The Best Forex Trading Platforms
Are you in search of the best Forex platforms? Then you’ve come to the right place. Here, we’ll show you everything you need to know to trade in the financial market through currencies.
Within the market, there are a large number of brokers who act as intermediaries to invest your money. Many of these work with Forex to make money safely.
Forex has become very popular in the financial market because it is a great way to make money easily. For this you have to know about the different market strategies.
In this article, we will show all the particularities of this financial market. In this way, you can start trading contracts for difference (CFDs) and invest in foreign currencies. Have a look!
What is Forex Trading?
Forex is the initials for Foreign Exchange, its name in English. This financial market basically consists of buying and selling foreign currencies that can be viewed as pairs.
Every broker offers a large number of pairs to invest your money in safely. This means that you can trade a large number of currencies from all over the world to earn money.
Once you succeed in trading Forex, you will be able to access a large amount of money if you invest the right way. The financial market is very volatile and can be risky at times.
However, you can also make money with Forex. It is best to hire a good broker who will help you and who has good tools for analysis. Consequently, you will be able to better define the strategy to be able to bet on the different currencies.
How to invest in Forex?
To invest in Forex trading, all you have to do is generate a user on the official broker page you have chosen. In this way, you will be able to start trading with the different currencies found in the market.
Once you have generated the user, you can start investing the money you think is needed in the currencies. The best Forex brokers offer different tools so that you can do it in the best way.
Therefore, once you start placing your money on the currency pairs, you will be able to see the gains and losses. The important thing is to design a good market strategy in order to make as much money as possible.
Many of the Forex platforms work through contracts for difference. Here you invest in the entry and exit price of the underlying asset. In this way, you can safely make a profit proportional to the appreciation of the asset’s price.
The Best Forex Trading Platforms
Choosing a Forex Trading Platform
Before choosing a platform for Forex trading, we should have a number of issues to consider. This way, you can choose the one that suits your needs and preferences.
The most important thing is that the platform you have chosen allows you to invest safely. In addition there are other considerations according to the experts’ opinions which will be described below.
The first point to take into account when making Forex trading is the regulation of each platform. This is essential to keep users safe while using the platform.
Every broker must have a legal regulation so that no scams occur. This way, your money will be safe and you will not run the risk of being swindled by financial fraud.
As you can see from the different official websites of the brokers who operate with Forex, most of them have regulations from the competent bodies. Thus, you can invest your money in currencies in a totally safe way.
Remember, once you have chosen a broker, you must verify that it is regulated. Once you have verified this point, you can start investing your money in Forex to start enjoying your profits.
Ease of Use
Another point that Forex users point out as important, is the ease of use. By this they mean that the broker you hire to trade, in addition to being safe, should be simple.
Many people are beginners in the financial market, so it is important that the applications and the intermediary’s page are intuitive. This way, you can get to understand how trading works in a simple way.
Many platforms are not easy to use, so many users give up and lose the possibility of investing to make money. Consequently, it is very important to have a platform that is simple to trade on Forex.
Many brokers have excellent platforms and applications that are not only simple, but also offer tools to improve investment. So, you can read our reviews of these forex platforms before you choose.
Another point that is very important when choosing a broker for Forex trading is customer service. We need to have good support from the other side that can solve our queries.
Therefore, it is important to verify that the customer service has different means to contact you. Among the most important are online chat, email and telephone contact.
In turn, we need as Forex users to be able to resolve our queries 24 hours a day. Some brokers, offer the service of attention during the 7 days of the week and the 24 hours of the day.
Without a doubt, better customer service improves the quality of service for trading on Forex. Problems and queries can arise at any time, so we must have a good reception from the broker so that they can solve all the problems that arise.
As we know, within the financial market although Forex is one of the most popular, there are other markets. Many brokers trade with various markets in order to invest your money.
Many of these platforms, operate with different contracts by difference. So, in addition to trading safely with Forex, you can also place your money in other markets to make money.
Among them, you can find the different crypto currencies as bitcoins. In turn, you can invest in ETFs, commodities, stocks, indices, etc. With this, a broker allows us to enter fully into the financial market.
Besides Forex, you can make your investments in different markets. In case you only want to place your money in the foreign exchange market, you can also do it. It is not an obligation to invest your money in markets that you do not want.
At this point we will talk about the financial market fees. When trading on Forex through a broker you must leave a commission to the broker for being the intermediary in the transaction.
When investing in Forex through a platform, you must leave a commission. Within the market, we find a great amount of offerings to be able to start investing in the financial market.
The different platforms have commission percentages in relation to your initial investment. Therefore, it is important to check before starting to invest that the commission is not too high for the broker.
