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What Is Forex?

Started by admin, Oct 19, 2019, 08:31 pm

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What Is Forex?
Forex -- the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.
Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.
In the foreign exchange market there is little or no 'inside information'. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time.
Currencies are traded against one another. Each pair of currencies thus constitutes an indiv >
Unlike stocks and futures exchange, foreign exchange is indeed an interbank, over-the-counter (OTC) market which means there is no single universal exchange for specific currency pair. The foreign exchange market operates 24 hours per day throughout the week between individuals with Forex brokers, brokers with banks, and banks with banks. If the European session is ended the Asian session or US session will start, so all world currencies can be continually in trade. Traders can react to news when it breaks, rather than waiting for the market to open, as is the case with most other markets.
Average daily international foreign exchange trading volume was $6.6 trillion in April 2019 according to the BIS triennial report.
Like any market there is a bid/offer spread (difference between buying price and selling price). On major currency crosses, the difference between the price at which a market maker will sell ("ask", or "offer") to a wholesale customer and the price at which the same market-maker will buy ("bid") from the same wholesale customer is minimal, usually only 1 or 2 pips. In the EUR/USD price of 1.4238 a pip would be the '8' at the end. So the bid/ask quote of EUR/USD might be 1.4238/1.4239.
This, of course, does not apply to retail customers. Most individual currency speculators will trade using a broker which will typically have a spread marked up to say 3-20 pips (so in our example 1.4237/1.4239 or 1.423/1.425). The broker will give their clients often huge amounts of margin, thereby facilitating clients spending more money on the bid/ask spread. The brokers are not regulated by the U.S. Securities and Exchange Commission (since they do not sell securities), so they are not bound by the same margin limits as stock brokerages. They do not typically charge margin interest, however since currency trades must be settled in 2 days, they will "resettle" open positions (again collecting the bid/ask spread).
Individual currency speculators can work during the day and trade in the evenings, taking advantage of the market's 24 hours long trading session.
If you want to know more about how to start trading in Forex, please proceed to our free Forex course article.

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Forex Pivot Points.
Professional Forex traders and market makers use pivot points to identify potential support and resistance levels.
Simply put, a pivot point and its support/resistance levels are areas at which the direction of price movement can possibly change.
It's because they are OBJECTIVE .
Unlike some of the other indicators that we've taught you about already, there's no discretion involved.
In many ways, Forex pivot points are very similar to Fibonacci levels. Because so many people are looking at those levels, they almost become self-fulfilling.
With pivot points, Forex traders typically use the same method for calculating them.
Many traders keep an eye on these levels and you should too.
Pivot points are especially useful to short-term traders who are looking to take advantage of small price movements.
Just like normal support and resistance levels, Forex traders can choose to trade the bounce or the break of these levels.
Breakout Forex traders use pivot points to recognize key levels that need to be broken for a move to be classified as a real deal breakout.
Here is an example of pivot points plotted on a 1-hour EUR/USD chart:
As you can see here, horizontal support and resistance levels are placed on your chart. And look - they're marked out nicely for you! How convenient is that?!
Pivot Point Lingo.
Here's quick rundown on what those acronyms mean:
PP stands for Pivot Point.
S stands for Support.
R stands for Resistance.
But don't get too caught up in thinking "S1 has to be support" or "R1 has to be resistance." We'll explain why later.
In the following lessons, you will learn how to calculate Forex pivot points, the different types of pivot points and most importantly, how you can add pivot points to your Forex trading toolbox!

