August 14, 2022

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Types Of Forex Trading Companies In Forex

1 min read

Forex trading is a highly speculative investment that can lead to significant losses. Before trading forex, you should carefully consider your risk tolerance and make sure you have a clear understanding of the forex market. 

There are a few different types of forex trading companies in Kenya, and it can be difficult to decide which one is right for you. 

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Commission-free brokers: These brokers offer the lowest commissions of all the forex trading companies, and they are often recommended to beginners. However, these brokers are not as well-known as their commission-based counterparts, and they may not have as many available assets.

Direct access brokers: These brokers allow you to buy and sell currencies directly through their platforms, without having to go through an intermediary. This is the most convenient type of forex trading company for people who want to make quick trades. However, these brokers charge higher commissions than commission-free brokers, and they may not offer as many assets.

Full service brokers: These brokers offer more than just currency trading; they may also offer options trading, stock trading, and futures trading. They tend to have higher commissions than commission-free brokers, but they also offer more comprehensive services.

Forex trading is a derivative product that involves buying and selling currencies, commodities, stocks or other assets. The main goal of forex trading is to make money by predicting the direction of the market and then taking advantage of that movement.