Step by Step Guide to Learn Forex Trading
With the 24-hours trading opportunity, small transaction cost, and high liquidity, forex trading appeals to…
Google “best forex brokers”, you will see a ton of results. We know it isn’t very comforting, but we are here to help you choose the right broker. This forex broker review guide discusses some important factors that need to be present in the best forex brokers. To be successful in forex trading, you will need a broker who provides you the tools for success.
This article on forex broker reviews is written solely to help people choose the right trading platform to be successful while trading currencies. In the forex market, you will compare, buy, and sell currencies based on their values. The forex market changes rapidly, so you will need to act fast when trading a currency pair. A best forex broker platform will provide all the necessary information hence helping you make a calculative decision more quickly.
If you’ve experienced in forex trading, you understand the terms spread, trading platforms, analysis options, deposits, and many other forex trading factors. The forex market depends on a variety of factor’s that we need to consider when doing forex broker reviews.
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In the forex market, you trade currencies; each trade is done in pairs. Hence, if you are a beginner, you need a broker, which makes understanding key information easier. We talk about some of the best brokers of 2023 in this forex review.
A good forex broker will offer you a better commission, or maybe the deposit amount will be less. One of the most important things of being an excellent legitimate broker in the forex market is how well they are regulated.
Choose forex brokers on how they are regulated. Regulated forex brokers are registered with the financial regulatory body of a country. For example: If a forex broker site is in Australia and they claim to be regulated. That means they are registered with the financial regulatory body of Australia, in this case, it is ASIC (Australian Securities and Investments Commission)
Now, if you sign up with an unregulated forex broker, there will be no one to blame if your broker steals your money and disappears. Since it is unregulated, there will be no one else monitoring their way of business. They can be doing things the right way or doing something shady. But we recommend you stay away from unregulated forex brokers.
These are some of the factors that we need to keep in mind when conducting forex reviews. We discuss some of them below:
In the forex market, there is no fixed rate for fees. One broker could charge you twice the amount in fees for the same trade, which could be 50% cheaper if you used another broker. Most importantly, some brokers may charge you withdrawal fees and inactivity fees, so be aware of it. It is helpful to compare the fees of different forex broker sites and decide which one is suitable for you.
Having affordable minimum deposits is important because not everyone can afford to pay high deposits. When you trade, there is a chance you may leave empty-handed; most importantly for beginners who are learning forex trading, need a broker that has an affordable minimum deposit, so they can learn and can afford to lose the money without any consequences.
The trading platform: In forex broker reviews, the trading platform is ranked very highly by us. This is because, in the forex market, trading platforms consist of tools that you will use for forex trading.
Different forex broker sites have different trading platforms. Some platforms can be customized. You can configure the platform to your needs.
Chances are the desktop trading platform you have, also have a forex trading app for your phone. It just depends on which one is convenient for you. When doing forex reviews, we look at both the desktop and mobile functionality of a forex broker site and let our reader know how well the app and website perform.
How do we do that? Simple, we ask traders’ opinions to try it ourselves and see if it lives up to the expectation. You can learn a lot from the experience of traders on a specific forex broker.
If most of the traders have bad experiences trading with a specific forex broker, then we need to understand something might be wrong with the forex broker. In that case, we dig deeper and try to find out the reason why people have such bad experiences. Most importantly, in our forex broker reviews, it is our job to bring the truth so people can make their judgment based on the facts.
We already covered why regulation matters above when signing up with forex brokers. A well-regulated forex broker is most likely to abide by the rules, and chances of them being fraudulent are near zero.
You want things to move smoothly, and if there are any bumps in the road, you want to solve it as soon as possible. Good customer service will help get rid of those bumps and make for a comfortable ride. So, in our forex broker reviews, we make sure our recommended brokers have competent customer support.
Having access to educational resources such as eBooks can help you gain more knowledge about the forex market and make you a better trader. A good broker will encourage their traders to learn more.
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This is often referred to as broker costs. Forex brokers provide you a service that allows you to trade in the forex market. For their service, they will charge you. You are being charged for their service through commissions, spreads, and rollover fees.
Different forex brokers have different fee structures. Some will charge you less and some more. When reading forex broker reviews, the reader needs to understand why a broker will charge them less and why the other is charging them more.
Fees are Charged by using these two Methods:
-The broker charges only through the spread. In this case, the broker will not charge you anything additional, and everything is included in the spread. Spreads do not include the rollover rate.
-Another way can be a commission, which the broker charges based on the amount you trade. For example: If you trade $10 the broker gets a 1% commission.
What is Spreads?
Charges through commission are common. We are familiar with brokers charging commissions and have a relevant idea of it because all sorts of brokers charge commissions. But what is spreads? We may not be familiar with it. No worries, as you will get the answer to your question in this forex review.
There are two types of spreads. One is fixed, and the other one is variable. Fixed spreads will always stay the same for all of your trades. Variable or floating spreads depend on three factors the asset you are trading, the currency fluctuations, which are known as volatility, and its forex liquidity. In short, the variable spread depends on the current situation of the forex market.
The difference in variable spreads from one day to the next may be small. But for traders who are regularly trading, a small increase can be very significant. Lower spreads are more suitable for active traders.
Some brokers offer smaller spreads, and some even offer low fixed spreads. It all depends on the broker you’re signing up with, but keep in mind other charges, such as commissions and rollover rates. So, read forex broker reviews where the fees are mentioned before making up your mind.
Rollover rate: It is the interest you need to pay when a currency is not closed and still open overnight. You are paying this fee for extending the open position of the currency. The rollover rate is calculated from the difference between the two currencies. One is the base currency, while the other one is the quote currency.
Understanding the rollover rate can be a bit complicated, but you can read more about rollovers in detail here.
Trading currency pairs are simple. A currency pair consists of two currencies that are being traded in the forex market.
Take USD/EUR as a currency pair. When you place an order for this currency pair, the first currency is bought, and the second currency is sold.
In a currency pair, the first listed currency is known as the base currency, and the second listed currency is known as the quote currency.
A currency pair’s job is to compare the value of the base currency and the quote currency. So, currency pairs are a way of showing traders how much of the quote currency is needed to buy the base currency.
Some of the major currency pairs are:
You want your forex broker to have all the currency pairs you want to trade for. Not all brokers will have minors and exotic currency pairs. But a good broker will add such currency pairs if requested by their traders. This type of service is appreciated by traders and which in turn, increases the reputation of the broker.
Our job is to highlight such forex brokers in our forex broker reviews so traders can register with them for a better experience.
As a forex trader you will find lot of account types offered by the forex broker. Some brokers may offer you demo account for the practice before you invest money in real market. Cent, Mini, Micro and Standard accounts are for the real trading with your invested money. Moreover, you can also find MAM, PAMM, LAMM forex account for copying others trade and managed fund.
MT4 and MT5 are most popular forex trading platforms among the trades. Some broker may offer you copy trading and social trading options for trading. Some advanced trading platforms like JFX, NinjaTrade, ActTrade are also offered by the broker.
Forex trading is not permitted in some countries. If your country falls in that list, than forex trading is illegal in your country. But forex trading is legal in countries like the USA and Australia.
We believe this guide helped in answering your questions, and if you are looking for other resources like the forex broker reviews, you can check out the learning resources section of our website. Where we have contents such as forex reviews, how to choose a broker guide, and many more, click here to go to our learning resources section.
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