With all the options the financial world offers, it can get a bit overwhelming. This is why we would like to help you on your journey to finding the best forex broker in 2021.
If you are just starting your trading career, you are in the right place. We will talk about topics related to trading platforms like regulations, spreads, currency pairs, and more.
Forex is the most liquid market in the world. It is present globally and offers you the opportunity to maximize gains through speculation. When speculating, you can use various trading tools, techniques, and strategies. Here you can learn all about where to start!
Our list of the best forex trading platform for beginners
We have made our choices after a rigorous investigation. Below we have included our list of the best forex trading platforms in 2021. These were chosen according to their features, regulations, and what they offer their clients.
What is a forex trading platform for beginners?
A forex trading platform will allow you to trade currency pairs against each other. The pairs are categorized into major, minor, and exotic ones. Major pairs are the most liquid ones, like EUR/USD, while exotic are the ones that have less liquidity, like TRY/USD.
A forex trading platform will allow you to access the market with different features. Some offer maximum leverages that can go from 10:1 to 500:1 depending on the account type, the regulations, and the risk you want to take.
If you are searching for a forex trading platform for beginners, you should consider the same details expert traders look for. It will depend on the goals you have, the strategies you will use to get to your first milestone, and your account balance.
How does a forex trading platform for beginners work?
A forex platform for beginners works by granting you access to the market. It is available through brokers which act as an intermediary between you and the securities markets. For their services, they charge you fees and commissions.
One of the most important fees is spreads. It is the difference between the ask and the bid price. If a currency pair is more liquid, then the spread will be smaller. Depending on your trading frequency, you might want to look for a broker with 0 pips spread but with a higher commission. This could benefit you if you open and close many trades during the day.
It is essential that your forex broker is regulated. This will keep you and your funds safe from any harm, extreme risk, bankruptcy, among others. You must also see if the broker’s regulator accepts clients from your country.
Once your account is credited and you want to execute trades, log in to your trading platform. Here you can analyze charts and add technical tools if necessary. You can open or close a trade with or without leverage. You might be able to social trade if the broker allows it.
Key features to look for in a forex trading platform for beginners
Every trading platform has its features and is rated according to them. Some of the characteristics to look at are spreads, regulations, payment methods, types of charts, markets, customer support, and education section.
Trading platforms will give you access to forex, but what about other markets? This will depend on the broker, but if they are well regulated, they can offer other assets like stocks, bonds, cryptocurrencies like Bitcoin, Ethereum, Litecoin, Binance coin, and more. Maybe you can go for CFDs or commodities like gold, silver, soybeans, pork, coffee, and many others.
Customer support is fundamental for an overall good experience because it is where you’ll seek advice in case of an emergency or doubt. Look for live chat, phone numbers, email, offices, and the hours of operation.
Pros & cons of using a forex trading platform for beginners
How to choose the best forex trading platform for beginners for me?
Whether a beginner or an experienced trader, it is important to consider your needs when looking for a platform. Making a checklist is always a good idea so you can go through what they have and what they might not be offering you.
It is important to compare trading platforms to each other before deciding which one you will be trading your funds through. Platforms like ours will help you with the decision. Our expert team investigates and compares trading platforms to find the best one for beginners.
Some of the features to include in your checklist are customizable interfaces, types of charts, trading techniques, and available tools.
How to safely use a broker to make money trading online?“ First things first, your broker must be regulated. It is important to protect your capital. That is the first step to be successful in the forex market. Once this is done, it is time to do your research. Don’t lose your trading goals from sight since they will help you make your final choice. It is a good idea to look at reviews like these before deciding since there is usually a strong team of researchers behind the investigation process. Reviews compare trading platforms or broker features like spreads, payment methods, customer service, and more. ”
Choosing the best forex trading platform for beginners is key when you start your trading career in the most popular and liquid market on the planet. Our list is comprehensive and unbiased in order to give you, the reader, a little help before you make your well-rounded choice.
Increasing your funds is a good idea once your knowledge allows you to make your trading decisions calmly, based on facts, and using the skills you acquired.
Frequently Asked Questions
If they are not regulated - stay away! Regulation is the first factor to consider.
The best trading platform for you depends on how and where you will trade. See if they have the necessary tools to help your trading strategy.
It will depend on the broker. It is not unlikely that they also offer stocks, bonds, futures, cryptos, commodities, and more.
Yes. You must only add basic personal information and wait for your account to be verified.