Within the options, you will be able to see which are those that have a lower commission percentage than others. When you have done this, you can choose the platform that is of your preference for trading in Forex.
Finally, before starting Forex trading we should review the technology that each platform has. To be sure, it is best to verify everything each broker has available before starting to trade.
The first thing we need to see is whether it has desktop and mobile applications. This way, you will be able to see your earnings through your mobile, tablet or from the computer.
On the other hand, another relevant point is the tools it offers to improve investments. Among them, we can find the different graphs with the movements of the financial market.
In turn, some Forex platforms offer news of current market developments. In addition, they have intuitive tools to improve the quality of service. Finally, it is also important that the technical support is excellent so that it works in the best way.
How to Get Started in the Forex Market
Starting out in the Forex market is very simple. To start trading, you should consider the points described above first. Once you have taken into consideration that you will have to choose a broker to invest.
Once you have chosen a broker, the first thing you must do is generate a user. Once you generate it, you must make the first mandatory deposit requested by the different platforms.
Once you have done this, you can start investing your money safely in Forex. In case you are not confident, many platforms offer a test account to trade fake money and get familiar with the application.
You will then have to design your strategy and define a budget to start investing in the currency pair you consider necessary. When trading Forex, you will be able to place your money in a large amount of currencies that you should analyze previously.
When you’re done, all you have to do is wait for your winnings. When you have earned money with Forex, you can withdraw it whenever you want. However, each broker has its own particularities and you should check them.
Top 5 trading strategies
When it comes to Forex trading, there are many different strategies for safe investing. Here, we show you the 5 best strategies to make the best investments.
Rank Forex Trading
The first strategy we will show is that of forex trading through ranges. In this case, what we do is identify both the support and the resistance in which the market traders close or open the different positions.
This strategy to invest your money is useful in those markets where there is little volatility. That is, where there are no sudden movements or major changes in trends in the currencies.
To be sure, we must first analyze the market volatility. For this particular strategy, we do not have a definite time frame. If it is not volatile, the investment can be beneficial in the short, medium and long term.
This is one of the most used strategies in Forex and requires previous technical analysis to do it in the best way. Once you have analyzed it, you will be able to make a great profit on your investment.
Forex Trading with the Price of Shares
As for Forex trading with the price of shares, it is another strategy used by the broker. It consists of the historical analysis of certain currencies in order to see their trends over time.
An important part of this strategy is that it serves every deadline. That is to say, you will be able to invest through Forex trading in a safe way in the short, medium and long term to obtain your benefit.
You can use this stock price strategy in a particular way or in relation to some kind of indicator. Either way is valid to perform the correct analysis.
Finally, one of the important points is to carry out the strategy in consideration of important economic events. This usually impacts on the decisions you can make when trading Forex.
Forex Trend Trading
Another strategy used by brokers to invest in Forex trading is by trend. This strategy is often used by different types of people, from beginners to experts.
With the previous analysis of the currencies you take an advantage with respect to the future of the same one. In this way, through a good analysis you can take advantage of your investment to generate money.
When we talk about trends, they require some patience on the part of investors. To be sure, this strategy usually pays off in the medium or long term, because it is a forward-looking operation.
A relevant point of this type of Forex strategy is that it can act at different times. Thus, you can generate income in a considerable period of time. It is a strategy for speculation.
Fourthly, another strategy used in the Forex market is Scalping. It takes the name from the English, because it synthesizes correctly the strategy to invest safely in currencies.
The term Scalping, refers to making small profits on a constant basis. In this way, it is possible to get the benefit of investment in small amounts that well managed can generate a large amount of money.
The strategy consists of opening and closing the different positions that the currencies present in Forex. There are two ways to do this: one using an algorithm and another manually, the same are done within one day.
One point to consider in this trading strategy is to trade currencies that are more liquid. By doing so, we avoid those currencies that are more volatile and have more risk of loss.
To finish with the top 5 Forex trading strategies, we will show you what is known as Day Trading. As its name suggests, this action requires day trading.
The important thing about this action is that we must invest before the market closes. Although it is a risky operation, it has great benefits to invest in those currencies that present a higher volatility.
In this case, while it’s not safe, it can make a big profit. In this case, the strategy is to take a single action during the day or take multiple actions with different currencies in the Forex market.
In the case of Day Trading, trades may last minutes or a few hours, before the market closes. Therefore, this Forex trading strategy requires great attention from the broker or the individual.
Tips for Reading Forex Charts
As mentioned above, in the case of Forex trading, there are charts to analyze. These can be difficult to understand, however, here are some tips to help you read them in the best way and optimize your time when investing.
The first tip is to select the right Forex currency. In the charts we see the comparison is between two or more currencies. As we have said, in Forex you trade in pairs to be able to invest your money.
