Forex or foreign exchange trading is trading in the currency market. While high leverage is generally not preferred in other forms of trading due to the high risk involved, it is the industry standard in forex trading. It is a global market where instead of trading stocks, the currency is bought and sold. In very simple terms you buy one currency and when its value goes up compared to another currency, you sell it and that difference is your profit. Obviously, the difference is not that big, but if you able to invest large sums of money then the profits can add up to be huge, but first you will need the help of a forex broker and we will describe three of the best forex brokers out there so that you can choose the broker who is exactly right for you.
1.) AvaTrade (AvaFX):
If you are just starting out or are an experienced investor in Forex, you would definitely like to pay as little of the profits as various service charges. AvaTrade does just that. They offer invaluable industry insights for absolutely no extra cost and the whole process of trading has been made as automated as possible. All this at a reasonable cost makes it a good option.
Some of the salient features of AvaTrade are:-
– Very powerful trading software that caters to both manual and automated trading.
– Great support for newbies. It helps you to come to grips with Forex trading fairly quickly.
– Safe transactions. As they are regulated by the EU and have significant capital invested in the market themselves. So you can rest assured that your money is safe.
– Have won multiple awards for its innovations as a Forex broker.
One of the clearest indicator that a Forex broker is good is if it grows very quickly. This is one of the fastest-growing Forex brokers you can find. Founded in Israel and registered in the UK as well. This broker sets itself apart from the other by having an online community of traders called Openbook, through which traders can all help and benefit from each other.
The qualities of eToro that set it aside from other forex traders are:
– They do not charge any commissions. They just quote a slightly wider spread to cover their costs.
– You can test your trading skills with some virtual currency first to get yourself familiarized with how Forex trading works before putting your actual money into it.
– A 24/5 free customer support that helps you with any issue you might face while trading in the Forex market.
If it is an experience you are looking for, then no one can beat easyMarkets for the sheer experience of delivering quality broker services consistently. Earlier they were known as easy-forex but rebranded themselves when they grew. If you are an experienced trader and would like a broker who offers familiarity, easyMarkets is the way to go. They have a very straight forward approach to trading and will give you just what you need to be a successful trader.
The best features of easyMarkets are:-
– The simplest and most transparent Forex broker you can find.
– You can trade in over 300 markets via Forex.
– Free demo accounts and Islamic accounts.
– They offer a feature called DealCancellation because of which your Forex trades become virtually risk-free.