Choosing a Forex broker: Profits Vision accounts type and all about it
You have already understood what the Forex market is. After you learn how to trade currencies. Distinguish bearish candles from bullish ones, and understand what happens in the market when the “cable creeps up”.
The next step is choosing a broker. In the foreign exchange market, a trader and a broker are an inseparable pair. It is impossible to achieve good results without an honest broker. How to make a good choice?
Numerous ratings of Forex brokers do not add clarity to the picture. Experienced traders change dozens of dealing centers and brokers, but we will try to shorten this route, bypassing the mistakes that await beginners.
- Profits Vision website: profitsvision.com
- How to identify a bad brokerage company
- Profits Vision trustpilot: Broker Rating
- Information about the broker
- Trading platform
- Profits Vision account: Demo account
- Profits Vision account types: Trading conditions
Profits Vision website: profitsvision.com
The number of dealing centers and brokers is growing every day. You can fully evaluate a broker only after working with him, but even before the start of cooperation, it is important to form an opinion.
Previously, brokers worked by phone. In the 21st century, the process takes place over the Internet, and online brokers operate in the market. A broker's website is a way to present yourself to a client in a favorable way. Therefore, it should easily load pages and provide the information you need.
Test the site at different times, especially during peak trading hours. Watch how the site loads and check if there are any problems contacting support.
If the design looks outdated, the company is not doing very well. The abundance of advertising like Google AdWords on the site is also a bad signal. If this broker is successful, then why would he use someone else's advertising to make a profit?
Profits Vision website: How to identify a bad brokarerage companies?
If you have reviewed Forex brokers and one of them turned out to be your favorite, you should collect information about it. Use Twitter, Facebook, blogs, forums - resources where there is at least some mention of this company.
Forums and chats allow you to talk about anything and with anyone. This is a chance to learn about the experience of other traders. Do not use the broker forum - most likely, these reviews are written to order. In a traders' forum, it's best to ask specific questions, such as potential downsides to a particular company's trading platform.
If you want to find out if a certain broker is a scammer, enter his name in the search bar and add the words “scammer”, “fraud”, “scam”, etc. to it. Be careful, the competition in the market is so high that even the most adequate brokers are constantly being slandered. PR agents often misrepresent a broker by promoting the services of an employer and giving false ratings to others. If one person out of a hundred claims that a broker is a scammer, this is a PR person. If out of 100 reviews, half say it's a scam, chances are it's true.
This is also practiced: competitors under the guise of clients offer a review of Forex brokers in a negative way. No specific information or examples are given, the emphasis is on the emotional tone of the message.
Profits Vision review reddit: Forex Broker Rating
If you are guided by the rating of brokers, then be careful. It is better to check it in several sources: relying on one site, you will be taken to the ordered reviews.
As practice shows, most often the rating of the best Forex brokers is compiled by the brokers themselves. Moreover, each specific broker puts himself in the first place and each leads the rating of Forex brokers in the world. We conclude: ratings should not be the only reason for choosing a particular company.
Profits Vision review reddit: Pay close attention to withdrawal messages. Go ahead and contact the commenter. If this is a competitor review, you are unlikely to get an answer. If this is indeed a trader who is having trouble withdrawing funds, you will receive important first-hand information.
There are hundreds of pages of reviews about scam brokers and still there are those who bring them money. In this case, advertising is stronger than common sense. Hint: do not trust a broker who has changed the name of the firm several times.
Profits Vision trustpilot: Information about the broker
Some things announced by brokers are just a “cover” and a distraction for clients. A novice trader must distinguish between really important information and unnecessary information designed to mislead.
Profits Vision market spread, what you should pay attention to:
- First of all, everything related to money. How to withdraw funds and how to replenish an account, what payment systems the broker uses, his commissions, Profits Vision market spread.
- company age. Sometimes unscrupulous brokers have been working for years, but in 90% of cases, the solid age of the company speaks of the quality of the services provided.
- specifications. The trading platform, your personal account and ways of communicating with support should be accessible and understandable.
Profits Vision review trustpilot: Extra information or bluff:
- extensive advertising campaigns in social networks. It confirms that the company has a large advertising budget, but does not necessarily confirm that the broker is working honestly. Sometimes the thousands spent on advertising mask unscrupulous practices and are intended to distract customers from negative reviews.
- umerous awards, diplomas and titles. They do not always talk about the quality of the broker's work. A successful company does not need to emphasize achievements - customers are already aware.
- educational programs. This is far from an indicator of a bad broker, but the promises to teach you how to trade Forex in a week seem ridiculous. Focus on free training courses.
- Forex rating of brokers, getting into the top brokers when compiling some kind of rating. As already mentioned, Forex broker ratings are unlikely to help you choose the broker that suits you.
Profits Vision account types: Trading platform
Can you understand how the platform works without spending dozens of hours studying it? The software must be functional and intuitive.
A normal trading platform provides instant placement of orders and closing deals, does not break down and responds to commands.
Stable and fast software is especially important for traders who make a large number of trades in a short time. They usually use the following strategies:
- algorithmic trading;
- news trading;
- copy trading.
Passive and conservative traders who do not watch the market around the clock will be satisfied with a simpler option.
Different types of platforms are available on the market: applications installed on a computer or browser-based versions. Additional tools and graphics should be easy to install and use. The advantage will be the availability of the platform in the form of a mobile application.
To get an idea of how the Profits Vision account types works, work with a demo account.
Demo account: Profits Vision account
Demo accounts provide an opportunity to trade in conditions as close as possible to real ones. The trader uses the broker's software and its trading conditions, but does not invest real money.
The main problem with demo accounts is the wrong mental attitude during trading. The trader does not worry about his hard-earned money, does not experience fear and greed, becomes inattentive.
Another important nuance: often traders, having tested the execution of orders on a demo, complain that everything is not so good on a real Profits Vision account. There is no catch here - transactions on demo accounts are not displayed on the interbank market, so the execution there is excellent, and there are practically no slippages. Bottom line: Demo accounts are a great way to get familiar with the platform, evaluate broker trading conditions, and test strategies. But this is still far from real Forex. Therefore, staying on a practice account for a long time is risky.
Profits Vision strategy manager review: Support
Everyone likes to be treated with courtesy, whether they're buying fruit, a car, or trading Forex. Support should help you achieve success.
Imagine a situation where the platform is frozen and unresponsive. At such a moment, it is difficult to overestimate the importance of the support service. How quickly will they respond to your email? Is it possible to chat or use messengers? Is it possible to communicate by phone with a live person? Do support agents seem knowledgeable? The way they respond now speaks volumes about how they would behave in a real situation.
Round-the-clock support is a feature of a reliable broker. Don't be afraid to "terrorize" the helpdesk, especially at first.
Profits Vision strategy manager review: The broker must have support in your language. In a force majeure situation, it will be very difficult to explain to support in broken English that the order does not work because the platform is “hanging”.
Profits Vision spread: Trading conditions
What to consider:
Profits Vision spread value. If you are not aware, the spread is the difference between the buying and selling price of a currency pair at the current time. In addition, this is the broker's income. There are two types of brokers: some work with a fixed spread, others with a floating one.
Profits Vision spread review: With a fixed spread, the broker will determine the difference between the bid and the ask, not the market. The trader knows the value of the spread in advance and adjusts his trades to it. There is nothing wrong with a fixed spread, and many beginners are more comfortable trading with it without fear of sudden expansions. Profits Vision spread review, the spread no longer depends on the market, and trading becomes a sham.