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 US dominated the economic news arena this week and it was a mixed bag. US Pending Home Sales kicked off the week and it surprised to the downside, declining 0.6 percent in October. Based on the data given by National Association of Realtors, this is the fifth straight monthly decline. US Building Permits were […]
The Bank of England’s Monetary Policy Committee, through its meeting minutes, declared on Wednesday that all of the nine Committee members decided to keep the Official Bank Rate and Asset Purchase Facility at the same rate, 0.50 percent and GBP375 billion, respectively. The Committee noted that the economy is in the path of sustained recovery […]
On balance, there was a raft of negative economic news this week, particularly from the United States. On Monday, the Australian Bureau of Statistics said Home Loans surprised to the upside with a 4.4 percent growth in September, beating its median expectation of 3.6 percent. Westpac Banking Corporation reported on Wednesday that the Westpac Consumer […]
The Reserve Bank of Australia, European Central Bank, and the Bank of England made their respective interest rate announcements this week. The RBA left its Cash Rate unchanged at 2.50 percent on Tuesday. On the other hand, the BOE and ECB made back-to-back announcements on Thursday. BOE decided to maintain the Official Bank Rate at […]
The Federal Reserve ended its two-day policy meeting last Wednesday, where consensus dictated to keep a wait-and-see stance in terms of the economy and monetary policy. The Fed decided to hold its Federal Funds Rate at less than 0.25 percent and monthly bond purchases worth $85 billion, as it awaits additional signs that the economy […]
Bank of Canada on Wednesday decided to maintain its overnight rate target at 1 percent. In the BOC Rate Statement, Governor Stephen Poloz dropped the central bank’s bias for future interest rate hikes. In other news, the much-awaited jobs reports from the United States have finally been released on Tuesday. Non-Farm Employment Change disappointed with […]
The world watched with bated breath as the US political crisis surrounding its debt came close to the October 17 (Thursday) deadline. After the debt deal passed the US Senate on Wednesday, the US House of Representatives voted 285-144 in favor of the debt deal, which included issues about the budget, debt ceiling, and government […]
US shutdown enters its third week and it seems that there is no solution in sight. The US senate will now have to expedite the efforts to find a solution to the crisis before the US government reaches its debt ceiling. In other US news, President Obama chose Janet Yellen to succeed Ben Bernanke as […]
The main news item in the previous week was undoubtedly the US government shutdown. It is impacting the US economy and the global economy alike. Two central banks announced their latest interest rates this week. The European Central Bank and Reserve Bank of Australia both held their respective benchmark interest rates unchanged at 0.50 percent […]
After the release of the Bank of England’s Monetary Policy Committee Meeting Minutes in the prior week, news wires broadcasted on early Thursday that BOE Chief Carney does not find a reason to provide more QE, given that the economic recovery has “strengthened and broadened.” In other news, New Zealand’s statistics agency revealed last Wednesday […]