Business is the backbone of the UK economy and the real powerhouse behind the country’s national and international success.
With the latest figures from the Office for National Statistics showing record employment levels of 32.54 million people, UK business is in good health currently.
One thing that could be a great idea for many businesses in the UK though is to look at ways of diversifying their income stream. This will help to mitigate the risk that future events such as Brexit could bring and increase profits moving forward. For many, this will mean using some spare profits now to put back into the business and help it thrive in the future.
What are the best ways to reinvest profits?
The great news for any business looking to reinvest some of their profits to drive growth or make more money is that there are a number of options. You could hire more staff to increase productivity and take more work on, for example. Alternatively, you could invest in extra training for current staff so that they can provide a higher-level service to clients or use some spare profits to buy new equipment.
While these are all pretty common, one attractive investment opportunity for UK business is trading in currencies on the world’s forex market. This huge global market allows you to place trades on currency pairs, based on if you think the price will go up or down. Trading in forex is simple for any UK business now as all you need is a computer, an internet connection and some starting capital. Trading is done digitally via online FX brokers – a list of the best around is shown at www.onlinebroker.net to consider further.
Make sure to pick the right international broker
The first thing you will notice when looking at many of the top FX brokers is that they are based internationally. As a UK-based business, this naturally presents a challenge in that you need to be sure that the broker you use is legitimate. Arming yourself with the right knowledge to ascertain this before you sign up with them is vital to keep your business’s details and money safe. Of course, this is a little bit trickier when the broker you are looking at is not based in the UK and may be on the other side of the world.
Here are some of the major things to do when dealing with international financial brokers so that your business stays safe:
- Check out online reviews –probably the best idea for any UK business considering which internationally based broker to deal with is to look at FX broker review sites online. This will help to give a clear indication of how reputable each broker is and what other traders’ experience of dealing with them is like in the real world.
- Research their cyber security –most reputable online international FX brokers will list details on their website of what cyber security measures they have in place. It is best here to look for high levels of encryption and the use of SSL to keep your details safe with them. This is key when dealing internationally with a financial broker as they may not all have the same standards as brokers in the UK.
- Make sure they are regulated –another top priority for dealing with international brokers safely is to check that they are regulated by a recognised financial authority. Naturally, this will not be the FCA as they only look after UK-based companies. However, you should look for a broker that is regulated by an equivalent authority in their own region, such as CySec in Cyprus or the SEC in America.
- Look for demo accounts –many international online brokers offer demo accounts now so that you can practice trading with fake money first. This is a great way to stay safe as you can get to grips with trading without risking any of your business’s real money. Using a demo account first is also ideal for getting to know your broker and making sure that they are legit before you put any real money into your account there.
Choosing the right international broker is key
There are many reasons why carefully choosing which international financial broker to trade with is crucial. Although what spreads they offer, how easy their platform is to use, and what levels of customer service you get are important, the safety aspect is high up on the list also. Doing business internationally is always something to be approached with caution to avoid expensive mishaps, and trading in currency is no different.
