What is Forex Trading
Forex trading is like trading stocks and other things in that people buy things at a low price and sell them at a high price and make a profit by trading them. The same rule applies here, instead of things that traders make a profit when trading currencies. The value of different currencies fluctuates continuously. Currencies are traded in pairs because people want to change the currency of one country to the currency of the other country to pay bills or to trade.
The value of the currency pair is affected by different factors such as the flow of commercial, economic and geopolitical developments, which affect the supply and demand of currencies. This results in daily volatility that can provide forex market traders with new opportunities.
You can exchange currencies online on your phone, tablet, PC, or laptop using the app provided by your broker.
There are many online trading platforms that provide services for currency trading. Always choose a reliable and trustworthy platform and do proper research before investing in forex trading. We have searched deep and found some of the best forex trading platforms.
1-Exness
Exness is one of the biggest platforms in the foreign exchange market. If you want to invest in the foreign exchange market, Exness is the best place to start. This platform is strictly regulated by entities such as FCA and CySEC, which makes it highly credible. Also, the transparency they provide is praiseworthy. You can check all the financial reports on their website. You can get started with a minimum deposit. The Exness sign-up procedure is very easy. You will register in less than 10 minutes which is much easier than opening a bank account. You just have to follow some simple steps like sign up, verify your account, deposit money, and start your business with ease and comfort.
2-Saxo Bank
Saxo Bank was founded in 1992 and gained popularity among investors very fastly due to its support for investors. If you can afford to invest a minimum deposit of 10000 US dollars then it is one of the best platforms for you to start forex trading. They offer excellent trading space, competitive price, deep analysis, and 24/7 customer support which makes them perfect in the market of forex trading but if you do not want to invest a huge amount at the start then you should look for another place. If you do not have too much money to invest then it is a very good place to invest but you have to be careful while investing with them because they are not useful in some circumstances. Do proper research and check what type of investment you want to do.
3-Interactive Brokers
Interactive brokers were founded in 1977 and listed publicly which makes it a safe place for forex trading. Interactive brokers are professional forex and CFD trading service providers. They are multi-asset brokers. They offer institutional grade trading platforms, sophisticated and highly attractive pricing at low fees. They offer access to the global financial market and types of advance orders.
They allow their investors and clients to trade a variety of products. They also offer options on futures, stocks, and spot forex trading. They linked with around 125 markets and exchanges in more than 31 countries, making them perfect for trading.
4-City Index
City index is working under the supervision of the Gain Capital that is publicly listed, it is a safe and reliable broker in the market. They are very advanced in technology and very famous for their excellent trading software, mobile applications, excellent market research, a wide variety of markets and exchanges, and educational materials. They offer web trader browsers and ATP Pro, which is a great combination of integrated research and trading tools. These tools are great for continuous trade and fast transactions. Because time matters too much while making a trade. If you did not take action on time or your trading platform fails to respond on time it can cause a lot of loss. Because if the market goes against you and you have to stop your trade-in in an emergency should stop immediately. To save you from possible or confirm loss during a trade.
5-eToro
eToro is one of the biggest names in the trading markets, investors love it due to its easy-to-use trading platforms. They provide a copy trading facility where traders can make trades by coping with other traders. Which makes it pricier and reliable. eToro provides excellent research and educational material to its customers. They provide almost all types of trading services including CFD, stocks, and Forex trading, and one of the most papular crypto trading services. eToro is very good for all types of investors. Either you are a novice or middle or an expert trader this platform is excellent for all of them. So you need not worry while investing with eToro because of its credibility and wonderful services.
Conclusion:
Always start with a demo account because This is one of the best features provided by Exness. And other platforms. Specifically for beginners, this option is super helpful. This is a practice account where you can learn trading before practically risking any money. You can see how things work in the forex market. The currency in the demo account is not real, this is virtual just to facilitate the people who are new to this business to learn forex trading. You should consider using a prop firm for trading so you won’t risk your personal funds while learning, and a great analysis of an FTMO challenge can be found at the Forex EA site.
If you feel overwhelmed and find this process complex, take a chill pill. Because the customer support of these platforms is incredibly cooperative, as soon as you register, the sales team will contact and guide you step by step. Any queries or problems that you have will be responded to directly. You can choose brokers that support you in your mother language as they offer customer service in multiple languages. The customer support teams are functional 24/7, so you can take their help in any step anytime.
