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Forex Trading in Slovenia

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When most people think of Slovenia, the first image that comes to mind is the country’s gorgeous mountain landscapes and luxe ski resorts. Forex traders in Slovenia can easily access the forex market with sweeping protections from the European Union. If you’re interested in learning more about forex trading, be sure to read our guide before you enter the market. 

Get Started with Forex in Slovenia 

Before you can trade forex, you’ll need to open your first brokerage account. A brokerage account will allow you to access the forex market through your broker. Here are the basic steps you’ll go through when you open your brokerage account.  

  • Step 1: Connect to the internet. Most forex brokers now allow you to open your brokerage account entirely online. Make sure that you have a stable, private connection to the internet before you open your account.
  • Step 2: Compare brokers. There are many international brokers offering services to investors in Slovenia. Compare at least 3 brokerage options operating in your country before you choose where you’d like to open an account. Be sure to know and understand each broker’s fee schedule, account requirements, regulatory status and available currencies before you submit your personal information and open your account.
  • Step 3: Download your trading platform. Though many brokers offer their own customizable proprietary platform, some brokers require that traders use a 3rd-party software to trade. If you aren’t sure which platform is right for you, you might want to begin with MetaTrader 4 or 5. These platforms are some of the most widely used and accepted in the forex sphere, and are supported by most international brokers.
  • Step 4: Deposit trading funds. Before you can place your first trade and start using your brokerage account, you’ll need to deposit trading funds. Most traders in Slovenia accomplish this by directly depositing via a bank transfer, but you may also be able to fund your account with an electronic wallet or debit card depending on your broker.
  • Step 5: Make a trade. Once your deposit shows up in your trading account, you can place your first forex trade. 

Slovenia Forex Trading Strategies

There are 2 major forex market analysis methods used by traders who hold the euro as their base currency: fundamental analysis and technical analysis. Let’s take a look at some of the differences between the 2 and what you’ll need to get started with each.  

Fundamental Analysis

A strong economy typically results in a stronger national currency. Traders who use fundamental analysis as their primary market analysis strategy spend their time analyzing the underlying factors that influence a currency’s movement. They look at economic reports and political election data to determine the relative strength of each country’s economy. Some primary sources that a trader using fundamental analysis might look at include:

  • GDP reports
  • Unemployment rates
  • Consumer confidence indexes
  • Non-farm payroll data

Traders using fundamental analysis examine primary economic sources to predict how currency values will move.

Most traders who use fundamental analysis take a long-term approach to trading. To get started with fundamental analysis, you’ll need a regularly updated source for international news and economic data. 

Technical Analysis

Traders who use technical analysis as their primary market analysis method typically don’t spend a lot of time examining economic reports. Instead, they use chart patterns and candlestick formations to predict how currencies will move over a short period of time. There are many chart patterns that a trader might look for, including:

  • Head and shoulders tops and bottoms
  • Reversal candlesticks
  • Ascending, descending and symmetrical triangles
  • Cup and handle

The cup and handle pattern is for traders using technical analysis.

To begin with technical analysis trading, you’ll need recent currency exchange rate data and a trading platform with charting capabilities. 

Forex Trading Example in Slovenia 

Forex traders earn money by strategically exchanging 1 currency for another. For example, forex traders might sell euros against another currency when they think the euro is strong and then buy it back when it weakens. Let’s take a look at an example.

Julia opens a brokerage account, which she funds with €10,000. Her broker provides her with 10:1 leverage, which means that she can place trades worth up to €100,000 if she chooses. Julia thinks that the value of the British pound will soon rise in relation to the euro, so she decides to take a position controlling the equivalent of €10,000 worth of GBP using her leverage.

One euro is currently equal to 0.9100 GBP. Julia uses her margin to control the equivalent of €100,000 into pounds, which is a position currently valued at £91,000. Julia keeps her eyes on the value of the EUR/GBP pair — when 1 EUR equals 0.8990 GBP, she decides to cash out and take her profits. Closing out of her position leaves her with control of her original deposit plus €1,223 in profits. Julia has earned a total profit of €1,223 on this trade.

