Fast-moving, ever-changing and ultra-competitive: Opening a forex account can be an intimidating thing. Sometimes, all we need is a little incentive to make the effort worth it. A forex bonus can help you earn trading rebates or gain huge rewards on deposits. That doesn't mean you need to settle for anything less than a great broker.
You still require low spreads, fast execution, outstanding customer support and world class education. For new traders, simply choosing a trading platform can be one of the hardest parts in getting started. Thoroughly regulated, it offers access to forex plus other stocks for more experienced traders. It offers fixed spreads and its trading platform MetaTrader 4 is well known for stability and reliability. Used for years, it has an auto trader feature that uses pre-programmed strategies.
It also allows you to trade on the move, wherever you are, with their trading platforms available as apps on both the iOS and Android systems. A CySEC-regulated company, it offers tight, competitive spreads and SSL encryption and security for their website and online payment processing. Looking for a trading platform provider based in the United Kingdom?
The brokers below give UK traders access to the foreign currency markets through different platforms with top trading conditions. Here are our picks for the best UK forex brokers:. Winner of "Best Trading Platform " at Online Personal Wealth Awards, XTB offers tight spreads, free education and a dedicated account management team to support your trading experience. Pepperstone Limited is one of the worlds largest MT4 brokers. Because of its size and market depth it's able to provide traders incredibly low-cost pricing across all FX, CFDs and Commodities.
It offers tight spreads and its size and reputation means its platform is well-tested and reliable, with thousands of transactions performed each week.
Increased regulation has been brought into place to protect US forex traders. These rules restrict leverage ratios and are intended to protect both you and the firm from unnecessarily large losses caused by over-leveraged positions.
Put simply, forex refers to the foreign exchange market. Open 24 hours a day, five-and-a-half days a week, currencies are traded electronically around the world from financial hubs, like London, New York and Tokyo. Although you can buy or sell currencies directly through banks and other similar places, the advantages of forex brokers are all the added value they offer you — like trading platforms and analysis tools more on this later. If you want to find a forex broker you can trust, make sure they have rules, programmes and services that govern their practices — and a decent forex broker will make this information easy to find and view.
Every country in the world has a regulatory body that you can research, so you can check that your potential broker is affiliated with them. But its location is still important because of regulation and potential educational opportunities. On a brighter note, choosing a broker in a nearby location — or who may have regional or local offices nearby — means you can take advantage of any training seminars or workshops they may run to help you learn the forex trading ropes.
Currency pairs are a neat and simple way of explaining the whole forex trading process. The first currency is called the base; the second is called the quote. The spread is simply the difference between the bid and the asking price, with each unit known as a pip. As you get the hang of forex trading, you can start to think about other options, like customisation, automated trading tools, alerts and strategy builders.
Hang about — some brokers require an eye-wateringly huge minimum deposit amount. Thankfully there are plenty out there who offer a much more pleasant minimum deposit, from a few hundred dollars to a thousand or so.
Look for a hassle-free, quick withdrawal process — think direct deposit to your bank account, credit card, or wire transfer. As you already know now, the forex marketplace is one big electronic hub, open 24 hours a day, five-and-a-half days a week. Speaking to an actual real living person is the best option for your tricky trading questions, with live chat support not a bad second. Throw them a couple of difficult questions too, and see how they handle them.
By now you should know a bit more about forex and be able to impress with your knowledge of the forex market, regulatory requirements of brokers, and what to look for when choosing the best platform for you. The forex platform offers that appear on the website may be from forex trading companies from which MyForexChart receives compensation.
This compensation may impact how and where products appear on this site. This site does not list every forex broker. The best forex trading platforms for Updated: Nov 01, XM Trading Point: Best for UK Traders Markets. Best for US Traders iTrader: Best Free Resources Nadex: Best for Binary Options Trading. Top forex bonus offers for December Opening a forex account can be an intimidating thing. Losses can exceed deposits.
AvaTrade - Deposit Bonus Promotion: Forex CFD trading platforms Markets. UK online trading platforms Looking for a trading platform provider based in the United Kingdom? Here are our picks for the best UK forex brokers: Free to sign up.
Forex brokers for U. See below our recommendations for the best US forex brokers: Trade with low cost, no broker commissions, and guaranteed limited risk. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
All information provided by Myforexchart is for educational purposes only. Myforexchart may be compensated by IG and other brokers listed as a result of any promotional activity. Your submission has been received!More...