Advanced Forex Trading Guide and Forex Brokers Reviews
Forexexplore.com provides an ultimate resource where users can receive information and tips related to the foreign exchange market. There is a wealth of information available about the latest industry developments as well as Forex broker reviews. From trading features and trading competitions to online tutorials, you will have everything you need to learn Forex trading online or to hire capable brokers.
How to choose a reliable broker?
When making your selection of the best Forex trading brokers, it helps to have as much information as possible. Each Forex broker review we offer has detailed reports to help you make the best choice. You can simply and easily compare Forex brokers while learning about the top 10 Forex brokers we recommend. An online Forex brokers review can give you the insider information you need to make the right selection. Our Forex brokers review site is specifically engineered to be simple to use and easy to navigate. You can find the best Forex brokers online who are a match to your trading style and goals.
Learn forex trading
Prior galloping into the vast and exciting world of forex trading, beginners should take some time to learn couple of important things to spare yourself from unnecessary, regretful situations, which may occur before you even start trading.
Internet is filled with quick and easy ways to make money, and forex trading considered as one by many. It has incredible potential to make profits from the comfort of your home and these days doesn’t require thousands of dollars to hit it off.
That is all true, and in fact, with the right knowledge and plenty of practice, you can indeed turn forex trading into your full-time career, not getting out of your pajamas, if you so wish.
However, bear in mind, that online trading is not as easy as it may seem and to become a true master, you should invest your time to get experience and education to make the right decisions and analyze the market moves.
Get your basics straight
Online trading is not what you see in moving, portraying traditional stock exchange. You do, however, deal with so called Contact for Difference agreement, or in other words CFD, where you bit on stock movement without purchasing it.
With that in mind, the two necessary orders that you should be familiar with are Stop Loss and Take Profit.
Stop Loss is set to the amount you are comfortable risking on a specific contract. If and when you lose that amount, your trade automatically ceases.
Take Profit brings you the same idea, but applies to a specific profit made. Two positions are available at your disposal for each contract – a long position where you bet on asset to go up in value and a short position where you bet on asset to go down in value.
Education is the key
If you want to make money, you must make correct decisions. This is only possible if you know the art of analyzing the market movement. In order to do so you have to stay up to date with financial news, asset prices, important economical announcements which influence the fluctuation of stocks and currencies and political situation of the countries with the currencies involved.
Don’t put all eggs in one basket
This smart tip is not only valuable in the grocery store but in investing as well. While there is long-term trading with low risk and low profits, most traders prefer trading in short leaps. There are traders who open and close a trade within minutes, earning minor amounts from each transaction, but at the end of the day gain considerable amounts. Day traders run their business for entire day, fully alert to any new development with their favorite assets in hopes to catch the right wave of profit.
Don’t forget that economic news may not only effect the currency directly involved, but also influence other assets on the side. Diversity (or in other words hedging) can truly safe a lot of headache and losses along the day.
All forex brokers have free demo account to practice with virtual money. If your broker doesn’t have one – ditch the broker! Beginners must start with practice account and get the idea behind trading, play around with platform functions, check out the different settings of the charting tools and determine the strategy and style you want to trade with.
Temptation is high and we all want to make some real money, but do release yourself from the chains of gambling before you even consider online trading. Neither luck nor poker face will do the trick with trading. You must get your game straight with practice, education and experience.
Most Popular Questions
Choosing the Right Forex Broker +Forex brokers are the necessary link to forex market, so once you decide to become a trader, you are doomed to long process of selecting the broker that not only suits you best, but doesn’t scam its’ traders. Almost every day, a new forex broker is being born online. With the abundant variety of features and services promised, the trick is to find a broker that you can actually trust. All of them claim to be the best, and making the right decision is not an easy task. When choosing a broker, which characteristics you should look for and compare?… Read More
Tips on How To Avoid Scam In Forex Trading +Forex Trading is open for everyone with a will and power. Your next door neighbor might be making some cash on the side trading online, your university professor could be using his mathematical strategies to profit, even your mother can enter forex trading world and succeed tremendously. Along with “good guys” come the scammers – the cyber criminals. The question is how to avoid scam in forex business? Read More
Forex Micro Accounts – Solution for Beginners +Most common perception of currency trading - it is only suitable for very rich investors. This is wrong because the beauty of trading today is that all kind of traders can join in. Forex trading doesn’t have to be scary! When you aren’t ready to invest large sums into your trading account, you can take advantage of mini/micro accounts, where you can gain the needed experience in order to move on and trade larger sums of money. Read More
Make a Living with Forex Trading +All forex traders desire consistent profits, however many fail to accomplish their dreams. Why it is so difficult to become successful in forex trading and what are the ways to make a living trading online? Read More
Most Important Forex Trading Tools +Forex trading is becoming the top pick among investors online and with increasing demand comes an extensive list of forex brokers with exciting new features and useful trading tools. With overwhelming amount of tools available today, how can you figure out what is essential and what is more of a gadget? Which tools can truly influence your decision and help in analyzing the market conditions? Read More
What is The Best Broker for Beginner?
You have learned what forex is all about and now it is time to start trading for real. Among hundreds of forex brokers available online, which one is the right one for you? What forex broker is the best for a forex beginner and why?
Finding a good broker is entirely up to you. Be prepared to send at least couple of days reading reviews, going though terms and conditions, contacting broker’s customer support, visit forums etc. The reason for all this is that a broker that suits one trader may be not a good choice for another. Choosing a broker depends on your trading preferences and expectations, available investment capital and overall knowledge of forex.
