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.
China’s central bank rocked global markets this week as it initiated devaluation of the Yuan, saying it would begin setting the daily rate based in part on the prior day’s trading. In a press conference on Thursday, PBOC discussed its recent policy moves and Deputy Governor Yi Gang said “adjustment is almost complete”. He further […]
On Tuesday, the Reserve Bank of Australia left the Cash Rate unchanged at 2 percent. Meanwhile, the Bank of England kept its Official Bank Rate at 0.50 percent. The latest Official Bank Rate votes surprisingly showed only one policymaker out of nine, Ian McCafferty, saw the need to raise rates. Analysts expected two BOE MPC […]
The Greek government approved on Thursday some reform-related demands of creditors in order to stay in the Eurozone. The televised voting showed 151 lawmakers supported Prime Minister Alexis Tsipras in passing the second tranche of policy measures. Meanwhile, in his speech in Frankfurt on the same day as the Greek vote, Bundesbank President Weidmann commented […]
The lawmakers in the Greek government approved the bailout agreement on Thursday, allowing the country to remain as a member of the Eurozone. The latest austerity measures have been approved as part of the 86 billion euro aid. In its latest decision, the ECB’s Minimum Bid Rate stayed at 0.05 percent as expected. However, Bank […]
Daily Time Frame – EUR/USD Reversal Beginning to Falter Support: 1.09647, 1.08449, 1.04626 Resistance: 1.10845, 1.12313, 1.14502 Strategy: Enter Long positions when price bounces off 1.09647, Stop Loss 60/70 pips Take Profit as price reaches 1.12313. Looking at the Day Chart we can see that price action for the past 17 days has been within […]
Greece has just edged closer to Euro exit after a Greek referendum ended with “No” votes gaining the upper hand. The referendum centered on whether to accept or reject the creditors’ terms regarding the latest aid package. On Monday’s opening, the EURUSD gapped for a second straight Monday and therefore EURUSD could revisit the 2015 […]
The debt issue on Greece remains a big question mark for the markets. Despite previous high-level discussions on the issue, several officials expressed uncertainty. IMF’s Lagarde had said, “there’s enormous work” that still needs to be done. Various Eurogroup meetings happened throughout the week, but ultimately no deal was reached between the Greek government and […]
In Greece, it has been a defining week as back and forth negotiations continue. In a crisis meeting, Greek PM Tsipras offered a reforms package in an attempt to break the deadlock and receive further aid. Aside from foreign creditors, Greece owes the IMF a debt installment of 1.5 billion Euros ($1.7 billion). IMF’s Lagarde […]
The Reserve Bank of New Zealand decided to slash the Official Cash Rate by 25 basis points to 3.25 percent. In his statement, RBNZ Governor Graeme Wheeler stated the rate reduction was done in view of weak dairy prices, low inflation, falling business and consumer confidence. In Australia, the Bureau of Statistics reported improved jobs […]
All central banks, the Bank of England, European Central Bank, and Reserve Bank of Australia, decided in line with expectations this week, keeping their respective rates unchanged at 0.50 percent, 2.00 percent, and 0.05 percent, respectively. BOE’s Asset Purchase Facility was also unchanged at GBP375 billion. Meanwhile, Australia had a rough week with the release […]