Forex is one of the most technologically-developed trading markets, yet many traders are actually failing in getting benefits from the facilities that brokers tend to offer. This article will explain the most common extras that the brokers offer to their clients and the most popular ways of benefiting from them.
Forex is one of the most technologically-developed trading markets, yet many traders are actually failing in getting benefits from the facilities that brokers tend to offer. In many cases, a broker would be offering its clients some very useful tools at discounted rates or just completely free of charge. However, many traders simply neglect it and never use such features. This article will explain to you the most common extras that the brokers offer to their clients and the most popular ways of benefiting from them. Let's find out more!
A few brokers will be offering you free access to the Virtual Private Server. What is this and how is it useful? In general, brokers are executing the trades on your behalf via their own network, which is commonly an ECN or an STP. While these networks usually have a high-speed connection to other major market participants, your connection to the broker may often be the reason for high latency. To avoid this, you can start using a Forex VPS provided by brokers, and connecting to it will allow you to experience the fastest speed of execution. In other words, if you are scalping currencies - VPS is what you should be looking into.
Many traders hate this software, others love it. Believe it or not, but Autochartist is a great 3rd party application for trading and it is designed to actually provide a great overview of the patterns drawn on the chart. This allows you to quickly understand the current and possible future states of the market based on technical analysis. Usually, this tool comes at a cost of $5 per month, yet quite a few brokers give access to it for free.
This is the part where you have to be cautious. There are many brokers that offer signal services to its traders and, unfortunately, many signals are actually false. This way a broker can motivate the traders to generate higher volumes, while in reality, the volumes do not really bring profits to the traders.
This is why it is advised not to get involved with the signal trading from the brokers, but rather pick up a broker that offers smooth integration with MQL Signals or provides ZuluTrade accounts. This way you would be able to get signals independently from a broker. A great choice if you actually prefer someone else to trade for you.
A lot of traders are afraid of getting a bonus on their trading account and often this is a mistake. Of course, there is a high chance of getting such a bonus that would actually spoil your trading experience and result in losses. However, if you are trading with an honest broker, it would be quite easy to get your deposit rewarded with a fair bonus. You should not look for a bonus that is 40%, 60%, or even 100% from your deposit as usually there are hidden truths from such bonus schemes. Rather than that you must seek a bonus that is somewhere around 10% to 25%.
This is vital as you would be required to complete a certain trading volume to withdraw the bonus and the less % you received, the smaller this volume will be. In other words, it is better to get $1,000 USD with 90% confidence than $4,000 USD with 25% of confidence.
We hope you enjoyed this article about broker's facilities. Stay in touch for more!
This article is contributed by Forex Bonus Lab, a website dedicated to the most recent Forex bonus offers and reviews of the leading brokers.