Trading on the foreign exchange markets is now accessible to anyone. You don’t need to work on a desk in an investment bank. You don’t even need your own personal broker. Thanks to the proliferation of online forex trading platforms, it has become easier than ever to join the ranks of professional forex traders. Most online trading platforms are easy to use and don’t require any money, to begin with. You can open a practice account and hone your skills before risking your savings.
To help you get started, here are three popular forex brokers worth trying in 2017.
FxPro
FxPro is one of the world’s largest forex brokers. It has branches in many countries, but it also operates an easy-to-use website that uses the MetaTrader4, MetaTrader5, FxProSuperTrader and cTrader platforms.
Anyone can use the FxPro platform and you only need £100 to get started. Customer service is available 24/7 if you have any problems and market spreads are amongst the lowest in the forex industry. FxPro is committed to quality and it shows on their website. If you are new to forex trading, this is a good place to start.
eToro
Social trading is a relatively new phenomenon, but it is proving to be very popular. Social trading, like social networking, allows you to ‘follow’ other traders and watch how they do things. For a beginner forex trader, this is invaluable. You can follow professional forex traders and find out their secrets.
eTtoro is a hugely popular social trading platform. The eToro Openbook allows users to follow and interact with other traders while the eToro WebTrader and MobileTrader help you manage your forex trading activities. Start off by creating a demo account and once you find your feet, you can begin trading on the foreign exchange markets. With a minimum deposit of only £50, eToro is suitable for anyone, amateur or professional. Often, it is not wise to deem a social trading platform trustworthy based on just one opinion, and so it may be useful to check out the Etoro reviews at investingoal.com, in order to learn more about the platform.
iTrader
iTrader is a trading website run by Hoch Capital, which is based in Cyprus. It is a relatively new forex broker, but it has plenty to offer new and seasoned investors. iTrader uses the popular MetaTrader platform and offers users the most popular currency pairs, as well as other assets. You will need a minimum deposit of £250 to start trading, but if you are not ready to deposit any cash, open a demo account to test your trading strategies.
One of the interesting features of the iTrader forex broker is that it offers Islamic accounts that conform to Sharia Law. For Muslims, this is a great reason to sign up for an account with iTrader. If you need any help, there is a comprehensive resource centre that contains useful insights, tutorials, and educational tools. Customer service is provided 24-hours a day, Monday to Friday.
There are many other forex brokers, so spend some time reading reviews before you make a final decision. It is always a good idea to test a platform by opening a demo account first. This lets you try out the different features before you deposit any money.