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 Bank of England decided to keep status quo in terms of its Official Bank Rate and Asset Purchase Facility. The Official Bank Rate stays at 0.50 percent. In other news from the United Kingdom, the Manufacturing Production and Industrial Production came in better than expected at 0.4 percent and 0.5 percent respectively. The Average […]
RBA slashes Cash Rate to 2 percent. The Reserve Bank of Australia decided to reduce its Cash Rate by 25 percentage points to 2 percent. In other news from Australia, Building Approvals surged surprisingly by 2.8 percent in March, when median expectations was for a drop of 1.7 percent. Job Advertisements climbed 2.3%, while Trade […]
The US Federal Reserve decided on Wednesday to leave the Federal Funds Rate at less than 0.25 percent. The Reserve Bank of New Zealand followed up on Thursday with a similar decision, holding its Official Cash Rate at 3.50 percent. In other US news, the latest Advance GDP report showed the first-quarter growth was nearly […]
The Flash Manufacturing PMI and Flash Services PMI for France, Germany, and Eurozone all came in lower than expected for the month of April. Meanwhile, Spain’s Jobless Rate edged higher to 23.8 percent in April, according to the latest labor Force Survey of the Spanish National Statistics Institute. In the United Kingdom, the Office for […]
The European Central Bank and the Bank of Canada both decided to leave rates unchanged (0.05 percent and 0.75 percent, respectively) this week. A barrage of news came out of China this week. Trade Balance surplus shrunk by a huge margin to CNY3.1 billion in March. New Loans surged past expectations at CNY1,180 billion while […]
The Reserve Bank of Australia and the Bank of England both decided to leave rates unchanged (2.25 percent and 0.50 percent, respectively) this week. The Bank of England’s Asset Purchase Facility also remained at GBP375 billion. In Australia, the Australian Bureau of Statistics reported on Wednesday that Building Approvals surprisingly sunk 5 percent in February, […]
The German Federal Employment Agency broke the great news that Jobless Rate fell to a record low of 6.4 percent in March as the labor market continues to improve. Unemployment Change saw a decline of only 15,000. Lower gas prices favor consumers while exports are boosted by a weaker Euro. In the United Kingdom, Office […]
New Zealand’s Trade Balance has remained weak for the second consecutive month as dairy led the decline in exports. Statistics New Zealand showed a NZD50 million trade surplus, compared to the NZD375 million forecast. Dairy declined 41 percent compared to a year earlier, as prices and export quantities declined. Falling exports to China, a major […]
Both the Swiss National Bank and US Federal Reserve decided to keep their rates unchanged at -0.5 percent and less than 0.25 percent, respectively. There is speculation that the SNB might consider higher negative deposit rates if the Swiss franc continues to strengthen. In the Fed’s case, banks and analysts are divided in terms of […]
The Reserve Bank of New Zealand declared on Thursday that it is putting its Official Cash Rate on hold at 3.50 percent, with the view the current financial conditions around the world remains “very accommodative”. Meanwhile, it was a mixed bag, but largely bearish week for China. Industrial Production, Fixed Assets Investment, Retail Sales all […]