Forex Trading Broker Sites
Forex or FX is an acronym of Foreign Exchange and Forex trading means to trade on this market. Trading takes place by predicting how one currency performs against another in a Forex pair. It is the largest market in the world with average daily trading volumes exceeding trillions of dollars.
For those who know what they are doing, Forex trading can be a very profitable activity although it doesn't come without risks. To get the best out of your trading experience, it is critical that you choose a Forex broker that can offer you everything you need from demo platforms to educational tools.
Selecting the right broker can be a time-consuming process. Who do you choose and why? What do you look out for and how do you know that the broker is safe? That is where we come in. Our team of experts scour the internet reviewing and rating all of the Forex brokers so that we only present you with the best of them. It is then up to you to make an informed decision as to who to trade with.
If you are new to Forex trading, there is much to learn. In this guide you will discover:
- The various features to look out for when selecting a Forex broker
- All the different bonuses and deals that various brokers have to offer
- How to know which of the many online brokers is right for you
Our Top Recommended Websites Updated: October 2018
How Forex Trading Works
Forex trading works by selecting currency pairs and predicting the performance of one currency against another. There are many different currency pairs to choose from but they are essentially split into three categories:
The main currency pairs tend to produce lower spreads but are easier to predict than exotic pairs which tend to have larger spreads. To put it in basic terms you are dealing with two currencies per trade. Let's take a look at the GBP/USD pair. This means that you are selling GBP in return for USD. The spread is the money that you make from the trade. It is knowing when to sell that is the key to successful trading. Waiting until the spread is at its greatest will return the best profit and this is when you need to have confidence in what you are doing. This confidence will come with practice.
Benefits of Using a Top Broker
There are many benefits to using a good Forex broker. It can mean the difference between a good trading experience and a not so good one. We take a look at the key features to look out for when selecting the best one for you.
Some brokers offer more currency pairs than others. For many they like to just deal with the major currencies and perhaps some of the minor ones. Other brokers will offer in excess of 300 currency pairs. If an extensive range is important to you then this is something to consider. Forex pairs do not include Cryptocurrency pairs.
Licensing And Regulation
Making sure that your investment is safe is paramount to many traders. You need to know that your money is not going to disappear into a black hole, never to be seen again. To ensure that you select a trustworthy and reliable broker, you should look to see that they are regulated in their country of origin. Many brokers are licensed by CySEC in Cyprus with this regulation carrying a lot of weight in the industry. Check our specific country guides for more info; Switzerland, Italy, Spain, Germany, Argentina and many more.
To be able to test the platform is an important factor. You need to be sure that you don't waste your money just by making mistakes and misreading an unfamiliar platform. A demo account is credited with virtual funds and you have a limited period of time to use them. This is a good way to get used to trading before you risk any of your own funds.
Trading on The go
If a Forex broker doesn't have an app or a mobile friendly website then you aren't going to be able to trade on the go. If you, like many others, don't want to be tied to one location on a laptop or computer, or restricted by lack of internet access, then you need to make sure that you can access the website on a mobile phone or tablet. In fact, it is very unusual now for brokers not to have a good mobile offering.
Forex Bonuses And Deals
Forex brokers are all competing in a very saturated market for the same business. They all want you to open an account with them and to do so they offer incentives. These incentives take the form of welcome bonuses to entice you to open an account. When you compare most brokers, the bonuses are all very similar.
Now more than ever, brokers are offering a no deposit bonus just to get you to try the website. This is ideal for new traders as it allows you the option to try before you buy. In fact, a no deposit bonus combined with a demo account gives you the opportunity to get some Forex trading experience before you spend your own money.
Often you will find a no deposit bonus of around $25-$50 will be available, however, these may differ. Another common form of reward is the deposit bonus. This is usually a percentage of the amount that you deposit and can be as high as 100% or a match-deposit bonus.
Beware if bonuses look too good to be true and also be aware that you need to trade it a certain number of times before it can be withdrawn. You can't just open an account, get the bonus and run. You are also expected to make a cash deposit within a particular time frame as another condition of withdrawing the bonus.
How to Find The Right Broker
That is the easy bit. If you use our helpful advice and recommendations you will have no trouble in selecting the right broker for you. You can spend time trawling the web looking at all the different brokers but it will take you hours, even days to complete. Instead we do it for you.
Our team of experts scour the internet looking at all of the Forex brokers and testing them all out to ensure that we only bring you the best. We aren't just looking for online reviews from others. We actually trade on the platforms to get first-hand experience. We don't put our name to anything that we haven't tested out first ourselves.
When we review a broker, we are looking at everything mentioned above plus so much more. You need to know that your money is safe, that you will get good pay outs, that the customer service is good and that the platform is easy to use. Our tests involve us trading on the platforms, as well as researching what we can about them to make sure that we give you a full and frank review of what they have to offer.
We then rate and recommend based on our findings, making your task of choosing so much easier. Rather than choosing from hundreds you can narrow down your selection to a few and then choose the best. If you want the best Forex trading experience then choosing the right broker is key.
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Frequently Asked Questions
Is Forex trading legal, regulated and safe?
Forex trading is legal in most countries however in some there are very strict rules governing it. Your money is safe as long as you choose your broker carefully. Make sure that you check that the broker is licensed and regulated before you open an account. There are many to choose from which is why it is important to choose carefully. We only recommend brokers that are tried and tested so that you can be confident your money is in safe hands.
Can I trade without downloading software?
Yes, in most cases you will be able to just log on and start trading. Most brokers don't require you to download software unless you are using trading software like a robot trader. If you are unsure then it is worth checking out whether this is a requirement before you sign up to an account. It would be rather difficult to download software to your phone and apps only require you to download that particular app.
Do I need to start trading with real money?
No, you can start trading without using real money in two different ways. Firstly, you can choose a broker that offers a demo account. A demo account allows you to trade on a virtual platform using virtual funds. Secondly, you can open an account that offers a no deposit bonus. Then, you can use this bonus to begin trading on the live platform without risking any of your own money.
How can I make deposits and withdrawals?
It is easy to make deposits and withdrawals. Deposits can be made by using debit cards, credit cards, wire transfer or e-wallets like Paypal and Skrill. Once you deposit, in most cases, the funds are available immediately. Withdrawals are made using the same method you used to deposit funds. Beware that it can take around three to five business days for the funds to reach your account though.
What is a Forex broker welcome bonus?
A Forex welcome bonus is a bonus that you receive for opening an account. Often it is a no deposit bonus which means that you don't have to make a deposit to receive the incentive. There are also deposit bonuses which offer a percentage of your deposit. Sometimes they are match deposit bonuses of 100%. It is worth checking out the bonuses offered by brokers as they can vary.
Our Top Recommended Websites Updated: October 2018
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