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 EURUSD remains in a range which forms a bull flag on the longer-term charts. Activity has tapered off ahead of summer holidays, and news flow is expected to be quiet. Both the top and the bottom of the range have already been convincingly tested and held. Fundamentals and the chart pattern still support long […]
The Fed hiked rates as expected and Janet Yellen insisted they will raise rates again this year. The USD did strengthen on the back of these comments, but gave up most of those gains when weak consumer confidence and housing data was released on Friday. The market is not convinced by Yellen’s stance, which is […]
The Euro has lost momentum over the past two weeks, though the fundamentals driving its rally remain in place. Last week the Eurozone news flow didn’t do enough to keep the rally going, and the UK election result weighed on currencies across the Eurozone. The main event this week is the FOMC rate decision and […]
The technical picture for the Euro is quite simply that it is going up. The charts are telling us very little about how fast that may be or how deep the corrections may be. (EUR/USD Weekly Chart – The rally resumes) However, there is plenty of news and data this week, and fundamentals will probably […]
The Euro-Dollar pair is consolidating ahead of US employment data later in the week. The rhetoric from the Fed and the data over the last few months has some participants believing the FED may not hike rates in June. If this is confirmed by the data, the Euro may extend its gains, while strong data […]
A combination of Euro strength and Dollar weakness has created a very strong trend for the Euro. This is now prompting dollar bulls to get out of their positions, which adds to the trend. Before we have a clear idea of where the Euro is headed in the long term we will have to see […]
The Reserve Bank of Australia left Cash Rate at 2 percent as weakness in the Australian dollar has cushioned the blow of China’s weakness and lower commodity prices. Australian GDP revealed its weakest growth in two years as it posted 0.2 percent in the second quarter, mainly due to the weakness in export volumes, the […]
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 […]