You can be a successful Forex trader, if you learn the configuration of the final analysis of profit and loss. You need to have a working idea of the technical and fundamental reasons behind price movements in currency pairs, as well as knowledge of Forex tools and indicators. The more knowledge and experience you garner over time, the likelier you are to have a successful trading career. When it comes to trading in foreign currencies, you must make use of a Forex broker trading platform – also known as a currency trading broker platform. You must open an account on a Forex broker trading platform, deposit funds, and buy or sell in currency pairs. Forex markets are open all day, for five days a week.
You must perform your due diligence before choosing a forex platform to trade on. The very best of Forex broker trading platforms for beginners offer three essential benefits. The first, and most important thing to look out for when choosing a platform to trade on, is its regulation, and trust in the market. A user-friendly web-based platform is generally a good start. A good trading platform also provides for a strong variety of educational resources, and access to quality market research. If you want to earn money off Forex trading, the provision of the above-mentioned facilities is essential. We have made your job of scouting for the best Forex trading platforms much easier for you. Here are a few of the best Forex trading platforms for beginners.
1. IQ Option – Low minimum deposit, tight spreads
IQ Option is an impressive trading platform, which is well-regulated, safe and licensed. It is a safe bet when it comes to trading in CFDs and Forex. It comes under the jurisdiction of the Cyprus Securities and Exchange, under the license number 247/14. Its website offers a good level of functionality, and transparency. Users can be rest assured that platform keeps them updated in due accordance to the latest available financial regulations. The platform makes use of an intuitive user interface, that provides for easy of navigation. The platform is an excellent prospect for seasoned professionals, and an enticing one, for beginners. Its simplicity allows beginners to learn tricks of the trade in a jiffy.
Up late, the company has been on the rise, and manages upwards of 15 million accounts, and processes over 3 million trades on a daily basis. What’s more, the platforms enjoys a trading volume of $11 billion on a monthly basis, and pays out northwards of $5.7 million to its users each month.
Key takeaways from IQ Option
- IQ Option operates keeping an international focus in mind. The platform provides possible trading options in currency pairs among – USD, GBP, EUR, RUB, Yuan, MYR, IDR and TRY, among others. The website also provides for support in several languages, including the likes of English, French, Spanish, Chinese, Portuguese, German, Urdu, Hindi, Thai and Turkish, among others.
- IQ Option fees, namely spreads are very competitive and can be as low as 0.6 pips on the currency pair EUR/USD (subject to change as they are based on the current market conditions)
- The platform’s customer support group claims to reply to queries within 46 seconds, and resolve all raised tickets within 24 minutes of them being raised.
- A wealth of data and trading resources, as well as tools are available. These can be used by seasoned professionals and beginners. There are several indicators available on IQ Option, which make spotting potential trading options a lot easier.
- Minimum deposit required to open a real account is as little as 10 dollars.
2.eToro – Popular social trading platform
The eToro platform is one of the leading Forex trading platforms out there, and is well regulated, and licensed. It is a safe broker to trade CFDs and Forex with. The broker is considered to be low-risk, and comes with an overall Trust Score of 3,3 out of 5 per Investopedia’s review. The company is regulated and authorized by the Financial Conduct Authority (FCA), under the license number FRN 583263. The platform is also authorized by the Cyprus Securities and Exchange Commission, under the license number 109/10, and the Australian Securities and Investment Commission, under the license number 491139. The minimum deposit is set at 200 dollars.
Here are a few takeaways from the platform
- The company was founded way back in 2007, and is regulated under several jurisdictions, rendering it safe, and making it a plausible trading platform for beginners.
- The platform is excellent for social copy trading
- The eToro platform is also known to be a fascinating prospect for cryptocurrency trading (If you are looking to deal in cryptocurrencies and Forex, look no further).
- The platform offers a user-friendly ambience and interface, as well as a mobile application, which makes it quite easy to use, if you are a beginner.
- MetaTrader is not offered at the platform.
- When it comes to spot trading and regular CFDs, eToro is far pricier than most other Forex brokers. It charges wide spreads, despite the fact that it offers high deposit clients a premium account.
- The platform provides for unique research results for social trading, but unimpressive market research tools, which render it lack lustre.
- The platform’s customer service support is just average as well.
- Give its high operational costs and fees, while the platform is good, it is not ideal for beginners.
3.Plus500 – Strong regulatory framework, decent spreads
As is the case with eToro, Plus500.com too, is a well-regulated, licensed, and trusted Forex trading platform. It is a safe broker when it comes to trading in Forex and CFDs. The company’s shares are also publicly traded.
It is authorized by the Financial Conduct Authority (FCA), under the license number FRN 509909. It also comes under the jurisdiction of the Cyprus Securities and Exchange Commission, under the license number 250/14, the ASIC under 417727, the FMA in New Zealand under the FSP Number – 496026, the FSCA in South Africa, under 47546, and the Monetary Authority of Singapore, under CMS100648-1. The minimum deposit is set at 100 dollars.
Here are a few takeaways from the platform
- Plus500 was founded in the year 2008, and is publically traded on the London Stock Exchange, as a part of the FTSE 250 Index.
- Plus500 is a trusted, safe broker, with an excellent web-based trading platform.
- It is good for less experienced CFD and Forex traders.
- While the platform is easy to use, it does not offer sufficient trading tools and features. It is a basic trading platform, which does not provide for copy trading as well.
- MetaTrader is not available on the platform.
- When it comes to pricing, the platform is not suitable for high-volume and active traders.
Conclusion on the Best Forex Trading Platforms for Beginners
When it comes to Forex trading, as a beginner, you must choose a Forex broker trading platform that suits you best. While eToro and Plus500 are safe, and trusted options, they do not come with a wealth of information required to learn on the go, and scout for new trading possibilities. IQ Option comes with great provisions for the same, as well as a responsive customer support network. While Forex trading requires you to perform your due diligence, the first step necessary to foray into the market, is a good trading platform.
Disclaimer: This content does not necessarily represent the views of IWB.