Forex for a trader
Best forex brokers for beginners

Best forex brokers for beginnersBest Forex Brokers & Trading Platforms for Beginners. We don't recommend trading to absolute beginners as it is more akin to gambling than anything approaching a profitable investment. Real trading takes time, patience and skill - we have several guides on getting started on our website, but patience, practice and planning play an important vital part to success in trading. Presuming you've done your homework and you now feel ready to trade, what makes a forex broker suitable for a novice trader? Of course those that offer demo accounts and no deposit bonuses are great - but a learning trader needs the right combination of an easy to use interface, a supportive environment that offers simplicity but also the flexibility and power to use more complex tools as their skills develop. Beginners should also consider copy trading brokers such as etoro, Tradeo and others - while a new discipline it shows promise as a way of keeping trading simple , though it is still vital to do your own homework when choosing who to place your trust - and your trades - with. Forex trading provides an opportunity to people who are interested in supplementing or replacing their income. It is imperative for novices to work with brokers who specialize in working with beginners. The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together. There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners.

Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve. Top Recommended Forex Brokers for Beginners. How to Choose the Best Forex Brokers for Beginners. There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed. What should you consider when choosing the best forex brokers for beginners? 1) Regulation Regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation. In the European Union, brokers are subject to the MiFID regulatory protocol. The Financial Conduct Authority does the business in the United Kingdom.

It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet. The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection. 2) Customer service A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, Call Me Back and Live Chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication. 3) Transparent Trading Process One practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away.

Forex Capital Markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So Trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field. 4) Trading Software Top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes. 5) Education Portal The best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders. 6) Social Trading Finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks.

So if a forex broker offers social trading , such a broker is well on its way to being described as one of the best forex brokers for beginners. Our Recommended : Join Etoro Social Trading Connects Over 5 Million Traders Worldwide. You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above. Related Articles of Best Forex Broker for Beginners. ( 8 votes, average: 5.00 out of 5) Best Forex Broker 2018. Monday, April 2nd, 2018. The ForexBrokers. com annual review is among the most cited in the industry . With over 83,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Industry leaders trust us because our rigorous testing is totally independent and 100% unbiased. Trading with the right forex broker is critical to success in the international currency markets. As a currency investor, you may have specific platform, tool, or research needs that should be met. Understanding your investment style can help determine which FX broker may serve as the best forex broker for you. Our team here at ForexBrokers. com has assembled a quick guide to some of the top online forex brokers.

In each individual FX broker summary, we highlight where each broker stands overall and against its competitors. This review will surface the most important features andor benefits of selecting one forex broker over another, including discounted commissions, differences in trading account requirements, available research tools and trading platforms, as well as the quality of customer support. Best FX Brokers for Forex Trading. Here's a breakdown of some of the best foreign exchange brokers available for online fx trading. Saxo Bank - Best Overall. Saxo Bank finished 1st in our 2018 Annual Review of 43 brokers. Its competitive pricing, access to a wide range of markets, multiple regulatory licenses, and innovative trading platforms provide forex traders around the glove an all-around excellent offering. Saxo Bank. IG - Best for CFDs, Most Trusted. Rated as our Most Trusted Broker of 2018, IG Received 5 Stars and second overall in our 2018 Review.

IG also finished #1 for Offering of Investments (5 Stars) and Education (4.5 Stars). In total, IG placed Best in Class for seven of the eight review categories. Read more. eToro - Best for Social, Copy Trading. Traders looking to harness the power of crowdsourcing to find trading ideas have ample tools on eToro’s social trading network to copy the trades of other users in real time across over 1000 instruments, including CFDs on popular cryptocurrencies. Read more. Swissquote - Best for Crypto, Banking. Swissquote is a trusted, global multi-asset broker and bank offering traders access to over two million products, from forex to CFDs, exchange-traded securities, wealth advisory services, underlying cryptocurrencies, and more. Read more. CMC Markets - Best Currency Offering. Through its offices regulated in major financial centers, CMC Markets offers traders a wide range of offerings across global markets with its Next Generation trading platform, which is packed with innovative trading tools and charting. Read more. FxPro - Best for MetaTrader.

Ranked #1 for MetaTrader brokers, FxPro caters to the needs of a diverse range of traders due to its various orders and account types, as well as its execution and pricing models, which offer instant execution, and floating or fixed spreads. Read more. Forex. com - 4.5 Stars. FOREX. com earned 4.5 stars Overall and finished Best in Class in seven main categories. The firm’s parent company, GAIN Capital, remains one of the largest forex brokers in the United States and caters to global forex traders of all experience levels. Read more. Dukascopy - Best for Trading Tools, Mobile Trading. Dukascopy Bank boasts the most robust offering of desktop and mobile platforms, helping it finish #1 for Platform & Tools and #1 for Mobile Trading in 2018. The innovative JForex platform suite and competitive commission structure give traders access to extensive resources for a growing range of forex pairs and CFDs.

