Who Is The Best Broker For Forex Trading & Why? | Live Forex

A couple of days ago I said you I was going to make a video on the best broker to trade forex with. Now a lot of you are choosing a broker based on the spread only. So that's the difference between the buy or the bid and the ask price. So there is a price that the banks offer for a currency and then you go through a broker and then the broker marks up that price price and that markup is called the spread. So it's the difference between those two prices. And a lot of you are choosing your broker based on that solely. And that I feel is the wrong way to choose a broker. So where the broker catches you a lot is on the commissions that they charge. So you can look at my screen now and you can see that on the trade it says their commission and then above there it says their swaps. So commission is basically a commission that you get charged every time a trade is placed on top of the spread that's being charged to you. And then there is the swap fee. So I said to you in my last video, if you click on in the top right hand corner to watch that video about the swap fees, a swap fee is basically, it's a fee charge to you if you hold a trade longer than 24 hours. Now if you belong to our organization, we can help you to get that charge removed. Now normally you would have to be following the Sharia law, which is the law that the Muslims follow, which says that they don't allow and they don't charge interest when they are borrowing or lending any money. So with our broker, because we have such a special relationship with our broker, we're able to have those swap fees removed. So there's no commission with our broker, there's no swap fees with our broker. And also the spread for the trade is very, very low. So as you can see on the screen now that most of the Currencies are below 2 pips. See that gold is fluctuating. There must be some sort of volatility. So this is not 37 pips or 40 pips, this is 4 pips and that's only for gold. Now you see you're making a decision based on the pips, but you're not factoring in the commission that you're going to pay with other brokers and the swap fee that you get, the overnight swap fee charge that you're going to be paid. So this is a once off charge but the swap fee is a fee that you get charged on a daily basis. So I can hold the trade for three weeks, A month, two months, three years. So let me go to one of my other empty my MT5 platform and I'll show you exactly what I'm talking about. So I've got a trade open, two trades open over here and you can see here that there was swap fees being charged and then I had the swap feast removed. But look at the date that I took this trade. This trade I took 10th of February 2021. The date today is January 27th. So I've been holding this trade for ages. And the point is is that you can't be looking at a broker only based on the spread of the currencies that you're going to be trading. Okay? There are many other advantages that why I use FBS and let me show you some of those advantages now. So firstly you get a level up bonus. So when you start trading with FBS before you even deposit so a sign up bonus as a sign up bonus you can get a hundred and forty dollars added to your account. Okay? And they asked terms and conditions with that you have to trade a certain amount of pips within 30 days and then you won't be able to withdraw the $140 but you will be able to draw the profit of that $140. Now as a novice trader I don't recommend that you start trading immediately using the hundred and forty dollars because you only get that initial signup bonus once. Okay so don't use it. Now if you want to use this broker and take advantage of this level up bonus then section of this video is the link to the broker where you can get those two advantages. One the swap fees removed and two the level up bonus. Okay Then they've got various different promotions that you can take advantage of. There's the level up bonus and there is a hundred percent deposit bonus. Now I don't recommend that you use the hundred percent bonus. And the reason being for that is because.

When you're going to draw down you may think that you've got let's say you deposit a hundred dollars now on you and you take the level up bonus. So in your account it says that $200. Now when your drawdown gets to let's say 50% it's not 50% of the $200, it's 50% of the hundred dollars which is very very cons confusing to most novice traders. And and as you know when you get to.

