How To Choose The Best Broker For You

Published on: 08 August 2018 Last Updated on: 08 August 2019

Choosing the right Forex broker can make a big difference in launching a successful investment career in the trillion-dollar forex market. However, choosing the best forex broker is no easy task given the overwhelming number of brokers all gunning for people’s money at any given time.

1. Types of Forex Brokers :

When it comes to online foreign exchange trading, an important consideration is opening a trading account with a reputable forex broker. There are three types of forex brokers ranked based on how they handle transactions and how they execute market orders.

No Dealing Brokers :

As the name implies, No Dealing Brokers lack a dealing desk and instead, strive to offer the best composite quotes from multiple forex quote providers. In this case, providers will post their best market prices that NDD forex broker will have to choose to execute transactions.

NDD brokers charge a commission or widen the bid-offer in order to make profits from trades entered by traders.

Market Makers :

A market maker is a type of forex broker that offers a two-sided customer market. In this case, the broker always ends up taking the other side of trade depending on the side that a forex trader has taken. In case a trader makes a buy, the broker is obliged to take the sell-side.

Electronic Communication Network :

An ECN forex broker provides a platform whereby forex traders from all walks of life regardless of skills congregate to place trades.

2. Features of a Reliable Forex Broker :

Regulatory Compliance :

In a sector where the number of international forex brokers can be overwhelming, scrutinizing regulatory compliance can be the only way of ending up with a reliable forex broker. Going through forex brokers reviews do not a sure way of ending up with a reputable broker as such reviews can be manipulated.

Highest rated forex brokers are always in compliance with the highest level of regulation depending on jurisdiction. For example in the U.S, regulated forex brokers are members of the National Futures Association and are registered by the U.S Commodity Futures Trading Commission as well as the Retail Foreign Exchange Dealer.

A flashy forex broker website cannot be used to rate a broker. Trading with a regulated broker is essential if one is to rest assured of the security of their deposits as well as the integrity when it comes to trade execution.

Trading Platform :

The best forex trading account is one that comes with a trading platform that is pleasing, easy to use and has a variety of indicators and tools for technical analysis. Legit forex trading companies offer trading platforms that have clear-cut buy and sell buttons. Some go the extra mile and provide panic buttons for closing all open positions at once.

Conversely, trading with a forex broker offering a poorly designed platform can lead to costly mistakes such as opening a trade when one intended to close or going short when one meant to go long.

Customer Service :

Highest rated forex traders come with a robust customer service team that is always on dial any time of day to address forex trader’s needs. When choosing a forex broker, it would be essential to give them a random call just to get an idea of the service they are likely to offer once an account is opened.

3. How to Identify a Good Broker :

A good forex trader is one that charges lowest transaction costs when opening and closing trades. Spread and commission charges can significantly eat into one returns if caution is not taken.

Legit forex trading companies allow people to deposit and withdraw funds hassle-free. Any broker that comes with restrictions on when one can withdraw or the amount of money one can withdrawal should be a big no.

Execution of trades is another aspect that one should always pay close attention to when selecting forex brokers. Under the normal market condition, a forex broker should allow trades to get filled, at or very close to the market price on the screen.

Going through forex broker reviews is of utmost importance prior to opening a forex trading account. Such reviews provide clear-cut information about the kind of forex trading service one is likely to experience based on other forex trader’s experience. In addition, trading with a regulated forex broker is a must.

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Career Spotlight: Becoming A Market Research Analyst