Read more. Interactive Brokers - Best for Professionals. Ranked #1 for Professional traders, Interactive Brokers is known for its diverse offering of investments. Founded nearly 40 years ago, clients can trade on more than 120 market centers in 26 different countries, and deal in forex, CFDs, stocks, options, ETFs, futures, bonds, and more. Read more. TD Ameritrade - Best for US Residents. Available only to US residents for forex trading, TD Ameritrade ranked #1 for Customer Service and Platform Technology in our 2018 Review. The broker’s thinkorswim platform provides one of the most powerful charting applications, offering nearly 400 technical indicators. Choosing the Best Forex Brokerage.

Here are some of the most important factors to keep in mind when choosing the best online forex brokerage for currency trading. Regulation: Not all regulatory jurisdictions and licenses are created equal for international forex and CFD Brokers. Investors should know which country their broker is based in and which country’s laws apply to their account. To avoid fraud, it is critical to use a broker that is well-known and well-regulated. To quickly identify brokers you can trust, reference the Trust Score we provide on each broker’s review page. Company Policies and History: As part of every investors due diligence process, steps to help ensure account security should include verifying a firm’s regulatory licenses and its legal obligations in safeguarding client monies. It's also important to review the customer agreements, read up on the company's history, and make sure their primary offices are located in a well-respected country, if not your own. Range of Markets Offered: It’s always important to determine which markets or individual trading products (currency pair or stock symbol) you want to trade, then check to make sure they are offered. Also check to make sure the products you want to trade are available in your region. See section, “Best offering of Currency Pairs, CFDs” below. FX Trading Tools & Platforms: Which platforms and trading tools are available for the products you are considering? Are compatible with your web browser, computer operating system, or mobile smartphone, or any other devices you are planning to use for trading? See section, “Best Forex Trading Platform” below. FX Analysis and Global Market Research : Available research tools for scanning, analyzing, and overall conducting technical and fundamental analysis will vary from broker to broker.

See section, “FX Research” below. Forex spreads, commissions, and overall trading costs : For forex trading, spreads and any round-turn commissions will make up the all-in cost to complete (openclose) each trade. The same generally applies to CFDs, in terms of bidask spreads plus any per trade commission. See section, “Lowest Trading Costs” below. Order Execution: Available execution methods can depend on whether the broker is a principal dealer acting as a market-maker, andor if they are an agency-only broker relying on third-party dealers (liquidity providers). Other execution methods, policies, conditions, or available order types can vary (including premium or free trade protection tools such as guaranteed stop-loss orders, fill-or-kill or fill with within a maximum deviation range) can vary from broker to broker. Order Type and Execution: Some execution methods or order-types may incur negative or positive slippage. This means orders will fill but the fill price could be better or worse than requested. Since each broker is different, some firms may re-quote an order with a new price for you to accept (or reject) in the case the price has changed. Customer Service: Customer service is important.

The scope and quality of support can be a major differentiator across online FX brokerages, ranging from the speed and overall quality of assistance to the availability across global trading hours and international markets. See section, “Customer Service” below. Education: Currency trading can be complex. Even seasoned investors are constantly learning to expand their breadth of currency markets. The disparity between currency brokers that provide thorough, high quality education, and those who do not is vast. See section, “Education” below. Lowest Trading Costs. CMC Markets - 5 Stars Saxo Bank - 4.5 Stars IG - 4.5 Stars Dukascopy - 4.5 Stars GAIN Capital (FOREX. com) - 4.5 Stars TD Ameritrade - 4 Stars City Index - 4 Stars. Forex trading costs are not easy to break down. Reasons why trading costs can be impacted: bidask spreads can vary across venues (because forex is decentralized), forex spreads may be either fixed or variable (floating), and variable spreads may widen or narrow (vary) at different rates across brokers. Furthermore, execution policies vary across firms in terms of how orders are handled (slippagerejections), even when all else is equal. Brokers may be acting as market makers (dealers) to execute your trades andor may be acting as agents for execution (relying on other dealers to execute). Forex spreads may include a round-turn commission. While the all-in cost to trade can be critical for many traders, it is important to look at the whole picture in terms of how a broker’s overall offering could best suit your needs.

