Forex trading, also known as FX trading, refers to buying and selling different currencies worldwide to make a profit. You can trade every day, but there are certain times of day worse for trading than others. Foreign exchange traders work in pairs to match buyers and sellers and set prices on a currency pair such as EUR/USD. One way to improve your FX trading strategy is to use a trading platform such as NinjaTrader, which offers advanced charting and analysis tools, and even better yet, to hire a NinjaTrader programmer who can develop custom indicators and automated trading strategies tailored to your specific needs.
Who is a Forex Broker?
A forex broker is someone who allows you to trade currencies through them. Not all brokers are the same; some charge higher fees or commissions than others. Some may not be trustworthy. If you’re starting to look for a Forex Broker you can read this article by Insidermonkey to help you choose the right one. its also important to keep in mind global forex market opening hours as well.
Choosing a broker based on your experience and due diligence with the firm would be best to ensure you can trust them to hold funds and execute correctly on trades. In this article, I shall take you through some of the best Forex trading sites for starters.
ThinkMarkets
ThinkMarkets began operation in 2010 and provides online trading for over 400 currencies. It offers the trading experience to many groups of traders and investors, such as professional traders, brokers, banks, hedge funds, etc.
Why Select ThinkMarkets?
Trading on this platform is safe and secure because they offer a 24/7 customer support team. Traders also benefit from a vast range of advanced features such as automated strategies, backtesting strategies, etc., which they simply can’t find on other platforms.
The services are excellent, with more than 250 different tools available to make your trading experience easier and better.You will get access to the following tools and analyses when trading with this platform:
- Automatic Forex trading software
- Forex alerts for technical analysis signals
- Daily, hourly, H1 & H4 charts on an easy-to-understand charting format
- Forex trading news, projects, and videos
- Quick access to your last trades and profit/losses.
- Real-time chat support from traders and analysts.
Demo Account
ThinkMarkets offers a demo account for all traders to get used to the platform and practice trades before depositing any real money. The demo account is excellent for new traders who can use it as a learning tool before entering the market with their cash.
eToro
eToro is a trading platform that provides a brokerage service and a client management system. The company was launched in 2007 by co-founders David Ring, Ronen Assia, and Yoni Assia. It is headquartered in Central Israel with other offices in Australia, the United Kingdom, Cyprus, and the United States.
The platform uses sophisticated strategies to provide traders with tools for trading, as well as leading-edge technical analysis and charting tools that enable you to make informed trading decisions.
Why Select eToro?
It has an award-winning customer service team who can always help 24/7. They provide in-depth educational material and webinars to help you learn how to trade correctly. It also offers one of the best mobile trading applications available on iOS and Android devices. You can now trade from anywhere with your mobile or tablet, anytime.
Why Should eToro Be Your Choice?
The most significant advantage of this platform is its low trading fees, which start at $0.1 per contract. A minimum deposit of $500 is required to open an account, and the maximum amount you can withdraw daily is $50000.
They also provide a wide range of research and market analysis tools for study and analysis. The trading interface on eToro is relatively easy to use, and beginner traders will not find it difficult to understand. The application is easily accessible on iOS and android.
TD Ameritrade
TD Ameritrade is a broker based in the US that offers Forex trading in all time frames and currency pairs. Unlike most brokers, it offers low fees, resulting in cheaper trades and more trades per session.
It is a highly reputable company and has been around for more than 25 years. They have many branches across the globe, including Canada, Australia, the UK, the Philippines, Saudi Arabia, Thailand, and India.
Why Should You Start With TD Ameritrade?
There are many advantages to starting with this broker, including the ability to trade from anywhere. This means you can trade forex without missing out on important news events that may affect markets.
The biggest advantage is their low trading fees, which start from $0.2 per contract and can be as low as $0.01 with a minimum $100 deposit. They recently increased the number of Forex pairs and have more than just USD/JPY, GBP/USD, EUR/USD, and EUR/JPY that you can trade in your trade list.
You can choose to open an account with a minimum of 100 USD or 200 AUD. The minimum deposit for an account is 300 USD or 500 AUD, depending on the currency you want to trade.
Fidelity
They are a very reputable and sturdy company that has been around for over 70 years. They offer a highly experienced customer service team who can assist you with any query at any time of the day or night through email, telephone, or live chat. The customer support team usually processes your request within 24 hours.
Why to Start With Fidelity?
Fidelity is one of the few brokers offering access to their research tools to help you develop an educated trading plan when you open an account. You can also use the tools to analyze the market and make informed trading decisions.
What are The Advantages of Fidelity?
Fidelity offers many different research tools that you can use when you open an account with them. They also provide in-depth educational resources for new traders, and experienced traders will benefit from their webinars and workshops depending on their level of expertise.
Their transparent trading platform means all transactions are recorded, so you can have peace of mind knowing that your funds are secure. They have a high volume of traders conducting trades on the platform, so you can be assured that there will always be plenty of opportunities for you to trade.
Conclusion
There are many brokers available for Forex trading. However, if you want to trade with maximum ease and security, you should look for a broker that is well trusted. It would also be a good idea to check their customer service support through live chat or email before opening an account.
Beginners can also try out free demo accounts on Forex broker platforms before deciding the best fit. There are plenty of great brokers, but you must be careful when choosing and picking the right one that suits your needs.