Do you know how a company just knows what you want? They collect a few surveys, and suddenly they know more about your requirements than you! Is it all automated? Short answer, no! Someone is sitting and analyzing every behavioral data of a consumer to create profiles. They are called market research analysts! Are you just fascinated with the idea of a market research analyst? Or someone who is planning to become one? This is how you can become a market research analyst - Let’s begin with understanding who a market research analyst is. What Is A Market Research Analyst? Market research analysts are the strategic brains behind a company’s marketing decisions. Their job is to gather data on consumers and competitors and then use that information to guide business strategies. Whether a company is launching a new product or planning a marketing campaign, market research analysts are the ones who determine the best approach. They don’t just guess; they rely on cold, hard data. What Do They Do? A market research analyst’s role involves several core responsibilities. Why don’t we go through them to know the responsibilities a little better? Data Collection: Gathering data is the starting point of any market analyst. This could be through surveys, interviews, focus groups, or analysis of existing market data. Trend Analysis: After gathering the data, they identify patterns and trends that provide insights into market behavior. For example, what products are gaining popularity, or which consumer needs are currently unmet? How can the company they work for help meet them? Market Forecasting: Analysts will often predict future market trends. However, this is not just through guessing. However, when a company plans to launch a product next year, these professionals will forecast whether the market will be favorable or not. Furthermore, they also inform about whether the product will launch in the right direction and be liked by the audience you are targeting. Consumer Segmentation: By analyzing consumer data, they segment the market into groups based on behavior, preferences, or demographics. Reporting and Presentations: Then, they communicate their findings to decision-makers through reports, presentations, and visual data displays. Competitor Analysis: Understanding competitors’ moves and strategies is key. Market research analysts monitor what competitors are doing and how they’re positioning themselves in the market. What Degrees Do You Need To Get? There isn’t one fixed path to becoming a market research analyst, but certain degrees, and conceptual skills can give you a strong foundation: Bachelor’s Degree: A degree in marketing, business, economics, or statistics is often the starting point. Subjects like research methods, consumer behavior, and data analysis are crucial. Advanced Degrees: Unfortunately, just a bachelor's degree wouldn't do for more senior roles. Therefore, a master’s degree in market research, data science, or business analytics can be advantageous. An MBA is also beneficial if you’re aiming for leadership positions. Your educational qualifications should focus on building a mix of analytical, research, and communication skills, as these are the backbone of a successful career in this field. Later you can also upskill by becoming a data scientist, and it can open more doors for you. Tools You Will Need To Learn As a market research analyst, you’ll need to know the art of upskilling. You can do so with various tools and software that streamline your work: Data Analysis Software: Tools like SPSS and Python are complex tools. Mastering them might take you years. However, you should still try to master it because it is great for running statistical analysis and handling large datasets. Survey Platforms: Software like Qualtrics, SurveyMonkey, and Google Forms help design and analyze surveys. CRM Tools: Understanding tools like Salesforce and HubSpot are essential for tracking customer data and trends. This ensures that market research analysts do not depend on guesswork. Data Visualization Tools: Tableau, Power BI, and Google Data Studio are crucial for presenting data in a visually engaging way. Competitive Analysis Tools: SEMrush, SimilarWeb, and BuzzSumo provide insights into your competitors’ strategies and their market performance. After all, you will need to know what others are doing for their customers. That is always a sign of a good market research analyst. Mastering these tools will enhance your efficiency and make your work more impactful. Life Of A Day Of A Market Research Analyst What does a typical workday look like for A Market Research Analyst? We will go through it step by step to have a better idea of their role as a Market Research Analyst. 