To assess brokers, we took into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts (100,000 units) as well as mini accounts (10,000 units) and micro accounts (1,000 units), where applicable. We then calculated the all-in cost by including any round-turn commission that was added to prevailing spreads. When it comes to competitive all around pricing, CMC Markets took first place as the best broker in the commissions and fees category. With an average spread of just 0.772 pips on its EURUSD using November 2017 data, CMC Markets offered the most competitive all-in cost to trade. Also, the broker lowered the barrier for entry into its active trader rebate program, helping to boost its ranking. In second place was Saxo Bank. The broker revamped its commission structure with the roll-out of additional tiers for both entry-level and active traders from its Asia offices. Previously, entry level traders only had the commission-free options where spreads were wider, yet with Saxo Bank’s new volume-based structure, even entry-level traders with low volumes now enjoy competitive commissions. A 0.5 pip equivalent added to low average spreads of 0.4 pips (using spread data from February 2018), results in an all-in cost of 0.9 pips on the EURUSD. More significant discounts are available for higher-volume traders. Rounding out the top three on the podium in 2018 was IG. The broker averaged spreads of 0.74 pips on the EURUSD for the 12 weeks ending February 24th 2017, and offers Forex Direct as part of its commission-based active trader offering. Dukascopy Bank maintained its fourth-place position, with a default commission tier of $7 per round-turn ($3.5 per side) and low underlying average spreads of 0.24 pips on the EURUSD using spread data provided by the broker for the US Session during December 2017. Dukascopy Bank’s all-in cost on the EURUSD of 0.94 pips (0.24+ 0.7 commission) for its entry-level offering, combined with higher discounts for active traders, helped the broker again finish Best in Class. Following closely in fifth place was GAIN Capital, with its Forex. com brand rolling out its Active Trader offering in 2017.

Forex. com’s new pricing favors active traders and even entry-level traders. Those who maintain an average monthly balance of $20,000 see an all-in cost of 1.3 pips on the EURUSD (using typical spread data for November 2017). Behind Forex. com, TD Ameritrade and City Index rounded out the top seven for 2018. While the all-in cost to trade can be critical for many traders, it is essential to look at the whole picture in terms of how a broker’s overall offering could best suit your needs. Questions to ask include: What are average spreads for the account types offered? How will differences in margin requirements or execution affect my forex trading volumes and related trading costs? These are just some of the questions that can help traders consider key differences between offerings. Best Forex Trading Platform. Dukascopy - 4.5 Stars Saxo Bank - 4.5 Stars IG - 4.5 Stars GAIN Capital (FOREX. com) - 4.5 Stars TD Ameritrade - 4.5 Stars Interactive Brokers - 4.0 Stars FXCM - 4.0 Stars.

Forex trading platforms are the modern gateway to investing in international currency markets. Regardless of your trading style, or preferred multi-asset instrument, the platform technology you use can affect nearly all aspects of your trading experience. From accessing research to analyzing news events or performing technical analysis on charts, forex trading platforms share the common goal of making it easy to help you trade and discover trading opportunities, while managing your personal investments. Over the past decade, forex trading platform technology has continued to evolve steadily across devices, with a shift from desktop to web and then to mobile. With ongoing enhancements to the user experience throughout the year, forex brokers compete for market share amid shifting regulations and the evolving needs of traders. After more than doubling the number of international forex brokers we tested this year to 43, it was clear that the best forex platforms managed to pack a slew of features and tools into a simplified user experience, while keeping the technology up to date with the latest supported standards. After more than doubling the number of international forex brokers we tested this year to 43, it was clear that the best forex platforms managed to pack a slew of features and tools into a simplified user experience, while keeping the technology up to date with the latest supported standards. All in all, these platforms provide customers a rich and pleasurable experience in all critical areas of forex trading. For the Best Forex Trading Platform category, Dukascopy Bank took the top podium spot this year for its highly innovative JForex 3 platform, which comes available for desktop, web, and mobile, and is compatible with Windows, Mac, and Linux operating systems. Charting in JForex 3 comes packed with 313 technical indicators and the platform supports automated trading strategies, helping it compete with popular third-party software, such as the MetaTrader4 (MT4) platform and cTrader platform. Saxo Bank followed closely in second after the broker added additional tools into its highly innovative and responsive web-based platform, SaxoTrader GO. For example, Saxo Bank fully integrated AutoChartist, giving it a native feel within the platform. Also, Saxo Bank provides a seamless experience on mobile, including watch lists and charts that sync across desktop, web, and mobile.