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Forex Brokers - Top 100 Forex Brokers 2019.
Striving to find a Forex Broker which is a perfect match for your trading style and goals? In the Forex market the supply of brokers' offers is versatile and abundant, so your search for the best broker to trust your dealings to may be tedious and time consuming. To help you with this important task, we created the Forex Brokers Rating back in 2006 - and since then it has grown to include more the 200 Forex brokers carefully selected from jurisdictions all over the world.
# Forex Broker Review Year Reviews Status 1 FXTM 2011 CySEC, FCA, IFSC 2 HYCM 1977 CySEC, FCA, MiFID, DFSA, SFC 3 easyMarkets 2001 CySEC, MiFID, ASIC 4 HotForex 2010 CySEC, FSC, FSB, FCA, BaFin, DFSA 5 FxPro 2006 CySEC, FCA, FSB, DFSA, SCB 6 FIBO Group 1998 FSC, CySEC, FCA 7 Alpari 1998 FSC Mauritius 8 FXCM 1999 FCA, ASIC, SFC, CONSOB, BaFin, ACP 9 MultiBank 2005 ASIC, BaFin, FMA, CNMV, FSC, CIMA, RAK 10 XM 2009 ASIC, CySEC, IFSC 11 Trading.com 2018 FCA 12 OctaFX 2011 FCA UK 13 FP Markets 2005 ASIC 14 4xCube 2018 FSC 15 FxGlory 2011 IFSA 16 Grand Capital 2006 CRFIN, KROUFR 17 Bithoven 2019 FSA 18 CMSTrader 2013 VFSC 19 Orbex 2010 CySEC 20 ATFX 2014 CySec, FCA 21 EverFX 2016 CySEC, CIMA 22 USGFX 2006 ASIC, FCA 23 CapitalXP 2015 not regulated 24 LH Crypto 2018 VFSC 25 Olymp Trade 2014 IFC 26 LBLV 2018 Seychelles FSA 27 LegacyFX 2017 CySEC, BaFin, FCA 28 GMOTrading 2017 CySec 29 Dukascopy 2000 FINMA 30 BCS Forex 2004 31 Exness 2008 CySEC, FCA 32 Forex.com 1999 NFA, CFTC, FCA, ASIC, FSA, IIROC, SFC 33 Forex Club 2005 NFA, CFTC 34 Swissquote Bank 2000 FINMA, MFSA, DFSA 35 eToro 2007 NFA, CySEC, ASIC, CFTC, MiFID, FCA 36 Admiral Markets 2001 EFSA (Estonia); FCA (United Kingdom); ASIC (Australia); CySEC (Cyprus). 37 LiteForex 2005 RMI BCA 38 RoboForex 2009 CySEC, IFCS Belize, ICF 39 NordFX 2008 VFSC, CySEC, SEBI 40 FreshForex 2004 CRFIN, KROUFR 41 Markets Cube 2011 not regulated 42 Just2Trade 2006 CySEC 43 770capital 2010 ARB 44 FxGrow 2012 CySEC 45 Adamant Finance 2015 IFSA 46 MAYZUS 2008 CySEC 47 Citypoint Trading 2008 FCA, CySEC 48 Finotec 1998 FSA 49 24option 2010 CySEC, FMA, AFM, HELLENIC, CNB, BDF, BAFIN, ATVP, CONSOB, CNMV, FCA, CRFIN 50 Trading Point 2010 CySEC, SIPC 51 FxNet 2012 CySEC 52 Vantage FX 2009 ASIC 53 TusarFX 2012 CROFR 54 IronFX 2010 FCA, ASIC, FSCA, CySEC 55 Plus500 2008 FCA, CySEC, MAS, IE, ASIC, AFSL, FMA, FSP 56 IFC Markets 2006 FSPR (New Zealand) 57 GAIN Capital 1999 CFTC, FSA, FSA, SFC, ASIC 58 GCI 2002 FSC 59 GFT Forex 1997 FSA , NFA, CFTC, DGCX, DMCC, ASIC, MAS 60 Hotspot FX 2010 CFTC, NFA 61 Oanda 1996 CFTC, NFA, FSA, IIROC, MAS 62 Saxo Bank 1992 FSA 63 Realtime Forex 2009 MFSA 64 iFOREX 1996 CySEC 65 AL Trade 2003 Not regulated 66 Varengold 1995 BaFin 67 HMS Markets 1972 CCIF 68 IG Markets 1995 NFA, CFTC, ASIC, FSA(UK), MAS 69 Tradeview Forex 2007 FFS 70 TeleTrade 1994 CySEC 71 AccentForex 2010 MFEM (Vanuatu) 72 Markets.com 2009 CySEC, FSCL 73 Zecco 2011 FINRA, NFA 74 Windsor Brokers 1988 CySec, FCA, ACPR, BaFin, MiFID 75 YoutradeFX 2011 ASIC, FSC, FSA 76 ActivTrades 2010 FSA 77 CitiFX Pro 2008 CFTC, NFA, FCA 78 GO Markets ASIC, CFD 79 Sucden 1973 FSA UK 80 FXOpen 2003 FSPR, ASIC, FSCL 81 QuestradeFX 2004 IIROC, FSCL 82 Spot Trader 2008 NFA 83 XTB 2002 FCA 84 Stratton Markets 2018 CySEC 85 FBS 2009 IFSC, CySEC 86 NPBFX 1996 IFSC, Financial Commission 87 PIPTrade FSA 88 Finexo 2003 CIF, CySEC, FSCL 89 Berkeley 1986 FOA 90 XForex 2003 CySEC, ASIC 91 Colmex Pro 2009 CySEC 92 DIF Broker 1999 CMVM, FCA 93 FXDD 2002 NFA, CFTC, MFSA, MiFID 94 STOCK.com 2014 CySEC, MiFID , FCA, AMF, BaFin 95 TFI Markets 1999 CySEC 96 Advanced Markets 2006 NFA, CFTC 97 Hantec Markets 1990 FSA 98 GKFX 2008 FSA UK (#501320) 99 AFX Capital Markets 2010 CySec 100 FXCC 2010 CySEC 101 Traders Way 2011 Not regulated 102 AvaTrade 2006 MiFiD, CBI, FSA, ASIC, SFB, BVI, FSCL 103 Investtechfx 2006 FDA, FSCL 104 BNFX 2010 FMA 105 ETrade FX 2006 not regulated 106 Money Gram 2006 not regulated 107 Forex4you 2007 FSC BVI 108 JustForex 2012 IFSC 109 CMC Markets 1989 Financial Conduct Authority (FCA) 110 Interactive Brokers Group, Inc. 1977 FSA, IIROC, CFTC, SEC 111 ForexCycle 2006 not regulated 112 Sun Hung Kai Financial 1969 not regulated 113 Rosenthal Collins Group 2010 not regulated 114 Marketiva 2009 KROUFR 115 InstaForex 2007 FSFR 116 Tickmill 2014 FCA UK, CySEC, FSA Seychelles 117 IC Markets 2007 ASIC, ACN 118 MB Trading 1999 FCA (UK), FINRA, SIPC 119 Maxi Forex 2008 CRFIN 120 FinFX 2010 CySEC, FSA 121 MahiFX 2010 AFSL, ASIC 122 ATC Brokers 2005 CFTC, NFA 123 UFXMarkets 2007 CySEC 124 Forexite 1999 CySEC 125 FXall 2012 CFTC 126 Pepperstone 2010 ASIC, FCA 127 Sunbird 2005 NA 128 Blackwell Global 2010 CySec, FCA, MiFid 129 OptionTrade CySEC 130 GulliverFX 2014 FCA 131 AMarkets 2007 FC 132 Fort Financial Services 2010 IFSC 133 LCG 1996 FCA 134 CM Trading 2012 SA FSB 135 HiWayFX 2014 CySEC 136 Trade12 2015 Global Fin Services 137 PrivateFX 2015 CySec 138 Vinson Financials Ltd 2012 CySEC, MiFID 139 Core Spreads 2014 FCA 140 Nas broker 2013 SVGFSA 141 FXFlat 1997 BaFin 142 ETX Capital 2008 FCA 143 Atom8 2013 FCA 144 DF Markets 2010 FCA 145 CIM Bank 1990 FINMA 146 ADS Securities 2011 FCA 147 STO 2010 FCA, CySEC, CONSOB 148 Trade360 2013 CySEC 149 Z.com Trade 2013 FCA, SFC, JFSA 150 FX Giants 2015 FCA 151 Formax 2014 FCA 152 Arum Capital 2016 Cysec, MIFID 153 Alfa-Forex 1996 CySEC 154 ProfitiX 2019 155 HQBroker 2017 not regulated 156 EagleFX 2019 Not regulated 157 ACM 2002 FINMA, ESA, DGCX 158 Mega Trader FX CySEC 159 ForexTrading 2011 CySec 160 FX Solutions 2001 CFTC, NFA, FSCL 161 JFX 2011 CySec, FSA, CNMV, BaFin, ACP 162 Mada FX NFA, CFTC 163 MIG Bank 2003 FINMA 164 ACFX 2007 Cysec 165 4XP 2007 FMRRC, FSC (BVI) 166 DBFX 2006 CySEC 167 COESfx 1999 NFA, CFTC 168 MoneyForex 2010 CySEC 169 FXA Securities 2000 CySEC 170 CBFX Markets 2006 not regulated 171 InterbankFx 2006 172 CMS Forex 1999 CySEC 173 MRC Markets 2002 SCL, SEBI 174 MasterForex 2006 Financial Commission, IFSC 175 Broco FSC 176 United World Capital Ltd CySEC 177 Falcofx 2008 Not regulated 178 Exto Capital 2007 BVI 179 3TG Brokers 2011 FSPR 180 IBCFX 2012 NZFS 181 SFX Markets 2011 FSA 182 AtlaseForex 2010 CySEC 183 FXdirekt Bank 2001 BAFIN, EDW 184 TradeFreedom 2010 Not regulated 185 Ntwo Capital Markets 2004 Not regulated 186 Askobid CySEC, ASIC, MiFID 187 Bforex 2009 Not regulated 188 AFB FX 2010 CySEC, MiFID 189 FxCompany 2011 CySEC 190 Forex MMCIS 2007 KROUFR 191 NorthFinance 2006 not regulated 192 WestCapFX 2006 not regulated 193 Finex 2006 not regulated 194 ITradeFX 2006 not regulated 195 Prime 4X 2006 not regulated 196 Crown Forex 2006 not regulated 197 STIFX 1998 not regulated 198 TradexFx 2005 not regulated 199 MGI 2006 not regulated 200 NordMarkets 2006 not regulated 201 MoneyForex 2006 not regulated 202 FxCast 2006 not regulated 203 ForexYard 1999 not regulated 204 ODL 2010 not regulated 205 Ikon-Royal 2006 not regulated 206 FXTSP 2006 not regulated 207 FX Universal 2011 not regulated 208 INGOT 2010 not regulated 209 RetailFx 2006 not regulated 210 LQD Markets 2006 CySEC, MiFID 211 Armada Markets 2011 MKM 212 TradeFort 2010 not regulated 213 Noble Trading 1999 CFTC/NFA, FINRA, SIPC 214 FXTG 2005 AFSL 215 Fidelis 2011 FSPR 216 Falcon Brokers 2012 CySEC 217 Forex-Market 2009 FMRRC, FSCL 218 xCFD 2013 FSCL 219 DMM FX Australia 2013 ASIC.
Our unique full list of Forex brokers contains over 200 brokers starting 2006. The brokers which no longer operate on the fx market are marked with the "Closed" status. Two more marks are also available: "Recommended Forex Broker" and a "Newcomer". Please click on the broker&quote;s logo for the detailed information, traders reviews and comments. To compare the brokers you are interested in please visit our Comparison section.
Forex Broker Rating accepts no liability for any errors in the information, trading conditions and Forex reviews. For the most recent information please visit the broker's site.
Top 10 Forex Brokers 2019.
1 91% 2 90% 3 88% 4 86% 5 83% 6 82% 7 81% 8 77% 9 72% 10 71%
5 things that Forex Rating is most proud of to achieve.
Your needs and preferences are the cornerstone of our rating's structure.
The Forex Brokers are grouped in 15 sections based on features which are often the make-or-brake point for a trader. If you are interested in trading crypto on Forex, look for a suitable broker in "Bitcoin Brokers" and "Ethereum Brokers" listings (we know more are coming!). If you are a fan of MT4 but want to change a broker, check out "MT4 Forex Brokers" for a good range for options. Like a get an exciting bonus offer now and then? Monitor the "Bonus Forex Brokers" - we have gathered brokers that consistently offer generous bonuses to their clients, and not only to newbie traders.
We fill in every Forex broker profile with utmost thoroughness and update it regularly.
You can get a 360° degree view of Forex dealer's conditions by throwing a quick look at its info page. Regulators, headquarters, trading software and more then 30 (!) parameters of a brokers' portfolio are reflected there. The latest traders' reviews about a particular broker are also listed there - a trustworthy source of open feedback about the broker from its happy or not so happy clients.
Forex Rating goals and mission.
It is common knowledge that Forex market outnumbers all other markets in the world with its daily trading volume of more than 4 trillions US Dollars. We see our mission in providing accurate and trustworthy information about Forex Brokers that will help traders make informed decisions, and thus build their trust in market and invest in its further growth. We constantly work on expanding the number of brokers listed in.

