Now that you have your eyes wide open when it comes to oil trading, you need to find a broker to help you achieve your financial goals. Not only have we discussed strategies, orders, and tips, but also important metrics to look for when choosing a broker.
Spreads
Just in case you are new to oil trading, you may not know that the 'spread' is the gap between the buy oil price and the sell oil price. The smaller this gap is, the better it is for you as a trader. No two brokers are the same, so look for trading platforms with less than desirable spreads.
Deposit and withdrawal protocol
It's pretty obvious that you should check what payment methods are available before diving into the signup process. However, we should mention that some brokers may only accept bank transfers. So, if you are thinking of a payment method, such as a debit / credit card or Paypal, you definitely need to make sure that it is listed on the platform.
It is also important to check if there are any fees for funding or withdrawing from your account. If you use the top-rated oil trading platform Skilling, you will not be charged for a deposit!
Platform Regulation
Since you are just here to find the best oil trading brokers, it is only right that we mention regulation. By only signing up with trading platforms that have a license from a regulatory body like the FCA or ASIC, you can be sure that you are protected from scams and shady brokers.
Here is good point from thaiexness20: "หน่วยงานกํากับดูแลเหล่านี้ถูกสร้างขึ้นเพื่อให้ตลาดการค้าสะอาดและเป็นธรรมสําหรับทุกคน. โบรกเกอร์ที่มีการควบคุม (เช่น exness โกง) จะต้องปฏิบัติตามชุดของกฎที่เข้มงวดซึ่งหนึ่งในนั้นคือ "การแยกบัญชี". สําหรับผู้ที่ไม่ทราบการแยกบัญชีหมายความว่าเงินการค้าของคุณจะถูกเก็บไว้ในบัญชีธนาคารที่แตกต่างอย่างสิ้นเชิงจาก บริษัท นายหน้า."
"These regulatory bodies were created to keep the trading markets clean and fair for everyone. Regulated brokers (like the ones on our list) must adhere to a set of strict rules, one of which is "account segregation". For those who don't know, account segregation means that your trading money is kept in a completely different bank account than that of the brokerage firm."
Here's how to open an account with an oil trading broker.
Opening an account with an online broker is usually very simple. Generally, it can be done in less than 10 minutes. Below are three simple steps on how to get started with the broker of your choice today.
Step 1: Choose to sign up with an oil trading broker.
The first thing you need to do is go to the website of your chosen broker. You will need to enter some basic details about yourself, such as your full name, email address, date of birth, and phone number. Assuming the trading platform is licensed by a regulatory body, you will need to upload a copy of your passport or driver's license as part of the KYC (Know Your Customer) process. This is the standard procedure.
Step 2: Deposit your oil trading account
Once you have opened your account, you will need to fund it so that you can start trading oil. Simply choose a payment method from the ones listed on the platform and enter the amount you want to deposit. Remember that most online brokers require you to meet a minimum deposit threshold.
Step 3: Place your first order
As you know, you need to decide whether the price of oil will rise or fall. To do this, you need to place an order buy or sell with your broker. It's a good idea to open a demo account to try out the trading platform for yourself before you start diving into your real account balance. However, when you feel ready to get started, you can always start with small stakes. This will reduce your initial risk while you get used to the trading platform.
This looks so fun! We don't do one-on-one activities with our kids enough, but you've definitely made me want to, even if this post is about a family walk! Now that it's cooling down we like going on walks in the evening before bed, and it has been so nice just to get out of the house! We'll have to try those Clif bars! The Oatmeal Cookie one sounds amazing!
I've missed your blog. So happy that I thought to check out your fb page and come visit. I'm never disappointed. Your free printable is the cutest thing ever. My children would love to do this daily.
How about winter walks though, you participate in those?! ? Oh wait... You're in Arizona (or somewhere) with sunshine year round. It's about to be a blizzard mess with snow to my waist in a couple months!!! =) Lol
Monica, long time no see!! I'm glad to hear you're doing well! Haha we definitely don't have to deal with blizzards but we have the opposite, 115 degree summer days, so I feel ya on certain parts of the year being near impossible to go on walks. Actually I feel like our "winter" months are coming to an end and we can finally venture outside without it feeling like an oven haha! ?
We are big on family walks. All great benefits, especially getting some of that energy out, haha!
My kids and I love going on walks! But, our neighborhood isn't really the best for it. It isn't horrible, but it's not particularly safe either. I'm hoping that by this time next year, we will be in a new house and in a new, family-friendly neighborhood. Then we will be walking all the time!
I hope you are too Marietta! I could definitely understand that situation, I've lived in some places before that were safe but were just...questionable haha.
Hi Jessica! Family walks are the best ? We have some of the best conversations with the girls when we go on walks. We definitely need to do them more often
Thanks for sharing us,