If you are making your first steps into forex trading, one of the most important decisions you’ll ever make is choosing a forex broker on whose platform you will trade. Online forex brokers dominate the internet which is good news. However, having so many options to choose from can be quite challenging especially if you are a novice with minimal information and little or no experience.
Here at ForexOnlineBrokers.com, our goal is to furnish you with the best forex brokers on the internet and we don’t just do that by simply name checking them. Rather, we scan the internet and review tens and hundreds of brokers one by one. We identify their strengths and weaknesses, what makes them tick, what sets them apart from their competitors, spread, pricing and cost policies, leverage ratios, and more importantly, the security of their platform and their current regulatory leverage standing.
That is why many traders trust our reviews because they are in-depth, detailed and current. Below, we review the best forex brokers online for beginners so read on to learn something new today about the world of forex trading.
Here are the best online trading platforms for 2021 you should consider and we review each of them in detail. But before that, here is a quick table to review at a glance. When you are done, scroll down to read our review of each trading platform.
FCA, CySEC, ASIC
Min $100 Deposit
VFSC, FSC, IBFC
Min $5 Deposit
FCA, ASIC, CIMA, SIBL
Min $200 Deposit
Min $100 Deposit
Min $20 Deposit
FCA, ASIC, CySEC
Min $200 Deposit
FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC
To help you out, our analysts at forexonlinebrokers.com have decided to review some of the best forex brokers for your benefit. Even more than that, you can use our interactive platform to find a broker that suits your trading style, budget and asset you wish to trade in. You can use www.forexonlinebrokers.com to find:
All these best and top performing assets in the online trading space are all represented here so you can pick assets and forex brokers and trade with full confidence moving forward. For this review, we aim to answer the following questions by providing detailed answers.
These questions will be answered in detail and at the end of the review, you will be in a better position to make informed decisions about which broker to pitch your tent with and trust with your investment.
All the online forex brokers reviewed in this piece are:
In the past, trading forex was restricted to only big trading institutions with piles of cash to burn. Access was limited and expensive which was why only mega Institutions, banks, and investment companies could participate in the market. However, all that changed with the dawn of the digital age. Today, any Tom, Dick and Harry can trade forex if they have the money to do so. But why do you need a trading platform?
You need a trading platform because such platforms serve as the link between your investment and the financial market. For instance, if you plan to trade cryptocurrency, you can only do that if you can buy and sell crypto assets in the market. These platforms are owned by forex brokers who operate online. They connect you to your intended market and beyond that, they provide you with the tools you need to trade the assets you want.
More importantly, forex brokers provide you with leverage. Leverage is the biggest feature offered by forex brokers that changed the trading game forever. With leverage, you can trade more volumes by borrowing from the broker thereby increasing your profit potential. However, leverage comes with greater risks too because the more leverage you use, the higher your risks.
Today, there are millions of traders operating in the market who buy or sell assets for a living. The sheer number of traders has presented an opportunity which many forex brokers have tried to exploit. This best explains why there are so many trading platforms currently active online. This has made the selection process quite tricky for many traders, especially for those with minimal experience.
When choosing a platform, there are many things experienced traders look out for such as quality customer support system, security, cost transparency and regulatory licenses. These and many other metrics are what they consider before making a choice and you should do the same.
To simplify the process for you and help you make the right decision, here are the best trading platforms for 2021.
There is a reason why many of these traders who use Robinhood are US traders or those who like to trade US stocks. Although there are dozens of forex brokers operating from the US, this broker has been able to carve a niche for itself in the competitive US scene. Launched in 2013, the platform currently has more than 10 million clients. Many traders troop to the platform because the broker offers them access to buying stocks at the least cost.
On Robinhood, you can buy stocks without paying commission fees which is a huge draw for many investors. Also, there are more than 5000 stocks on the platform that you can buy and many of them are listed in the New York Stock Exchange and the NASDAQ. As for non-US stocks, there are about 250 of them on offer. Furthermore, if you are looking to invest in penny stock, ETFs and Cryptocurrencies, you will find Robinhood to be quite handy because the platform has a seamless interface.