1. Morning: Data Collection And Initial Analysis The day often begins with reviewing the latest data from surveys, focus groups, or market reports. Analysts spend the early hours gathering information that will guide their day’s analysis. 2. Midday: Deep Dive Into Analysis The core part of their job kicks in around midday. This is when they run statistical models, crunch numbers, and identify key insights. Meetings with product teams or marketing departments often happen around this time to discuss early findings. 3. Afternoon: Reporting And Strategy Discussions After the analysis, it’s time to translate data into actionable strategies. Analysts prepare detailed reports highlighting key trends and recommendations. Then, they might deliver a few presentations to senior management to guide their decision-making. 4. Late Afternoon: Market Monitoring And Competitor Analysis Keeping a pulse on market trends and competitors is crucial. Analysts usually allocate some time in the late afternoon to social media updates, reviewing industry news, and studying competitors' moves. 5. End-of-the-Day Planning And Strategy Tweet Before wrapping up, their main job is to refine strategies based on the latest social media insights and plan for the next day’s tasks. After all, without understanding whether your current plan is working or not. The final work would involve technical analytics, strategic thinking, and effective communication, which would also include talking to their team. How To Get A Job As A Market Research Analyst Getting your foot in the door as a market research analyst requires more than just the right degree. Here’s a practical guide: Start with Internships: Right after you have finished your bachelor's degree, many companies offer internships in market research, allowing you to gain real-world experience while studying. Create a Portfolio: Build a collection of your best work. Whether from academic projects, freelance jobs, or case studies. A strong portfolio can showcase your analytical and research skills. Get Certified: Professional certifications, such as the Professional Researcher Certification (PRC) or Google’s Data Analytics Certification, can give you an edge. Network Actively: Next, join industry groups, attend webinars, or engage in professional forums. Networking can open doors to job opportunities and keep you updated on industry trends. Tailor Your Applications: When applying for jobs, customize your CV and cover letter for each position. Highlight skills like data analysis, research methodologies, and strategic thinking. Best Career Options & The Potential Salary The field offers diverse career paths. Depending on your interests, you might specialize as: Consumer Insights Analyst: Focus on understanding consumer behavior and preferences. Product Research Analyst: Specializes in product development and testing. Brand Analyst: Concentrate on evaluating brand performance and strategy. Competitive Intelligence Analyst: Monitor competitors and track industry trends. When it comes to salaries, market research analysts can get a reasonably good salary, provided you have the skills to back it up. Especially when your analysis begins to work for a company and starts bringing in a lot of profit. Entry-level positions typically offer between £25,000 to £35,000 annually. With experience, salaries rise to £50,000 or more. For those in specialized roles or with advanced degrees, six-figure jobs are not uncommon. Final Note! The path to becoming a market research analyst combines curiosity, a knack for numbers, and strategic thinking. It’s about more than just crunching data; it’s about turning data into insights that drive real business results. Whether you’re just starting out or looking to advance in this field, there are plenty of opportunities for growth and impact in the business world. Especially with the advent of digital marketing, you will have enough opportunities in terms of SEO, and website data analysis. So, are you ready to dive into this world where data meets strategy? You could be the one predicting market trends and helping businesses shape their futures. Read Also: Crucial Aspects To Bear In Mind When Selling Your Business How To Execute An Effective Video Marketing Campaign How to Market a Small Business in a Big City?

