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 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 […]
There was a lot of information to digest this week as four major central banks released their interest rate decisions and statements. The Bank of England, Reserve Bank of Australia, and the Bank of Canada all decided in keeping their respective interest rates unchanged (0.50 percent, 2.50 percent, and 1 percent, respectively). Meanwhile, the spotlight […]
Statistics New Zealand reported that exported goods’ value sold in July declined 3.3 percent compared to a year ago, and this put the Trade Balance to –NZD692 million, far weaker than the –NZD475 million expected by analysts. Moreover, the June data was revised down slightly, from NZD247 million to NZD242 million. In the United States, […]
The United States saw a good run of positive economic data releases this week. The Federal Reserve Bank of Philadelphia announced on Thursday that its Manufacturing Index soared to 28.0 this August, easily beating the 19.7 median forecast by analysts. This is its best reading since March 2011 when it reached 43.4. Sales of existing […]
All three major central banks who met this week have decided to maintain their respective rates. The Reserve Bank of Australia, European Central Bank, and Bank of England all maintained their rates (2.50 percent, 0.15 percent, and 0.50 percent, respectively). On the global employment front, New Zealand led with a better-than-expected Unemployment Rate of 5.8%, […]
The US Federal Reserve has decided on Wednesday to keep rates on hold as expected. Spotlight was then focused on US jobs numbers which came out weaker than expected. The Bureau of Labor Statistics reported that Non-Farm Employment Change grew less than expected in July, 209,000 versus 231,000 forecast. The actual number was lower than […]
The Reserve Bank of New Zealand has decided on Thursday to raise its Official Cash Rate by 25 percentage points to 3.50 percent to contain inflation which currently remains moderate. Reserve Bank Governor Graeme Wheeler stated that amidst the backdrop of weak commodity prices, the New Zealand Dollar’s current level is “unjustified and unsustainable and […]
The Bank of Canada has decided to keep its overnight rate unchanged at 1 percent. Accordingly, the deposit rate is set at 0.75 percent while the bank rate is at 1.25 percent. The Bank has noted that CPI and core CPI have moved up in recent months, and they attributed it to temporary effects rather […]
The focal point this week was on the employment outlook in several parts of the world. In Australia, the Bureau of Statistics reported employers hired 15,900 more people in June, compared a 5,100 decline in May. The Jobless Rate ticked higher from 5.9 percent to 6 percent. Meanwhile, Canada saw a dimmer jobs outlook as […]
The latest release from the US Bureau of Labor Statistics showed Non-Farm Employment Change increased 288,000 in June, with more than half of the fresh jobs offering better than average wages. The latest increase mirrors that of April’s data, and is the 4th consecutive monthly increase above the 200,000 level. The Unemployment Rate also improved […]