Traders of Options will also enjoy using Robinhood because it has a special facility for Options trading. This facility comes in handy if you are looking for the best Option investment opportunities in the US and you don’t have to pay commission for the Options you buy.
For all the positives, one of the biggest by far is that when making the transition to an active account, the first $1000 you deposit will be credited instantly but the downside is that the remaining funds may take a few more days before your account receives the money. But there is no minimum amount required though which is good news for beginners who may want to start funding their accounts with small amounts first.
As for the security of the site, Robinhood is very safe and secure so your funds are always in good hands. The mobile app is user friendly if you prefer mobile trading to Desktop trading.
Regulation: FINRA (US), SEC (US)
Not every time do you come across a trading platform that offers traders near zero commission reading but that is exactly what Vantage FX offers. This forex broker is a CFD broker that trades different types of financial assets such as
The leverage they offer is also one of the highest we have seen of up to 500:1 for most major currency pairs. If you want to make big moves in the market, Vantage is one of the best forex brokers to work with. The smallest contract size on their platform is 0.01 pips.
For standard accounts, trading CFDs will attract zero percent commission that is why they are called a near zero percent commission platform. As for spreads, the starting point is 1.4 pips and they do not charge withdrawal, deposit and inactivity fees. For ECN broker account, the minimum deposit is quite high which is $500 but you can trade with 0.0 pips which attracts a $3 commission per lot.
Another feature we like about Vantage FX and one we believe you will appreciate as well as the quality of their trading platform. It has a web and an app version suitable for iOS and Android devices. Here, you enjoy full charge, loads of technical tools to help your tools and a seamless order entry. Their copy trading tool is also very good from what we have seen across their three platforms which are MetaTrader 4, MetaTrader 5 and a host of social trading platforms such as
Regulation: FCA (UK), ASIC (Australia)
Vantage FX Fees
|Stock Trading||Variable spread|
|Forex||Variable Spread of 1.4 pips for USD/GBP|
“Plus500 is a CFD broker based in Israel and operating with several regulatory licenses. This trading platform is quite popular for those looking to trade major currency pairs at competitive rates. Plus 500 has several major and minor pairs for forex traders to pick from and their rates are also very attractive. However, to enjoy the competitive rate on offer, you will have to avoid the market when it is consolidating.
Plus 500 provide traders with thousands of assets such as oil, gold, natural gas and diverse stocks. The CFD markets majors also include markets in South Africa, Australia, Germany, France, the UK, the US, Japan and loads of other countries.
To simplify your trade there are pricing charts you can use but it does not have very good technical analytical tools. Nonetheless, it is a user friendly platform. Account verification is also done within minutes once you upload your personal documents and fund your account with a minimum deposit of $100.
To give you a robust view of the plain, we need to point out that Plus 500 does not support MT4 or MT5 trading interfaces nor any other third party platform. To trade with it you will have to make do with their in house platform. The platform supports debit and credit card deposits and withdrawals. You can also use e-Wallet platforms like PayPal and direct Bank transfers.
Regulation: FCA (UK), ASIC (Australia), MAS (Malaysia)
|Inactivity||$10 monthly after 3 months|
|Withdrawal fee||5 Free withdrawals per month|
Another online forex broker that has been able to hold its own in the ever competitive world of online trading is Capital. This platform is not as popular as many of the others on our review list but makes no mistake; Capital.com is a platform par excellence. This platform is licensed by the FCA and runs a very secure platform that safeguards investor’s funds. While the platform is still evolving and traders are getting a feel of it, Capital.com remains one of the best trading platforms for beginners.