80% drawdown on your account you will unfortunately it's called the margin call and you blow your account. So if you've taken this 100 deposit bonus and you do get to a, a drawdown of 50, it actually means that your drawdown is a hundred percent and you've blown your account. So it's actually at about 40% where your actual drawdown is 70, 75, maybe 80%, which is very, very confusing for a novice trader. So I highly recommend that you don't use that feature. Now the leverage, a lot of people say that leverage is dangerous. Leverage is dangerous, just like driving a car at 300 miles an hour is dangerous. So if you don't know and understand leverage, okay, then it can be a disadvantage for you. But on the contrary, on the converse of it, it can be very advantageous for you if you know what you're doing. Okay? So if you know how to read a forex chart and you have an 85% certainty, certainty that a pair is going to move in a specific direction based on either technical or fundamentals, then the leverage would be very advantageous to you. Now I run a free forex course. In the bottom of this screen you can see my the website which is Learn to read a Forex chart where I teach you how to read any instrument, whether it's forex, commodities indices, any financial instrument. My principle works on with that, with that instrument. And it's a very simple, easy to use, easy to understand strategy that's got four or five different rules. Again, very, very simple to use. I think a 10 year old could do it. Okay, so if you want to know more about that in the comments section of this video is the link to my Learn to Read a Forex chart website. Also VPs, you can get a VPS server directly from this company and they have an unbelievable loyalty program. And then there is the RB program. The RB program, which stands for independent business program is for people that like to promote and help other people to get into the program that they are working with. Now when you, when you apply for the RB program, how it works is you would get 15% of the spread that every one of your people that you introduce to FPS all their trades, you would get 15% of their spread, which is absolutely unbelievable. And that's on level one. Level two, you would get 10% of the spread charged on every trade taken by the person that you introduce. So it's a 2 level only earnings program, which I mean if you've got a thou, do the math. Okay. If you've got a thousand traders and you educate them on how to trade and how to be successful Your earnings commissions could be in the tens of thousands of dollars. I do know of people that are making fifty thousand dollars, a hundred thousand dollars per month with this program. So it's very, very lucrative. Apart from the monetary bonuses that you're going to get and the promotions. FPS has a very interesting analytical and education program where they post videos on their Telegram group and on their YouTube channel, which is absolutely fantastic. They also have various different trading platforms that you can use and various different accounts. Now one of the main advantages, okay, that I like about FPS is their different types of accounts that they have. So for a person that has a very low amount of capital, we would recommend a cent account. So a cent account basically means that your dollars that you trade are converted into cents. So if you convert, if you deposit $100 on your MT4 platform, it's going to say 100 times 100, which is 10,000. So in other words, you've got 10,000 US cents to trade with. Now the, the, the lot sizes is, works the same way as it would on a micro account, but you're working in cents. So the lowest lot size that you can use in Forex is a 0.01. But a 0.01 on a cent account is very different to a 0.01 on a micro account. So 0.01 on a micro account means that for every pip that the currency moves, you are charged $1. So if you use the 0.02 lot size then you will be charged $2. So let's say the currency moved 2 pips, you would be charged on a 0.024 dollars per pip. So if it moves another 2 pips it would be 0.4 pips times 0.2, which is $8. Okay, very, very easy to understand. But on a cent account it is $0.01 per pip. Okay? And that is very significant. So it means that your risk on a cent account, even though you're using a high leverage of 1 to 1,000 or 1 to 3,000, your risk on a cent account is much, much lower than that of a micro account or a standard account or an ECN account, which is very, very important. So that advantage alone is more than enough reason just to join this broker. So again, if you want to join this broker, you can go down into the, into the comment section of this link, of this, of this video and go and click on the link to join the broker. Now, FPS has won numerous awards. They also are the sponsors, the official sponsor and partner to the Chelsea Football Club. Okay? So if you watch soccer, you will see there on all the banners and on the T shirts of the Chelsea players that they are the official sponsor. And that is absolutely unbelievable. So their motto is, is that they FPS gives back. And they really do, as you can see from the promotions that they've given, they've been absolutely unbelievable to me. Now I want to share with you, if I can.

The different ways that you can draw funds and you can deposit funds. So like every broker, how it works, when you deposit money, you deposit money using, let's say your bank account. The capital that you deposit has to go back to that bank account that you originally funded your account with. The reason being is because they are trying to prevent money laundering. So you can't open an account deposit via Bitcoin where you got your money by trading armaments and then you want to withdraw your money back to your country using your bank account. They will not allow that. Okay, so you can, you can use one bank account. So if you deposit, you're using one bank account. When you withdraw, you can't withdraw. You can only withdraw your capital back to that bank account. And then after you've drawn your capital, you can withdraw, draw your profits to another mean medium such as.

Crypto or.

Neteller, perfect money, etc. So with the crypto you can draw it back to Ethereum, Litecoin, Bitcoin and you can use the Tron network as well. So that's also a fantastic advantage. So when you withdraw funds, let's just click on the withdrawals. Here are the different, the different trading mechanisms that you can use which is absolutely fantastic. So I don't know why they don't have the Bitcoin option here. Let's just have a look for the deposit. But on my system it does have the option to deposit and withdraw. Let me log in and show you. Right, so here's the Bitcoin, Cash, usdt, Ethereum, the Tron Network, normal Ethereum, Bitcoin, Litecoin and if you're in South Africa there will be another button over here for local bank transfers. So if you want to transfer from Investor, Capitech, fnb, absa, Standard bank and I think.

That'S it. Those are the only EFTs that you can do with with FBs. So the advantages of joining FBS is that they trustworthy, they're continuously develop broker. They've got over 700 people working for them. They're the most beneficial, they have the most beneficial offers in Forex, they've got thousands of profitable orders executed daily. The team of highly qualified professionals. I can speak from experience and millions of thankful customers. They have over 23 million traders worldwide. They are licensed in three countries. Belize, Cyprus, South Africa and Australia. So this is a very popular registered and authentic broker that you should be using. Okay, so that's the reason why I use FPS and those the advantages of using FPS and those of the that's the reason why the reasons why you need to choose this broker as your preferred broker. So I hope that you enjoyed this video. I hope that you liked it. You can please comment in the comment section of this video. Please leave me information of why you like this video, what you like best about this video, and also if you have any questions about the broker or about other brokers that you'd like to ask me. And also if you have other suggestions of videos that you'd like me to create for you, please put that in the comments section and also subscribe to my channel so you don't miss any information that I post. And I post videos three times a week. So thanks for listening and I'll see you on my next video.