As long as there has been coined money (which does not really come up until the 600s B.C.E.), merchants from different countries have purchased each other’s currency. Today, many investors buy money of other nations – most commonly the American and Australian dollars, the Japanese yen, the euro and the British pound – in hopes of making a profit, the success (or failure, God forbid) of the investment depending on whether the rate of exchange between the two currencies involved rises or falls. This article will be about one forex trading platform in particular – what its policies are, what it offers and what steps are involved in setting up an account there.
iForex is a trading company based in the British Virgin Islands (NOT the U.S. Virgin Islands) that has locations all over the world, plus separate customer support numbers for Greece, Russia and Spain. It has one of the best-designed platforms of any company of its kind – though, it must be admitted, they have experienced slowdowns from time to time. Some customers have complained about the fact that iForex does not use the electronic trading platform MetaTrader 4 like so many others have. In addition, customers have to present images of both sides of their credit cards for their transactions to be accepted. On the other hand, a web and a standalone platform are both available and the customer support is very friendly! iForex’s spread (the difference in price between securities) is three pips between the euro and the American dollar.
Trading tools available at iForex
One of the most attractive things about iForex is its many educational tools designed to help the individual who is new to forex trading – or to investing in general – to learn the ins and outs of the trade. These six tools, each of which is in PDF form, are:
- Simon Says Trade – gives all the basics of forex trading
- Improve Your Style with Moving Averages – how to use this to make the best trading decisions
- Profit from the News
- the Trader Guide – how to open your first few trades on your own
- Common Trading Mistakes – Learning the pitfalls can help avoid them.
- Learn the Lingo – There are always terms peculiar to any human venture.
One must register to get the full edition of any of these items.