Their trading and analytical tools are very easy to master and you don’t have to be in a hurry to execute direct trades. One of the downsides we noticed with Capital is that they do not allow Paypal as a payment or withdrawal but they offer other worthy alternatives like Trustly, Sofort and Apple Pay. This broker is one you should try out
|Stock Trading||Spread across 1.83 pips|
|Forex||Variable Spread of 0.8 pips for GBP/USD|
|Crypto||Spread across 100 pips for BTC and USD|
Libertex is another CFD platform we rate very highly and the forex broker behind it is one of the best online forex brokers currently active today. This platform is quite popular in the UK because it offers very low commissions and fees. One of the biggest selling points of the platform is the zero spread offering. This broker is at the top of the list for platforms that offer traders zero spread. For newbies who may not know what this means, a platform that offers zero spread will place no gap between your buying and selling price. This feature is one CFD traders find attractive, making it one of the best platforms for CFD trades. You also enjoy high quotes in the industry as well as very low quotes. Commissions are as low as 0.1% per order.
Libertex has Meta Trader 4 along with an in-built platform that you can access via a mobile app. The former can also be downloaded in the desktop version. As for the minimum deposit, you can set the ball rolling with a deposit as low as £100 which is the initial deposit. For subsequent deposit, the minimum is £10 pounds. You can fund your Libertex amount using your e-wallet, debit/credit card or via bank transfer. With a track record of excellence spanning two decades rest assured that your investment is safe with this highly regulated forex broker.
Regulation: CySEC (Cyprus)
|Stock Trading||Commission of 0.034% for all Amazon trades|
|Forex||Commission of 0.008% for USD/GBP|
|Crypto||Commission for Bitcoin trades charged at 1.23%|
|Inactivity||$5 monthly after 180 days|
After researching hundreds of online forex traders and reviewing their platforms, we came to a conclusion that eToro happens to be one of the best if not the best forex broker with the best trading tools, interface and action keys in the market. In most of the key metrics used to determine the efficiency and effectiveness of a platform, eToro ticks all the boxes with flying colors.
If you are just starting out as a beginner, this broker is one of the best brokers you want to trust with your investment. It is simple to use, and offers traders with small stakes the opportunity to trade currency and financial assets.
All you need to get started on eToro is to fund your account with a $200 minimum and you are good to go. You can also place trades of at least $25 and above and the platform has thousands of assets and stocks of roughly 2400 and counting across 17 different markets. You can even buy shares of companies based in the US, UK, Canada, Hong Kong and from several European stock exchanges by using this platform.
The biggest draw for beginners is the minimum level of entry so you don’t have to invest more than you can afford or risk much money. Rather, eToro allows you to sharpen your skills by trading with small amounts then you can increase your stakes as you get more experience. There are also energy resource assets like oil and gas you can trade on the platform. Let’s not forget the 250 ETDs and. More than 16 cryptocurrency assets you can trade on eToro too.
With eToro, you minimize your risks but maximize your profit potential using easy to master trading tools. These and more make this online platform one of the best and the best overall platform.
In terms of trading strategies, you can use whichever one works for you. You can also major in stocks and assets that you are very good at analyzing. The eToro Copy trading tool allows you to copy your trades or all ongoing trades that you have as many times as you want weather than do so one at a time. We also like the fact that you can withdraw your money whenever you want. You can also find your account using a debit or credit card and e-wallets like Skrill or PayPal and even bank wire transfers.
Regulation: eToro is regulated by Tier 1 and Tier 2 regulators which are the FCA (UK), CySEC (Cyprus), ASIC (Australia) and FINRA (US).
|Forex||Variable Spread of 2:1 pips for USD/GBP|
|Crypto||Variable Spread 0.75% for all Bitcoin trades|
|Inactivity||$10 monthly after one year|
Most brokers offer different types of tradable assets but some excel in some areas more than others. When it comes to solely forex trading, only very few platforms can rival IG Brokers. Although they offer different types of assets, it is in the area of forex that they truly excel. It will surprise you to know that IG covers as many as 80 different currency pairs. From major pairs to note pairs, you can trade them all in IG.
