There are plenty of forex broker Malaysia that will help you kickstart your trading career. However, each of these brokers have their own specialty or offer a better quality of the same service as they are able to provide services that will help you develop skills to observe the forex market more efficiently. eToro is one of the many beginner friendly forex brokers who specializes in copy trading. Through this trading technique, forex traders are able to copy an existing account within the platform to mimic their activities, which allows traders to analyze their decision making in the market. Additionally, they are able to request advice from their “masters” at a small price. Through these methods, the “masters” are able to generate income in addition to a commission based on how many traders are copying their account.
But, there are a few downsides of investing into eToro. It has a high minimum deposit of USD 1,000 before their traders could start trading in their platform, which could demotivate and drive some traders away from them. It is also one of the few forex brokers that does not have a Meta Trader (MT) software, which allows forex brokers to provide a platform for their traders to observe the market. According to eToro, they said that having a MT software could conflict with their products. Additionally, eToro targets traders who have never heard of the word “forex trading” before and provides a platform where you can learn about forex trading with various educational materials for their traders to learn and develop new skills.
Despite all of that, being a forex trader is not as easy as you would think. As the forex market is known for its volatility, stock market prices fluctuate on a daily basis in addition to operating 24/7 everyday. This would mean that some traders will lose out on potential investment or are not able to make changes to reduce potential lost to their capital. Additionally, the stock market can be heavily affected by external factors that would cause certain stock values to plummet. This change can be seen when coronavirus was at its peak as every country is facing an economic recession. But, most forex traders see this as an opportunity to gain profit as they are able to invest into stocks with low value and achieve maximum profit.
Overall, forex trading might not be an activity that suits everyone as you would firstly need to spend money to earn more money. It can be considered as a “rich man’s game” as you are required to have a certain amount of money that you are willing to spend before becoming a forex trader. Because of the forex market’s nature, it can be very stressful to keep track of every stock market in the platform. If you are willing to become a forex trader, make sure you have a lot of money in your bank.
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