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Our TOP 10 Forex Brokers Rating is based on traders' voting which is instantly updated.
When each new review appears, the rating is automatically recalculated and updated. You receive up-to-date objective information and grounds for choosing a Forex company with an optimal package of services and a better reputation. Having an independent rating is not only a convenient opportunity for a trader to compare Forex market players and choose the best Forex company, but also an unconditional incentive for Forex companies. Only by maintaining a high level of services, expanding opportunities and improving trading conditions, a Forex company will be able to confidently hold its leading positions in the rating and increase its customer base.
Our news and materials sections is much more then dealers' news.
What percentage of profitable accounts does a Forex broker have? Where do industry veterans lose to new market players? What's new in the social trading arena? When writing materials for our analytical section we try to ask questions that will enhance the understanding and trust between Forex dealers and their clients. We also carefully select the analytics we publish. In Forex trading, as you know, one of the leading roles is assigned to analytics, which is not surprising. It is market analysis that provides the foundation on which the entire trading process is built, including both the prediction aspect of the nature of asset price behavior and the capital management aspect. In analytics, economic news is of great importance, as they tell about events that are prerequisites and causes of changes in the economic situation, and therefore changes in the ratio of supply and demand for a particular trading instrument. That is why economic news is so closely monitored by traders. There are even trading strategies based on the news method - a method that involves tracking important economic events and, therefore, building a trading process "around" economic news. Our "Latest Forex Materials" section is a stream of news, analytics, training announcements, and Forex brokers' latest news.

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Best Forex Brokers - Top 10 Brokers 2019 in .
How should you compare Forex brokers, and find the best one for you? In our Forex brokers reviews list, we have taken into account a wide range of ranking factors, from fees and spreads, to trading platforms, charting and analysis options - everything that makes a broker tick, and impacts your success as a trader.
The "best" Forex broker will often be a matter of individual preference. It may come down to the pairs you need to trade, the platform, trading using spot markets or per point or simple ease of use requirements.
Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.
Forex Brokers in .
How To Find The Best Forex Broker.
The main criteria for finding the best Forex Brokers in  2019 are these - we will expand on each area later on in the article:
Trading Conditions/Fees - This is the most important part of your global Forex broker appraisal. There is no way around that. One Forex broker may charge you 10 times less for the same trade than another. Take note of "hidden" fees, such as withdrawals fees, or inactivity fees. Market Coverage - You need to be able to trade the fx pair or product of your choice/preference. Accessibility and Affordability - Beginner Forex traders and small-timers need love too. You should never be forced into making a minimum deposit that you cannot afford to lose. Minimum deposits range from $10 to $1000 (or the £ / € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded. Trading Platforms - The Forex trading platform and the tools it features are your primary weapons in your personal war for profits. Pick the one that suits you best. Remember many platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many trading platforms offer very similar services, but look and feel very different. Is a mobile platform your priority, or a desktop web trading platform? Mobile Trading Apps - Being able to trade on the go may be important. Some mobile apps are superior to others. Ideally the mobile platform will function just as the web based version. Deposits and Withdrawals - You have to move funds to and from the broker, quickly and preferably cheaply. The Deposit/Withdrawal methods supported by the Forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method. Reputation - People talk. It is well worth listening to what traders say about a Forex broker they have already tried. Regulation - When push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your Forex broker. A proper regulatory framework is preventive in nature. It aims to keep such problems from popping up in the first place. Customer Support - You need someone to talk to when you run into problems with your deposits, actual trading, or - God forbid - withdrawals. Competent support is a must. Company Background and History - Knowing the past exploits of your Forex broker can give you a better idea of what it is up to now. A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely. Education - It never hurts to improve your understanding of how the Forex markets work and how you can make the most of the opportunities they present. Some brokers offer extensive educational tools. Account Opening / Registration - Is it a simple process? Do clients need to be verified?