Besides major and minor pairs, you also have access to certain exotic pairs that you will not find on other platforms. Examples of exotic pairs include
There are more exotic pairs you can trade in IG, so if you are good at trading and analyzing these pairs, this is the best platform for you. As for the trading platform, you have two options if you do not have too much experience trading forex, you might want to stick to the in-house IG platform which is suited for newbies. Then as you gather more experience you can then switch to the MT4 broker platform which is compatible with all IG tools and charts. You get access to all their indicators and automated robot trading tools. Trading margins are also relatively easy at just 2% which is an attractive proposition for margin traders.
Besides these features, you will also find their commission to be very affordable. Traders can trade major currency pairs starting from 0.8 pips and the fees you pay are logged into the spreads and you pay no extra commission for that. The initial minimum deposit is $250 and you can find your account using your card or bank transfer.
Regulation: Headquartered in the UK, this broker is regulated by the FCA and many other US regulatory agencies.
|Stock Trading||UK and EU stocks attract 0.10%` while US Stock attract 2 cents per share|
|Forex||Variable Spread of 1.4 pips for USD/GBP|
|Crypto||Variable Spread 36 pips for all Bitcoin trades|
|Inactivity||£12 monthly after 2 years|
We do know that there are investors who like to go long when trading forex or other digital assets and commodities. These types of investors or traders require forex brokers with trading platforms that allow them to do that very effectively. For this kind of trades, one of the best online forex brokers is none other than Interactive Brokers.
Just like TD Ameritrade, Interactive Brokers have been around for a long time. First starting out in the 1970s, they offered stockbroking services to investors and also made the transition into online trading like TD Ameritrade. When you visit their platform, you will notice how advanced their trading tools are as well as the model feature which speaks volumes. You will find it invaluable for fundamental and technical analysis.
Then in terms of the volume of assets you can trade, Interactive Brokers has thousands of assets covering more than 135 markets across 33 different countries. So as a seasoned investor, you have more options here than anywhere else to tease the assets you want. Another advantage of using this platform is that you can buy a fraction of a stock if you can’t afford to buy the whole stock; this model is called fractional ownership. For those looking to diversify their stocks, you can jolly well do so by purchasing ETFs and Index funds.
This platform has a combination of futures, options, and forex assets. You have more than enough options when picking a desirable asset to trade. The only criticisms some will have against this broker is in the area of pricing. But why?
You see, Interactive Brokers have a different pricing policy for different assets and trading accounts. So with different accounts in play and dozens of assets, it can be quite confusing for traders to predict how much they will pay before they execute a trade. But on the flip side, they do not charge commission for stocks and ETFs which is great news. Furthermore, there is no minimum initial deposit involved.
Regulation: FINRA (US), other regulators
Interactive Brokers Fees
|Forex||Commission and spread inclusive ( Commission based on 0.08 – 0.20 base points on 0.1 pips|
|Crypto||$15.01 for futures Bitcoin contracts|
TD Ameritrade is one of the oldest forex brokers in the world of forex having existed since 1975 long before the internet was even a thing. This US brokerage firm has been actively trading stocks and assets for decades and as the digital age came through, they gradually made the transition from offline trading to online trading and so tweaked their operations to reflect the changing times.
Of all the forex brokers active today, only very few of them can match TD Ameritrade when it comes to asset diversity. In no area is this evident than with the number of stocks they have on their platform. If you want to focus on stock trading or trading stock as an essential part of your routine, TD Ameritrade is the broker you want to stick with. Currently, their users can trade shares not only in the US but across international markets. Traders can also invest in IPOs which is something most platforms do not offer.
For passive investors, they can enjoy as much as 11,000 mutual funds and diverse assets which are quite impressive. TD Ameritrade has mutual funds, index funds and ETFs. Morse importantly, bond traders or those interested in investing in Bonds can do so via the platform. And when it comes to modern trading, you can of course buy and sell stocks and cryptocurrencies and we like the fact that their transaction fees are quite low.
