When looking for the best forex broker on the internet to suit your particular needs, the first consideration will always be whether or not you feel comfortable entrusting the broker with your trading capital.
Furthermore, if a broker you are considering doing business with has a generally poor reputation among its clients or is not overseen by one of the major regulatory agencies, then you would be well advised to consider looking elsewhere for the brokers that the retail forex market has to offer.
Some of the top forex brokers in terms of their trustworthiness and reputation are eToro, Easy Forex and AvaFX. To set up an account with them in order to start trading currencies, you typically just need to visit their website, select an account type, fill out a form and provide suitable documentation.
Once the account has been opened, you will then need to fund it. This can usually be done via bank wire transfer or credit card payment, although even Paypal funds can be used in some cases.
Here is a short description of these leading brokers, to help you get to know them a little bit better:
Many people who are new to trading the foreign exchange market or who are not really serious about becoming full time traders are considering opening up accounts for the very first time. One of the best online brokers for such traders is eToro.
Entry level traders might find the educational materials and the simplistic, yet rather entertaining, graphical trading interface offered by eToro to be helpful as they hone their trading skills and set about developing a consistently profitable trade plan for themselves. Furthermore, those who are less committed to forex trading might enjoy the games offered by the broker.
Of course, they might want to graduate to using a broker that offers a more professional and traditional style of trading platform once their initial training and trade plan development phase has concluded. Nevertheless, more experienced traders still might find some of the market commentary provided by eToro useful, and they can always have a little fun watching eToro’s graphical platform that features games and currency symbols competing against each other.
Another internet forex broker that has developed a good reputation among retail traders for helping those new to forex trading get started on the right foot is Easy Forex. Like eToro, Easy Forex provides its clients with extensive training materials and good customer support aimed primarily at novices.
One of the advantages of Easy Forex over eToro is that Easy Forex introduces novices gently to a more professional style trading platform so that they can more easily adapt to using just about any broker’s forex trading platform as their trading skills advance.
Many traders consider AvaFX to be one of the top online brokers since their trading platform is both simple enough for beginners to use, as well as sufficiently sophisticated for trading experts to appreciate its features.
Another major advantage of AvaFX is that its platform permits a broader based trader to monitor and take positions in a variety of financial instruments, as well as the major currency pairs. For example, AvaFX allows you to trade commodities like oil and gas, precious metals, sugar and cotton, as well as major stock indexes like the DJIA, the S&P500, the FTSE100, the DAX40, the CAC30, the Italian MIB index, and the Nikkei 225.
Best way to learn the trends in currency markets is to follow-up on latest News before taking any trading action.
Here are the latest Forex News as provided by Forexnews.co.
ECB head Draghi’s speech created market frenzy on Friday that sent the Euro back close to the latest lows. At the 24th European Banking Congress, Draghi expressed concern about inflation, and said the ECB may entertain the idea of increasing its asset purchase to gain a higher inflation. In the United States, the Federal Reserve […]
The Census Bureau in the United States reported that Retail Sales gained 0.3 percent in October, slightly higher than forecasted. American consumers rejoiced as cheaper gasoline enabled them to shop and dine more ahead of the Christmas holiday season. Broad-based gains were noted as 11 out of 13 categories monitored showed growth. Consequently, consumer confidence […]
The Reserve Bank of Australia decided to leave its Cash Rate at a record-low 2.50 percent for the 15th consecutive month to counterbalance the strength of the Australian dollar and spur jobs. The European Central Bank and Bank of England also kept their respective rates steady (0.05 percent and 0.50 percent). ECB’s Draghi made clear […]
Several key news events this week have been foreshadowed by Federal Reserve’s exit on its (QE) on Wednesday and more importantly, the surprise QE decision by the Bank of Japan on Friday. The Reserve Bank of New Zealand on Wednesday decided to keep its Official Cash Rate at 3.50 percent. The central bank made a […]
The Bank of Canada on Wednesday decided to keep its overnight rate target at 1 percent. The central bank made a less-dovish hint as it dropped the word “neutral” from its BC Rate Statement. Meanwhile, Statistics Canada said Retail Sales posted its second monthly decline following six monthly advances. Retail sales and its core reading […]
The United States has had an overall positive week according to the latest slew of economic data. The US Census Bureau reported a weaker than expected Retail Sales reading of -0.3 percent (core -0.2 percent) for September. At the same time, the Labor Department issued a similarly weak PPI (-0.1 percent) for the same month. […]
After the ECB rate decision last week, two more central banks announced their interest rate decisions this week. The Reserve Bank of Australia published their unchanged rate decision on Tuesday (2.50 percent), while the Bank of England announced on Thursday that they are maintaining the current values of the Official Bank Rate (0.50%) and the […]
The status quo decision from the ECB was expected, and as usual, the US jobs data stole the spotlight this week. The European Central Bank decided to keep its Minimum Bid Rate unchanged at an ultra-low 0.05 percent for the second time. ECB’s Draghi expressed intention of continued purchase of assets over the coming two […]
The US Federal Reserve decided in their latest Federal Open Market Committee meeting to keep rates unchanged as economic activity is “expanding at a moderate pace”, “labor market conditions improved somewhat”, household spending “appears to be rising moderately and business fixed investment is advancing.” The Committee declared that a highly accommodative stance continues to be […]
The Reserve Bank of New Zealand kept its Official Cash Rate unchanged at 3.50 percent for the second time but it also hinted on potential rate hikes in the future. Without mentioning any timeframe, the bank said, “We expect some further policy tightening will be necessary to keep future average inflation near the target 2 […]