This pandemic makes hazards to our economy, finance, technology, and so on. But we overcome and start a new year with so many dreams. In 2020, forex traders saw many ups and downs. That's why this best forex brokerage platform will be the best gift they ever have.
The best forex brokers offer three primary benefits. First and most important, they are a regulated and committed brand that offers a user-friendly web-based platform. Second, they provide a strong quality of educational supplies. Third, they provide passage to quality market analysis.
In our review of forex and CFD broker contributions, we spent infinite hours opening demo accounts, operating forex platforms, conveying market research, testing website usability, as well as following educational videos and webinars.
What is Forex Trading?
Forex trading is exchanging one currency into another, known as buying or selling currency pairs, based on predominating exchange rates from the forex market. The forex market is the largest global market, with approximately $6.59 trillion in currency traded one day.
What is a Forex Broker?
When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.g., "EUR / USD" (Euro / U.S. Dollar). You open an account, deposit funds, then use the broker's trading platform to buy and sell currency, applying margin. The forex markets are open 24 hours a day, five days a week.
The Best Forex Brokers
Here's a summary of the best forex brokers in 2021
- FP Markets is considered safe because it has a long track record, and the top-tier ASIC regulates it.
- IG - Excellent education, most trusted
- eToro - Best trading platform for copy trading
- AvaTrade - Quality educational resources
- CMC Markets - Best web trading platform, excellent education
- XTB - Best customer service, great education
- OANDA - Quality research, user-friendly platform
How much money do you need to trade forex?
While some forex brokers do not need a minimum deposit to start trading forex, most do. Unless opening a demo account, which uses virtual money to practice, most forex brokers expect a minimum deposit of between $100 - $250 to begin trading.
Can you get rich by trading forex?
While some forex traders will be able to get rich trading forex, the large majority will not. Forex trading is hazardous. Historically speaking, several hedge fund handlers have been able to get rich trading forex. For example, George Soros made over £1 billion in profit by short-selling the sterling in 1992.
How do I start trading forex?
First, it is important to practice. Start by opening a demo account so you can get used to the trading platform and tools. Reading books is also important to learn how to manage market research and perform technical analysis. Then, when ready, open an account, fund it, and start trading.
Conclusion
In the end, it is important to know forex market risks because everyone must know the deep of the sea. If once in, it never is so easy. But it could be easy when knowing the market rules and terms, getting the perfect forex trading platforms, and finally, be patient when losing a trade.
Best of luck!