For instance, TD Ameritrade does not charge commission for ETFs and Stocks. As for Options, they charge $0.65 per contract which is quite low and there are no exercise fees involved. You can trade in the platform either using their desktop website or via their mobile app, whichever you prefer. Amazingly, there is no minimum deposit required to get started so you can find your account with whatever you can afford and start reading straight away.
Regulation: FINRA (US)
TD Ameritrade Fees
|Forex||Variable Spread of 1.2 pips for peak hours|
|Withdrawal fee||Free ACH/ $25 for bank wire transfers|
All the forex brokers whose platforms are mentioned in our review have trading apps for users who don’t wish to use their desktop version but none of them can measure up to that of Charles Schwaab. This platform is one of the best forex trading platforms in the world for its advanced trading tools and user-friendly interface. Charles Schwaab is not new to the game but has been around for a very long time now. The forex broker started off as a stock broker and offered consultancy services to clients. It also trades forex on behalf of investors. However, things changed when the world went digital and Charles Schwaab followed suit.
Opening an account with Charles Schwaab is very easy and your entire log in details is safe particularly due to the advanced security controls in place. This platform uses fingerprint or face IDs for those who prefer that to the alphabet or numeric passwords. Now when it comes to the number of tradable instruments, this is where Charles Schwaab excels.
Currently, there are thousands of financial instruments you can trade on the platform which is good news for traders who like asset diversity. What makes Charles Schwaab even more interesting is the fact that you can buy US listed IPOs, shares and special instruments called Over The Counter (OTC). The platform also supposed fraction ownership of stock which refers to buying a small slice of shares if you cannot afford to buy the whole thing. On their American Depositary Receipts, you can purchase foreign stocks and fractional stocks. They also allow you to buy index funds, ETFs, bonds and mutual funds.
The Charles Schwaab mobile app is indeed one of the best in the world and the best among all the online forex brokers whose platforms we have reviewed thus far. So if you like to trade with mobile apps via your smartphone or tablet rather than a computer, Charles Schwaab is definitely the platform to use. Let also note that their charges are very low and they do not charge at all for most activities such as trading crypto or buying stocks.
Charles Schwaab Fees
For those looking to trade forex long term or long term financial asset investors, Fidelity is your go-to online forex broker. The good news is that you don’t have to approach this broker on your own. From the comfort of your home or office, you can make long term investments using Fidelity’s trading tools. Most forex brokers do not offer long term investors the kind of tools Fidelity offers which makes them the ideal platform for long term investing.
You can buy stocks and assets from different countries including index funds. What this does is that it allows you to diversify your risks by spreading them across different assets. This way, you build equity in a sustainable manner. You can also buy IPOs listed in the NYSE and NASDAQ. There are also thousands of fixed income bonds, mutual funds and ETFs on Fidelity’s platform. Let’s also not forget to mention IRA investments like life insurance and retirement plans.
Their research tools are great and beyond those, you can gain helpful insight into future market trends and real time quotes. The platform also allows you to set up news alerts and draw knowledge from their Learning Center to help you make informed decisions about your trades and investments. Their commission is free for ETFs and Options listed in the US. You also don’t pay a fee for buying their Mutual Funds as long as you hold the fund for a period of 60 days at least. Margin trades attract just a 4% commission fee or more. More importantly, there is no minimum initial deposit.
Before you decide on the trading platform to use, you need to consider the transaction costs attached to the platform. The best forex brokers are only able to stay in business partly due to the amount they charge as commission and related costs so you want to pay close attention to this. The best way to know which to choose is to consider the costs of all the forex brokers we have reviewed side by side. Here is the forexonlinebrokers.com fee comparison table.