Third place goes to IG for its innovative web platform, which comes packed with versatile charting, automated pattern recognition tools, and its premium ProRealTime charts. For more advanced traders, IG’s L2 Dealer desktop-based platform provides an array of advanced features for experienced forex traders who need the extra tools usually found on desktop platforms. GAIN Capital’s Forex. com platform followed in fourth place, as the broker launched its responsive Web Trading platform powered by Trading View, helping to complement its innovative desktop-based FOREXTrader Pro platform. In addition to launching its web-based platform that runs on HTML5, the broker more than doubled the number of indicators to 139 in its desktop platform. TD Ameritrade’s thinkorswim platform features thinkScripts for algorithmic trading, as well as the ability to create push notifications and alerts on indicators, and even the capability of building custom ones from scratch. In total, thinkorswim offers 397 indicators, which is more than any other broker we have reviewed. Rounding out our top seven are Interactive Brokers and FXCM. Overall, the best forex platform for you will depend on a myriad of factors. First, do you prefer a web-based environment or desktop download? Next, consider how important tools such as charting or automated trading are to you. Available order types and other unique tools and features are also items to keep in mind. Fortunately, nearly every forex broker supports opening a demo account and testing out the experience in a simulated trading environment. Read our full-length reviews to learn more about these industry-leading brokers, compare them side by side, then open test accounts to finalize your selection.

Best Offering of Currency Pairs, CFDs. IG - 4 Stars Saxo Bank - 4 Stars Interactive Brokers - 4 Stars GAIN Capital (FOREX. com) - 4 Stars CMC Markets - 4 Stars Swissquote Bank - 3.5 Stars eToro - 3.5 Stars. Foreign exchange markets are open 24 hours a day, five days a week, which means investors can constantly scan international markets for opportunities to invest. Having access to multiple asset classes from within a single platform is important to many investors, as financial markets, including forex and even cryptocurrencies, are highly interconnected. The ability to react quickly to geopolitical and economic news events in real time is key. In the early 2000s, a fine line used to exist: brokers were most often concentrated on offering just one asset, for example forex, to their customers. However, today trading platforms are no longer just for trading forex, stocks, or futures; instead, multi-asset offerings are now industry standards among all the largest online brokers. That said, the range of products and markets you can trade still varies considerably across firms. IG placed first with 15,000 tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses among all brokers, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others. IG placed first with 15,000 tradeable instruments available including 95 forex pairs and boasts the most regulatory licenses, including from top-tier jurisdictions such as the US, UK, and Switzerland, among others. IG also significantly expanded its range of cryptocurrency CFDs on a year-over-year basis and provides access to global stock exchanges through its share-dealing account offering (for more information about IG’s share-dealing offering, read our IG Group UK share dealing review on our sister site, StockBrokers.

com). Saxo Bank held second with 9,000 CFDs available and 139 currency pairs, including off-exchange forex options trading supported on key major pairs and crosses. Saxo Bank’s offering of wealth advisory solutions to investors further complements its position, including its offering of Bitcoin-related exchange-traded funds. Interactive Brokers took third place with a wide range of top-tier regulatory licenses. Interactive Brokers provides traders access to 6,200 CFDs (up from 4,217), 85 forex pairs, global exchange-traded products, US-traded Bitcoin futures, and much more. FOREX. com took fourth place with a wide array of top-tier regulatory licenses, as well as 84 forex pairs. CMC Markets placed fifth with 9,959 instruments, including 330 forex pairs (including two-way quotes, such as EURUSD and USDEUR), which is the most number of forex pairs of all the broker’s we’ve tested in 2018. CMC Markets also has regulatory licenses in major jurisdictions such as Australia, Singapore, and Canada. Swissquote bank followed with top-tier licenses, and although the broker only lists 38 CFDs alongside 78 forex pairs, in a separate trading platform, which requires a different account, it offers nearly two million tradeable products. The broker also was the first bank to offer bitcoin as an underlying (non-CFD), in addition to creating an exchange-traded note tied to Bitcoin’s price on the SIX Swiss stock exchange. Lastly, eToro finished seventh for its wide range of products and respectable list of licenses. Saxo Bank - 4.5 Stars IG - 4.5 Stars Dukascopy - 4.5 Stars CMC Markets - 4.0 Stars City Index - 4.0 Stars GAIN Capital (FOREX.

