If you’re new to this industry, trading online does have its benefits especially if you do your homework correctly. The Internet has no boundaries. It’s available 24 hours a day, seven days a week and 365 days a year to traders of all levels across the world. And it’s an easy way for investors to gain access to investment markets at the click of a button. The biggest advantage of online trading is that it offers more opportunities than traditional investing or trading methods.
I’ve been trading online for over 5 years now and I’ve learned a thing or two about the best way to trade online. This might seem like a long time but it’s very short when you consider that my experience is relative to other online traders who have been doing it for 20, 30 maybe even 40+ years! I feel that I have learnt a lot and lived to tell the tale. The following are my top ten lessons about online trading. Today the only thing that I want to tell you all is that the secret behind becoming a successful trader in today’s era is research. If you do not research then you will fail. If you research and learn the patterns of trading then you can become successful.
I have believed that comparing two products, analyzing the pros and cons of each one and then deciding which of them to use is a process that requires time and effort. You can’t just choose the first product that you come across. You need to take substantial time and compare each product separately. For example, if you are looking for a new mobile phone then you will have to go through several phones before finding the best one for your needs. It is the same with deciding on which broker to use online. It is good to be very precise and detailed when you are looking for the best online trading platform.
The majority of new traders are attracted by bonuses, promotions and other deals that many brokers offer. This makes registration quite easy but then it all becomes a nightmare when you look for facts in assisting your decision in choosing the best broker. Due to this, I have decided to compare my broker TrueNorthBit to the list of must-haves of a forex platform that will help you with your decision-making process and provide you with real facts which will make it easier for you to register as an online trader and start trading on any one of them, or all of them. I am hoping that my review will be of at least some help to the naive and the experienced traders.
Minimum Deposit
When choosing a forex broker, also check how much they require for starting an account. There are those who ask for hundreds of thousands of dollars just to start trading which means that’ll have to be in for such a huge sum just to get started! I highly recommend you avoid these brokers because they are only out there trying to rip people off. Instead, you can go with companies that require as little as $250-$500 for getting started. It doesn’t have to be so expensive. TrueNorthBit is one of them. To get your account functional, all you need to do is submit reasonable amounts of initial deposits starting from as low as $250.
Transaction Fees
A good online forex broker doesn’t usually charge massive transaction fees. Some do have percentage-based charges and flat rates but the good thing is that they usually do not exceed 2% of your total investment amount which is quite manageable. Always remember that some exchanges can charge up to 10% of every trade you make! Make sure you take note of this when choosing an online forex broker because it can really affect your profit. This company is there to help the traders make a maximum and this is why they have never stolen the money in the name of transaction fees that are unreasonable.
Stability
Stability is another factor that comes into account. When opening an account with well-reputed companies one can expect them to function smoothly without any problems. They are known for their trustworthiness so rest assured that your funds will never get lost or mishandled by these online trading platforms. Financial specialists will always guide new traders every step of the way especially when it comes to placing trades. I have been trading with TrueNorthBit for a while now and I know that they are all about stability.
Free Demo Account
One of the best things about using regulated online forex trading platforms is that they offer demo accounts for you to get acquainted with how the system works and to see exactly how profitable it can be. Just be sure that you don’t use real money when practising to avoid the loss because this is just for trial purposes only. Unfortunately, this company does not offer demo accounts so traders need to be careful since day 1. This area should be worked on.
Good Customer Support
Take note also that some companies are better at providing customer support than others, so take your time in checking out their track record first before making a decision on which one to go with. If possible, look up reviews from other users about their experience dealing with different brokers to know which ones are worth trying out. Without a doubt, it’s important to know what kind of client service these companies provide because, at the end of the day, we are talking about your hard-earned money after all so you would rather be making timely withdrawals and deposits without any problems whatsoever instead of trying to get help from customer support which can take forever. So if you’re planning on getting assistance from them regularly when it comes to questions regarding trading or other relevant issues, then you can consider closely observing this one. If you ask me about this firm, I would say that I have been impressed a lot with the way this department works here. The representatives are highly well trained and professional.
Bonus
One important factor that not many people would think about when opening an account with online forex brokers are bonuses offered by the company just like any other type of business. Most of the time, they give you extra incentives to bring in more customers but if you know how to use these offers properly, then this can become your way to earn even more money. So learning all there is about special promotions is very important so take note! TrueNorthBit offers bonuses but they have a very well laid out bonus policy that you should read thoroughly.
Tools Provided
Most online forex brokers will provide useful tools like calculators where investors can check out charts on currencies such as the dollar, euro and yen plus keep all of their transactions so that they can follow along and track how well or poorly each one is doing online. TrueNorthBit is actively working towards providing us with tools but I think this also needs to be worked on. They need to provide more tolls soon. I would love to see an economic calendar introduced too.
Education
This is probably the biggest reason why people still go to a local forex broker especially if they don’t have any previous knowledge in these areas because at least with them, you will be taught how to do everything right from the very beginning instead of having to learn by trial and error like what happens when dealing with foreign companies where there’s no safety net for you if something goes wrong. This firm emphasizes a lot on education but unfortunately, the ebooks are not updated enough. This can be improved. Also, they can consider adding up more video lectures.
Ease of Use
Last but not least. When picking a broker ask yourself or current customers questions like how easy it is to use? Are the programming features compatible with different operating systems such as Windows-XP? Does the forex broker provide instructions both in written and visual forms? Before joining this one, I was happy to see that most of the traders were happy with the way the website worked. And my experience is pretty similar. The company invests heavily in this area and once you use it, you will not fail to notice it.
Concluding Remarks
In summary, I’d say that TrueNorthBit is a good platform to trade online and enjoy all the benefits such as low investment along with full support of financial experts which was not offered by any of my earlier brokers to date. That’s all folks, I hope that this article has been informative to you regarding TrueNorthBit and where it stands relative to competitors. You must have understood by now that it has some flaws but it is giving a hard time to the competitors because of the quality service they are providing.
Disclaimer: This review is written from my own experience and my self-knowledge only and this is not a recommendation.