Tips to Create Better Content in 2019

Making a marketing campaign success can be a stressful effort as you have to create a creative as well as quality content. Attractive content for your audience can be created depending upon various factors. The owners of businesses are aware of the fact that the rate of conversions can be changed if the content structure is entertaining as well as educating for their customers. Content marketing is used by nearly 90% of the B2C and B2B businesses to access their customers, according to PointVisible. But it is very shocking that more than 60% of the businesses commit common mistakes like not planning content marketing for their business. Many of the CEOs and marketers who want to create content but are not sure of where to start with. Some writing tips are provided hereunder to help them in improving their rank in search results. Know your customers: It is important for a digital marketer to know your customers if you want to create blog posts for your business. It can be excellent for your business to publish 100 posts on a monthly basis but your conversion rate will not increase if they cannot attract your audience. Alternatively, you can see considerable growth in your business by publishing 10 blogs every month if you pay attention to your customers. Asking your customers directly can be the best way to know about their likes and dislikes. You can create a quiz or a long form on your website by using social media to know about the satisfaction of your customers. These quizzes inquires and surveys on social media can help in collecting an enormous amount of data if the right questions are asked by you. You should ensure to ask about the things they enjoy with, problems faced by them and the ways you can improve things for them. Thus, you can get appropriate content ideas for your marketing campaign by knowing about the interests of your audience through their answers. You can also get unique content creation ideas for your blog if you remember the best content you have ever read online. That article might have provided you some new information about the topic of your interest or answered some of your questions. You can create your content on the basis of such inspirations. You should also include a call to action in your content so that when your targeted audience uses a search engine to Google search about your brand then he can be converted into a real customer. Share your content on social media: In the process of content marketing, the importance of social media cannot be denied. The visibility of your posts to a large number of eyes is your main aim. Millions of people can see your content by using social media platforms like Twitter and FaceBook. You should share your articles through all of your personal accounts and business profiles. It will encourage people to read your content and find information of their interest which can you’re your brand more interesting for them. Sharing on social media can be more effective for your marketing as it is better if your content is seen by more people. You can establish social support for your business by having a large following on social media as new customers will also understand the relevance and usefulness of your content. Normally such content does not involve much brain as according to an announcement made by Twitter, more than 65% of people buy things from the business followed by them. Find different types of content: If you do not know how to create good content then don’t be afraid. You can use different types of SEO friendly content with targeted keyword to keep your customers engaged and interested in the information provided by you. You can switch to the type of content that has encouraged new readers to get more information about their interest and improve your sales as certain content are more suitable to share online. Infographics, blog posts, and videos are some of the most popular types of sharable contents. A blog post can include a guide to write engaging articles and lists. You can use the information your customers want to see in different formats by reviewing the analytics of your audience. For instance, you can consolidate the information in an infographic while publishing a long blog post. You can also use a YouTube channel to create a video to provide the information your audience may like to listen to. So, if you want to create shareable and engaging content then you can use all of these methods. Choose Rapid Essay: Sometimes many businesses are unable to create relevant content for their website even if they are aware of its importance due to various reasons like lack of free time, money or writing skills, etc. In such a condition, they can contact Rapid Essay or rapidessay.com. Rapid Essay is a professional essay writing service that can solve their problems to a great extent. All you need is to pay for a research paper or essay. Providing high-quality essays rapid and fast and at reasonable cost are some of the main features of this website. Read Also: Essentials For Digital Marketing Improve Your Local SEO Via Content Marketing 4 Points To Consider When Creating A Great Content Marketing Strategy Today

