There are hundrets of FOREX broker out there. But only some are reliable enought to get in our comparion table. Why should you give your money to other banks than the best? Or do you love the risk to lose your funds?
Forex, also known as currency market or FX is the short form of the foreign exchange market. This market is decentralized globally to facilitate the trade between different currencies.
If measured by volume of net trading activity, it is the biggest marketplace in the entire world. Large international banks are the major participants of this market. The trading activity takes place on weekdays with various financial centers globally which act as anchors of allow trading among multiple sellers and buyers. The relative rates of various currencies are determined by the market for foreign exchange.
Being a beginner in the forex market can be a very scary experience due to the complexity and fast paced nature of currency fluctuations and market changes.
Therefore it is necessary for a beginner to be familiar with all terminologies and trade strategies to avoid high risk trades and the losses associated with them.
In this section, we will have a look at some commonly used Forex terms that you should know about.
There is a huge variety of forex banks that offer various value added services and bonus offers to their customers. Most banks provide a complete system framework for forex trading and account management activities.
Each bank has its sets of pros and cons but most have excellent customer support services through their call centers and network of branches.
Some banks also offer banking products that are integrated with their forex plan which may be perfect for some traders.
There are a number of tricks and strategies used by people in order to try to succeed in the field of forex.
While forex trading is something which can’t be learnt by heart or be completely safe but there are trading strategies which have been developed and tested over years by experts to become successful depending upon different factors such as the technical usage of charts, numbers and relying to understanding the market as per the events presently.
While some of the strategies are quite famous and are used widely others are used only by a small number of traders, the strategies can vary in their complexity depending on the levels of steps and their application. A strategy is always important for you to be successful in your forex endeavors. Why strategy is important and how it affects traders in the world of forex is further discussed in the sub sections.
A well planned strategy with good guidance is all you need to turn around your future and a badly planned strategy can also have equal devastating effects.
Many beginner start forex trading without any idea of a strategie. This is a neck breaking technique and will make you lose money on long term. Strategies are like air you breathe!
Which news have an impact on the exchange rates? And which way do they go, when they come out? This is the question of news & dates based Forex traders. Read more about it.
"WAR! What is it good for? Absolutely NOTHING." - Edwin Star did not know, that trading on political statements could be a win for SHORT traders. But: not everybody wants to trade events like this...
What is the output of an economy? And how will it change compared to other countries? A middle or long term change in competitiveness of a country can be tradet like a company share.
There are a number of forex trading technologies, while some of these trading technologies provided by major companies such as FOREXTrader Pro which is a platform developed according to forex traders with quality functions which can be performed easily along with giving high performance.
FOREXTrader PRO is available on desktop for desktops as well as smartphones for both Apple as well as Android versions. MetaTrader 4 is another trading platform which traders use quite often due to its transparency and other features while there are other platforms also available depending on the regions such as GTX – Forex ECN which is a good platform for professional forex traders.
While most of the trading websites offer these trading platforms and technologies which users can use for trading, people can also choose to buy these software’s for themselves and built trading platforms for themselves or other clients. You can either choose to be an online trader at the websites in case you have lesser amount of money to begin with or be a broker in case you have ample amount of savings.
Writing expert advisors is one stept to fully automate your Forex trading. The next step is to run your ES on a server, so you can trade 24 hours without running your computer.
Forex forums help beginning traders through expert advice which are quite visible in their experiences on the forum. You can also learn how the forex trading system work and how you can try new things with these systems through the opinions and views of different people.
There is no certain pressure to go for any predefined steps but you could search for more knowledge about a system which can be easily found or you can post a query on the forum and look through the comments in the forum for the appropriate answer although you can sometimes be misguided if you misinterpret someone or trust in a faulty strategy. You can also check out what the other traders of different levels are doing to succeed or survive getting various tips through social interaction or through the posts and blogs if you are the shy type.