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Broker Costs.
The services that Forex brokers provide are not free. You pay for them through spreads, commissions and rollover fees. Low trading fees are a huge draw.
The fee structures differ from one Forex broker to another, and even from one account type to another. There are two widely used basic setups.
The broker charges a spread only. All other fees - with the exception of the rollover rate - are included in the spread. Besides the spread, a commission is charged as well. This commission is based on the amount you trade.
Spreads.
Of these two Forex broker fee arrangements, the second one is arguably the more transparent. That said, the commission/spread combination may not be the cheaper choice in every instance.
The spread can be fixed or variable. Fixed spreads are always constant. ECN broker may even deliver zero spreads. Variable spreads change, depending on the traded asset, volatility and available liquidity.
Daily spreads may only differ slightly among brokers, but active traders (or even hyper active traders) are trading so frequently that small differences can mount up and need to be calculated to compare trading costs. The lowest spreads suit frequent traders.
Some brokers focus on fixed spreads. There are indeed 1 pip fixed spread Forex brokers out there too.
Forex brokers with low spreads are certainly popular. Do take commission and rollover/swap into account as well with such brokers though.
What Is The Rollover Rate?
Forex positions kept open overnight incur an extra fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.
Forex Pairs Traded.
While most Forex brokers offer impressive-looking selections of currency pairs, not all of them cover minors and exotics. Does the broker offer the markets or currency pairs you want to trade? If you are trading major pairs (see below), then all brokers will cater for you. If you want to trade Thai Bahts or Swedish Krone as the base currencies you will need to double check the asset lists and tradable currencies.
Majors.
The Aussie dollar ans Swiss Franc, while considered 'minor' pairs, are often traded in high volume. You can read more about those here: aud/usd or usd/chf.
That said, there are brokers out there that will truly go out of their way to cater to their traders' needs. Some will even add international exotics on request. Such flexibility is obviously a major asset, positively impacting the overall quality of the service.
Cryptocurrency pairs are quite ubiquitous nowadays. Crypto/fiat and crypto/crypto pairings are both popular. The massive volatility associated with these products makes scalping a viable strategy for profitable trading.
Some traders are in the Forex game specifically to trade the crypto volatility. Such operators obviously need a Forex broker that features as many crypto pairs as possible.
Micro Accounts.
Not everyone trades Forex on a massive scale. In fact, most traders are small-timers. Such Forex clients appreciate Forex brokers' micro accounts, some of which have the US Dollar as their base currency.
Some Forex micro accounts do not even have a set minimum deposit requirement. Such cheap trading options certainly make sense for those looking to dive deeper into real money trading, without risking their life savings.
Note however that the spreads/commissions on such micro accounts tend to be quite adverse. It is however, a cheaper introduction to a complex market (similar to cfd accounts) - and trading for real beats a demo account for genuine experience.
Trading Platforms.
Forex trading platforms are more or less customisable trading environments. They provide traders with technical analysis tools, live news feeds, diverse order types, automation, advanced charting and drawing options etc. Some may include sentiment indicators or event calendars.
MetaTrader 4 or 5.
Integration with popular software packages like Metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.
Trading View.
TradingView is also a popular choice. Some Forex brokers allow their traders to trade directly on the world's top social trading network.
Proprietary solutions are often interesting, though in some cases less than optimal. For traders who base their strategies on the use of EAs and VPS, a proprietary platform that does not support such features, is useless.
While we are discussing strategies: not all Forex brokers support strategies such as hedging, scalping and EAs. Make sure you understand any and all restrictions in this regard, before you sign up.
If you want scalping, see if your broker is a Forex broker for scalping.
For those who want to trade on the go, a mobile trading app is obviously important. While all Forex brokers feature such apps these days, some mobile platforms are very simplistic. They lack all the advanced analysis and market research features, and as such, are hardly useful.

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Tools & Features.
From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience. Again, the availability of these as a deciding factor on opening account will be down to the individual. Level 2 data is one such tool, where preference might be given to a brand delivering it.
Deposits and Withdrawals.
There are some massive disparities between the costs associated with deposits and withdrawals from one broker to another. Such disparities mostly result from the internal procedures observed by different brokers.
At one given broker, it can take as much as 5 times longer to fund an account than at another. The incurred costs differ quite a bit as well.
Otherwise, the payment process largely hinges on the accepted money transfer methods.
It would make sense for brokers to adopt as many such methods as possible, yet some still fall well short of the mark.
Education.
Some traders may rely on their broker to help learn to trade. From guides, to classes and webinars, educational resources vary from brand to brand. A broker however, is not always the best source for impartial trading advice. Consider checking other sources too - such as our Trading Education page!
Payment Methods.
The most common methods are bank wire, VISA and MasterCard. The majority brokers tend to accept Skrill and Neteller too.
Forex brokers with Paypal are much rarer. The same goes for Forex brokers accepting bitcoin. We are not talking about bitcoin trading, but actual deposits made in the top cryptocurrency.
Proper Forex brokers always provide a local-specific payment solution to their target countries.
Customer Feedback.
Based on actual user feedback, Forex broker reputation can best be gleaned from various community review sites and forums.
You have to take this type of feedback with a grain of salt, to say the least. First of all: disgruntled traders are always more motivated to post feedback. They are not likely to be unbiased. Secondly: not all of this feedback is factually correct. Furthermore, there is no way to actually fact-check/verify this data. Even sites like TrustPilot are blighted with fake posts or scam messages. There is no quality control or verification of posts.
That said, it is still relevant. If there's a Forex broker about which no one has ever said anything good, chances are it might have issues. To the trained eye, genuine trader reviews are relatively easy to spot.
The utter lack of community feedback is red flag as well. People always have something to say about their Forex broker. Therefore, something is definitely amiss if there is no information available in this regard.
Regulation.
Regulation should be an important consideration. Whether the regulator is inside, or outside, of Europe is going to have serious consequences on your trading. ESMA (the European Securities and Markets Authority) have imposed strict rules on Forex firms regulated in Europe. This includes the following regulators:
CySec (Cyprus Securities and Exchange Commission) FCA (Financial Conduct Authority) BaFin - (Bundesanstalt für Finanzdienstleistungsaufsicht) Swiss Financial Market Supervisory Authority (Switzerland)
ESMA have jurisdiction over all regulators within the EEA.
The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (Or x30). Outside of Europe, leverage can reach 1:500 (x500).
Traders in Europe can apply for Professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).
Outside of Europe, the largest regulators are:
SEC - Securities and Exchange Commission (US) CFTC - Commodity Futures Trading Commission (US) CSA - Canadian Securities Administration ASIC - Australian Securities and Investments Commission.
These cover the bulk of countries outside Europe. Forex brokers catering for India, Hong Kong, Qatar etc are likely to have regulation in one of the above, rather than every country they support. Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.
So to reiterate, an ASIC Forex broker can offer higher leverage to a trader in Europe.
Offshore regulation - such as licensing provided by Vanuatu, Belize and other island nations - is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers you no protections.
Regulators such as ESMA (European Securities and Markets Authority) generally frown upon bonuses. Forex brokers not affected by ESMA can afford to give you potential extra value through promotions. Those same ESMA rules are also why some brands are duty bound to display warnings about CFD trading creating a " risk of losing all your money ".
Security.
Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security. Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed. A worthy consideration. Some regulators will set a higher benchmark than others - and being registered is not the same as being regulated.
Demo Accounts.
Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances. Try as many as you need to before making a choice - and remember having multiple accounts is fine (even recommended).
FX Leverage.
For European Forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in Europe. Assets such as Gold, Oil or stocks are capped separately.
In Australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.
Just note that higher leverage increases potential losses, just as it does potential profits.
Company History.
A proper regulatory agency will not think twice about handing out cease and desist orders to dishonest brokers. It will also likely blacklist them.
This practice creates a sort of online trail, an operational history of sorts, highlighting the past sins of currently "reputable" Forex brokers.
What's interesting about this history is how little exposure it receives. You actually have to scour the archives of regulators to happen upon such relevant bits of information.

