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When it comes to online brokers, it is hard to tell them apart. They all offer competitive commissions and spreads and offer multiple trading platforms too. Some even offer unlimited access to market prices. I would like to tell you all in my Grand Pacific Trade review that it can be hard to determine which online broker will be best for you without a little research because unless you are able to look at all of the options, it will be hard to determine which is best for your trading needs.
When looking into online brokers, there are many things that need to be considered. Most importantly, however, is risk capital. That means you should only trade with an amount of money that won’t hurt you financially if you were to lose it all. Remember, if you keep your initial investment small, it will be easier to recover from the loss. In Forex trading, risk capital is not a fixed amount but rather a percentage of your total capital. Since all of us have different amounts available for trading, I can’t make specific recommendations. I can give you the basics in this Grand Pacific Trade review that you should look for when choosing a broker, though.
- Any reputable broker will have no problem showing you their risk disclosure statement. This is a document that outlines all of the risks involved in trading and what actions they take to protect both traders and themselves from financial harm or loss because of those risks.
- The second thing to look for in a Forex broker is the different types of accounts they have available. There are two main account types.
- Forex brokers should offer online and phone support and also provide traders with different trading platforms to use. These
- Platforms should include at least one MetaTrader 4 (mt4) and a phone app.
- The most important thing to look for when choosing a Forex broker is the spread on currency pairs.
In my Grand Pacific Trade review, I would like to tell you that this is how Forex traders profit in the market. When you place an order to sell or buy currency at a specific price, the broker makes money when filling that order. Today, I will answer one of the most frequently asked questions. “What are some of the best features and areas that need to be worked on?”
The best features
Let me state some of the best features of the company in this Grand Pacific Trade review.
1) The trading platform used at this company is called MetaTrader 4. It is one of the most widely used trading software for Forex traders all over the world. I would also like to tell you that this is a free trading platform. I have been using this software for over five years, and I love it. My trading career would not be what it is today if it were not for this trading platform. The downside to the software is that you need to download it, which means you will only have access to real-time data when you are online.
2) They have some amazing customer service! If you are confused about anything, just talk to them. The phone app and online chat feature make trading from anywhere possible. I have been able to trade from Florida while visiting family in New York because of this feature!
3) The spreads on currency pairs are low, and this is one of the most important aspects to look for in a Forex broker. Low spreads allow you to trade with less of your capital. It also allows you to place more trades in a shorter period of time, which is how many Forex traders make money. This company also has high liquidity, which means that they never run out of currency to buy and sell.
4) The minimum deposit is only $250, which gives you a chance to test drive the system without putting too much risk on your capital. It will require less effort from you as well because this broker does not charge commissions as most other brokers do. This means you can keep more profits.
5) The company has very good security protocols, and that is extremely important. I would like to tell you through this Grand Pacific Trade review that they use SSL technology for their servers, which provide bank-level encryption. This is important because all of your personal information is safe from hackers.
6) The company also has a great bonus program. They offer several different types of bonuses, which allow traders to make more money in less time. I would like to add that they offer a 7-day free trial, which allows traders to test everything out before making their first deposit.
7) They provide 24/5 support, and this is extremely important because when you are trading, there will be occasions when you need help with something right away. The phone app makes 24/5 support possible.
The areas that need to be worked on
1) The company does not have a mobile trading platform which I think is a huge downside because a lot of Forex traders prefer to trade from their phones. I think apps make trading easier, and Forex traders rely on them to make money. Since there is no app for Android or Apple devices, it makes it difficult to use your phone as a trading platform.
2) The minimum deposit is $250, and I think this amount should be lower because it makes getting started much harder for people with a little bit of capital. Young traders will appreciate lower deposits than experienced traders because it puts more money in their hands to trade with.
3) The company does not have any type of education platform, which is another downside for some traders. I would like to tell you here in this Grand Pacific Trade review that educational content can be found on the blog section of the website, but there are no online classes or anything related for traders who want to know the ins and outs of this kind of trading.
4) The company charges an inactivity fee which I do not like at all because it makes money for the company if you are unable to make trades or withdrawals before your account expires. You will be charged a small fee every month, but this amount is tiny compared to what most companies charge.
5) They do not offer any leveraged products, meaning that you cannot use margin when trading. This means you will have to have the money in your account to use for your trading capital. I would like to mention here in my Grand Pacific Trade review that this company does not allow trading on margin.
6) Some people think that the trading platform is basic, and it will take some getting used to it before you become familiar with the design. It might be true to an extent, but it’s still user-friendly and makes trading easy. I have also read in some Grand Pacific Trade reviews that the website is somewhat out of date, but this is not a huge downside because it still makes trading easy.
7) Another downside is the lack of variety in currency pairs, which limits your strategy options somewhat. This can obviously become problematic because not all traders are successful with one single approach. I know that some Forex traders trade the same currency pair for years, but others like variety and this is something that should be considered before you sign up with any broker.
8) They do not offer any type of automated trading feature, which means that you will have to watch your screen all day long making trades. I know this is something that a lot of traders want to avoid as much as possible.
I would like to mention in my Grand Pacific Trade review that they offer traders a great opportunity to get into forex trading for low minimum deposits. This can be super helpful because it allows young people with capital, but not a lot of experience in the financial market, to get started. The company has great customer service, and I would like them to add a 7-day free trial for newbies.
Overall, I would like to tell you that Grand Pacific Trade is one of the best Forex brokers for traders who are just starting out because they offer high liquidity and low spreads, which means you can trade with less capital. The platform works well but needs more educational material for new traders. The phone app has 24/5 support and is very simple to use, but the design lacks some features like news and live chat.
I hope that my Grand Pacific Trade review has been helpful for you, and if you have any questions about this broker, do let us know. Thank you for reading my review, and good luck in your Forex trading journey.
Disclaimer: This review is written from the guest authors own experience and their own self-knowledge only and this is not a recommendation.