Buying and selling currency pairs to reap profits is the crucial function of Forex trading. A staggering trillion dollars’ worth of transactions worldwide 24 hours a day, making forex the most lucrative financial market. According to estimates, forex traders involve in at least $5 trillion worth of trading in the market. The lure for forex traders is the convenient trading hours, high liquidity, and trading margins using leverage. Market volatility is another attractive feature of forex trading, and traders can make huge profits by speculating on price movements in either direction.
If you are serious about understanding more information, news updates, and opinions of experts in the field, you can read forex-related articles from reputed websites and financial publications. As a first step to becoming a forex trader, you need to understand more about reliable forex brokers. You can also gather information about reliable B2B forex trading platforms online from such websites.
The wealth of opportunities available is like opening a Pandora’s Box for the inexperienced or the beginner in Forex trading. You may feel that you are living in a different stratosphere because the sky is never the limit in forex. There are limitless possibilities and strategies to make yourself a fortune in minutes. Like a game of roulette, you can find yourself spinning to glory in seventh Heaven but at the same time plummet to the depths of despair if you end up on the wrong end of the proverbial sword.
A costly mistake because of ignorance or foolhardiness is something that you may live to regret your entire life. If you are a beginner at forex trading, you must be fully aware of how the market works. You have to arm yourself with knowledge of strategies by doing plenty of research and devising plans to protect yourself from being intimidated by experienced traders in the market. It is best to start practicing with a demo account before trading with real money. For this purpose, you have to choose from some of the best brokers available for beginners.
Any Forex broker aims to ensure you keep coming back to trade repeatedly without losing your investment. It is mutually beneficial for brokers, especially those regulated in the UK, to see traders making profits because they can also share a percentage of the dividends on their platform. However, though it is the biggest financial market, there is no central exchange to regulate the flow of funds above $4 trillion a day.
As a beginner, you must consider these facts before choosing any broker. They are your lifeline and your partners in the trade. You have to rely on the advice of Forex brokers before carrying out transactions. It is essential to find the best trading partner, especially when you are new.
This article will show you some of the best Forex brokers for beginners in 2022.
eToro is an incredible platform for rookies because it drives the fear factor away with its unique feature of viewing the strategies of other traders. The broker is undoubtedly an excellent choice for beginners venturing into trading for the first time because of its user-friendly platform, wide array of tools, plus educational resources.
BDSwiss is another broker compatible with beginners offering user-friendly platforms and knowledge. Besides, traders will get education through live analysis, webinars, and seminars. You can carry trading on its web and mobile platforms. The BDSwiss Classic account is also ideal for newcomers.
A pioneer in online currency transactions, FXCM is dedicated to serving the appetite of beginners. Having learned its lesson after incurring huge losses when Swiss francs were unpegged from the US dollar in 2015, FXCM has bounced back to become a financial services giant having assets of over $87 billion. Strong in education and research, FXCM is an ideal broker for beginner traders.
FP Markets is a great broker for beginners to consider because they offer more than 10,000 tools assisted by a simple to use mobile app and a choice of different account types. Traders will also be able to enjoy commission-free accounts.
IC Markets is a top broker for professional traders geared to guide new traders. The broker has many proper methods to help people who want to start trading. Beginners can enjoy the benefits of commission-free accounts, research, webinars, and practice trading skills on demo trading accounts on the easy-to-use mobile trading app.
OctaFX provides access to MT4 and MT5 accounts. The broker’s services are education and trading research tools, including AutoChartist.
Forex broker XTB deals with 48 currency pairs, serving traders on its xStation five or MT4 platforms. XTB offers leverage of up to 200:1. More significantly, XTB provides a free demo account for beginners and educational courses in their academy.