Firmon Review – Is This Platform The Right Fit?
There are thousands of people all over the globe who are currently grappling with disastrous finances, all because of the worsening condition of the economy brought about by the coronavirus pandemic.
Meeting your needs and maintaining a stable lifestyle has become tougher than ever, with unemployment and inflation figures going up and a declining income. It is a given that you want to break free of this vicious cycle, which means looking for opportunities to earn a solid income and generate as much profits as possible. Banks have reduced their interest rates to help the economy, so your savings are not earning the kind of returns you want.
Is there a way to invest your savings somewhere that can help you earn quick and substantial returns? You don’t have to look very far in this modern and digital world. The last few decades have brought about massive changes and now the pandemic has made work-from-home a very popular trend, so people are now looking for online earning opportunities.
One of the best options that you can explore is none other than trading in the financial markets. It is definitely not something that popped up only recently because people have been doing this for years, but it is only now that trading has gone digital, which means easier access for everyone.
Entering the financial markets for a slice of a very lucrative pie has become a breeze, thanks to the internet and technological progress. There are no barriers to entry that you have to be concerned about, as in other spaces, such as having an education, a degree, or even some experience in the trading world.
You can start your trading journey with no experience or knowledge and there will be no one stopping you. Moreover, you don’t have to invest millions of dollars in order to generate high returns, as even small sums of money can earn some big amounts due to the volatility of the financial markets.
Online trading has simplified a lot of traditional processes, such as having to go out to indulge in trading. Today, you can trade at home, at the office, on the bus, at the mall or anywhere else. But, to build your connection with the financial markets, having an account with an online broker is a must.
They are the bridge that leads you to these markets and offer you the platform for trading and the tools that help make decisions. With the increase in popularity of online trading and the influx of people into the financial markets, the demand for brokerages has also gone up steadily.
This works in your favor because it means you will have a horde of options to choose from, when you are searching for a broker. But, the key is to remember that it is not a challenge to ‘find’ a broker. A simple Google search will give you a multitude of names, but it is to find a company that can be the right fit for you.
First off, the online world has its share of scams and frauds, which means caution has to be exercised at all costs. You don’t want to opt for a fraudulent platform or company that rips you off, so your focus should be on finding a safe and trustworthy brokerage.
There are plenty of legitimate and authentic options to be found and they promise a good trading environment, but again, you need to remember that not every company is the same. Some cater to a specific type of trader, such as experts or beginners.
Likewise, others may be registered and licensed, but their services may not work out for you for one reason or another. Your goal should be to find a broker that can be the right choice for you and not anyone else. This requires careful evaluation of what the company has to offer.
What should you know about Firmon? Check out some of the highlights here:
It is a fact that brokerages are competing against one another in order to draw in more clients and the one feature that can help them gain an edge is their asset index. Even if you are an inexperienced trader, you are probably familiar with the concept of diversification, as this strategy doesn’t just apply to the trading space.
However, it is vital in the trading space because it can go a long way in minimizing the risks in volatile markets and maximizing your profits. In order to be able to diversify, you would need access to as many trading products as possible, but not all brokers are able to meet this criteria.
Luckily, Firmon is not one of these, as it has put together an index that comprise of 170 trading instruments. It is a forex and CFD (Contract for Difference) broker, which means that not only can you access the forex market, but can also get CFDs from different financial markets.
This form of trading saves traders from having to purchase the asset physically, as they trade contracts based on different instruments. The company gives you access to various markets and some of the notable ones include:
Stocks: This particular market is considered synonymous with trading and it is one where many people have been able to make solid returns over the years. You can invest in the stock market with Firmon, as it enables you to buy and sell CFDs on stocks of some of the biggest firms in the world.
These names include Google, Fiat, Amazon, Unicredit, Facebook, Microsoft, ENI, eBay and Apple. If you want some different options, you will be accommodated easily as Cannabis stocks can also be found.
Forex: The foreign currency market is the largest financial market in the world and its volatility has helped a number of people in making substantial profits by trading currency pairs. You can find major and minor currency pairs and can also explore exotic pairs if you like. Some of these include USD/JPY, USD/CAD, EUR/USD and GBP/USD.
Indices: Traders can access another lucrative market that is focused on long-term outlook in the form of indices. This market trades a basket of stocks rather than individual ones and some of the world’s leading indices can be traded, such as FTSE 100, S&P 500, DAX 30 and NASDAQ.
Commodities: One of the most consistent trading opportunities can be found in the commodities market, as they are known for providing regular returns. There are soft commodities that can be traded, as well as hard commodities, and traders can opt for the ones that interest them.
There are precious metals like gold, silver, platinum, palladium and copper, energies like crude oil and natural gas and agricultural products like corn, coffee, cocoa and soybeans.
Cryptocurrency: In the last decade, a new asset category has been added to the financial markets in the form of cryptocurrencies. These digital currencies were introduced with Bitcoin in 2009 and have become a global phenomenon with people making millions in the space. Some of the leading cryptocurrencies that you can trade include Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.
Fast and easy registration
There are some horror stories circulating about the process of registering with a broker. This can often intimidate newbies because they are nervous about what to expect.
You don’t want to deal with any complex and time consuming procedures when you want to register with a company, such as filling out an endless number of forms, waiting for approval of their application or signing a contract. Firmon is very appealing in this regard because they have eliminated all of these issues and have made their registration fast and easy for everyone.
You can initiate the registration process on their website where clicking on the option of ‘Open Account’ will open a registration form. The form needs to be filled with some very basic information, so it will only take you a couple of minutes to complete it.
You have to provide your first name, last name, email address, phone number, location and a password that will be used for logging into your trading account. Furthermore, you have to be at least 18 to open an account with Firmon and should also agree to their Terms & Conditions. These are provided on their website, so you can go over them and then agree.
This is where the registration procedure ends and you can immediately jump to the next step of opening an account.
Different account options for different trading styles
Opening an account with a broker is an essential process because this account keeps track of your trading history, your funds and everything else. It is common for companies to provide different account options and their features and flexibility also varies.
Firmon has kept up with this trend and you will come across four account options that have been cultivated on their platform. Each of these accounts has been especially developed for traders from a different background, so everyone can find an account that’s the right fit for them.
Strong security and privacy policies
Even though there are endless benefits of online trading, it does have some risks associated with it. Trading on the internet can expose you to identity theft and your money can also be stolen or compromised. You have to depend on a broker to keep your funds safe and to keep your information hidden so it doesn’t end up in the wrong hands.
Subsequently, it is imperative that you choose a company that has strong security and privacy policies for minimizing your exposure as much as possible. You will find that Firmon does a good job in this aspect because it is a regulated company.
For protecting your information from cybercriminals, Firmon has opted to use advanced encryption technology. Every piece of data is encrypted straight away, which means that it stays safe from prying eyes.
As Firmon also provides great customer support to its clients, allows them to make their deposits and withdrawals easily and helps them improve their knowledge and skills via learning resources, it can be the right fit for traders looking to make a profit in the financial markets.