Online Currency Trading Brokers
Ever since it's been possible to trade forex online, the rules of the game have been rewritten. No longer do you have to rely on your bank to be able to trade foreign exchange.
There are no protocols, no forms, no unsettling questions and no raised eyebrows. Money, the right attitude and an internet connection are all you need to start forex trading.
Best Currency Trading Brokers Online
These are the top 3 Reputable Currency Brokers Online
We prefer AvaFX due to their fantastic software and great signup bonus. But these forex brokers are the best online so no matter which one you choose you'll have a great broker to trade with.
Forex Brokers and What to Look For
Where there's a lot of money to be made there are also risks. And this has also given rise to a large number of forex trading scams, cons, bogus online brokers who'll swindle you and disappointed beginners cursing their luck. While there is no sure shot way of ensuring you always make a profit, there are ways you can avoid unnecessary losses. One way is to pick a reliable, reputed broker.
Regulated Forex Sites
What many beginners do not realize is that Forex Trading is actually regulated, and that professional broker sites are required to be registered and licensed for trading with the authority in the region where the trading takes place. You can find the authorities for different regions right here below:
In the United States regulated forex sites are licensed by:
In the United Kingdom regulated forex sites are licensed by:
Financial Services Authority - FSA
In the European Union regulated forex sites are licensed by at least one of the agencies below:
Regulated brokers give you the assurance that your money is in safe hands, and at the same time give you recourse to legal action in case of a fraud.
The Importance Of A Disclaimer
Another think to look for is a disclaimer. While many online forex sites will make it a point to display their promises in bold; truth is, they're in no position to do so. Uncertainty is the only certainty in the Forex Market, and any broker promising you 'phenomenal returns' is running a sham in your face.
Rather, look for a forex broker site that gives you a straightforward list of things they cannot do. Read through a broker's Policy, Terms & Conditions in order to determine exactly what you're getting into.
Other Important Forex Sites Criteria
When these two criteria have been satisfied, you can look at other features that a broker site provides: the type of trading platform/software; demo trading options; leverage; customer support; member forums; access to resources and information and the ease with which your orders are executed.
One idea is to open up a demo account. This is always free and it's a great way to try a site out before trading with real money. You'll find the very best forex sites at this very page. But also other forex guides rank the best forex sites online. Visiting one of these guides gives you the opportunity to compare their ranking. You'll find that the top forex sites, are not that different regardless of which guide you visit.
By opening a free demo account you gain access to a virtual account stacked with playmoney. Here you can try out the forex platform and make absolutely sure that you are comfortable with everything without risking real money.
Typically, reading reviews from reliable, authority Forex websites for various brokers will help a great deal in making a choice.