There are many Forex traders in Bangladesh today, indicating that the Forex market has become global. To show how popular the Forex market has become in the country, it has reached an all-time high of $35.09 billion as of June 24th, 2020, and the COVID-19 pandemic was responsible for the spike since many more people sought financial solace in Forex trading during that period.
Thank goodness, the Forex market is open to everyone in Bangladesh, irrespective of your age or location in the country. You also do not need a lot of money to start trading Forex in this country. You only need the basic means of identity, a little fund, and a good Forex broker. Once you have all these, you are good to go.
There are also many Forex brokers available to those involved in Forex trading Bangladesh today, and you are free to pick any of them that can perfectly serve your desire to trade Forex. The industry is growing bigger by the day, and the number of Forex traders is also increasing tremendously. In the remaining part of this write-up, we will show you some amazing things about Forex trading in this country.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment).
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Things you need to trade Forex in Bangladesh
The Bangladeshi government protects the interest of fore traders by regulating the activities of Forex brokers and accepting those who want to venture into Forex trading in Bangladesh. So, you can participate without worrying about safety issues. You can also access several educational materials that can teach you quite a lot about Forex trading in the country, helping you start on a sure footing. To get started in Forex trading, you will need to follow the steps below:
A good internet connection: You will need good internet to connect to the Forex brokers’ platforms and trade Forex in real-time in Bangladesh. Look for an internet connection free from downtime and latency; it will help you. You can only read the charts in real-time and open new trading orders instantly if your internet connection is perfect.
Choose a good broker: You can only succeed in Forex trading in this country if your broker is reputable. It is one thing to have a good trading strategy and register with a good Forex broker. It is better to register with only a regulated broker. Some of the brokers are local to Bangladesh, while others are foreign. Nevertheless, it is always better to deal with a local broker for a better customer service experience.
Open an account: After choosing a good broker, it is time to register on that broker’s platform, provide all the details required, and submit all the essential documents to get started. Some brokers can guide their customers through the verification process too.
Deposit money. After you have verified your account, you can now proceed to deposit money to your trading account. You can check the acceptable deposit methods on the website and use any convenient one. Some deposit options you can use are bank deposit, debit card, credit card, or even electronics transfer.
Download the trading platform: The next step after funding is to download the trading platform. Some brokers offer only MetaTrader 4 (MT4) trading platforms, while others offer MT5 and MT4. MT5 is more advanced than the MT4 trading platform.
Trade and make money: It is time to start your profitable Forex trading Bangladesh. You can also trade virtually any currency pair of your liking. Before you start trading, however, it is better to practice Forex trading via a demo account, where you can use a practice fund to test the market. You can venture into Forex trading if you make a consistent profit from the demo account.
What is a demo account?
A demo account is a practice account or virtual account. It is available to Forex traders to try out a new Forex broker before they deposit money. They can use the opportunity to determine if that broker is reliable or not. If you are new to the Forex market and do not want to record losses when you venture into live trading, you should start your journey from a demo account. It will help you better understand how the Forex market works before you try out live trading. The demo account is very good for those that want to test out a new strategy before they start applying it to real Forex trading Bangladesh. You can use it to determine the reliability of the strategy and how profitable it is.
Many brokers offer demo accounts to their customers. You will not be required to deposit any money before accessing the demo accounts. However, some other brokers insist that their customers first deposit money before accessing demo accounts. It would help if you steered clear of such brokers when venturing into Forex trading Bangladesh.
The demo account can teach you everything you need to know about the broker’s platform since it will offer you everything a real trader will access. The only difference is that you will be trading with virtual money on a demo account. This way, you can learn a lot about the Forex market using the demo account.
Choosing a Forex broker in Bangladesh
You will find many Forex brokers operating in Bangladesh today, and they all claim to be reliable. However, it would be best if you considered the tips below to guide you in choosing a Forex broker:
Check for licensing: You should find out if the Forex broker is reputable before you register there. A reputable Forex broker will have a license from the relevant authorities and be regulated appropriately. If any of these is lacking, you should consider looking for another Forex broker.
Check for customer service: One other very important thing to consider when looking for a Forex broker you can trust is the quality of customer service. You should be able to link up with the customer care agents via various methods, including email, live chat, and phone calls. Check how responsive the customer care agents are before registering for Forex trading Bangladesh.
Other factors to consider are:
Available trading platform
Available currency pairs
Available account features
The points below can teach you a lot about Forex trading in Bangladesh. You should only register with a reputable platform and also consider a site demanding a small initial deposit. Never forget to use a demo account before proceeding. It is important to know that forex trading is legal in Bangladesh because it is regulated by the Foreign Exchange Regulation Act, 1947. All you have to do to enjoy trading online is to choose a good broker. ForexOnlineBrokers.com has been designed to help beginners get started in safe online trading world.