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What Are The Best French Brokers?

 When choosing a French brokerage firm, you must select one that offers a comprehensive range of commodities and securities from the country across the globe.

What Are The Best French Brokers?

They say brokers are the bridge between financial traders and the market. They can be in the form of a person or firm, helping link up sellers of securities and commodities to their respective buyers. Finding the right broker in this modern age of financial inclusion and a cashless economy can be a bit challenging. The openness of the world economy has created a high level of competition among stakeholders in the financial market. This increasing competition in the industry is responsible for the market's exponential growth over the years. 

Due to the high competition in the sector, most brokers offer little or no service fee as a marketing strategy to attract traders to their platform. To choose the best broker, especially in one of Europe's biggest economies, France, a trader must put into consideration many factors. These factors to be considered must directly impact your success and safety as a trader.

When choosing a French brokerage firm, you must select one that offers a comprehensive range of commodities and securities from the country across the globe. Their trading track record as brokers must span over three years to prove their experience. Also, the best brokers must offer services like copy/social trading, and market analysis and provide a wide range of research trading tools. 

7 Top Brokers In France

Here are some of the leading brokers in France:

Capital Com

Capital.com avis provides leverage as high as x200 with zero commission fees. Judging from their years of experience, they are one of the most reliable and trusted brokers in France. Their trading platforms are user-friendly, with a complete catalogue of all necessary trading tools. Capital com Avis also offers copy trading services to investors who do not have the time to trade.

Etoro

In France, most traders rely on Etoro to provide trading signals, as their predictions are mostly accurate. This platform is known for its social trading services. They are a fully accredited brokerage firm offering traders zero commission fees.

Libertex

This is one of the leading brokers in Paris. They are highly reliable with zero commission fees. Libertex had an interactive and user-friendly platform, which makes them one of the safest brokers for young French traders to trade different commodities, including cryptocurrency.

Axi

Experienced traders mainly use Axi. They offer zero commission fees and no minimum deposit. With no minimum deposit axi has made trading with little amounts easy for traders.

Interactive Brokers

Interactive brokers offer the best services to traders looking to trade commodities and securities across the globe. They guarantee their clients low trading fees and a wide variety of research tools they can use to their advantage. However, the only disadvantage is that they have poor customer service, which makes it difficult to report any challenge you must have had on their platform.

FlowBank

FlowBank offers low trading fees and the opportunity to trade some of the biggest and most popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, USDT, and a host of others. This broker is predominantly used in France. Traders from European Union member states can't access this broker as they are only licensed to operate within France. This broker is reliable as they have been fully tested by stakeholders. 

FXCM

FXCM is highly rated among traders in the financial markets. They have a minimum initial deposit of $50, giving you access to trade currency pairs, cryptocurrency, bonds, stocks, and rare metals. Their trading fees are low, and they have incredible customer care service.

All the brokers on this list offer copy/social trading services, but only a few traders understand what social trading is all about. In the next paragraph, we will discuss the meaning of social trading and its economic importance to traders.

What Is Copy Trading?

Copy trading is the most straightforward technique of trading in the financial market. This technique doesn't require a trader or investor to have a former knowledge of the market. As the name implies, copy trading is simply mimicking the trading strategy of another trader in a bid to make a profit. 

Contrary to popular belief, copy trading isn't illegal or wrong as it is practised even among experienced market traders. According to a survey, 75% of day traders practice social trading annually.

Most French brokers heavily rely on this technique in analyzing the price movement of commodities. Brokers analyze the market predictions of traders by copying and comparing them to their trading predictions.

On a good day, copy trading can be one of the most reliable means of navigating through the financial market as a novice, but on a bad day, it can feel like the end of the world. Here are some of the pros and cons of copy trading.

Pros Of Copy Trading

Some of the advantages of copy trading are listed below:

Saves Time

Not everyone has the time to sit for hours analyzing, calculating and predicting the perfect outcome of the market. To become a successful and profitable trader, a lot of time and energy is needed to achieve this feat. But thanks to social trading, anyone can become a successful investor by copying the trading positions of experienced traders. This technique helps you channel your time and energy towards other productive endeavours.

Effective Risk Management

The higher the risk, the greater the reward. When copying trading positions, traders can manage their risk as they see fit. This can help reduce losses and also maximize gains. For effective risk management, traders must have an idea of the market and develop a suitable risk management strategy based on their financial capacity.

Diversified Trading Portfolio

Experienced traders tend to focus their attention on a particular trading instrument. They do this because that's where their trading technique works best. As a copy trader, you are not restricted by these constraints as you are at liberty to copy from different traders trading different instruments. This diversity in a trader's portfolio guarantees higher chances of profit.

Perfect For Young Traders

For young traders looking to test the waters, social trading is the perfect way to start. This technique allows new traders to learn from professionals without losing funds due to a lack of experience. 

Cons of Copy Trading 

Some of the disadvantages of copy trading are:

Finding the right trader with a good track record can be challenging, especially now everyone on social media is claiming to be an expert in the field.

Most social trading platforms require traders to pay exorbitant amounts of money to get a chance to copy their trading positions and buy the software. Every trade is based on predictions, which makes it as risky as trading like a novice.

Top Trading Tools For Trader 

Below are some popular tools for traders:

Trading Platform

Without a trading platform, there can't be financial traders. Trading platforms provide a platform where traders can make their bets on the market and either make or lose money. There are different trading platforms on the market, but the most common and advanced platform is Meta trader 4 and 5. They offer innovative features traders can use in analyzing the market in real time.

Trading Journal

A trade journal is used to keep track of trading history. It also helps a trader in analyzing his performance over a particular period. Sometimes, trading platforms offer trading journals so you can check the official website of capital.com to see if there are journalling options available. Otherwise, make your own trading journals using a word processor.

Charting Program

To have a full view of the market's direction, you must have software that lets you see the real-time price movement of items on the financial market. When choosing a charting software, ensure the software has features that enable you to view price movement within minutes or even seconds for better market analysis.

Time Zone Converter

The performance of commodities and securities tends to be tied to happenings in different time zones. Knowing the perfect time to open and close a trade is important to stand a chance of becoming a successful trader. With a time zone converter, trading at the right time becomes easy as your risks are decreased.

Volatility Calculator

Currency pairs and cryptocurrencies are some of the financial market's most volatile commodities. To trade these commodities, a trader must be able to calculate, understand and make predictions on the market's direction. A volatility calculator calculates a particular commodity's performance using historical data and helps investors base their predictions on it. It also allows traders to calculate the risks of trading a specific commodity.

Bottom Line

There are thousands of brokers on the internet today, the ability to pick the best of them can be the beginning of your successful journey as a trader. Also, note that you don't have to be an experienced professional to be a successful financial trader, all you need is the best social trading platform with the right trading tools and financial freedom will be closer than you think.

 

(Disclaimer: Above mentioned article is a Consumer connect initiative. This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.)

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