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Risk Warning: Trading may not be suitable for everyone, so please ensure that you fully understand the risks involved. With “CFDs are complex instruments and involve a high risk of rapidly increasing losses due to the leverage effect. Between 74% and 89% of retail investors lose money with trading in CFDs.”

What exactly is Forex and how is it Traded Online?

Topinvesto presents forex trading with the best forex brokers.
Have you have heard of Forex? Maybe you have, but didn’t know what it meant or how you got started with it. Here you will learn exactly what Forex is, in an easy-to-understand format. You can also learn how to use it to make as much money as you’d like. But let’s start with the definition of the term ‘Forex.’

Forex – Exchange of foreign currency

The simple definition of Forex is the exchange of foreign currency. You might have used foreign currency, trading the money from your own region into a currency that could be used. The profit made from the exchange rate is the basis if Forex.   Forex is the largest financial market in the world.


Trading volume of Forex can reach up to trillions of dollars daily. That’s because huge companies are required to exchange currency as part of their regular business.   Imagine that a company based in Japan needs to buy supplies in Canada. In order to pay for the supplies, they first need to convert a great deal of money to something that is legal tender in Canada. In this case the Canadian dollar or CAD.

Predict the behavior of an exchance

Every day, there are millions of transactions like these. Some of them are quite large, and others are very small. Trading of these currencies allows traders to predict the behavior of a specific exchange. For example USD to, or EUR to USD.

It takes time to start Forex trading to become good enough to earn a lot of money. Same thing applies to any financial trading, there is some risk.


Best FX Brokers for Safe Trading


Best forex brokers


When you get started with Forex, you’ll want to go with the least risky trades possible. To start the process of finding the best forex broker is by choosing a safe and regulated Forex Trading Broker. Legit forex trading sites do exist, and the best of them have a major emphasis on attracting, greeting and educating the new trader.  


The best way to find a great Forex broker is to know where you should be looking. But you also need to know how to filter the bad brokers out. That means that you need to know what qualities each type of broker has. This guide will help you learn how to trade Forex. But also to find best Forex brokers that are legitimate and trustworthy.


The People behind this Forex trading Guide


You might be wondering about us – the people behind this guide. Our team is made up of people like yourself that want to make more money. In our case, most of our team members have a great deal of experience trading Forex. They are either successful traders now, or they have a solid history of past trades. We know who the legitimate brokers are out there and who you need to stay away from.


Most of all, we’re people who just want to help you get started in Forex. We think this is one of the most exciting investment opportunities ever created, and it is almost effortless to make money on Forex.


We’ll give you all of the information that you need, including reviews of the best and worst Forex brokers out there, basing the review on what we know (or are able to discover) as well as what past users have said. The consensus of past users is the most accurate measurement tool of a broker and you can do a Forex broker comparison using these reviews.


What to Look For in a Forex Broker


Forex broker review


If your goal is to find a Forex broker on your own, one of the first things that you will realize is that there are way more brokers in the marketplace than can serve all of the traders. For beginners, this can get really confusing, and not knowing which brokers to avoid have cost new traders money in the past.


You also can’t rely on reviews all the time, because there are people that review Forex brokers in a positive light and are actually being paid by the broker to do so.   But if you can develop the skills to find the right Forex broker and know which ones are shady, you’ll have a major advantage in the marketplace.


That means that once you have read a review of a specific broker, you can reduce your risk in a big way. Developing those skills isn’t that hard. Just follow this guide carefully and take what you learn here with you when you go. Let’s look at some of the major factors that you should be weighing when it comes to choosing a broker. 

Choosing the Most Reliable Trading Platform for the Forex Market


Reliable trading platform


One of the first things that you’ll want to look at when you examine a new broker is the Forex trading platform. The trading platform is the software that the broker uses to allow you to make trades easily and reliably. There are some trading platforms that are used by multiple brokers. Which are trusted by traders everywhere, while others develop their own systems.


For example, many of the best brokers use trading platforms like TradingStation or MetaTrader (MT). These are just a couple of the leading software solutions out there for Forex trading. 

Multiple trading platforms

There are many traders out there that use multiple trading platforms. You can trade any way you choose.   There are platforms out there for trading on your desktop computer, as well as platforms for mobile devices. Mobile trading for Forex on the go is one of the most convenient methods of trading out there. More and more people are starting to trade exclusively on mobile platforms.


You definitely want to choose a broker that has their own mobile apps for the major devices out there as well as one of the top forex platforms.


Types of Trading Accounts for All Levels of Trading Capital


Trading accounts


The Forex market is made up of a huge community of traders. Each of these traders have their own idea of what they want to invest as well as different amounts that they have available to them. Legitimate FX trading brokers will have various types of accounts for the Forex trader. From those who want to give it a try with a very small amount of money, to those who have a great deal of money to put into their business.