com) - 4.0 Stars. Almost every forex broker aims to provide its clients with research content and tools to find and analyze investment opportunities. At the same time, we are living in the digital information age where traders can get lost in the sea of forex news headlines, making it hard to get the information they need unless brokers provide the right structure for forex research. Beyond news headlines and an economic calendar, leading forex brokers usually integrate in-house research for fundamental news and technical analysis, then couple it with outsourced research content. Firms that take it a step further may even create their own TV channel, for example, to stream video updates instead of providing basic daily or weekly video updates. Furthermore, daily or weekly market recaps, live trading rooms, and integrated pattern - recognition tools for news events and charts, as well as screeners, heat maps, and sentiment indicators are increasingly integrated as research tools available within trading platforms. Saxo Bank deserves its top spot for research in 2018, as it delivers on all fronts for forex research from both its website and within its trading platforms. For conducting forex research in 2018, Saxo Bank held its first place position as the best broker in this category. While many brokers struggle to organize research for their customers, Saxo Bank does a fantastic job centralizing the research it provides across its platform suite, within its recently redesigned website, and on its Trading Floor offering. Saxo Bank incorporates a social network where traders share commentary about markets on Trading Floor and provides access to in-house and outsourced research reports, including pattern-recognition tools. IG took second place for research, with a broad range of tools available through its web platform.

The broker offers its own streaming video, IG TV, along with a vast array of daily blog updates and detailed posts from a team of global analysts. Lastly, the broker’s integration of DailyFx continues to evolve as the site remains a leader for retail traders seeking educational and research content. In third place is Dukascopy Bank which also held its position year-over-year. No broker puts out more content than Dukascopy thanks to its in-house, out-sourced, and community-sourced research and news content. The Swiss bank and brokerage incorporates an extensive amount of research-related content within its website and trading platforms, along with a fully staffed professional TV studio that powers Dukascopy TV. To round out its offering, Dukascopy provides many social elements within its community to engage traders with important market content and related analysis tools, as well as even competition incentives (beyond the typical deposit bonus). CMC Markets took fourth place, followed by City Index and Forex. com, both GAIN Capital brands, and FXCM. Dukascopy - 4 Stars Saxo Bank - 4 Stars TD Ameritrade - 4 Stars IG - 4 Stars CMC Markets - 4 Stars Interactive Brokers - 4 Stars GAIN Capital (FOREX. com) - 4 Stars. While nearly all forex brokers have offered mobile apps for years, the competition continues to increase as clients demand many of the same features in mobile that are normally found on desktop and web platforms. The global use of mobile devices to access online services, ranging from email to social network sites such as Facebook, Twitter, and LinkedIn, has continued to grow exponentially in recent years.

To determine the best forex brokers for mobile trading in 2018 we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. To determine the best forex brokers for mobile trading in 2018 we focused on identifying mobile experiences that were bug-free, cleanly designed, and provided a wide range of features. Additionally, we looked for brokers who have been able to create a seamless experience between their mobile apps and their desktop andor web-based platforms. First place goes to Dukascopy Bank, whose SWFX Trader app comes with more research and pattern recognition tools than any other broker we reviewed. The app also includes an impressive array of charting capabilities, complex order types, and other advanced features such as depth of book, all packed into a clean user design. Saxo Bank took second place with its SaxoTrader GO mobile app. SaxoTrader GO is highly responsive and provides traders a unified experience with its web-based platform, offering unique features such as syncing trend lines, indicators, and watch lists. In addition, the broker’s native integration of trading signals and pattern recognition, powered by Auto Chartist, are also automatically synced with its web-platform. Like Saxo Bank, TD Ameritrade also provides a feature-rich, unified platform experience. Advanced order visualizations, syncing watch lists, and charts that support over 300 indicators are just a sampling of the functionality available to clients. Meanwhile, IG took fourth place for its mobile app which integrates pattern recognition and comes with robust charting that stays neatly organized even when loaded with numerous concurrent indicators. CMC Markets followed in fifth place as its mobile app offers unique features such as the ability to subscribe to future news events. Charting in the app comes packed with technical indicators and drawing tools available in landscape mode. Interactive Brokers and FOREX. com finished sixth and seventh, respectively. Both brokers boast robust mobile offerings that will impress the vast majority of fx traders.

TD Ameritrade - 5 Stars LCG - 4.5 Stars FXCM - 4.5 Stars ADS Securities - 4.5 Stars XTB - 4.5 Stars ETX Capital - 4.5 Stars Hantec Markets - 4.5 Stars. When using a forex broker, a single customer service experience is not enough to assess the all-round quality and scope of service. Instead, multiple phone calls, emails, and live chat interactions should be conducted to determine an overall rating of customer service. Here at ForexBrokers. com, we follow the rigorous testing approach used by our sister site, StockBrokers. com, the most respected in the industry when it comes to trusted US stockbroker reviews. For our assessment of 43 international forex brokers, 120 phone calls were made to offices across the globe. Brokers who did not offer any phone support were penalized, with email and live chat being used as an alternative testing method. TD Ameritrade really stood out among the 43 brokers reviewed, as the firms staff were resourceful and always highly eager to make the customer interaction positive. Among the top five, TD Ameritrade took first place. TD Ameritrade stood out among the 43 brokers reviewed as the firm’s staff were resourceful and always highly eager to make the customer interaction positive. London Capital Group proved its ability to provide world-class customer service as representatives were attentive and provided detailed and informative responses. Connection times averaged less than one minute per call, a quality that we ended up experiencing for most of the top finishers. Rounding out the top five were FXCM, ADS Securities, and XTB. FXCM’s support had the longest average wait time of our top seven; however, reps were always professional and never had trouble answering our questions.