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Bonus.
From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that. Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your Forex trading choice. Also always check the terms and conditions and make sure they will not cause you to over-trade.
Additional Account Details.
When comparing brokers, there are also other elements that may affect your decision. These will not affect all traders, but might be vital to some.
Order Execution Types.
Once you click the "Open Trade" or "Enter" button in your trading interface, you start a rather intricate process. Your broker uses a number of different methods to execute your trades.
Exactly which method it uses for a particular trade will be reflected in the price you pay for it. Some brokers only support certain order execution methods. For instance, your broker may act as a market maker and not use an ECN for trade execution.
If you are looking for this method specifically, you will need to seek out an ECN Forex broker.
ECNs are great for limit orders, as they match buy and sell orders automatically within the network.
Some other options that your Forex broker can use are:
Order to the Floor. Mostly used for stocks. This execution type is handled manually, through actual trading floors/regional exchanges. It is therefore extremely slow. Order to Third Market Maker. This execution type involves a third party, which is a market maker. This party is the one handling the order. Order to Market Maker. This method is essentially the same as the above one. The Market Maker handles trade execution. Some market makers pay brokers to send them orders. Thus, your order may not end up with the best market maker. Internalization. When using this method, the broker matches the order from its own inventory of assets. This execution method is therefore extremely fast.
Order execution is extremely important when it comes to choosing a Forex broker. It also goes hand-in-hand with regulatory requirements.
Broker Reporting.
Both ESMA and the US's SEC require brokers to report the quality of the execution their services provide. Regulators aim to make sure that traders get the best possible execution.
MiFID II sets clear guidelines in this regard. Online Forex brokers are required to submit data concerning their execution methods as well as execution prices on a trade-by-trade basis.
This may seem tedious, but it is the only way to head off fraud. The prices are compared to the public quotes. If the broker executes trades at better prices than the public quotes, it has some additional explaining to do.
If it routes the trader's order through a less-than-optimal path, it has to disclose this fact to the trader.
These examples yet again showcase the importance of a proper regulatory background.
Account Types.
From cash, margin or PAMM accounts, to Bronze, Silver, Gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to Level II data, settlement or different leverage. Micro accounts might provide lower trade size limits for example.
Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the Forex contracts markets. So research what you need, and what you are getting.

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Scams.
Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;
Were you 'cold called'? Reputable firms will not call you out of the blue (This includes emails, or facebook or Instagram channels) Are they offering unrealistic profits? Just stop and consider for a minute - if they could make the money they are claiming, why are they cold calling or advertising on social media? Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.
If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.
With all these comparison factors covered in our reviews, you can now shortlist your top Forex brokers, take each for a test drive with a demo account, and select the best one for you. We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award '5 stars' to your favourite!
Read who won the DayTrading.com 'Best Forex Broker 2019' on the Awards page.
Difference Between A Broker And A Market Maker?
A broker is an intermediary. Its primary (and often only) goal is to bring together buyers and sellers. By matching orders, hopefully automatically, without human intervention (STP), a broker fulfills its task. For this service, it collects its due fees.
A market maker on the other hand, actively creates liquidity in the market. It always buys and it always sells, acting as a counterparty to traders. Should your Forex broker act as a market maker, it will in effect trade against you.
The conflict of interest in this setup is obvious.
The Bottom Line.
Hopefully, you now understand some of the methods we've used to create our Forex brokers ranking list.
Picking the right broker is no easy task, but it is imperative that you get it right. While we can point you in the correct general direction, only you know your personal needs. Take them into account, together with our recommendations.
Forex Broker Reviews.
Use this table with reviews of the top Forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these Forex brokers might not accept trading accounts being opened from your country. If we can determine that a broker would not accept your location, it is marked in grey in the table.

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US Forex Brokers.
US Forex brokers... Most reliable?
You can put the question this way; becoming a US Forex broker isn't as simple as registering an off-shore brokerage. The answer lies in the regulatory requirements. All US brokers must be registered with NFA (National Futures Association) . While registration itself isn't the issue, being a member of NFA regulated brokers group requires adherence to the strict NFA rules.
US Forex brokers list:
Global and award-winning broker.
Fully regulated and licensed.
Free deposits & fast withdrawals.
Global and award-winning broker.
Fully regulated and licensed.
Free deposits & fast withdrawals.
100% Anonymous Trading.
24/7 Customer Support.
Same Day Withdrawals.
100% Anonymous Trading.
24/7 Customer Support.
Same Day Withdrawals.
Tight spreads from 0.5 points.
Trade on 84 global FX pairs.
Awarded Best Spread Betting Provider 2019 by OPWA.
Tight spreads from 0.5 points.
Trade on 84 global FX pairs.
Awarded Best Spread Betting Provider 2019 by OPWA.
Award-winning trading platform.
11 payment methods, including PayPal.
FCA & Cysec regulated.
Award-winning trading platform.
11 payment methods, including PayPal.
FCA & Cysec regulated.
Daily market updates and news.
Daily market updates and news.
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more.
Unlimited risk-free Demo Account.
0 commissions & attractive spreads.
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more.
Unlimited risk-free Demo Account.
0 commissions & attractive spreads.
Over 200 asset classes.
MT4 Max Leverage 1:1000.
Over 200 asset classes.
MT4 Max Leverage 1:1000.
Investment alternative to usual trading instruments Reliability and transparency of decentralized cryptocurrencie.
Investment alternative to usual trading instruments Reliability and transparency of decentralized cryptocurrencie.
Global and award-winning broker.
Fully regulated and licensed.
Free deposits & fast withdrawals.
Global and award-winning broker.
Fully regulated and licensed.
Free deposits & fast withdrawals.
1000+ Trading Instruments.
Spreads as low as 0 pips.
1000+ Trading Instruments.
Spreads as low as 0 pips.
Requirements to become a US Forex broker.
All US Forex brokers must be registered with NFA. All introducing Forex brokers in the US must also be registered with NFA.
Forex broker - RFED - Retail Foreign Exchange Dealer is required to submit the following to NFA:
1. Online Form 7-R 2. Documents: - Financial statement, - Anti-Money Laundering Procedures, - Business Continuity and Disaster Recovery Procedures, - Promotional Material Procedures, - Supervision of Associated Persons Procedures, - Customer Complaint Procedures, - Source of Assets Letter, describing the source of the firm's current assets.
3. A non-refundable application fee of $500 4. Retail Foreign Exchange Dealer Membership Dues of $125,000.
For a complete list of any additional other documents, please refer to: http://www.nfa.futures.org/NFA-registration/rfed/index.HTML.
US Forex brokers with high leverage?
All US brokers are required to provide leverage no higher that 50:1 according to 50:1 Leverage CFTC Rules. This leverage will be offered to all US residents without exception. Non-US residents, who seek to open an account with the US based broker, might be able to get a higher leverage for their trading accounts. This option is often available when a broker has multiple branches around the globe.
Among such brokers are:
ATC Brokers - 200:1 leverage for non-US accounts CitiFX Pro - 100:1 leverage for non-US accounts CMS Forex - 100:1 leverage for non-US accounts FastBrokers - 200:1 leverage for non-US accounts Forex.com - 200:1 leverage for non-US accounts.
US Forex brokers vs other brokers.
So, what's the difference between US and other Forex brokers?
The two striking differences are: - leverage options - regulatory regime.
US brokers offer a pretty low leverage 50:1 (NFA rules requirements) comparing to other brokers, who can shoot up to 1000:1 or higher with no consequences. This makes US brokers less competitive in the eyes of many novice traders, who generally need a larger leverage boost from the start.
Forex brokers in the US are among the most regulated brokers in the world. The regime and penalties by NFA are high and strict, thus no one essentially wants to go off the marked path. This fact certainly provides the highest level of trust to the US brokers.
Alternatives to US Forex brokers.
Are there good alternatives to US Forex companies? Although traders won't find better regulated Forex brokers than those in the United States, other countries to consider are: UK, Australia and Switzerland.
Continue reading about: NFA regulated Forex brokers.
Copyright ©100Forexbrokers.com | All Rights Reserved.
Did we miss any US Forex broker? Please suggest by adding a comment below.

