What is Forex Trading? A Step-by-Step Guide for Beginners and Traders

In this article, beginners and experienced traders can get all the information needed to start trading in the Forex exchange. You will learn the following topics: what is forex trading, how to trade forex, benefits of forex trading, our best forex trading strategies, etc. By the end of this article, you will be equipped with the right knowledge to tackle the world’s largest capital market.

What is Forex trading?

Forex trading is also known as FX trading, currency trading, or foreign exchange marketplace. Forex trading is where anyone can buy or sell one currency to another. FX trading is based on the sale of currencies around the world, with an average trading volume of more than 5 trillion dollars.

When the currency values rise (appreciate) and fall (depreciate) this analysis is based on several economic, geopolitical, and technical factors.

The currency pair is a combination of these two currencies and the pair is represented by a unique three-letter code.

Best online forex broker platform – IMMFX

IMMFX is the leading online forex broker in middle east countries offering forex trading through MetaTrader 4 (MT4) desktop and mobile trading platforms. IMMFX is not only a brokerage firm, but they are also part of a larger group called IMM Group, Ltd.

IMMFX is the best straight-through processing-based (STP-based) global brokerage, authorized, and registered platform allowing currency trading, stock trading, cryptocurrency trading, etc.

Advantages of using IMMFX forex broker include:

  • Interest-free trading option.
  • Low latency and tight spreads.
  • High leverage.
  • 200+ currency pairs and other assets.
  • Wide range of payment methods.
  • Instant deposit and fast withdrawal (up to 24 hours).

How does IMMFX forex trading work?

There are two different types of accounts available in the IMMFX forex broker:

Traders can then use these accounts to buy and sell currency. Forex prices are known as rates. For example, a price or rate in euro-dollar could be quoted as:

EUR/USD = 45.678

The left side currency before the slash is the base currency (in this example, the euro), and the currency on the right-hand side is the quote currency (in this example, the US dollar).

When should traders buy currency?

A trader will open an account and choose to buy or take a long position if they believe that the value of a specific base currency will increase.

When should traders sell currency?

A trader will open an account for a sell or short position if they believe that the value of a specific base currency will decrease.

If you are a beginner investor, you can practice forex trading using our demo account >> Demo Account

How can I make money through forex trading?

“It’s important to know what you want to accomplish with your investments before you actually invest.”

― Oscar Auliq-Ice

You can make a profit by following these couple of steps before initiating a trade:

Make money with the right trading strategies

Don’t waste your valuable money. You are a beginner investor, before starting to trade forex, study about the forex market.

Study the currency pairs daily

When you enter into the exchange you must either choose the base currency or a home currency. You can also opt for worldwide currencies. This must be done before starting a trade deposit of the amount in your account.

Keep an eye on the financial market

Investors, forex traders, organizations, and government agencies need huge financial assets. They open accounts, then later change their currency pairing while increasing other currencies’ values. When you invest in the financial market, you need to keep an eye on rising and falling prices at forex trade.

Take advantage of a broker’s leverage services

The leverage may help you to boost a little profit. This technique helps even small forex traders to make money with a nominal amount.

Use the Demo Account

Reputable forex brokers like IMMFX offer both demo and real-money accounts for traders. However, beginner investors can use the demo account with virtual money in a real trading environment. With an IMMFX demo account, you can access educational material, video, and forecasts for free. When you feel you are ready, you can switch to a Prime account with real money >> Prime Account.

Forex trading – a profitable Investment in 2021?

In the past, people have started to invest in forex as they see it as a great opportunity for growing their wealth. If you are a beginner investor planning to invest in financial markets, take a look at some practical reasons as to why forex trading is profitable:

Accessibility

One of the major reasons you should invest in the forex markets is that it is accessible from anywhere. Forex allows you to invest a small amount of money, while allowing you to gain large profits at a later time. You can easily start your account online by choosing a forex broker such as IMMFX and register with them in a matter of minutes.

Flexibility

The Forex marketplace is open 24 hours a day and almost seven days a week. You don’t need to wait. Whether you are a businessman or a part-time broker, you will be able to trade on the forex market in your own time.

Better profits

Forex trading may be risky, but it can also make you get great profits. Every beginner investor must know that when the value of the currency is jumping up, you buy it, and when it is looking to go down, you sell it.

What are the benefits of forex trading?

Reduced margin

Forex trading puts up small amounts of money as a margin when you are maintaining a large amount of profit. The right strategies help you frame a profitable investment and reduce risks. However, margin balance helps you to avoid sudden liquidations of your positions in the market.

High volume and liquidity

IMMFX maintains a high liquidity volume, which means a large volume being traded at the moment, under normal market conditions. With a single click, buy and sell orders can be closed easily.

Trade the highs and the lows

Whether you are a longer-term or day trader, there are plenty of trading opportunities. You can trade when you believe the price of a currency pair is going up or when you anticipate it going down. Sudden price changes can be advantageous if timed right.

Wide options

In forex trading, there are a variety of choices available. An individual can enter into spot trades or future agreement contracts. Just keep in mind the budget and the risk-taking factors involved in this market.

Conclusion

Open a forex trading account with IMMFX, a leading online forex broker, and enjoy trading.

Sign up now!!!

What is IMMFX? A Complete Guide

Online trading is becoming popular each day, as more people are enticed by the prospect of earning more profits. But no matter if you’re a beginner or a veteran trader, it’s important to understand the current updated techniques and skills to compound your wealth.