XTB also consistently delivered on its around-the-clock service, and ADS Securities provided tailored support for us as a dedicated customer service representative is assigned to each customer for calls made during regular market hours. ETX Capital and Hantec Markets finished sixth and seventh, respectively. It’s important to note that among the top seven in the customer service category, the results ranked so close that even one additional excellent customer service experience could have changed the overall ranking for that broker. This shows just how tight the competition is among top-rated forex brokers in providing quality customer service. IG - 4.5 Stars CMC Markets - 4.5 Stars Forex. com - 4 Stars FXCM - 4 Stars Saxo Bank - 4 Stars Admiral Markets - 4 Stars City Index - 4 Stars. Providing forex traders with effective educational resources is important. Put simply, educated investors make more intelligent investment decisions. Most forex brokers consistently strive to educate their existing and prospective clients. That said, the delivery and quality of educational content varies. First place once again went to IG this year as the broker provides one of the most comprehensive offerings of educational materials for forex. For our assessment of forex broker education, we analyzed ten different variables for each firm. Our focus covered the basics of forex trading to advanced strategy.

Components assessed included blogs, articles, video content, seminars, webinars, and content organization, among others educational resources. Forex broker platform tutorials and FAQs were not considered educational materials. First place once again went to IG this year as the broker provides one of the most comprehensive offerings of educational materials for forex. For example, a video accompanies nearly every article and the broker even offers its own educational mobile app. Furthermore, IG holds in-person seminars to cover areas such as advanced technical analysis, and for its online webinars, archived recordings are readily available. CMC Markets followed in second place thanks to its comprehensive education portal that neatly organizes content by type, including articles and videos, along with daily webinars and events. FOREX. com finished third thanks to its newly enhanced education center which launched in the US and extended into its UK branch, where educational content is grouped by experience level as well as by educational themes such as trading concepts, risk management, trading strategies, and technical and fundamental analysis. FXCM followed in fourth place, offering a wide array of educational resources, including advanced topics in its monthly “Afterwork” seminars, in addition to its Live Classroom which provides recorded and archived webinars. The firm also offers eBook-style trading guides that are organized by experience level. Saxo Bank took fifth place with its broad range of education-related materials, which are grouped by experience level and cover multiple asset classes including spot forex and forex options under the company’s Saxo Academy offering.

Saxo also over a dozen videos on its YouTube channel under its TradeMentor series, in addition to materials on its TradingFloor portal. Admiral Markets and, City Index finished sixth and seventh, respectively. Best Forex Brokers for 2018. Forex trading, which involves exchanging one currency for another on the foreign exchange market, isn’t for the faint of heart or the inexperienced. No investment is without risk, but forex tips the risk meter further with its rapid trading pace and high leverage, which means investors can quickly lose more than their initial investments. Of course, that means you can also profit at the same speed, which — combined with liquidity — is what attracts investors to currency trading. When selecting your forex broker, you should consider trading platforms and tools, the number of currency pairs offered, leverage maximums, customer service and, of course, costs. But comparing costs is tricky in forex trading: While some brokers charge a commission, many advertise no commissions, earning money in the bid-ask spread — the difference between the price a broker or dealer is paying for the currency (the bid) and the price at which a broker or dealer is selling a currency (the ask). Brokers essentially roll their fees into that spread, widening it and pocketing the excess. That’s just one reason why the search for the best forex broker is a complex one. Another is that there are a variety of brokers out there, many of them unregulated or only regulated in countries outside of the U. S. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.

If you’re aware of the risks here and still prepared to dive in, here are NerdWallet’s top picks for the best brokers for forex trading. (Thinking you want to dive out instead? Trading stocks might be more your speed — here are the best brokers for that.) One suggestion: All of these brokers offer free demo accounts so you can test the market with virtual dollars. Dip a toe in with some play money before you dive in with your own cash. Best brokers for forex trading overall. These brokers combine reasonable costs with strong trading platforms and a large selection of currency pairs. Best Forex Brokers for Beginners 2018. With new forex brokers coming online every day, choosing the best broker for you often requires a lot of research and patience. To save you time and help beginner traders we have identified some of the key things that every trader must evaluate when selecting a broker and we’ve compiled a list of the very best Forex brokers in the market. How to choose a forex broker? (As a beginner trader) The forex market is the world’s largest market with a daily turnover that easily exceeds $4 trillion.

