. I then went to Octafx and their customer support was so bad
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why do brokers locate their servers in London & New York?
Replied 6 hours ago -
To deal with the issue of latency or execution speed. The further a brokers server is away from the liquidity providers, the worse the execution speed becomes. And, most of the big liquidity providers are in London
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How long does it take to learn forex trading
Replied 6 hours ago -
Anyone with half a brain can learn forex trading in a couple of months but the mastery/steady profitability takes years.
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London Session Forex Time in Nigeria
Replied 6 hours ago -
It essentially depends on what timezone London is using at the moment. So, ask yourself what is London's timezone now? As we spreak, London is using UTC time while Nigeria is using UTC+1 this means that London session will start by 8 am in London and will start by 9 am in Nigeria.
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| ⚖️Is Forex Trading in UK Legal? | Yes |
| ⚖️Forex Trading Regulator | Financial Conduct Authority (FCA) UK |
| 📅 Date Established | 2013 |
| Investor Protection | Financial Services Compensation Scheme (FSCS) up to 85,000 GBP |
| ✅No. of FCA Licensed Forex Brokers in UK | 15+ |
| 💰Average OTC FX Turnover for UK 2022 (BIS Survery) | 3.755 Trillion USD |
What is Forex Trading & How Does it Work in the UK?
Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.
To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.
On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.
To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.
If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.