Secondly, you should note that the graph represents the comparison between the two currencies or more. So, you can choose the period of time in which the comparative parameters will be established.
Thirdly, by setting these parameters you can see the movements of one currency in relation to another. For example, we can see the mobility of the euro against the dollar in a period of time of 15 minutes or more.
On the other hand, the graph when comparing two currencies shows the difference, i.e. the pip point. This is the variation of one currency against another. This way you can measure the volatility of a currency that has less power than another, for example the dollar with the Argentinean peso.
By viewing these charts you will be able to invest safely. By interpreting them, you will be able to see how currencies move in the Forex market in order to invest your money in the best way.
Forex Trading Platform Commissions
As mentioned above, the various brokers who offer Forex trading have commissions. Some have higher commissions than others, so this is a point to analyze before investing.
Some brokers are safer than others. Those with greater security and more clients tend to have a higher commission than other platforms operating in the financial market.
The different commissions, vary depending on the platform you have chosen to trade. They can range from very low numbers to very high numbers, it is always best to have the lowest possible commission so that you have more money when you earn it on the market.
In Wallet Adviser we offer a great amount of reviews of different brokers so that you can see the commissions that each one has. If you are interested you can take a look at the different reviews of the platforms that offer Forex.
Mobile Applications of Forex Trading Platforms
Within the platforms that operate with Forex trading, there are a large number. The financial market has grown in an excessive way in the last 20 years, so we find a great competition to invest safely.
Each broker has different advantages for its users. In recent years, platforms have developed different types of applications for mobile devices and computers.
This way, you can review all your investments wherever you are. This is a great advantage, because many people trade on a daily basis and it is important to have the necessary tool for Forex.
In addition, the applications offer many tools that help investors make better decisions. They are becoming more and more intuitive and are a great advantage for any type of person who is launching into the financial market.
Risks of investing in Forex
One of the important points to note about Forex trading is that it involves risk. The financial market is often volatile and can lead to large risks of money loss.
When investing in currencies, you can have a big loss of money. But on the other hand, you can also generate a large amount of money by taking the necessary risks in the financial market.
While Forex trading is safe, it also has its risks. For that reason, it is always important to carry out the necessary strategies and previous analysis to run the least risk possible.
In short, while it is risky, it also has its great benefits. The phrase that brokers usually use in this sense is “he who does not risk, does not win”. Just as you can lose, you can also win.
History of Trading and Forex in Our Society
The history of the financial market in the West goes back a long way. Since the Middle Ages different financial operations with currencies started to be carried out. In international banks all kinds of foreign exchange transactions were carried out.
Later, late in the 19th century, the gold standard was created as an international measure, that is, it measured a country’s wealth. This was used as an international currency for exchange between different countries.
This measure lasted until the middle of the 20th century. After the Second World War, the US dollar was established as the measure for international exchange, thus starting to generate the Forex market.
Finally, once the power of the dollar as an international measure ended, the foreign exchange market as we know it today began. Since the 1980s it has changed a lot but maintains its principles of international currency exchange.
Frequently Asked Questions about Forex Trading Platforms
Forex trading is basically the buying and selling of international currencies. Through this operation what you can do is generate a profit by means of a strategy that you can apply.
Without a doubt, today it is one of the most popular markets we find in the world.
Forex trading works by buying and selling foreign currencies. It is done by pairs in the financial market. It is always important to do it through a broker who works as an intermediary.
It is possible to trade in the financial market in a particular way. However, it is not at all recommended. The best thing is always to have the support of a broker who helps us a lot when investing.
There are a lot of trading platforms and here, you can see all the reviews that will help you decide.
There are a number of Forex trading platforms for beginners. Many of them are very simple and intuitive so you can start trading safely in the financial market.
Among the highlights we can see Plus500, is one of the best and simple platforms.
In order to read charts in Forex you must take into account a number of considerations. These are rather simple and do not require a very high level of knowledge to interpret them.
Above you can see our tips for interpreting the graphics in the best possible way.
To start investing in the Forex market there is no stipulated amount of money. This will depend on each platform. That is, each broker has a minimum deposit to start investing.
In Wallet Adviser you can see the best platforms and decide on them.
Forex trading is completely legal. It is regulated by different organizations that are in charge of bringing transparency to their users. Thus, they take care that there are no frauds.
However, it is always best to review other users’ reviews to choose the best ones.
Forex trading is very safe as long as you trade with the recommended platforms. Many can present scams, so it’s always better to check the one we’ve chosen.
Here we show you all those that are totally safe and have been tested by many users around the world.
Now that you have all the information at your disposal, you can view our reviews of the best brokers for more advice, reviews and opinions about loans, investments and insurance.