Some brokers will only offer certain trading accounts. Which is fine if you happen to fit the profile that the account calls for. But there are brokers out there that will allow you to open a trading account for as little as $1.   Of course, you won’t get any trading done that way, which is why most of the brokers – even the respected, legitimate ones – will require a deposit of at least $100 so that you will have something to trade with.


But there are also different methods of trading that come with those accounts. For example, while most Forex brokers may start your deposit anywhere from $100 to $500, STP or ECN brokers may require ten times that to begin. The accounts are categorized according to their tradeable lots.


Trading Features: Giving Traders as much Freedom as Possible


Trading features


Another thing that you want to look for is the trading features that the broker offers. The best Forex brokers out there will offer the best features, a general rule. But it depends upon what you want from a trading platform.   For example, those new to Forex trading will often make top 10 Forex brokers that offer a full educational center with tutorials, videos and other media to teach Forex Trading, a priority.


They will also be looking for market research and automatic trading signals to make the risk of trading as minimal as possible.   But more advanced traders often compare Forex brokers who livestream the latest financial news, and provide a detailed marketing analysis. Even more than that, these experienced traders want a broker that doesn’t have trade restrictions and allows advanced strategies like hedging or scalping.


Some other trading features out there include feasible leverage, ECN/STP, benefit spreads and more. In addition, if you are an advanced trader, you want high ratios on assets like stocks, foreign currency pairs, indices and commodities. Finally, you definitely want to consider the security of the broker before you sign up.


Financial Instruments: You Need FX Brokers with a Wide Range of Currency Pairs


Financial instruments


The great thing about the Forex market is that it allows a trader to invest in nearly any currency pairing that you can think of. There are more than 150 currencies in the world that are traded on the open market. Each of those can be traded against another currency. These currency pairings are changing so often that traders can easily take advantage of their volatile nature and trade short term for maximum profit.


But Forex doesn’t include just the exchange of currencies. Some brokers may offer additional trading on things like commodities, which include oil, wheat and more, CFDs, precious metals and more. Many brokers prefer to have a much more rounded portfolio than trading currency alone can provide.   Most Forex brokers will try to make as many instruments as possible available to their traders. But there are some that will limit the number of instruments in order to keep things simple.


This is especially true for accounts that are reserved for those new to trading. However, others will offer currency exchange, indices, stocks, commodities and more.   This is just one more thing to consider if you are looking at trading brokers and trying to decide which one you want to go with. But base this one what investment strategies you are pursuing and how much risk you are comfortable with.


Trading Protocols: How You Connect to the Market


Trading protocols


A trading protocol is a method of connection between an individual trader and the markets. There are two basic types of brokers. The “market maker” broker and the “direct market access” broker. A market maker broker will use their internal infrastructure to connect orders within the broker’s purview.


This of course reduces liquidity, but it also increases problems between the trader and broker.   On the other hand, direct market protocols, which are often called ECNs or STPs, give the trader access to the global total of liquid assets without any conflict between trader and broker.


There are a lot of brokers out there that offer just one of these market connection types, but the best brokers will offer both to their traders. Another term is non dealing desk forex brokers.   Of course, not offering both doesn’t mean that a broker is a bad one by any means. This should be one of the features that you should only consider if your best trading strategies require it, or if you are an experienced trader needing more freedom.


Trading Costs: Keeping Your Trades as Economical as Possible


trading cost


There are, of course, some costs that are associated with trading, even on legit Forex trading sites. These brokers would not be able to stay in business for very long if they did not charge for their services. But you definitely want to make sure that you are reducing these costs whenever possible. Because the amount of money that you make is reduced by these fees.


Saving money should be the first part of your best strategy for Forex trading.   The main types of fees that you will see when it comes to online Forex trading brokers are spreads and commissions. These are two of the most common ways that brokers make money from the trades being made. The spread amounts are measured in pips, and major currency pairs can have spreads anywhere from 1 to 5 pips. ECN Forex brokers may offer spreads from 0 pips.


However, sometimes ECN/STP brokers will take a commission from trades because they are not making the same around of money that a conventional broker would using spreads. This will generally fall somewhere between $2 and $20 for each lot that is traded. There may also be fees for premium accounts and services, deposit or withdrawal fees and more.


Forex Market Orders: Features from the Top Forex Brokers in World


You know some of the things that you should look for in a broker, but let’s take a look at a few more. We’ll start with the global financial market in general and the way that Forex orders are made. Orders are lumped into incremental transactions depending upon the market conditions.


However, there are various types of Forex market orders that traders can choose from depending upon their requirements. The most popular market order is one that directs that a currency pair be bought or sold at the best possible price. These trades are made immediately, based upon the liquidity of the market.


Another example of a Forex order includes a Stop Loss Order. Where you would close your position at a specific price, a Limit Entry Order. Which means that your orders are filled according to the price restrictions you set and several more. The broker that you go with will have all of your order options available to you and allow you to make the best Forex trading strategy that will make you the most money.