Nonetheless, forums are quite important in the world of forex to gauge your options as well as trading opportunities. Forex forums are a good way for traders of different levels to excel in their work and learn new things from the experiences and advices of others without having to actually try them on their own. There are good resources and a few bad resources also in the forums sometimes but good forums are often loaded with expert interviews to guide you in the world of forex trading and to help you correctly along the way with the strategies as well as the technology through truthful reviews by actual people and experts of the trading world.
There can be a number of tools which traders use online for forex trading.
While there are certain tools which are quite good and effective both for getting the knowledge and graphics for the trading along with the platforms to perform trading options and see the current ratios. There are different benefits of tools and various forums dedicated to testing tools such as pro with the growing competition are present on which expert traders along with other people can voice their opinions for the effectiveness of these tools and how much they are dependable. There are many tools such as the profit calculator, pip USD value calculator etc.
Learning is quite important before you choose to do anything and where risky money and time is involved such as in forex trading then you have to learn a lot and be prepared for the chance when you take it.
There are different tutorials for different people such as the basics of forex, learning what are pips and quotes, the knowledge of the currencies a trader wants to trade is also quite important and decisive which can be learnt through tutorials. There are quite efficient books and online tutorial videos available on website which can help you become a pro level trader and get big in the field of forex trading there are also a number of tutorials available on websites which guide the traders to make the best of the tools and software they are using for forex trading. In short, online videos and tutorials are the holy grail of forex trading and if chosen correctly at the right time, they can get you to great heights in the world of forex.
Leverage FX and Forex Trading are among the famous YouTube channels to provide people with videos on forex and its basics while Forex Club is a constantly updated channel which are quite few in number these days.
The constantly updated channels of big companies or forums are a very helpful insight in dealing with currencies in the daily market, sometimes these channels and their videos are very helpful in notifying future changes in the market.
Forex has become quite a lot popular in the past years and this has led to more books related to forex being published. There are a vast amount of books which advise people on how to become successful traders in the forex world.
Some of these books are worth your time and are good enough so that you can learn from them in an efficient manner but others are not so effective, with so many opinions and people giving their reviews it is quite an impossible task for any trader to read all the famous and recommended books before beginning to invest. There are a few selected books which are mentioned in the subsections below which have been recently deemed as the best in the recent forex trading world. These books work well and have been reviewed positively for people beginning their forex careers.
Forex for Beginners is quite a helpful book by Anna Coulling for forex trading beginners. This book provides a good knowledge about various aspects of the forex market and is the third successful book by the author. This book is often said to provide good basic knowledge to build upon further by traders in forex markets.
This book is a pretty impressive feat at introducing forex world and its basics to the readers. There have been a number of favorable reviews by the critics towards the book and this book is considered as quite an easy way to get familiar with the technology and terminologies of the daily trading world.
This book is quite a good guide for beginners to build automated earning systems such that they can get constant profits and outputs through them. This book teaches the readers the secrets behind making thousands of dollars each month even through the simple use of a demo account which is often possessed by almost every trader at the beginning of their career.
This book is quite informative and about the forex trading markets in the upcoming days. This book is often regarded as impressive and important by the traders in the forex world to get guidelines as well as instructions before they set on their journey in the currencies.
With increase in the forex market volume there are a number of websites on the internet claiming to be the best online brokerage firm. Not only are they not true most of the times, the fake promises and false guidance set as a trap by these websites can lead you to purchase useless reviews and tutorials.
Some brokers have lagging and unmaintained user support even with their high fee while other brokers who offered a free account and minimal competitive rates suddenly starts to shoot the moon with profits made off margins on your trades. There are a number of disadvantages to many brokers and sometimes over hyped firms and improperly tested brokers can get you to lose money.
