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 latest data from Statistics Canada revealed a 2.5 percent surge in Wholesale Sales to CAD55.4 billion in December, led by improved sales in 6 of the 7 subsectors monitored. In dollar terms, the motor vehicle and parts subsector spearheaded the month’s gains, as the motor vehicle industry posted the highest recorded sales for the […]
The Australian Bureau of Statistic reported that Employment Change in January suffered a bigger loss in jobs, -12,200 compared to only its expectation for -4,700. On the bright side, the reading for December was revised higher, from 37,400 to 42,300. The Participation rate was steady at 64.7 percent. Unemployment rate ticked up to 6.4 percent, […]
RBA surprisingly slashed its Official Cash Rate by 25 basis points to 2.25 percent from 2.50 percent on Tuesday. Meanwhile, the Bank of England decided rate stayed at 0.50 percent and GBP375 billion, respectively. Markit reported UK Construction PMI surged to 59.1, well above the 56.9 median forecast. The January rebound was close to November’s […]
The European Central Bank’s decision to hold rates at 0.05 percent was widely expected, and so is Mario Draghi’s move to apply quantitative easing. Large-scale government bond purchases will be executed to the tune of EUR60 billion each month. The Bank of Canada surprised the market with a rate cut on Wednesday, amidst the declining […]
The Swiss National Bank surprised the market as it decided to remove the EURCHF cap for the first time in over three years. Funds and brokers were caught on the wrong side of the market, causing some of them to shut down due to bankruptcy. FXCM, the largest US retail FX broker, suffered massive capital […]
The Bank of England was the lone central bank active this week and announced an unchanged position in terms of interest rates. They left the Official Bank Rate at 0.50 percent. While the Asset Purchase Facility remained the same at GBP375 billion In terms of PMI data, the US and UK posted weak readings. UK […]
The Spanish National Statistics Institute announced a continued weakness in the country’s Flash Consumer Price Index. The December figure declined 1.1 percent, its sixth straight negative reading, and the biggest decline ever recorded since 2011. Friday, January 2, was kept busy by data mostly out of Europe. Markit published a weaker than expected UK Manufacturing […]
The US Federal Reserve decided to put their respective interest rates on hold at 0-0.25 percent. The shocker was the Swiss National Bank’s decision on Thursday to introduce negative interest rates with an initial -0.25 percent. Meanwhile, the UK led the pack this week with generally stronger than expected data. CPI has been reported by […]
Prime Minister Shinzo Abe’s ruling coalition enjoyed a sweeping victory in Sunday’s snap elections. The win gives him and the Liberal Democratic Party with an assurance of 317 seats out of the 475-member lower house and controlling a super-majority in the house. Despite the low voter turnout, Abe believes the coalition win is due to […]
Four central banks made their respective rate announcements this week and all of them decided to maintain their respective rates. The Reserve Bank of Australia left its Cash Rate at 2.50 percent; Bank of Canada left its Overnight Rate at 1 percent; Bank of England maintained its Official Bank Rate at 0.50 percent; and the […]