However even though it is the largest market in the world, there is no central exchange for it. Consequently, forex traders have to rely on the services of a forex broker to help them execute a trade. That is why it is so important to choose the best trading partner for you. So what do you need to consider when choosing a broker? Regulatory Oversight. Before all else, the first thing every beginner trader must check when looking for a trusted and reliable broker is to see if the broker is regulated. As the forex market is an unregulated market, having a forex broker that is regulated ensures the broker will operate with transparency and fairness. It is important to note that regulatory oversight for a forex broker is only applicable for the jurisdiction that the broker is based in. For example in the U. S, a forex broker is required to be a member of the National Futures Association (NFA) and be registered with the US Commodity Futures Trading Commission (CFTC). For forex brokers that are based in the UK, they are required to be registered with the Financial Conduct Authority (FCA). These regulatory agencies main functions are to protect the interest of investors as well to develop the rules that dictate how forex brokers should conduct their operations. Most important of all, regulatory agencies constantly monitor the conduct of the brokers under their jurisdictions to prevent any kind of abusive practices, fraud and manipulation on the part of the brokers. By doing so, these regulatory agencies help to promote competition and instill trust in the forex market. So before you decided to open a trading account with a forex broker, ensure that it is regulated by one of the regulatory agencies listed below: Australia: Australian Securities and Investment Commission (ASIC) Canada: Autorite des Marches Financiers (AMF) Cyprus: Cyprus Securities and Exchange Commission (CySEC) France: Autorite des Marches Financiers (AMF) Germany: Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFIN) Switzerland: Swiss Federal Banking Commission (SFBC) United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) Finally many regulators offer an investor compensation scheme which protects the investors deposits up to a certain level should the broker become insolvent and become overly exposed to the markets. The Forex Platform Software.

The next thing that you have to evaluate in a beginners forex broker is their trading platform or software. The trading platform is the trader’s gateway to the forex market hence you have to ensure the trading platform is reliable and easy to use. It must also have a wide range of trading tools which you can use to help in the analysis of the market. Most useful tools for beginners are clear charts, a streaming news source and even an economic calendar, giving upcoming economic events. In addition, you must also ensure that trade entries and exits can be done effortlessly. This means that the interface of the trading platform must be well designed with all the functionalities clearly labeled and strategically placed. A trading platform with a poorly designed user interface can actually impede trading which can lead to costly mistakes. For example instead of closing a position, a poorly designed trading platform can cause you to add to a position. Or it can cause you to go long on a position when you really intended to go short. At the end of the day, all these mistakes will just cause you more frustration and drain you emotionally. Make sure that the broker offers you a reliable trading platform such as the MetaTrader 4 platform or the Sirix WebTrader. As a beginner trader is also important to know that brokers usually offer mobile versions of their platforms. This is great when you are on the go, as you never need to lose trading opportunities. Commissions & Spreads.

All forex brokers make their money through the commissions or the spreads which they charge their clients. For commission based trades, the commission is usually a fixed amount per lot traded or a percentage of the total volume traded. For spread based trades, the forex broker generally markup a few pips in the difference between the Bid and Ask price. It should be noted that the spread can be fixed or floating. For example for fixed spreads, a broker may specify that the spread for the EURUSD currency pair is 2 pips. With floating spreads, the spread that is payable depends on the market volatility. Take note that the wider the spread, the more difficult it is for you to make a profit. Nevertheless, frequently traded currency pairs such as the EURUSD or USDJPY often have very tight spread as compared to less frequently traded currency pairs. All leading forex brokers offer their clients a selection of trading accounts for their clients to choose from. These accounts are typically differentiated by the benefits which they offer the account holder but they vary between the different brokers. For example, a micro or mini account which allows a trader to trade in an amount that is less than a standard lot usually comes with a low minimum deposit requirement.