In the quick running world of today you certainly don’t want to end up at the end of any race and hence you will require a good guidance and insight in the best proven brokers in the recent past and over the years. While each broker has certain advantages there are a good deal of hidden aspects to look out for also. Sometimes extra fee and other times inefficiency in placing orders can cause you to lose money rapidly and it is of no use to constantly keep lingering on to such brokers just to get the money you had once lost.
Instead of trying on every broker, there is a list of finely handpicked brokers who have proven their credibility over the recent years and are good enough to begin with in the journey of trading in the forex market. These brokers come with different features and offers for the people and you have to choose wisely what your goals are and which broker you want to choose depending on your goals and strategies. Always aim to invest smaller amounts in the beginning before jumping on to make larger bets as you can get to know any hidden glitches in the platform of the broker or your connection in the beginning stages only without facing much losses in doing so.
Perhaps one of the easiest on the market, the easy-forex online platform offers a large number of unique features that benefit the trader. Fixed spreads, guaranteed stops and negative balance protection mean they have the most transparent pricing of almost any other broker. They’re also the only broker to offer these trader-centric features on the MT4 platform.
They’re a great broker to start with as they offer a wide range of educational tools and videos, and personal relationship managers for support and training. With a minimum deposit of $25, traders can start trading over 300 markets immediately including currencies, commodities, indices and options. Traders can also track the status of their withdrawals online in their account.
Operating in over 160 countries worldwide, the company has been around since 2003 and are licensed by CySEC and ASIC giving clients a high-degree of trust and safety. Be sure to check out the promotions they offer.
Global Futures Exchange and Trading Company Inc. was founded in the year 1998. This company has three offices in the United States and is registered and approved by various governmental authorities. This is one of the largest independent brokerage firms and it provides traders as well as investors with opportunities and healthy options for the future in Forex world. While every once in a while with the volume of customers they handle there is a complaint of delay or misjudgment but most of the other times this broker provides users with efficient means of trading and is a trusted broker for Forex trading.
IFC Markets is a product of the IFCM Group. They offer two platforms namely ‘NetTradeX’ and ‘Metareader4’ and prove with the option of two account types for both the platforms. Minimum deposits vary from account to account and can range between $1 and $300. Like most brokers, IFC does not levy any commissions but make money through spreads. They provide the usual 24 hour customer service and are certified by government organizations. The only negative aspect of IFC Markets is the website design which suffers from problematic navigation and confusing information locations.
Alvexo is a global forex broker whose trading platform is owned by VPR Safe Financial Group based in Cyprus. Their MetaTrader 4 platform is the most popular with foreign exchange traders because it contains a wide spectrum of tools and services. They also have web and mobile trading platforms. The minimum first deposit is $500 for a classic account. Their spreads are highly competitive and their prime account holders enjoy the cheapest ones.
They offer customer service round the clock and comply with all the rules and regulations.
FxPro is one of the biggest forex brokers and is trusted by thousands of traders around the work. They charge a minimum deposit of $500 and a maximum leverage of 500:1. It uses platforms like MT4, FxPro, Super trader and MT5cTrader and is compatible with Windows, web, android and iOS. Although they don’t offer any bonuses at this time they have the widest range of services available to their clients.
For the highly advanced forex brokers who care about meeting those monthly targets and are seasoned over the time trading efficiently and effectively with being concerned about their portfolio as well. The fee charged on the platform is quite high if the monthly criteria are not met by the traders which is quite irritating. With a few factors to be improved on this platform overall proved to be good and quite efficient thus gaining popularity quickly among the traders.
This is the largest forex broker based in New York and is a trusted name within the forex industry. It uses a variety of different platforms which span across different operating systems. They have a floating spread and are known for their tightness. An account with FXCM can be started with only $50. A limitation with this broker is that they operate in the US forex market only so you will require another broker for other markets.
Filled with auto-trading tools and software package for the clients the Avatrade platform is a unique and helpful way for traders to deal online in the forex market. This company is a subsidiary of Ava Financial Ltd. And comes with a software for the users. The software provided by the broker is based on highly recommended MetaTrader 4 and is genuine and safe. With a minimum deposit of $100 and a leverage ratio of 400:1 simple investors can smile upon big profits in no time but it should always be kept in mind that the greater the leverage the greater is the responsibility which follows.