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Forex Day Trading in  2019 - Tutorial and Brokers.
Forex trading is a huge market. Billions are traded in foreign exchange on a daily basis. Whether you are an experienced trader or an absolute beginner, finding the best Forex broker and a profitable Forex day trading strategy or system is complex. So learn the fundamentals before choosing the best path for you .
With this introduction, you will learn the general Forex trading tips and strategies applicable to currency trading. It will also highlight potential pitfalls and useful indicators to ensure you know the facts. Lastly, use the trusted broker list to compare the best Forex platforms for day trading in  2019.
Read on to discover the A-Z of Forex, how to start trading, and how to judge the best platform...
Top 3 Forex Brokers in .
Why Trade Forex?
The Forex market offers the day trader the ability to speculate on movements in foreign exchange markets and particular economies or regions . Furthermore, with no central market, Forex offers trading opportunities around the clock.
Liquidity - In the Forex market there is an average volume of over $3.2 trillion dollars traded per day. So, there is an abundance of trades and moves you can make. Diversity - Firstly, you have the pairs stemming from the eight major global currencies. On top of that, many regional currency pairings are also available for trade. More options, more opportunities to turn a profit. Accessibility - The Forex market is readily accessible, open twenty-four hours a day, five days a week. As a result, you decide when to trade and how to trade. Leverage - A significant amount of Forex currency pairings are traded on margin. This is because leverage can be used to help you both buy and sell large quantities of currency. The greater the quantity, the greater the potential profit - or loss. Low commissions - Forex offer relatively low costs and fees compared to other markets. In fact, some firms don't charge any commission at all, you pay just the bid/ask spreads. True ECN firms may also offer 0 spread!
Currencies Traded In Forex.
Major.
In the international Forex day trading world, the vast majority of people focus on the seven most liquid currency pairs on earth, which are firstly the four 'majors':
EUR/USD (euro/dollar) USD/JPY (dollar/Japanese yen) GBP/USD (British pound/dollar) USD/CHF (dollar/Swiss franc)
In addition, there are three emerging pairs:
AUD/USD (Australian dollar/dollar) USD/CAD (dollar/Canadian dollar) NZD/USD (New Zealand dollar/dollar)
These currency pairs, in addition to a variety of other combinations, account for over 95% of all speculative trading in the Forex market. However, you will probably have noticed the US dollar is prevalent in the major currency pairings. This is because it's the world's leading reserve currency, playing a part in approximately 88% of currency trades.
Minor.
If a currency pairing doesn't include the US dollar, it's known as a 'minor currency pair' or a 'cross-currency pair'. Hence the most popularly traded minor currency pairs include the British pound, Euro, or Japanese yen, such as:
EUR/GBP (euro/British pound) EUR/AUD (euro/Australian dollar) GBP/JPY (British pound/Japanese yen) CHF/JPY (Swiss franc/Japanese yen)
You can also delve into the trade of exotic currencies such as the Thai Baht and Norwegian or Swedish krone. However, these exotic extras bring with them a greater degree of risk and volatility.
Finding The Best Forex Broker.
The "best" Forex broker will often be a matter of individual preference. It may come down to the pairs you need to trade, the platform, trading using spot markets or per point or simple ease of use requirements.
Below are a list of comparison factors, some will be more important to you than others but all are worth considering. Details on all these elements for each brand can be found in the individual reviews.
Lowest Trading Costs.
Spreads, commission, overnight fees - everything that reduces your profit on a single trade needs to be considered. High frequency trading means these costs can ratchet up quickly, so comparing fees will be a huge part of your broker choice. Inactivity or withdrawal fees are also noteworthy as they can be another drain on your balance.
Trading Platform.
The trading platform needs to suit you. Whether you want a simple cut down interface, or multiple built in features, widgets and tools - your best option may not be the same as someone else's.
Demo accounts are a great way to try out multiple platforms and see which works best for you. Remember also, that many platforms are configurable, so you are not stuck with a default view.
Mobile Trading.
Trading Forex on the move will be crucial to some people, less so for others. Most brands offer a mobile app, normally compatible across iOS, Android and Windows.
If this is key for you, then check the app is a full version of the website and does not miss out any important features. The download of these apps is generally quick and easy - brokers want you trading.
Customer Service.
Is customer service available in the language you prefer? Is there live chat, email and telephone support? When are they available? How high a priority this is, only you can know, but it is worth checking out.
Asset List.
Does the broker offer the markets or currency pairs you want to trade? A pretty fundamental check, this one. If you are trading major pairs, then all brokers will cater for you. If you want to trade Thai Bahts or Swedish Krone you will need to double check the asset lists and tradable currencies.
Regulation.
Do you want a broker regulated by a particular body - the FCA, SEC or ASIC perhaps? Remember European regulation might impact some of your leverage options, so this may impact more than just your peace of mind. We cover regulation in more detail below.
Spreads Or Commission.
Partly covered in trading costs, but the spreads are often a comparison factor on their own.
This is because you are not tied down to one broker. If you trade 3 or 4 different currency pairs, and no single broker has the tightest spread for all of them, then shop around. There is nothing wrong with having multiple accounts to take advantage of the best spreads on each trade. Beware of slippage 'hiding' wider spreads too often.
Payment Methods.
Deposit method options at a certain Forex broker might interest you. Do you want to use Paypal, Skrill or Neteller? Are you happy using credit or debit cards knowing this is where withdrawals will be paid too?
Some Forex brokers now accept deposits in Bitcoin or a range of other crypto's too.
Security.
Most brands will follow regulatory demands to separate client and company funds, and offer certain levels of user data security. Some brands might give you more confidence than others, and this is often linked to the regulator or where the brand is licensed. A worthy consideration.
Demo Accounts.
Try before you buy. Most credible brokers are willing to let you see their platforms risk free. Trading on a demo account or simulator is a great way to test strategy, back test or learn a platforms nuances. Try as many as you need to before making a choice - and remember having multiple accounts is fine (even recommended).
Account Types.
From cash, margin or PAMM accounts, to Bronze, Silver, Gold and VIP levels, account types can vary. The differences can be reflected in costs, reduced spreads, access to Level II data, settlement or different leverage. Micro accounts might provide lower trade size limits for example.
Retail and professional accounts will be treated very differently by both brokers and regulators for example. An ECN account will give you direct access to the Forex contracts markets. So research what you need, and what you are getting.

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Leverage.
For European Forex traders this can have a big impact. Forex leverage is capped at 1:30 by the majority of brokers regulated in Europe. Assets such as Gold, Oil or stocks are capped separately.
In Australia however, traders can utilise leverage of 1:500. That makes a huge difference to deposit and margin requirements. Australian brands are open to traders from across the globe, so some users will have a choice between regulatory protection or more freedom to trade as they wish.
Just note that higher leverage increases potential losses, just as it does potential profits.
Tools Or Features.
From charting to futures pricing or bespoke trading robots, brokers offer a range of tools to enhance the trading experience. Again, the availability of these as a deciding factor on opening account will be down to the individual. Level 2 data is one such tool, where preference might be given to a brand delivering it.
Education.
Forex trading beginners in particular, may be interested in the tutorials offered by a brand. These can be in the form of e-books, pdf documents, live webinars, expert advisors (ea), courses or a full academy program - whatever the source, it is worth judging the quality before opening an account. Bear in mind Forex companies want you to trade, so will encourage trading frequently.

