If you want to start trading currencies your first step will be to look for the best forex trading online account possible - here's what you need to consider before applying for a forex account.
What type of account is for you?
Choosing a forex trading online account is partly based on picking an account that will allow you to invest in the way that you want, and partly based on finding the account that will let you trade for less.
There are a number of different types of forex account, including spread betting, trading accounts and CFDs; knowing which is the right account for you is vital before you start comparing forex accounts.
If you want to trade in a particular currency market then it also makes sense to exclude forex currency trading platforms that don't include your chosen currency to save you time in the long run.
The vast majority of accounts will include all the major international currencies, but if you want to trade in a smaller regional currency this may be more of an issue before investing savings be sure to know that the forex account deals with the currency that you intend on trading.
Take a look at our guide: How Does Forex Trading Work? for more help choosing the type of forex account that is best for you.
How you can trade?
More and more people want to trade on the go, be it online or from their mobile phone, convenience is becoming key.
So making sure your find a global forex trading account that allows you to manage your trades the way you want to, be it online, from your mobile or by phone is essential.
If you are looking to practise successful forex trading without risking your own money then a forex account offering virtual trading platform should also be top of your list.
Once you've decided how you want to manage your forex trading account you can eliminate the platforms that don't meet your needs.
For more help deciding the best way for you to trade read our guide: Forex Trading - How to Get Started.
Check the fees
Aside from any losses, the cost of trading forex online will largely depend on the fees charged by your forex trading account, so be sure to check these before you begin trading.
Even if you find an account that offers you all the latest trading features or recommendations on how to trade forex, if all your profits are eaten up by fees it's unlikely to be the best choice.
Check exactly what you'd have to pay per trade, any monthly account fees or commission rates and opt for the account that gives you the best value for money overall.
Whether or not you are new to Forex trading it's generally considered to be a good idea to set up limits and stops with each trade that you undertake. This is a way of limiting your risks as you are automatically taken out of a position if the market unexpectedly moves against you.
You can also use stop losses to protect your profit if the market moves in your favour and then suddenly falls. Again, before signing up with a broker it is important to check whether they offer this service and if they charge for it.
You can compare online forex trading UK accounts and their fees using our forex comparison table.
However, before you deposit your savings in any forex trading account remember that more than you initial deposit could be at risk if you incur heavy losses.
About our forex trading accounts comparison
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