Loaded with safety and assurance to the investors for trading in huge volumes of money Avatrade focuses certainly on the security of the customers which is a good thing. The company also provides support for the beginners so that they understand what they are investing their money in.
It is named by the users as one of the most favored and efficient brokers available in the market as of present. This platform provides with good spreads and the trades are executed at a far better level than the other average platforms. Their platform is often regarded as user friendly and their instant execution of orders helps in maintaining their professional profile which keeps attracting more traders to their platform. Filled with top notch analysis for the traders and offers and perks to benefit the investors this broker has often been regarded as highly efficient in the forex world.
There are a number of prizes and certifications for InstantForex which is just an adding factor to the security of the investors and the large number of users of the platform also form quite an appeal in increasing the credibility of the platform. The forex traders and investors can simply trust on this platform although they always have to keep a lookout for the risks which might be involved at all times.
Favored by a number of brokers in the forex market this platform has grown to grab the limelight in the recent years. This platform is known to provide quick withdrawals for your profit in the trading, the platform is also respected for its lightning speed processing of placement and closing of orders given by the traders the account to all clients given majorly is one and the absence of swaps or commissions makes the experience even tempting for the traders.
The spreads offered by this platform are most competitive in nature and commissions or hidden charges are not suddenly imposed or declared upon the traders. There is no bound on the amount for minimum deposit and the platform welcomes all the strategies for trading including the leading Expert Advisors on the market which most of the traders often use and rely on for gathering information and determining their future trades.
While being established in the 1990’s and being named as one of the biggest and influential forex brokers this website has quite nothing more left to prove its name for. This website is also quite famous amongst the traders for its innovative practices as well as open and transparent pricing without differentiating between traders. This trading platform comes with powerful sources with are easy to use along with support at all times through expert advisors.
Among some problems named by the people the unavailability of Expert Advisors on their MT4 platform along with an improvement in the charts are the minor concerns regarding the website but other than that this website runs smoothly and can help beginners as well as experienced people in their forex careers very easily.
There are a variety of forex websites which deal with providing the facilities of trading to forex investors. While some traders get on the better side of these websites some are often found blaming them for their bad decisions or losses. In the below given section the websites listed often help the traders to gain profits from the forex markets with ease.
With efficient trading facilities, this company is proving to be wonderful for traders in the current scenario. As they are equipped with fast and reliable customer services and they deliver their services on time which help the traders to a great extent. The customer support is the most important aspect for traders in the beginning of the trading world and a robust support is the only way to ensure their safety at all times.
This website is quite brilliant in its own way as it serves different functions such as providing charts, analysis, financial tools, and technical data along with many more beneficial things to the traders. The traders can rely on this website as it has been ranked quite well by the critics in the recent times and the growing popularity of forex with internet available every time on the smartphones, this website has grown more reliable and trustable.
People who have been a member of the Forex Factory over the past years recommend it to all the other traders at all the stages in their forex careers. This website has a good number of subtopics relating to the information regarding the manual and automated systems used for trading successfully by the traders. There is a commercial section present in the website where different vendors can post to get feedback and beginner level traders can find expert and successful traders to help them.
With different levels of support according to the trading help required by different individuals this website is quite reliable and helping in terms of forex investing in the modern day. This website is quite recommended due to its rich customer focus providing them with regular and updated articles, tutorials, advice and a simulator which can be used for trading off the market for practice at any time.
With good amount of information available to the users this website is often regarded as one of the most helpful sources for beginners as well as the forex traders in order to excel. The showing of too many ads on the website has been concerned by a few of the users but other than that the content of the website as well as its helpfulness for beginners has been emphasized by different users and experts as well over the time.