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If you are new to the world of Forex trading, you might be overwhelmed by the various brokers that are out there. How can you avoid the common pitfalls? In this article, we’re going to share four tips to avoid getting burned in the world of forex broking.

Instructions and tutorials

Make sure you choose a site that has guides and tutorials to get you started. This is a great way to get your feet wet before actually investing real money in the trading platform. Nowadays, many forex broker sites offer you a tutorial option where you can trade fictitious money and get familiar with the system.

This is a very useful feature for beginners as it allows you to learn how the platform works and avoid unpleasant surprises in the future.

support

Having live support is always important when you are a beginner. No matter how detailed a guide or tutorial appears on a website, you are very likely to have questions that are not covered in it. For this reason, you should choose a broker who can offer you live support via phone or chat.

In addition, you should choose a broker who has a forum on the website. This way you can interact with other users and learn how the platform works.

Payment options

Many beginners choose a broker and start trading only to be unable to withdraw their profit afterward. Not all payment options are available depending on the region you live in and you should consider this before signing up with a broker.

Take a look at the FAQ page and find out which country the broker supports. Ideally, you want to pay by PayPal or bank transfer instead of a check. When in doubt, don’t hesitate to contact the broker before going through the lengthy signing process.

Invest wisely

It is important that, as a beginner, you invest wisely and slowly. Investing is not a scientific process and there is no guarantee that you will get your money back. For this reason, it is important that you invest money that you can afford to lose. This is especially true for beginners as you might be tempted to get rich quick. Take the time to learn how the platform works, then invest your money.

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Source by Elijah Bitson