So, youre about to embark on the world of Forex Trading and youre looking for thebest forex brokers and the best resources for beginners
We know very well what it means, we have been there.
In this post I dindt (purposely) insert dozens of brokers or sites.
The best strategy to effectively start (and continue) is tokeep everything as simple as possibleand stay focused on a few items at a time (or just one, even better).
Few sites, few resources, few choices, but of course only among the best ever.
And hey dont forget we have our ownForex Market guidefor beginners, that will explain with super easy words how this market works. Check it out.
(This post is part of thebest fx brokerseries)
The first thing you need is a good Forex Broker. Among our personal list of the best forex trading platforms for beginners we have:
Want to try something different from the classic brokers? Then eToro may be right for you. eToro is the best Social Trading network in the world.
Basically, with eToro you dont simply open a normal trading account, but you enter directly into a real Social Network, populated only by investors, many of whom are professionals.
You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.
Only thing, you dont have at your disposal an efficient platform like the MT4, but you can only use theeToroWebtrader, which is still a good product.
: eToro (Europe) Ltd. authorised & regulated by
( 109/10); Toro (UK) Ltd authorised & regulated by the
(583263); eToro AUS Capital Pty Ltd. authorised by
(491139). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
: Ranges between $200 to $10,000 depending on the region
: eToro (Europe) Ltd. is headquartered in Limassol, Cyprus
: Yes, but US clients may have significant limitations. US customers will need to deposit a minimum of $10,000
: CFDs on indices, stocks, ETFs, commodities, bonds
A classic style broker, very solid, in costant expansion, with FSA and CySec certifications (therefore enabled to operate in Europe under the MiFID).
You can work through the famous MT4 platform, it offers a large number of resources for beginners, it produces several market commentary videos, and it provides excellent customer support.
Side note:Markets.comis the Arsenals official sponsor.
(43906); Tradetech Markets (Australia) Pty Ltd licensed by
(424008). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
: Web platform (web, Android and iOS mobiles and tablets)
: Safecap Investments Limited is headquartered in Nicosia, Cyprus
: CFDs on metals, energies, indices, commodities, bonds, shares, ETFS, blends, cryptocurrency, IPOs
Another Social Trading network, this time of different concept, is Naga Trader.
Naga Trader is defined the Tinder of trading, but in this case you dont swipe people, but rather trades of other investors, with the possibility to copy them if you like.
Naga Trader, in addition to a very advanced social network, has even developed a trader radar feature to find the traders subscribed in the network that are geographically near you.
Basically, being a beginner, you can easily find other traders with whom to share experience and advices.
(204/13). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
: MT4, web platform, mobile apps (iOS, Android)
: NAGA Markets Ltd is headquartered in Limassol, Cyprus
: CFDs on stocks, ETFs, indices, commodities, futures, cryptocurrency, gaming items
Tradeo is another Social Trading Network, very similar to eToro in concept.
The main difference is that withTradeo, in addition to their own platform, you have also the MT4 available.
(282/15); Delwyn trading Ltd supervised & regulated by the
(IFSC/60/284/TS/17). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
: UR TRADE FIX Ltd is headquartered in Limassol, Cyprus
: CFDs on commodities, metals, stocks, oil, gold, indices, cryptocurrency
Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.
You need information, and you need top quality.
You wont find anywhere else on the web a better beginners course as the BabyPips one, calledSchool of Pipsology.
Here you can find everything from the very basics, from what Forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.
If you want a summarized version of the first part of the School of Pipsology, you can consult our guide How Forex market works.
The Forex market is part of a much larger and complex world, the world of financial markets in general.
On your long journey, you will definitely come across terms and concepts you dont know the meaning or the functioning.
Dont worry,Investopediahas ALL the answers to your doubts. You will see what I mean when youll use Google to search for information and you will always find Investopedia among the first positions.
The experience of participating in a Forum is a very important help in your path of growth, from beginner to expert.
In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.
TheForexFactory Forumis definitely the biggest and most populated one in the world of Forex. Here you can really find some great resources. Sign up and exploit it as much as possible.
I need some advise on how the best way to go about starting a trading account. Also is it worth starting a account and how profitable is online trading
I would suggest to start easy with our Investing For Dummies guide:
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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility. The Authors accept no responsibility for any possible direct or indirect damage arising from the readers investment decisions. We reserve the right to not publish or delete any comment for any reason whatsoever.
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