There are many, many, many ways to earn money online. The simplest, and most straightforward, are to simply take on jobs by paying employers, or sell goods or services of your own volition. Many opt to turn to online gambling, or try their hand at building a YouTube channel or a similar venture as a means to get rich quickly. The problem with all of those options is that they’re rather short-term. Unless you get VERY lucky and manage to hit a multi-million jackpot (which has only happened to a few hundred people worldwide in the realm of online casino), chances are that online gambling, or selling your possessions on eBay, isn’t going to keep you afloat for too long, and I’m not even going to explain just how bad of an idea trying to get rich off of YouTube is. No, when it comes to making money – serious, consistent money – online, there’s really only one surefire way you can achieve this, and that’s, obviously, trading. Come on, don’t be so shocked, we’re on a trading site, of course that’s what I was gonna recommend!
Now, I do need to point out that “trading” is a very broad term. Technically, you can just buy stuff for cheap online and resell them for a higher price, and that still constitutes as “trading”, and may be something that we cover in the future (even if I wouldn’t hold my breath). But then there’s trading with resources, stock exchange, and then there’s one of the most fascinating types, currency trading, or Forex. Forex, which stands for “foreign exchange”, refers to the act of purchasing certain currency when its value is low and then selling it when it’s high, making a profit like that. Of course, at first glance this sounds utterly ridiculous, because you’re essentially buying and selling money, but it does make sense. The value of currency, much like the value of stocks, fluctuates all the time based on a variety of factors. For example, when Brexit happened, the value of the British pound plummeted to the ground, so an opportunist Fedex trader would be wise to purchase a lot of pounds, wait a year or two for the situation to stabilize and then sell them for a massive profit.
Of course, you can’t just waltz into the nearest currency exchange office and demand to buy a few thousand pounds. I mean, technically you can, but it’s not really all that effective in the long run, not when the value of currency fluctuates daily. Instead, you’d be much better off using specialized websites that specifically deal with currency exchange in an easy and convenient way. Those are known as brokers, as you may have figured out from the title of the article. Speaking of the title, I do have to admit that it’s a touch click-baity, as I’m not actually going to be telling you which broker is the best one – that’s something you’ll need to figure out for yourself, because at the end of the day, all brokers have minor differences and specialize in different things. If you look at the information on the forex broker comparison of this website you’ll see exactly what I’m talking about – MMs, ECNs, leverage, margins… It’s a lot more than I could possibly explain in this brief overview, so I highly recommend that you take a moment and read through that article before we continue.
Okay, I assume you’re all caught up now! Great stuff, right? To continue my train of thought, leaving technical specifications aside, there’s lots of other details that distinguish different brokers from each other, such as the interface or what currency they support, or whether they’re even available in your country. For me, specifically, a big part of it is whether they have a mobile app or not. Because let’s face it, I’m a very, very lazy person, and I like to trade in bed, in my underwear, while watching Netflix on the big TV right in front of me. The same goes for Forex trading, hence why it’s pretty important for me, personally, to use brokers that offer a decent support for mobile devices. A good example is IG Markets, which has also a good mobile trading app, but I can perfectly understand if the lack of mobile support isn’t something that will turn you off. You see, that’s the whole point of this article – there is no best Forex broker out there, as much as certain ones would like you to believe otherwise. Each one has its good sides and its negative sides. It’s your job, as a Forex trader, to find out which ones are the best and which ones are the rest. Of course, there’s always a couple brokers that are above the rest, but which ones? Well… We might need to revisit this topic in the future!