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MetaTrader 4 or 5.
Integration with popular software packages like Metatrader 4 or 5 (MT4 or MT5) might be crucial for some traders. Many brands offer automated trading or integration into related software, but if you are going to rely on it, you need to make sure.
Bonus.
From cashback, to a no deposit bonus, free trades or deposit matches, brokers used to offer loads of promotions. Regulatory pressure has changed all that. Bonuses are now few and far between. Our directory will list them where offered, but they should rarely be a deciding factor in your Forex trading choice. Also always check the terms and conditions and make sure they will not cause you to over-trade.
Execution Speed.
Desktop platforms will normally deliver excellent speed of execution for trades. But mobile apps may not. While this will not always be the fault of the broker or application itself, it is worth testing.
Scams.
Our reviews have already filtered out the scams, but if you are considering a different brand, avoid getting caught out with these checks;
Were you 'cold called'? Reputable firms will not call you out of the blue (This includes emails, or facebook or Instagram channels) Are they offering unrealistic profits? Just stop and consider for a minute - if they could make the money they are claiming, why are they cold calling or advertising on social media? Are they offering to trade on your behalf or use their own managed or automated trades? Do not give anyone else control of your money.
If you have any doubts, simply move on. There are plenty of legitimate, legal brokers.
With all these comparison factors covered in our reviews, you can now shortlist your top Forex brokers, take each for a test drive with a demo account, and select the best one for you. We have ranked brokers based on our own opinion and offered ratings in our tables, but only you can award '5 stars' to your favourite!
Read who won the DayTrading.com 'Best Forex Broker 2019' on the Awards page.
Forex Broker Reviews.
Use this table with reviews of the top Forex brokers to compare all the FX brokers we have ever reviewed. Note that some of these Forex brokers might not accept trading accounts being opened from your country. If we can determine that a broker would not accept your location, it is marked in grey in the table.
Forex Broker Reviews Broker Demo Min Dep. MT4 Bonus 24Option Yes $250 Yes No Avatrade Yes $100 Yes Yes AxiTrader Yes 0 $/€/£ Yes No Ayondo Yes £1 Yes No BDSwiss Yes 100 $/€/£ No No Binary.com Yes $5 Yes No Capital.com Yes £/$/€100 No No CityIndex Yes £/$100 Yes Yes CMC Markets Yes £ 0 Yes No eToro Yes $200 Yes No ETX Capital Yes £250 Yes No Finq.com Yes $100 Yes Yes Forex.com Yes $50 Yes No Fusion Markets Yes No Minimum Yes No FXCM Yes £300 Yes No FXPro Yes $100 Yes No IC Markets Yes $200 Yes No IG Group Yes £250 Yes No Interactive Brokers Yes $10000 No No Invest.com Yes £0 Yes Yes Investous Yes $250 Yes No IQ Options Yes $10 No No LCG Yes 0 $/€/£ Yes No Markets.com Yes $100 Yes No Nadex Yes $250 No No NinjaTrader Yes $50 Yes No NordFX Yes $10 Yes No Oanda Yes $0 Yes No Pepperstone Yes £100 / $200 Yes No Plus500 Yes $100 No Yes Saxo Bank Yes 0 $/€/£ Yes No Skilling.com Yes 100 £/€/$ or 1000 NOK, SEK No No Spreadex No $1 No No TD Ameritrade Yes None No Yes Trading212 Yes €/£/$100 No No UFX Yes $100 Yes No VantageFX Yes $200 Yes Yes Videforex Yes $250 No Yes XM Yes 5 $/€/£ Yes Yes XTB Yes $250 Yes No ZuluTrade Yes $1 to $300 (Broker choice dependent) Yes No.
Forex Regulation.
Regulation should be an important consideration. Whether the regulator is inside, or outside, of Europe is going to have serious consequences on your trading. ESMA (the European Securities and Markets Authority) have imposed strict rules on Forex firms regulated in Europe. This includes the following regulators:
CySec (Cyprus Securities and Exchange Commission) FCA (Financial Conduct Authority) BaFin - (Bundesanstalt für Finanzdienstleistungsaufsicht) Swiss Financial Market Supervisory Authority (Switzerland)
ESMA have jurisdiction over all regulators within the EEA.
The rules include caps or limits on leverage, and varies on financial products. Forex leverage is capped at 1:30 (Or x30). Outside of Europe, leverage can reach 1:500 (x500).
Traders in Europe can apply for Professional status. This removes their regulatory protection, and allows brokers to offer higher levels of leverage (among other things).
Outside of Europe, the largest regulators are:
SEC - Securities and Exchange Commission (US) CFTC - Commodity Futures Trading Commission (US) CSA - Canadian Securities Administration ASIC - Australian Securities and Investments Commission.
These cover the bulk of countries outside Europe. Forex brokers catering for India, Hong Kong, Qatar etc are likely to have regulation in one of the above, rather than every country they support. Some brands are regulated across the globe (one is even regulated in 5 continents). Some bodies issue licenses, and others have a register of legal firms.