When searching for the right forex broker, figure out what kind of trader you are first. The faster you understand yourself, the easier it will be to find the best suitable broker. Here are some things to consider when choosing forex broker:
- What kind of trading platform is offered? (If you don’t have any experience with metatrader 4, it might be a good idea to start with more user-friendly interface)
- What are the minimum deposit requirements?
- Are there any hidden fees? (for withdrawals, for overnight, for an non-active account etc.)
- Is customer support efficient and professional? (email, phone, online chat)
- Is there a demo account for practice?
- What do others say about this broker?
- Is the broker regulated and certified? (Regulated forex broker is generally more reliable than non-regulated brokers. It is important to protect yourself and your money, because once you start earning big, things can turn nasty if you are not with a good broker).
- What are the spreads for the currency pairs you are planning to trade? (some brokers offer fixed price instead of spreads. Decide what is more suitable for you)
- What is the maximum leverage available? (make sure you understand all the risk involved with the use of leverage).
- What are the payment methods available? What is your preferred payment/withdrawal method?
- What kind of services will you get – daily updates, recommendations, mobile trading, live news, daily analysis, free advisor… etc.
- What kind of bonuses are available for new traders?
Mini Accounts - I Have $10 to Invest
If you want to start trading with no more than $10, you are searching for brokers like LiteForex or InstaForex. Both brokers offer metatrader 4 platform and mini forex accounts with small minimum deposits.
Professional Forex Brokers with Metatrader 4
If you are more advanced in forex trading, have at least $100 to invest and looking for something more professional, I would say Instaforex, XM, Liteforex are your best choices.
Easiest Trading Platforms
If you are looking for easiest trading platform ever with cool buttons and user-friendly interface, try eToro and Avatrade.
The only way to figure out what forex broker is best for beginners is by trial and error. Start trading with several brokers and see which one you prefer. Over all, risk is involved in everything you do in this life. Don’t let fear stop you from forex trading. The trick is to learn and understand the risks involved and then take the right decisions.
Broker Review – What to Look For?
There are a growing number of brokers available online and equally expanding amount of websites that offer forex broker reviews and rating. When choosing a broker, online reviews can be very helpful. Along with your own research, the rating can truly help you find the broker that suits your needs.
What are some of the features forex brokers are rated for? Let’s go over the most acceptable standards:
None of us enjoys filling complex online registration forms. While some brokers request documents upon registration, others allow you to sign up within minutes and start trading. Brokers that have hassle free registration process win a vote!
For a novice trader practice is crucial. Today all forex brokers offer demo accounts. The question you should be asking is for how long. There are brokers with unlimited time demo account. There are also brokers with 30-day demo account. An extra point goes to brokers with longer demo option.
Most traders love bonuses and trading competitions. Whether it is a welcome bonus, or a winning prize in a challenge – it is nice to get a special treat.
Platform offered by a broker is definitely one of the features that gets rated. Trading platforms differ and here are just a couple of things you need to check when it comes to choosing one:
Web-based or download
MetaTrader 4 in in-house interface
No dealing desk
Trading tools along with news, economic calendar, market analysis
Accurate trading prices
Currencies, commodities, indexes, stocks
It’s nice to have options, especially when it comes to deposits and withdrawals. The more payment methods are available, the better. A great broker offers different kinds of payment methods, such as credit card, moneybookers, paypal, neteller, liberty reserve or wire transfer.
Professional, fast support is important when you are trading forex. Whether you have a technical issue with the trading platform, have a question about brokers terms and conditions or simply need a trading advice; the winning broker is the one that offers multilingual customer support both online, on the phone and via email.
Forex Brokers – Honest or Scam?
Forex brokers - as forex traders we cannot live without them! They are our magic bridge between humble living and the vast world of forex market. And in order to survive in forex market you have to make sure that the forex broker you have picked is honest and reliable.
To everyone's regret, not all forex brokers are reliable though. So in order to avoid "I can't live with and without my broker" situation you have to check every term and condition of the forex broker you have picked. Don't let any condition or extra fee catch you by surprise. The more you know about your forex broker, the better!
The first thing you should check is support. While trading you can run into technical problems, find yourself asking trading questions or even be unable to locate your trading history. Forex broker should provide a fast and professional support to every question that might arise via chat, email or phone call.
The best way to check this is to open a demo account and see how fast support answers your requests. After all, if a forex broker doesn't take a good care of potential traders what will happen when you turn into a real client? A professional forex broker will give an outstanding support, especially in technical area.
Second thing to check in a forex broker is leverage options. Just a reminder for those who forgot – leverage is like a loan. For example a leverage of 1:100 will turn your $1000 into $100,000. But, of course, never ever forget that there is a great risk involved with this trading option.Overall suggestion is not to drool over high leverage option. It might just be a perfect trap where you lose all your savings!
One more thing that is crucial in choosing the right forex broker is the spread. You might ask why to care about spread? If the spread is how forex brokers are getting paid for their service why would I care about it? Just a quick reminder, spread is a difference between buying and selling price. So the bigger the spread is, the more the exchange rate has to rise in your favor to break even. To make things short – avoid high spreads! Whenever you see spreads higher then, let's say, 6 pips, RUN!
Let's not forget the trading platform. There are two options web-based and download trading platforms offered by forex brokers. Which one is better? This is something you should decide for yourself. Whether download or web-based, make sure that the trading platform has every trading tool you need, including charts, news, available currencies etc.
Just to summarize – investigate, interrogate and cross-examine your forex broker before you jump in! Test your forex broker with demo accounts and make sure to read those extremely boring terms and conditions. Oh, and one more thing, don't miss anything written in tiny letters in beige font – it might just be another "invisible" extra fee.
There, we said it all. Here is the list of forex brokers that I believe to be honest and reliable.