Making Money with Forex in Slovenia 

As a member of the European Union, traders in Slovenia enjoy many broker protections, including negative balance protection to limitations on leverage trading from both the European Union and the Bank of Slovenia. Forex trading is legal, and you can deposit as much money as you wish into a local or international forex trading account.

Forex trading still involves a certain level of inherent risk. Limit your risks by following these best practices.

  • Watch your leverage usage. Though you might be able to access leverage as high as 30:1, this level of leverage can quickly result in a margin call. Be careful when using leverage, especially when you first start trading.
  • Practice your strategy. Most brokers operating in Slovenia allow you to test out your trading strategy using a demo account before you commit any of your own money. Be sure to master your unique trading strategy before you enter the market.
  • Stick to the major currency pairs. Trading major currency pairs (for example, the EUR/USD) will prevent you from losing large amounts of money through volatility. It’s better to stick with major currency pairs before moving on to trading less liquid minor currency pairs and crosses.

Best Online Forex Brokers in Slovenia 

No matter where you trade from, it’s important to choose a qualified and regulated forex broker. As a member of the European Union, investors in Slovenia have a wide range of brokers they can choose from when they decide to start trading currencies.

Not sure where to begin? Get started by browsing a few of our top-recommended brokers offering services to traders in Slovenia below. 

Account Minimum
100 of your selected base currency
Pairs Offered
80+
Get started securely through FOREX.com’s website
Account Minimum
100 of your selected base currency
Pairs Offered
80+
1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Commissions
$10 value per pip
Account Minimum
$0
Get started securely through IG Group’s website
Commissions
$10 value per pip
Account Minimum
$0
1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.  

Best For
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
Pros
  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
Cons
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile
Account Minimum
$50 USD
Pairs Offered
47
Get started securely through eToro’s website
Account Minimum
$50 USD
Pairs Offered
47
1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum
$100 USD (or equivalent)
Pairs Offered
69
Get started securely through HYCM’s website
Account Minimum
$100 USD (or equivalent)
Pairs Offered
69
1 Minute Review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service. 

Best For
  • Investors who want a customizable fee schedule
  • Traders comfortable using the MetaTrader platform
  • Islamic traders who need swap-free accounts that don’t build interest
Pros
  • Wide range of currency pairs available
  • Excellent selection of educational tools
  • $0 deposit and withdrawal fees
Cons
  • Not currently available to traders based in the U.S.
Account Minimum
100 EURO
Pairs Offered
50+
Get started securely through AvaTrade’s website
Account Minimum
100 EURO
Pairs Offered
50+
1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Forex Terminology

One of the first things that you’ll notice when you begin researching how to trade forex is that forex brokers and investors seem to have their own language they use to discuss trades. Familiarizing yourself with a few of the most common forex terms you’ll see will help improve your trading capabilities.

  • Pip: A pip is the smallest movement in a particular currency pair’s exchange rate. In most cases, a single pip is calculated to the 4th decimal place. 
  • Lot size: A lot size is a standardized trading amount equal to 100,000 units of your base currency.
  • Orders: When you want to buy or sell a currency pair, you’ll do so by placing an order through your broker. Your order tells your broker your amount, the exchange rate your order should be executed at (if you aren’t placing a market order) and which currency pair you’re trading.
  • Margin calls: If you use leverage to trade and your trading amount drops below a certain value, your broker might subject you to a margin call. If you receive a margin call, you must either immediately close out of your position or deposit more capital into your account to cover your trading losses. EU regulations limit the amount of leverage traders in Slovenia can access due to margin calls and the potential for realized losses. 

Safely Trading Forex in Slovenia 

The key to entering the forex market is a solid trading strategy. Though you’ll enjoy international regulations when you trade from Slovenia, this doesn’t mean that you’re guaranteed to earn money when you trade forex. Be sure to practice your trading strategy using a demo account before you risk any of your hard-earned money on the market. 

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