 Trade with TOP FX Forex brokers


FX broker bonuses


One of the ways that you can trade without increasing your risk factors is through demo trading. This is one of the major features that you want your Forex broker to have. It probably shouldn’t be the only feature though. There are some fake or shady brokers which are Not regulated out there that offer too-good-to-be-true features. Don´t pay attention to that as a new trader and don´t fall for that, since they are scam brokers.


How this generally works is by offering an amazing demo or No deposit forex feature with a time limit on it. 

The way that you can avoid scam brokers is to read reviews, do your research carefully and make sure that you take everything about a broker into account, not just the current benefits that they are offering, no matter how good it is.


Customer Support: Help From Online Forex Trading Brokers


best forex brokers


The last feature among good brokers that we’ll discuss is good customer service. The customer service availability of a broker can be an indication of how legitimate they are. In fact, you can probably count this as one of the most important features of all of the ones listed here, which is why we left it for last.


The customer service of the broker that you choose is your direct connection to your broker.  You need to be able to access the team anytime that you have a problem. You definitely want knowledgeable customer support representatives and account representatives that have the power to take action if something should go wrong.


Plus, the Forex broker that you choose should still make allowances for weekends and holidays, and have a way for customers to get in touch when a problem needs immediate attention, even if their support days are Monday through Friday. Because the markets move so fast, if you have a problem and cannot get support in a timely fashion, you could actually lose a pretty significant amount of money.   The best Forex brokers will provide 24/7 customer support, even on weekends and holidays. But another factor with customer service is communication or language.

Forex broker support languages

A Forex broker should offer support in all of the major languages, so that a trader can communicate with a support professional quickly, without any misunderstandings. Most Forex brokers will offer English of course, but not every trader speaks English proficiently. That means that a broker needs to offer multiple languages so that most of their traders will be able to use the site, and get support, in the language of their choice.


Finally, let’s talk about the last facet of customer service, and that is how a trader can contact a broker. These are methods of communication that are available to traders, and there should be several choices. Some traders prefer communicating only a specific way, while others dislike that method. Brokers should offer options like email support, telephone support, live chat support and possibly even more.


A Guide to Find the Best Forex Brokers


It would be impossible to list all of the good Forex brokers on the market here. Even if you only listed the best, you would still have to allow for the location, preferences or needs of the individual trader to make an accurate list. Therefore, it is more important that you understand how to find the best broker for you.


The way that you start looking for a trader is by deciding what you want. What is important to you? If you can come up with a list of requirements, then searching for brokers that meet those needs. From there you can narrow the list down to whatever you like and once you have chosen, you can register an account and begin trading.


But let’s go over a few more ways that you can find the right broker. This advice will help you to fall into the trap that many new traders get into, and know exactly where to go to find the information you need on a specific broker that you are researching.


Qualified Advice On The Best FX Broker From All Around


It is a good idea to get advice from multiple people or traders from the broker you sign up on. You can get advice from expert traders in social trading network like etoro. A huge advantage with etoro is that you can copy trade from other expert traders. Social trading platform like etoro has become more and more famous by traders.


The main thing is that you want to keep in mind is to not get your advice from fake sites.
You will lose money if you are getting advice from a fake review site. We have collected regulated and famous brokers, so that you can get professional advice from.


Expert Reviews On The Best Forex Brokerage Firms


Forex brokerage firms


You definitely want to work with what seem to be the top-rated Forex brokers. Recommended if you compile a list of the top 10 brokerage firms. The best way to do that is to read expert reviews from professionals you trust. Unfortunately, you do have to be careful about which Forex trading platform reviews you pay attention to. Because some of the trading review sites are fake.


You can usually tell if an FX broker review is legitimate. Because they will present a fair and balanced picture of the broker without going overboard. These reviews will tell you the good things about that broker. But they will also tell you what disadvantages come with working with them. They will present a clear picture that will allow you to make a decision. Not just try to convince you to sign up with them.


Compare Forex Broker profiles With Comprehensive Research 


Compare forex broker


Doing your research on the top Forex brokers in world is absolutely vital. We already mentioned Forex broker reviews, but you need to do more than that. Check out the company, find out if they have a forum or if they are mentioned on another trading forum.


FX brokers cater to the same crowd, so even though there are lots of brokers, the people that are talking about trading and helping advise new traders are probably going to be familiar with the broker you are asking about.


Legitimate forex trading companies will have extensive profiles online that you can look through. In other words, they will have been mentioned many times on the internet and you can get some good indicators of the kind of company you are dealing with.


Take Advantage Of FX Trading Brokers Demo Trading Accounts


FX trading broker demo trading


Finally, you want to make sure that you are taking advantage of the demo accounts offered by some of the best brokers out there. An FX broker that has nothing to hide will definitely offer new traders the opportunity to trade without spending any money through the use of a demo account.


A demo account is identical to a live account in all aspects except one, you are playing with virtual money instead of your own. This is a great barometer to help you decide to go with a broker. If you make money with the demo account, you’ll make money with your own account.



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