Here are some frequently asked questions about ConnectFX.org and forex trading. If your question isn’t answered in our FAQs, please feel free to get in touch with us here.
Table of Contents
- Q: What is ConnectFX.org?
- Q: Why should I use ConnectFX.org?
- Q: Are your services and tools free of charge?
- Q: What makes ConnectFX.org different from other forex broker review sites?
- Q: What kind of tools do you offer?
- Q: Which tool should I use?
- Q: I’m a beginner, where should I start?
- Q: I’m a seasoned trader, where should I look?
- Q: How do you rate brokers?
- Q: Does it matter which forex broker I choose?
- Q: Why should I trade Forex?
- Q: Do I need a formal education in finance to be a successful forex trader?
- Q: How much time do I need to dedicate to forex trading? Can I trade part time?
- Q: Can I trade forex without installing clunky software on my computer?
- Q: Is trading Forex risky?
- Q: How much money can I make trading Forex?
- Q: How much money do I need to open a Forex trading account?
Q: What is ConnectFX.org?
A: ConnectFX.org is a FREE service which provides you with a number of tools and detailed unbiased reviews to connect you with the right forex broker.
While we employ independent experts to research and review forex brokers, we also obtain ratings and gather feedback from traders like yourself in our reviews.
Read more about us.
Q: Why should I use ConnectFX.org?
A: There are many forex brokers to choose from nowadays. Finding the right one on your own can be a difficult and time consuming task.
ConnectFX.org carefully screens, researches and interviews brokers to ensure they are properly regulated, reliable and safe. We take a close look at a broker’s services to make sure they have all the instruments, software and information you need for successful trading. We review all their commissions, fees, spreads, and other charges to help you manage transaction costs. We strive to provide fair, comprehensive and understandable reviews that enable you to find the right broker.
Q: Are your services and tools free of charge?
A: Yes. All of the information and services provided at ConnectFX.org are FREE of charge.
Q: What makes ConnectFX.org different from other forex broker review sites?
A: ConnectFX.org thoroughly analyzes all facets of a broker’s servicing using a consistent and comprehensive review template. We never shy away from revealing embarrassing facts or even critiquing our top ranked brokers. We ensure our rankings are fair and unbiased by making our proprietary ranking criteria transparent.
Our tools help you efficiently navigate our research and find the information that is most relevant to you. Intuitive and user friendly, they are designed to make broker selection a relatively painless process.
Lastly, we rely on real customers like yourself to provide honest reviews and genuine feedback.
Q: What kind of tools do you offer?
A: Our ranking table is a list of the best overall forex brokers based on our proprietary ranking criteria. We also provide a number of alternative rankings based on experience level, trading costs, range of products, maximum leverage and minimum deposit.
Our wizard is a powerful selection engine that allows you to quickly filter down the list of forex brokers based criteria you specify and instantaneously provides you with recommendations.
Our comparison chart is the perfect tool for you to see how brokers match up in every aspect of their services.
Our list of promotions keeps you up to date with the most generous offers from forex brokers today including information on deposit and registration bonuses.
Q: Which tool should I use?
A: If you’re getting started in forex, take a look at our ranking table of best overall forex brokers.
If you know exactly what you need from your forex broker, use our selection wizard to filter down your choices.
If you have several brokers in mind and are weighing your options, check out our comparison table to see how they stack up in over 60 aspects of their services.
If you want to take advantage of the most generous bonuses offered by forex brokers, take a look at our list of promotions.
Q: I’m a beginner, where should I start?
A: We strongly suggest you take a look at our top 5 brokers for beginners. In this ranking table, we feature brokers who stand out in the areas of educational resources, customer service, user friendly trading platforms, and social trading.
If you’re looking dip your toe in forex trading but don’t want to commit your life savings, take a look at your top 5 brokers with the lowest minimum deposit.
Q: I’m a seasoned trader, where should I look?
A: If you are an active, high volume forex trader, have a look at our top 5 brokers with the lowest trading costs.
