MY FXPLUG FOREX TRADING
AS A FOREX TRADER, WE HAVE BEEN IN THIS BUSINESS FOR YEARS AND AS SUCH IS COMMITTED TO ACCOUNT MANAGEMENT WITH TRASPARENCY AND INTEGRITY AND MAKING SURE OUR CLIENTS GETS THE BEST SERVICE EVER.
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Faq
How much money do I need to open an account?
The minimum initial deposit required is at least 100 of your selected base currency. However, we recommend you deposit at least 1,000 to allow you more flexibility and better risk management when trading your account.
Can someone else trade on my account?
Thats where our acount management comes in. Our team of professional traders and reliable Trading Robots helps with Signals and give good forex tips.
How does it work?
If you believe the value of the Indian rupee (INR) will appreciate against the US dollar (USD), you would buy INR and sell USD. If the INR does indeed increase in value, you can then sell it back to the market at a higher rate, thus making a profit.
You can also make profits from the difference between interest rates of two currencies. It is known as carry trade. To put it simple, carry trade is like short selling in the currency market. You buy the currency with the higher interest rate and short the currency with the lower interest rate
How is the currency market different than other markets?
Unlike the stock market, the currency market operates on a global scale for 24 hours a day and five days a week. It is not centralised and has no physical location. Instead, it is an over-the-counter market where participants trade currencies electronically. It is the most liquid financial market in the world. It involved buying and selling of currencies in large volume, with daily trading exceeding trillions of dollars. This high liquidity ensures that traders can enter and exit positions quickly, minimising the risk of price manipulation.
What is leverage in forex trading?
Currency traders use leverage, that is, trading with borrowed funds. Leverage enables traders to control larger positions with a smaller amount of capital, potentially amplifying both profits and losses. For example, a leverage of 1:100 means that for every unit of capital, trader can control 100 units of a currency pair. While leverage can amplify profits, it also magnifies losses.
What is pip?
‘Pip’ stands for ‘percentage in point’ or ‘price interest point.’ It is a unit of measurement used to represent the smallest incremental price movement in a currency pair. Pips allow traders to measure and express currency fluctuations accurately. Most currency pairs are quoted with four decimal places, and a pip is typically represented by the fourth decimal place.