This article talks about the online forex trading website IMMFX and shares the benefits of trading with IMMFX, but before moving to the topic, let’s recall what forex trading is all about.

What is forex trading?

Forex trading is the act of trading one currency for another, and traders, companies, and other institutions, must go through a currency exchange or forex broker to do this.

Benefits of forex trading:

1. Advantages in exchange rate changes

The exchange rate between currencies changes all the time, and traders take advantage of these changes to earn a profit. Let’s understand this better with an example:

Let’s assume that you plan to travel abroad and would need euros. So, you visit an exchange to convert your 500 dollars into euros. After a week, you come back to your native country without spending a single euro and exchange your euros back to the dollars but you are surprised to receive $505.

It’s because, during the week, the exchange rate changed which led to a profit of an extra five dollars, made by trading currencies.

2. High Liquidity

When compared to any other financial markets, the forex market has the largest number of traders. Forex trading platforms provide the highest level of liquidity, which means numerous orders of currency trades are easily filled efficiently without any large price deviations.

3. Trade the highs and the lows

It doesn’t matter if market prices are rising or falling, you can still trade and even multiply your profit, depending on the forex trading strategies you use. You can find opportunities in any market condition, be it when the price of a currency pair is going up or when the price is falling down.

4. Leverage

With the help of leverage, you can essentially ‘borrow money’ from your broker to trade values much larger than your actual deposited funds. This is a powerful tool and an attractive feature of forex trading.

5. 24-hour market

With three major trading sessions across different continents throughout the day, forex trading platforms essentially function across the globe, around the clock, from Sunday night to Friday night.

IMMFX – A leading online forex trading website

IMMFX is a forex and CFD trading platform with a wide selection of currency pairs at low transaction fees. It supports MT4 on the desktop, android, and iOS devices for both brokers and traders globally.

IMMFX is a global STP and CFD forex broker exchange platform, registered and licensed for online forex and commodities brokers by the Financial Service Authority (FSA). It’s also registered as an International Business Company (IBC).

IMMFX offers multiple trading accounts, trading software, and tools to trade commodities, precious metals, energy, indices for individuals and institutional clients.

IMMFX – Best STP and ECN forex provider

IMMFX offers STP forex brokerage services with zero conflict of interest. STP stands for a straight-through-processing system that processes transactions electronically. In IMMFX, our STP will simply pass this trade to our network of liquidity providers, which consists of 12 major banks connected directly to the MT4 platform via FIX Bridge.

Benefits of STP model

● Trade orders are filled more quickly.

● Trade execution is seamless.

● No conflict of interest.

● Get live market trends.

On the other hand, ECN stands for an ‘Electronic Communication Network’ that has permission to facilitate interaction between banks and individual traders. An ECN broker must play the role of an intermediary between your buying and selling orders, matching up with different market participants.

An ECN broker must play the role of an intermediary between your buying and selling orders, matching up with different market participants.

Benefits of ECN model

● No price re-quotes and minimal slippage.

● Fixed commissions for each transaction.

● Current and past price data is accessible for traders, to prevent price manipulation.

● Traders deal with the price based on exchange strategies, market position, or size of the order.

IMMFX – Best in KYC and anti-money laundering processes

IMMFX exchange has a secure account opening procedure for new traders. These procedures must be followed in conjunction with the screening of prospective clients against anti-money laundering policies. The new traders must fill in the required information and upload government-issued documents for us to get to know them better and evaluate their suitability. Upon signing up, all details are verified by our back office compliance team members, and applicants can always review the status of their application through indicator colors (eg. red = under process).

IMMFX – An award-winning broker platform

● Best ECN/STP Provider St Vincent & The Grenadines 2017

● Best Rates Platforms in 2015

● Best Execution Broker in 2016

● Best Sell-side Analysis Contributor in 2017

● Best Forex research in 2018

Benefits of Trading with IMMFX

● IMMFX traders are protected against spam activities and are able to execute trades with the utmost security and convenience.

● As a leading STP forex and CFD trading broker platform, IMMFX provides attractive contract specifications for each trading product.

● IMMFX offers a variety of trusted methods for securely depositing funds such as bank/wire transfers, FasaPay, i-Account, MoneyGram, OKpay, PayCo, Payza, Perfect Money, UnionPay, Western Union, UAE, among many others.

● IMMFX representatives offer multilingual support through phone calls, online chat, and email to respond to any problems or inquiries from traders.

● IMMFX provides an Affiliate Link program to traders, so they can potentially earn extra profits from introducing their contacts to our platform.

IMMFX – Types of products for Trading

● Forex trading

● Metals and Energies trading

● Stock indices

● Individuals Stocks

● Cryptocurrency

Why choose IMMFX?

IMMFX is the reputed trading exchange platform established by the IMM Group Ltd. We always care for our traders and never delay in responding to their queries. We analyze the trends in the CFD and crypto markets and provide special software and tools for trading. Here are some of the advanced features:

Premium Features in IMMFX

● Fast and easy account opening process

● Licensed and regulated broker

● Segregated client funds

● Negative balance protection

● No withdrawal restrictions

● Swap-free accounts and trading

● Solid data and fund protection

● Free demo account, step-by-step tutorials, and articles on trading

Start trading instantly and be a part of the IMMFX community – Sign up Now!