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So to reiterate, an ASIC Forex broker can offer higher leverage to a trader in Europe.
Which Currencies Should You Trade?
Investors should stick to the major and minor pairs in the beginning. This is because it will be easier to find trades, and lower spreads, making scalping viable. Exotic pairs, however, have much more illiquidity and higher spreads. In fact, because they are riskier, you can make serious cash with exotic pairs, just be prepared to lose big in a single session too.
How Is Forex Traded?
The logistics of Forex day trading are almost identical to every other market. However, there is one crucial difference worth highlighting. When you're day trading in Forex you're buying a currency, while selling another at the same time. Hence that is why the currencies are marketed in pairs. So, the exchange rate pricing you see from your Forex trading account represents the purchase price between the two currencies.
For example - the rate you find for GBP/USD represents the number of US dollars one British pound will buy you. So, if you have reason to believe the pound will increase in value versus the US dollar, you'd look to purchase pounds with US dollars. However, if the exchange rate climbs, you'd sell your pounds back and make a profit. Likewise with Euros, Yen etc.
Contracts.
Forex contracts come in a range of types:
Spot Forex contracts The conventional contract. Delivery and settlement is immediate. Futures Forex contracts Delivery and settlement takes place on a future date. Prices are agreed directly, but the actual exchange is in the future. Currency swaps Where two parties can 'swap' currency, often in the form of loans, or loan payments in differing currencies. Options Forex contracts An option gives a trader, the option (but not the obligation) to exchange currencies at a certain price on a date in the future.
Forex Orders.
There are a range of Forex orders. Some common, others less so. Using the correct one can be crucial.
The two main types of Forex orders are:
1. Instant order or Market order.
2. Pending orders.
Instant Order / Market Orders.
These are executed immediately at market prices.
A Buy is an instruction to 'go long' or profit from rising markets. A Sell means opening a short position with an expectation of falling values.
Pending Orders.
A Stop loss is a preset level where the trader would like the trade closed (stopped out) if the price moves against them. It is an important risk management tool. It instructs the broker to close the trade at that level. A guaranteed stop means the firm guarantee to close the trade at the requested price.
A stop loss that is not guaranteed may 'slip' in volatile market conditions, and a trade closed, close to, but not on, the stop level. The shock of the Swiss Franc (CHF) being 'unpegged' was one such event.
A Trailing Stop requests that the broker moves the stop loss level alongside the actual price - but only in one direction. So a long position will move the stop up in a rising market, but it will stay where it is if prices are falling. It allows traders to reduce potential losses in good times, and 'lock in' profits, whilst retaining a safety net.
A take profit or Limit order is a point at which the trader wants the trade closed, in profit. It is a good tool for discipline (closing trades as planned) and key for certain strategies. It is also very useful for traders who cannot watch and monitor trades all the time.
One Cancels Other.
A One Cancels the Other (OCO) Order is a combination of a Stop and Limit order, but if one is triggered, the other order is removed or cancelled. It is an important strategic trade type.
Cryptocurrency.
Leading Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) are often traded as a currency pair against the US dollar. These can be traded just as other FX pairs. Their exchange values versus each other are also sometimes offered, e.g. BTC/ETH or ETH/LTC etc.
Charts.
Charts will play an essential role in your technical analysis. So you will need to find a time frame that allows you to easily identify opportunities. In fact, the right chart will paint a picture of where the price might be heading going forwards. For example, day trading Forex with intraday candlestick price patterns is particularly popular.
See our charts page for further guidance.
Strategy.
Any effective Forex strategy will need to focus on two key factors, liquidity and volatility. These are two of the best indicators for any Forex trader, but the short-term trader is particularly reliant on them.
Intraday trading with Forex is very specific. While your average long-term futures trader may be able to afford to throw in 12 pips hedging (smallest price movement is usually 1%) here and cut 12 there, a day trader simply cannot. This is because those 12 pips could be the entirety of the anticipated profit on the trade.
Precision in Forex comes from the trader, but liquidity is also important. Illiquidity will mean the order won't close at the ideal price, regardless of how good a trader you are. As a result, this limits day traders to specific trading instruments and times.
Volatility is the size of markets movements. So, firm volatility for a trader will reduce the selection of instruments to the currency pairs, dependant on the sessions. As volatility is session dependent, it also brings us to an important component outlined below - when to trade.
When To Trade.
Despite being able to trade 24 hours a day, 5 days a week, you shouldn't (Forex trading is not quite 24.7). You should only trade a Forex pair when it's active, and when you've got enough volume. Trading Forex at weekends will see small volume. Take GBP/USD for example, there are specific hours where you have enough volatility to create profits that are likely to negate the bid price spread and commission costs.
The Forex market is alive 24 hours a day because there's always a global market open somewhere, as a result of differing time zones. Despite that, not every market actively trades all currencies. As a result, different Forex pairs are actively traded at differing times of the day.
For example, when the UK and Europe are opening, pairs consisting of the euro and pound are alight with trading activity. However, when New York (the U.S and Canada) are at their desks, pairs that involve the US dollar and Canadian dollar are actively traded.
So, if you were trading EUR/USD pairs, you'll find the most trading activity when New York and London are open, or Tokyo for JPY and Sydney for the AUD.
Utilise Forex daily charts to see major market hours in your own timezone. The below image highlights opening hours of markets (and end of session times) for London, New York, Sydney and Tokyo. Crossover periods represent the sessions with most activity, volume and price action.
Forex Trading Sessions.
Each session has a unique 'feel':
Asian Session: Made up of the Asian markets, opening in New Zealand and Australia and moving west. This session generates lower volume and smaller ranges. The JPY, NZD and AUD are popular markets and news events can move prices significantly. The London ('European' Session): Actually kicks off in Frankfurt, and London an hour later. The UK opening sees larger volume in the Forex markets, plus volatility will peak during this session. European institutions, banks and account managers will be active and macro-economic data is released. The New York (US) Session: This opens at 9.30am New York time, but US fundamental data can be released at 8.30am. This can create early volume before the 'official' 9:30 opening.
The London and New York 'crossover' sees the most volatility and liquidity. Key fundamental data is released, financial institutions trigger Forex contracts and 'smart money' is involved.
Trading Alerts Or Signals.
Forex alerts or signals are delivered in an assortment of ways. User generated alerts can be created to 'pop up' via simple broker trading platform tools, or more complex 3rd party signal providers can send traders alerts via SMS, email or direct messages. Whatever the mechanism the aim is the same, to trigger trades as soon as certain criteria are met.
These criterion usually rely on chart patterns and/or candlestick formations. Our charting and patterns pages will cover these themes in more detail and are a great starting point. Paying for signal services, without understanding the technical analysis driving them, is high risk. It is impossible to judge a service, if you do not understand it.
Traders who understand indicators such as Bollinger bands or MACD will be more than capable of setting up their own alerts. But for the time poor, a paid service might prove fruitful. You would of course, need enough time to actually place the trades, and you need to be confident in the supplier. It is unlikely that someone with a profitable signal strategy is willing to share it cheaply (or at all). Beware of any promises that seem too good to be true.

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50 Pips A Day.
If you download a pdf with Forex trading strategies, this will probably be one of the first you see. Beginners can also benefit from this simple yet robust technique since it's by no means an advanced trading strategy. However, before venturing into any exotic pairs, it's worth putting it through its paces with the major pairs.
So, when the 07:00 (GMT) candlestick closes, you need to place two contrasting pending orders. Firstly, place a buy stop order 2 pips above the high. Then place a sell stop order 2 pips below the low of the candlestick. As soon as price activates one of the orders, cancel the one that hasn't been activated.
In addition, make sure you place a stop-loss order anywhere between 5-10 pips above the 07:00 high/low. This will help you keep a handle on your trading risk. Now set your profit target at 50 pips. At this point, you can kick back and relax whilst the market gets to work.
If the trade reaches or exceeds the profit target by the end of the day then all has gone to plan and you can repeat the next day. However, if the trade has a floating loss, wait until the end of the day before exiting the trade.
But for more detailed examples, see our strategies page on intraday trading techniques.
Get access to an IQ Options demo account here.
Forex Trading Software.
There is a massive choice of software for Forex traders. Costs and benefits will be the main considerations, and we do look at a few software platforms in detail on this website:
These platforms cater for Mac or Windows users, and there is even specific applications for Linux.
Social trading (or 'Copy trading') platforms are another variety of software associated with Forex trading. The leading pioneers of that kind of service are:
We expand on the choices for software trading platforms on our Software page.
Education.
If you want to increase that Forex day trading salary, you will also need to utilise a range of educational resources:
Books - You can get profitable strategies books, books on scalping, regulations, price action, technical indicators, and more. In addition, there are plenty of niche books. So, you can find the best books on strategies for beginners or two-step trend analysis, for example. Chat rooms & forums - Day trading Forex live forums are a fantastic way to learn from experienced traders. Some will even share their best free trading systems. Just beware the quality of advice. Blogs - If you want to hear success stories from Forex millionaires, then day trading Forex blogs might be the place to go. Again, tread carefully with any advice offered. Forex websites - There are a number of specific Forex websites. Some offer free signals, techniques for spotting trend lines and setting up your platform. PDFs - Online you will find a number of Forex trading system PDFs. Unlike live chat rooms, charts will often be provided to support written evidence.
Money Management.
The most profitable Forex strategy will require an effective money management system. One technique that many suggest is never trading more than 1-2% of your account on a single trade. So, if you have $10,000 in your account, you wouldn't risk more than $100 to $200 on an individual trade. As a result, a temporary string of bad results won't blow all your capital.
Then once you have developed a consistent strategy, you can increase your risk parameters. The Kelly Criterion is a specific staking plan worth researching.
Automation.
Automated Forex trades could enhance your returns if you have developed a consistently effective strategy. This is because instead of manually entering a trade, an algorithm or bot will automatically enter and exit positions once pre-determined criteria have been met. In addition, there is often no minimum account balance required to set up an automated system.
However, those looking at how to start trading from home should probably wait until they have honed an effective strategy first.
For further guidance, see our automated trading page.
Taxes.
When you read a blog about Forex traders, such as 'a day in the life', they often leave out the impact of tax. In fact, it is vital you check the rules and regulations where you are trading. Failure to do so could lead to legal issues.
See our taxes page for details.