|Broker||Platform trading Fees||Stock trading fees||Forex trading fees||Overnight fees|
|eToro||Free||Variable Spread||Fees for overnight CFD trading||None for crypto, stocks and ETF trades|
|Libertex||0%-0.46% commission||Yes||Deducted by 9 pm in the form of interest on a trading day||Only charged of trade stets open between Friday-Monday|
|TD Ameritrade||Free for US Listed Stocks||International stocks attract $6.95||Variable spreads||None|
|Interactive Brokers||Free for US listed stocks||Variable commission for others but £6 for UK stocks||Yes||Dependent on instrument|
|Plus 500||Variable Spread||Variable||Applicable||Charged for all assets|
|IG||£0-£10 commission||Variable Spread||Applicable||Charged for commodities, forex, stocks and indices|
|Fidelity||Free for US listed stocks||Variable Spread for international stocks||N/A||None|
|Charles Schwaab||Free||£9.99||Yes||Relative to the instrument|
When picking a platform, there are several things you want to bear in mind. Remember that no two forex brokers offer the same quality service. Every broker’s platform has strengths and weaknesses. Some platforms are more secure than others. Some platforms will charge you a withdrawal fee while others will not. Some have more tradable assets than others. Overall, the best forex brokers offer traders the most value at the least cost. These should be your guiding principles when making a choice.
With that being said, here are some of the things to consider when picking a forex trading platform.
One of the most important factors to consider is whether the platform is regulated or not. As you may already know, forex brokers own trading platforms and their activities are supposed to be regulated by relevant government agencies. The issue of regulation is the first thing you want to look at when making your selection. The questions to ask are as follows
The best forex brokers and trading platforms have Tier 1 and Tier 2 regulators like
Leading regulators like the three mentioned above ensure that funds kept in the coffers of the brokers are kept safe. Regulators also ensure that your interest is protected because they prevent brokers from engaging in sharp practices which may not be illegal but expose your investment to greater risks while making more profit for themselves.
Regulators also ensure that your investment cannot be traded with by the broker and that the broker complies with national anti-money laundering laws.
Another thing you want to consider is the number of assets on the platform. As you know there are thousands of tradable assets online today and different traders were skilled at trading different types of assets. If you want to increase your chances of making healthy returns on your investment, you need to trade in a platform that offers you asset diversity. And more importantly, a platform that offers the kind of assets you are interested in. Common assets that a very good platform should have include
Make sure the platform has a large diversity of assets as you may want to switch to a different one in the nearest future. More assets in play grants you access to more options.
How much will you have to pay per transaction and how many transactions must you pay for? This is another thing to inquire about. You want a forex broker who operates a transparent pricing policy not the one who takes your money without knowing what you are being charged for. Go to their pricing page to find out more about their fees. A broker who is not forthcoming about their fees is not to be trusted. Also, avoid brokers that charge fees like withdrawal fees, inactivity fees and a few other fees. The lower the fees and the fewer fees you pay, the better your trading balance. Fees you should expect to pay include
Advanced trading platforms are not called advanced for anything. They are billed as such because they have advanced tools. The more advanced the tools are, the more simplified the trading platform. You want a platform that allows you to buy and sell instruments with ease. You also get a platform with analytical tools that allow you to do your fundamental and technical analysis effectively. Some of the tools to look out for when reviewing a platform are as follows.
Copy Trading: if you have noticed a favorable market opportunity you wish to cash in on, you want to be able to make as many trades as you possibly can within the shortest possible time. This is where Copy trading comes in. This allows you to replicate the same trade as many times as you want. The easier the tools allow you to do this, the better.
Order Tool: The way you place orders also matters, you want a platform that makes the process easy, not complicated. An ineffective or protracted ordering process may frustrate your trade or even place your investment at risk.
MT4/5: If you are a seasoned trader, you want a platform with advanced MetaTrader 4 or MetaTrader 5 platforms. These platforms are advanced and expedite the trading process. Although most platforms have their in house trading interfaces, many of them still include these 3rd party platforms because they have advanced tools that will come in handy for executing fast trades and performing in depth analysis of assets.
Alerts: Even the most advanced traders still rely on alerts from time to time to alert them to certain trends in the market. If you want to stay at the top of your game, you need information as soon as it becomes credible and available. So make sure you choose a platform that offers updated alerts. Alerts can be sent to your phone number or email or both depending on the platform and they notify you of trends in the market. If you are a scalper, alerts will serve you well.
