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.
The United States and United Kingdom shone as both countries saw a slew of favorable economic news releases this week. The latest US JOLTS Job Openings data showed a 4.17 million increase following January’s revised 3.87 million gain. Jobless Claims for the prior week was lower at 300,000 (versus 314,000 forecast) while the Federal Budget […]
The first week of April turned up to be fairly busy with a barrage of global news announcements and two central bank rate decisions. The Reserve Bank of Australia and European Central Bank both decided to leave rates unchanged (2.50 percent and 0.25 percent, respectively). In other news, the German Unemployment Change slid for the […]
The last full week of March turned out to be very busy as a flurry of economic data dotted the entire week, highlighted by a jump in New Zealand Trade Balance and a surprise recovery in UK Retail Sales. New Zealand’s Trade Balance jumped to NZD818 million, beating analysts’ median forecast of NZD595 million by […]
Speeches by various central bank governors and key policy members dotted the whole week, but the US took center stage again after the release of the FOMC Statement and Federal Funds Rate on Wednesday. The Fed Funds Rate was put on hold at less than 0.25 percent, as expected. Fed Chair Janet Yellen hinted that […]
The entire week was dotted with a flurry of economic releases, but Thursday was the most action-packed day of this week, particularly with the RBNZ Rate Announcement and Statement, better-than-expected Japanese Core Machinery Orders and Australian Employment Change data. The Reserve Bank of New Zealand declared on Thursday that it is putting its Official Cash […]
The month of March kicked off with a very busy week, particularly with the release of central bank rate decisions, strong Aussie data, and mixed data from the US. All four central banks – the European Central Bank, Bank of England, Bank of Canada, and Reserve Bank of Australia – decided to leave their respective […]
During the final week of February, German economic data outshone and this undoubtedly gave the EUR a boost. Monday started off with the release of better-than-expected German Ifo Business Climate, which rose to 111.3 this February, the highest since June 2011. German Unemployment Change also came in better than expected, -14k versus -10k. Meanwhile, German […]
There were a flurry of disappointing figures seen this week, particularly in the United States and Canada. The US Philly Fed Manufacturing Index posted a remarkable decline as severe winter weather affected manufacturing activity. It dropped 6.3 compared to the median forecast of 9.2. In line with this, the Empire State Manufacturing Index came in […]
Federal Reserve Chair Janet Yellen made her testimony in the Semiannual Monetary Policy Report before the House Financial Services Committee in Washington last Tuesday. In her debut as the Fed Chair, Yellen said the Fed is committed to stay the course and continue trimming the monthly bond purchases. She emphasized that she does not plan […]
Similar to the actions of RBNZ and US Federal Reserve last week, the Reserve Bank of Australia, European Central Bank, and the Bank of England all decided to leave rates unchanged this week. Rates for these three central banks will remain at 2.50 percent, 0.25 percent, and 0.50 percent, respectively. In the United States, the […]