These trading accounts are designed for beginner traders and have higher leverage. But they also often come with higher spreads. Sometimes, the broker might limit the number of currency pairs which a trader can trade with a micro or mini account. Trading accounts can also vary according to the type of spreads which a trader has to pay. Some trading accounts have fixed spreads whereas others have variable spreads. Or they can be commission based trading accounts as well. Usually the trading accounts that are geared for experienced traders are ECN type accounts which allow the account to access the raw spreads provided by the liquidity providers. Deposits and Withdrawals. Another factor which you must take into account when evaluating the different types of trading accounts is the deposit and withdrawal methods supported by the broker. Every forex broker in the industry has their own policies on how they handle deposits and withdrawals. Some brokers may require their clients to fund their trading accounts by direct bank deposit whereas others may be more flexible and support a variety of payment methods. Regardless of the payment methods that are supported, always choose a broker which can provide you with a convenient and cheap payment method. The forex industry a 24 hours market where trading activities never ceases. Because of this, it is possible for a forex trader to trade the market continuously.

This means you can encounter a problem which requires the assistance of the customer support team at any time. Hence, it is essential that the support services are available on a 24 hours basis throughout the entire trading week as there is nothing more frustrating than not being able to get assistance when you need it most. Check the methods which are available to contact the support team with eg. live chat, localized phone numbers, email. In addition, review the response time of the customer support representative. Another often overlooked factor when reviewing a broker’s customer support service is whether the broker has provided you with a localized or toll free telephone support number. The reason is fairly obvious as the telephone charges that you rake up when calling the support lines can easily build up to a substantial amount. Our 10 Tips for the Beginner Trader. Below we have compiled a definitive list of the absolute best brokers for beginner Forex traders. We have considered all of the below points. To verify a broker’s regulated status, we check the website of the regulatory agency that issued the authorization for the broker to operate in a particular jurisdiction. Sometimes, a forex broker can be regulated in several jurisdictions. The more jurisdictions the broker is regulated in, the most committed the broker is towards earning the trust of potential clients. On trading platforms, the more choices of trading platforms that are provided by the broker, the better it is for you as a trader. If you are the type of trader that is constantly on the move and doesn’t like being desk bound, consider a broker that is able to support mobile trading as well. To evaluate how the trading platform is able to perform, always try out the demo account provided by the broker.

This will help give you an idea of the performance of the trading platform. Some brokers offer a demo account that works only for a limited period whereas some brokers offer an unlimited demo account. Of course an unlimited demo account is better since you will still be able to use the demo account to back test your trading strategies. For trading costs, we check to see if the broker offers a rebate on the commissions that you pay. Some brokers as a way of rewarding their clients’ loyalty offer rebates on the commission paid by their clients. In other words, the more the trader trades, the more he will get back in terms of rebates. On the issue of withdrawals, we check to see if the broker has any restrictions or specific requirements. Some brokers require a minimum amount to be withdrawn before the withdrawal request is processed. In addition, some brokers may also charge their clients a fee on each withdrawal made. On customer support, we check to see if the support services can also be accessed through social media or through internet telephony. The more methods which the broker can support, the better it is for you as a client. We check the quality of their training academy. This is important for beginner traders as you want to learn as much as you can before you take the plunge risking your money in the forex market.

Some brokers in their bid to differentiate their services from other brokers also offer value added services such as free market signals. These free signals can prove useful to you as a trading aid as well as an educational aid. Finding the perfect broker is not always easy, especially when you are a beginner trader and don’t really know what to look for. In order to help you out we have collated a list of the best Forex brokers for beginners, we hope it’s useful! Best Online Stock Brokers for Beginners 2018. NerdWallet offers financial tools and advice to help people understand their options and make the best possible decisions. The guidance we offer and info we provide are deeply researched, objective and independent. We spent over 300 hours reviewing the top online brokers before selecting the best for our readers. And to help you find the one that’s best for you, we’ve highlighted their pros, cons and current offers. When you’re a beginner investor, the right brokerage account can be so much more than simply a platform for placing trades. It can help you build a solid investing foundation — functioning as a teacher, advisor and investment analyst — and serve as a lifelong portfolio co-pilot as your skills and strategy mature. What is a stock broker? A stock broker is a person or an institution licensed to buy and sell stocks and other securities via the market exchanges. Back in the day, the only way for individuals to invest directly in stocks was to hire a stock broker to place trades on their behalf. But what was once a clunky, costly transaction conducted via landline telephones now takes place online in seconds, for a fraction of what full-service brokers used to charge for the service. Today, most investors place their trades through an online brokerage account. (A little lost?

Check out our explainers on what a brokerage account is and how to buy stocks.) Best Online Stock Brokers for Beginners. Merrill Edge : Best for no account minimum & for customer support Ally Invest : Best for low costs TD Ameritrade : Best overall, for education & for mutual funds & ETFs E-trade : Best for education Charles Schwab : Best overall, for customer support & for mutual funds & ETFs Fidelity : Best for low costs & for no account minimum.



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