For any beginner fresh into the game, forex trading is no easy task. You can easily get lost in the sea of numerous world currencies and the promise of colossal returns. Even though most people do finally achieve it, there are those who fall along the way. This mostly happens to the least informed. Here at TopBrokers website, we will make sure that you have all the right Forex brokers information required to safeguard you investments and reap heavily from it.
Choosing a Platform
One of the most important things you need to know before you get to trading is the various platforms. What platform are you using? A good platform should be easy to understand and navigate. A complicated platform may cause you to make the wrong decisions and lose a lot of money. For you to ensure that the platform you are using is right for you, here are the factors to consider:
- Customer Service
- User Interface
- Trading Fees
How well does the platform take care of its customers? A good platform should be able to give you 24/7 support in case you encounter any problems. It should also have a means of educating its customers on proper trading techniques. Any time you experience a problem that needs immediate attention, there should be a personnel who can assist you right away.
You should be able to easily navigate and understand the platform you are using. A quick look should be able to show you all the necessary parameters and make your analysis of the market as painless as possible. A complicated interface may lead to confusion causing you to make a wrong move that may cost you a lot of money.
The trading company you choose should be able to state its charging method upfront. Even though the process of calculating cost may be tedious, some companies inform you earlier of their full charges without any commissions applying later on. Even though this may seem noble, they still pocket a lot when it comes to the bid-ask spread. Therefore, be on the lookout for companies that use the “no commission” tag as their selling point.
At the end of the day, no matter the costs or customer support, a good platform should deliver as promised. The system should be able to make all the required transactions without failing every now and then. It can be very disappointing to lose cash or miss out on a long trade just because of a small hitch. Platforms that value their customers have a strong team of developers who work day and night to ensure the system is in mint condition.
The Best Companies
With all the above factors in mind, the best trading companies for you to start with include:
It doesn’t get any easier than this. Oanda is almost the only proper platform that has no minimum investment deposit ad you can begin with a demo account. As expected, their spread is somewhere on the lower side and there is no commission. It is also very easy to set up.
It also has no minimum investment but the same cannot be said about the practice account. OptionsExpress has live webinars and workshops that will help you be a pro in no time. Even though commissions apply, you will get a very good overall experience. Everything is arranged for you according to your expertise. It has one of the most solid user interfaces.
You can find almost all the information you need on their FAQs. They also offer topnotch education on analysis absolutely free. Their trading cost is low and they offer great diversity when it comes to managing everything from stocks to bonds to forex.
Gain Capital Holdings (Forex.com)
A minimum of $250 is all you need to get started. It has been around since 1999 and its still continues to offer the best services possible. You can either opt for the free training or the paid ones. Either way, you will get lots of webinars and tutorials to get you started. Forex is one of the most reliable platforms globally. It is licensed in jurisdictions other can only dream of.