What is forex? The basics to understand before you start
A practical introduction to currency pairs, trading hours, and why both profits and losses occur.
- How forex trading works
- Why profit and loss occur
- What to check before opening an account
FX TEXTBOOK
Independent guides to forex and CFD basics, broker account options, trading platforms and current promotions. Start with the information you need before registering, depositing or trading.
NEWSUpdates
- BONUS / CAMPAIGNAxi "25% Cushioning Deposit Bonus (JP25Axi)" has ended
- BONUS / CAMPAIGNDecodeFX "LINE-Exclusive Autumn Cashback" has ended
- BONUS / CAMPAIGNDecodeFX "Peska Deposit Cashback" started (until 31 Oct)
- BONUS / CAMPAIGNBingX "HOT Coin Event Week" started (until 8 Oct)
BONUSES & CAMPAIGNS
Current bonuses and campaigns
Review the eligible account, withdrawal-related conditions, trading requirements and campaign period before you act.
HFM
Top-Up Bonus · 20% Deposit Bonus
20% on every deposit, up to USD 5,000Available to fully verified clients. Check the rate, cap and eligibility shown in your HFM client area before depositing.
View conditions →HFMBonus Hunter · JPY 45,000 Trading Funds, No Deposit
JPY 45,000 in trading funds, no deposit requiredVerified clients only. The Bonus Hunter account must be opened within 30 days of verification and the profit transferred within 30 days; check the official FAQ and terms before starting.
View conditions →Vantage TradingRegistration Bonus
Current offer conditions applyReview the official promotion page before registering.
View conditions →BEGINNER GUIDES
Start with forex and CFD basics
Learn the mechanics, tools and risks before choosing an account.
RISK MANAGEMENT · 8 min read
→What is stop-out in forex? Margin, leverage and liquidation risk
TRADING PLATFORMS · 12 min read
→MT4 vs MT5: which platform should beginners choose?
CHOOSING A BROKER · 8 min read
→How to compare forex brokers: the key checks
TRADING COSTS · 7 min read
→Forex spreads and commissions: how to compare trading costs
COLUMNS
What is current
Bonus and campaign comparisons, broker comparisons and the latest broker news, based only on official information and listing data.
How to Open an Axi Account: 8 Steps, Documents and Verification
How to open an Axi account: the 8-step process, account types, ID documents, the 28-day verification deadline, and deposit minimums.
9 min read
Read columnAxi deposit bonus: the JP25Axi 25% cushion credit, terms and how to claim it
Axi's deposit bonus as of September 2026: the promo-code cushion credit, JP25Axi's terms, how to claim it, and withdrawal rules.
8 min read
Read columnWhat is Axi Select? Eligibility, Edge Score and the 6-stage rules explained
Axi Select eligibility, Edge Score, the 6 stages, quarantine and withdrawal rules, sign-up steps and cautions, from Axi's official page and help centre.
9 min read
Read columnBROKER DIRECTORY
Compare forex brokers before opening an account
Account types, trading platforms, funding methods and current offers—organised broker by broker.
XS offers Standard, Cent, Pro, Elite and VIP account options. Availability and trading conditions can vary by country of residence.
- ACCOUNT OPTIONS
- Standard · Cent · Pro · Elite · VIP
- PLATFORMS
- MT4 and MT5
- SUITABLE FOR
- A practical option for traders who want to compare Standard and Cent account options before moving to other account types.
HFM offers multiple account types and trading platforms. Check the entity, account availability and current promotion terms shown for your country.
- ACCOUNT OPTIONS
- Premium · Cent · Pro · Zero · InfinityX · Top-Up Bonus
- PLATFORMS
- MT4, MT5, WebTrader and HFM App
- SUITABLE FOR
- A broker to consider when you want to compare a Premium account with other account types and current promotion eligibility.
Axi publishes Standard, Premium and Elite accounts with MT4, MT5, the Axi trading app and copy trading. The Standard account is commission-free from 0.7 pips on EUR/USD with no set first-deposit amount (only the minimum for each payment method applies), while Premium starts from 0.0 pips with a USD 4.5 round-turn commission and a USD 500 first deposit. Maximum leverage is 1:1000.
- ACCOUNT OPTIONS
- Standard · Premium · Elite
- PLATFORMS
- MT4, MT5, the Axi trading app (Standard account) and Axi Copy Trading
- SUITABLE FOR
- An option for users who want a commission-free Standard account or a raw-spread Premium account, plus a proprietary app alongside MT4 and MT5.
XMTrading publishes Standard, Micro, Zero and KIWAMI accounts with MT4, MT5 and XMTD TraderPro access. Account terms differ by account type.
- ACCOUNT OPTIONS
- Standard · Micro · Zero · KIWAMI
- PLATFORMS
- MT4, MT5 and XMTD TraderPro
- SUITABLE FOR
- A broker to consider when you want to start with a Standard or Micro account and compare MT4, MT5 and the XMTD TraderPro app.
Conditions may vary by residence, legal entity, account, instrument and timing. Check current terms during registration.
CORE TOPICS
Learn by question
Start from the topic you need to clarify before using a live account.
Not sure what to
check first?
check first?
Choose one question and work through it before you register or deposit.
COMMON QUESTIONS
Before you open a forex account
Core questions to resolve before depositing or trading.
Q
How does forex trading work?
→QUnderstand pairs, position size and why profit and loss occur.
What are leverage and stop-out?
→QReview margin, position size and liquidation risk.
How should I compare brokers?
→QCheck entity, account terms, funding and support.
Does an EA remove risk?
→Learn what automated trading can and cannot do.
RISK DISCLOSURE
Check conditions and risk before you trade.
Forex and CFDs involve risk. Market movements and leverage can result in the loss of some or all invested capital. FX Textbook does not provide personal investment advice or guarantee results.
Advertising & risk disclosure