If you like to trade equities, commodities, and other financial markets outside of forex, have a look at our top 5 brokers with the best product coverage.
If you are comfortable using leverage to enhance your trading profits, check out our top 10 high leverage brokers.
Q: How do you rate brokers?
A: At ConnectFX.org, we rate brokers using six essential criteria: Safety and Regulation, Trading Costs, Trading Features, Software Platforms, Customer Service, and Account Options.
We careful assess each broker and assign a score for each criteria, and then take an average of those values to determine a broker’s overall rating and we rank them accordingly.
Read more about our rating methodology.
Q: Does it matter which forex broker I choose?
A: YES! Your broker is your gateway into the exciting and lucrative world of forex trading.It is vitally important to find a well regulated and reputable broker to ensure that your money is safe. The last thing you want to do is entrust your hard earned money to an insolvent institution or one with unscrupulous business practices.
Every good trader knows that managing transaction costs is key to profitability. You need to take a close look at all their fees to protect your trading profits from being eaten away by hidden charges.
Read more here.
Q: Why should I trade Forex?
A: The forex markets are the largest and most liquid financial market in the world with average daily turnover of over 5 trillion US dollars. It is open 24 hours a day / 7 days a week and has very low transaction costs. There are no limitations on short sales so you can just as easily take a bearish as a bullish position. Many brokers also offer high leverage on forex trades and which allows you magnify trading profits based on your risk tolerance. For active traders, forex one of the best markets to trade.
Q: Do I need a formal education in finance to be a successful forex trader?
A: No, not at all! There are many successful forex traders who have taught themselves how to trade. While theoretical knowledge is helpful, experience is the best teacher when it comes to trading.
It’s also important to have the cool headed discipline to make good decision in times of uncertainty. There are many well educated MBAs who do not have the right disposition to trade successfully.
When starting out, it’s not necessary to pay for expensive forex training courses to teach you the basics. Many brokers offer an extensive library of educational resources as well as live webinars. Have a look at this list of the best forex brokers for beginners to start.
Technology today has also made it incredibly easy for you to find good forex mentors. Social trading platforms allow you to connect with experienced traders and even copy their trades. Have a look at our comparison table to see which brokers offer social trading.
Q: How much time do I need to dedicate to forex trading? Can I trade part time?
A: YES! The amount of time you spend trading forex really depends on your trading style. If you are a day trader / scalper looking for profits from small intraday price fluctuations, you likely will send most of the day in front of your screen. By contrast, if you are a position trader who seeks to benefit from longer term trends, you can spend more time off the desk as you’ll typically keep trades open for a week to several months.
For the busy professional who is unable or not inclined to keep on eye on the market during the trading day, today’s technology also allows you outsource your trading activity to other successful traders or even computer algorithms. You can open a managed account (PAMM / MAM) with an experienced money manager, copy top traders on social trading platforms or install “expert advisor” software to automate your trading for you. Have a look at our comparison table to see which brokers offer PAMM accounts, social trading and automated trading.
Q: Can I trade forex without installing clunky software on my computer?
A: YES! Most brokers today will offer a browser based trading platform. Please see our comparison page to see which brokers provide this.
Q: Is trading Forex risky?
A: As with any business venture, there is potential for great profits and there is the possibility of loss. Education and experience will also help you make better trading decisions over time which may result in a higher percentage of winning trades. However, there are proven methods to manage and mitigate your risk when trading forex that can be used by traders of all levels.
One common and time tested way to do this is by setting stop losses which allows you to automatically close out a position when a forex pair reaches a certain price level. This limits your downside risk and allows you to control the maximum loss for every trade.
Q: How much money can I make trading Forex?
A: The SKY is the limit! Forex trading is a highly scalable business venture.
As you gain experience, you may gain the confidence to increase the amount of leverage you employ to enhance the profits on every trade.
After establishing a successful track record, other traders will ask you to help manage their money. This allows you to earn management fees as well as share of the trading profits from their account.