Trading is an ongoing experience as no one knows it all. Even the most advanced traders still learn daily to improve themselves and you should do the same no matter your level of experience. Forex brokers have access to learning materials and they upload them on their platform for users to learn with for free. If you want to improve yourself, these materials should be at your fingertips. The best platforms have eBooks, webinars, courses, articles, podcasts and any other educational materials that can help you improve your skills.
Is the platform user friendly or complex? Answering this question is by no means straightforward but based on your experience level. What one trader will consider as complex another will consider it simplistic. That is why we advise readers to do their due diligence before they commit their funds to any broker. Lucky enough, most platforms have free versions and demo trading features you can use to access the user experience qualities. Only after you are convinced should you start trading with the platform.
Common things to look out for when analyzing a platform should include
There is so much to check for but at the end of the day, only go for a platform you are comfortable with.
The more the merrier is a common saying and that also applies to payments. There are different ways to fund your account depending on the platform you are dealing with. Some forex brokers will credit your accounts within seconds or minutes while others will take hours or as long as a day per two. Transactions done during the weekends could take longer. The time frame depends on the payment method. We recommend platforms that offer several payment and withdrawal methods such as
Last but not least is the quality of their customer service. Issues are likely to arise with your account and the last thing you want is to have the issue unresolved for long. The best forex brokers have first class customer service agents who respond to inquiries and complaints and resolve issues as speedily as possible. Customer service pipelines they may utilize include
To start trading forex, you need access to the market and only online forex brokers can give you the access you need. With access, you can enter and exit the market anytime you want. However, to increase your chances of success, you need to trade with the best forex brokers who operate platforms that are user friendly and have thousands of assets like ETFs, forex, bonds, mutual and index funds and many others. In this post, we have reviewed the best forex brokers online and provided you with the features of their platforms. So before you make a final decision on which platform to use, make sure you do your research and ensure that the platform suits your needs.
To start trading forex, you will have to open an account with an online forex broker like eToro, Robinhood, IG or any of the Brokers reviewed above. Opening an account is relatively easy.
Forex is owned by no one or entity in particular. It is an open market where buyers and sellers of financial assets come together to trade.
The market opens with the Australian trading session by 22.00 GMT on Sunday and closes with the US trading session on Friday at 22:00 GMT.
Margin refers to the money in your trading account that you can use to secure your trade that is still in an open position. How much you need for margin will depend on the forex broker.
A short position is a sell position and it means that the trade will still be in profit even if the price drops. A long position is a buy position and the trade will remain in profit even if the price rises.
There is no best strategy for trading forex. There are so many strategies to pick from and new ones keep coming up every day.
That will depend on the broker's minimum deposit. Different forex brokers have different requirements. Some brokers will accept $1, others will accept $10, or $50 while most will accept $100 and above. Once you find your account, you can start trading immediately.
Of course, you can. Many trading platforms have desktop versions that you can access using a computer.
Not in all cases. Sometimes it may even react in the opposite direction. That is why successful traders engage other Analytical tools rather than rely on news reports alone.
The answer to this question is not clear cut. There are people who get rich trading forex but they have to master the market. However, Forex will not make you rich overnight. You need to master the market and hone your trading skills.
No, you cannot. This is because forex brokers only invest the funds you place on trades, not all the money in your trading account. For instance, if you have $500 on your account and you invest $50 on and trade and you lose. What you lost is $50 and you will still have $450 left in your account.
No. There are so many other assets like mutual funds, cryptocurrency, Bonds, etc. Forex brokers offer much more than foreign exchange trading.
Anybody who is above 18 years of can trade forex.
It is a bad idea to predict the forex market. You need to follow the trend instead. The trend is your friend.
There are no limits to the number of times you can trade forex. As long as the market is open and you have a positive account balance, you can keep trading.