In recent years, forex trading has seen a large number of non-professional traders enter the market, with something like 10 million people now trading forex. Whether you’re looking to trade forex as a hobby or want to turn it into a living or lifestyle, with an online forex broker you can now trade currencies around the clock wherever you are in the world.

We’ve investigated the forex market and produced an essential guide on what you need to know:

• Forex Trading Demystified

Forex trading is the buying and selling of different currency pairs, for example, US Dollar and Sterling. If you’ve ever been abroad, you may have unwittingly been a forex trader, following the exchange rate waiting for the best time to buy to get the most for your money, and then waiting for the best time to sell on your return. Fortunately, forex trading has been made very easy and accessible through online brokers, with the ability to open and close a position within seconds.

• Choosing the Right Forex Broker

Not all forex brokers are the same, and it’s important to make sure you choose a reputable one. Here are a few key points to look for when choosing the best broker to trade Forex. First, make sure the broker is authorised and regulated by a Financial Services Authority and that your funds are held in a segregated client money account. For Traders of Islamic faith, some brokers will offer an Islamic account designed to be compliant with Sharia law. The best brokers will offer demo accounts so you can try, risk-free, with free education and video tutorials so that even a beginner with no trading experience can get started.

• The Trading Platform

The trading platform should be easy to use, with the best brokers having the facility to trade from anywhere, on any device, at any time. Look for a broker who offers a low “spread”, exceptionally from 0.0 with no requotes. Execution of trades should be very fast so that you can open or close a trade at the price you want. Funding accounts should be instant, with the ability to deposit using a variety of options and withdrawal of funds should also be fast.

• Forex and Beyond

It’s not surprising the forex market is so popular because it’s open 24 hours a day 5 days a week with some brokers offering over 60 currency pairs to trade, tight spreads as low as 0.0, and leverage up to 1:500, meaning you can make a substantial profit even with a small account. The best brokers won’t limit you to forex and will offer a wide range of asset classes such as commodities, indices, bonds, and digital currencies.

• Risk Warning

Trading leveraged products such as Forex and CFDs carries a high level of risk and may not be suitable for all investors. There is a possibility of losing all your initial capital. For full risk information, ensure you read the information provided by the broker.

Trading forex can be a lot of fun as well as rewarding, and once you have found a reputable online broker with good testimonials, you can open an account and get started with just a few clicks of the mouse.