Since COVID-19 first popped up, interest in the forex market has increased dramatically. Knowing how to get involved with minimal risk is part of setting yourself up to succeed. The other parts are research, experience, and a dash of good fortune. The right forex broker can make all the difference.
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Forex Trading: The Basics
So, what is forex trading? Forex trading is essentially betting that one currency will become more or less valuable than another. When done successfully, it can result in large profits, but it can also result in losses. As with all forms of trading, there is risk.
In order to trade, you will need to create an account with a broker and add money to it. After you do this, making a trade will be straightforward. Finding the right broker is important. If you’re not sure where to start, consider the list below.
The Best Forex Brokers for Beginners
While no forex broker is perfect, there are some platforms that are more user-friendly and offer beginner oriented features, such as demo accounts. Demo accounts allow you to practice by making trades with tokens rather than money. These are our top picks for beginners looking to trade forex;
IG is one of the top trading platforms on the market right now, so it should be no surprise that it’s on this list. Their platform is incredibly user friendly, but also has a variety of features that are useful for more experienced traders.
They are our top pick for beginners because they offer comprehensive learning resources and offer low forex fees. However, they do have an inactivity fee, which is something to keep in mind.
FOREX.com is perfect for people who are new to trading because of the low fees that it offers. They have a user friendly platform, a low minimum deposit level ($50), good educational resources, and no inactivity fees.
The tradeoff is that they have a limited range of options and their stock CFD fees are high. As such, this platform is good for beginners, but perhaps less ideal for more advanced traders looking for more options.
When it comes to beginner friendly trading, eToro is one of the market leaders. They are pioneers of copy trading and offer a range of educational resources, as well as beginner friendly, easy to use features.
Their commission-free stocks and affordable CFDs make them a great choice for new traders and those on a budget, but they do have an inactivity fee, so it’s best to avoid this option if you think you’ll trade sporadically.
Automated trades are increasing in popularity, and Oanda is a pioneer when it comes to API (that’s Application Programming Interface to you and me). Oanda is one of the top forex brokers in the world today, and they’re one of the best for beginners who are interested in API’s.
They have low fees in general, but they don’t offer price alerts and have limited commodities on offer.
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