Magento vs. Shopify: Which Is Best For Your E-commerce Store?

The first quarter of 2019 has almost passed, and it has been predicted that 18% of the purchases will be made online by 2040. Further, 95% of the orders will be facilitated by e-commerce store. Considering the above statistics, it comes as no surprise that the fate of your online business is dependent on how your website works. But did you know that all your website operations rely on the choice of your e-commerce platform? Now, as the online store owners narrow down the choices, they are only left with two main platforms as the contenders- Magento and Shopify. While both platforms can create a one-of-kind e-commerce store, they differ in many areas. To start with, Shopify works best for smaller businesses. On the flip side, Magento is aimed at enterprise businesses. This post is going will give you an in-depth insight on Magento and Shopify and help you decide which is an ideal platform for your e-commerce store. Magento and Shopify in a Nutshell: e-commerce store Magento: Launched in 2007, Magento is a self-hosted e-commerce platform that powers a number of web stores. The platform is open source and comes with two versions including community (suitable for developers and small businesses) and enterprise edition (best suited for mid-sized and large e-commerce stores). The usage of the platform is free, but you’ll have to pay an amount for premium apps, themes, and hosting. Irrespective of the price you have to pay, this platform is best known for its flexibility, ability to customize, and scalability. Shopify: Shopify is a hosted e-commerce platform that allows single-step order fulfillment and lets you set up a store with a custom domain and a theme. This platform comes with an easy-to-use interface and is more for beginner developers. Moreover, it comes with a 14-day free trial, allows integration with over 70 payment gateways, and is available in almost every language. Although there are numerous Shopify alternatives available across the web, what sets this platform apart from others is its ability to set up a dynamic store in no time. You will have to pay for the platform after the free trial, but the Shopify team takes care of all the technical tasks. Magento and Shopify: What Numbers Say! Description Shopify Magento Number of Websites 600,000 250,000 Number of Extensions 2,400+ 3,000+ Number of Themes 60 (external purchase is allowed) 12 (external purchase is allowed) Now when you are aware of what these platforms are, here is a feature comparison of Magneto and Shopify. 1. Basic Functionality and Ease of Usage: Both the e-commerce platforms have all the basic store functionalities that are easy to use and maintain. But if we compare both the platforms, Shopify is a drag and drop website builder. Magento has a steep learning curve, and you will have to learn some technical terms to get through the e-commerce store development process. With Shopify, the developer can add the products; customize the look and feel of your store and set up the payment process in no time. The best part is you can make the entire e-commerce store without any technical knowledge. In Magento, you have to learn some code to develop an entire e-commerce store. Not to forget, they have comprehensive user guides that walk you step-by-step through various processes. They also have a forum from where you can learn some tricks of the trade. 2. Search Engine Optimization (SEO) When it comes to SEO, both have great search engine optimization capabilities. However, you’ll have to leverage extra plug-ins in the cases for both platforms. But in the case of Shopify, SEO features are automatically built into the website, even in the product pages. 3. Themes and Templates Availability: In terms of themes and templates, both platforms offer highly-functional customization capabilities. They let you edit the raw code directly and give you full control over the design and appeal of your e-commerce store. Coming to the differences, Shopify offers a wide variation of mobile-optimized themes. Although many of them are free, if you go for the paid ones, your store gets a professional look and gets equipped with great sales potential. You also get the option to add new pages, change the color palette, move or resize the elements, and integrate the social media feeds. When it comes to Magento, it has 12 themes. Out of 12, 10 of them are fully responsive. This platform does have free themes, and the paid ones also start at just $1. With this platform, you can also create your theme or template from scratch. You have the option to add a slide, newsletter, and animation to the website. 4. Inventory Management: All Shopify plans allow unlimited products in the store. Magento also allows you to add or create an unlimited number of products on the website. But Shopify is one step ahead in this point due to its integration with drop shipping inventory apps such as Oberlo. Further, in Magento, you have the risk of slowing down your website. 5. Hosting Features: Your website's performance, storage, security, and speed are dependent on the hosting you choose. Did you know that 40% of people will abandon a website if it takes more than three seconds to load? This will result in a loss of customers as well as revenue. As Shopify is a hosted platform, it takes care of your entire domain and hosting needs; offers you 24*7 support, and let you concentrate on your business. Magento comes with two hosting options, including Open Source and Cloud. In Open Source hosting, you have to buy your domain and hosting. But in the case of Cloud, your e-commerce store is hosted and maintained by Magento. 6. Payment Processing: Shopify platform is already equipped with a payment processor, which is known by the name of Shopify Payments. If you use Shopify Payments for your e-commerce store, you won’t be charged any transaction fee. Moreover, it comes with the support of 60 external payment processors. For Magento, you will have to download the extension of the payment processor that you want in your e-commerce store. You can look for these extensions in Magento’s marketplace. However, some factors that make Magento worth the consideration are international market coverage and support for multiple languages. Summing Up: When it comes to choosing an ideal e-commerce platform, there are lots of factors to consider including interface, scalability, number of themes, templates, speed, load time, cost, search engine optimization, and more. Is Shopify worth it? If your considerations are ease of usage, availability of themes, not wanting to pay the transaction fee, and having the hosting and bandwidth taken care of, look no further than Shopify. It is user-friendly, has a payment processor, and comes with an array of themes to help you get started. But if you are technically savvy and want to build an e-commerce store for a large enterprise, go for Magento. With this platform, you will also have to find your hosting provider, which can become expensive, as your business scale. Moreover, there is a chance that you might have to invest some time as well. If you are still stuck on the decision, skim again through the comparison of features, weigh their pros and cons, and make the best choice for your business. Read Also: What Are the Common Causes of Catastrophic Injuries? Top 5 Sites Like Solarmovie To Watch Movies Online Do I Have To Pay Out Of Pocket For Wisdom Teeth Removal?

How To Choose The Best Broker For You

1. Types of Forex Brokers :

No Dealing Brokers :

Market Makers :

Electronic Communication Network :

2. Features of a Reliable Forex Broker :

Regulatory Compliance :

Trading Platform :

Customer Service :

3. How to Identify a Good Broker :

Explore Some Interesting Marketing Trends for Your Business in 2018

5 Reasons to Use Magento for Your Next Ecommerce Website

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Career Spotlight: Becoming A Market Research Analyst

Tips to Create Better Content in 2019

Magento vs. Shopify: Which Is Best For Your E-commerce Store?

How To Choose The Best Broker For You

1. Types of Forex Brokers :

No Dealing Brokers :

Market Makers :

Electronic Communication Network :

2. Features of a Reliable Forex Broker :

Regulatory Compliance :

Trading Platform :

Customer Service :

3. How to Identify a Good Broker :

Share this Article

Explore Some Interesting Marketing Trends for Your Business in 2018

5 Reasons to Use Magento for Your Next Ecommerce Website

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related