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Each currency has a currency code of three letters: GBP for british pounds, USD for US dollars, EUR for euros, and so on.

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In a forex transaction you are betting on the value of one currency against another, so all trades involve two currencies – a currency pair, shown like this: GBPUSD. The currency on the left is the ‘base’ currency, on the right it’s the ‘counter’ currency. The FX rate shows how many units of the counter currency are required to purchase one unit of the base currency. For example, an FX rate of GBPUSD1.2441 means that 1 US dollar and just over 24 cents are needed to exchange for one british pound.

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What is forex trading?

Forex is short for foreign exchange, also called FX and currency trading. It is a decentralised global market for trading in all the world’s currencies. It’s the world’s largest form of exchange and it trades around $4 trillion every day.

Since exchange rates are not fixed, but fluctuate based on the supply and demand of the various currencies, this gives opportunities to turn a profit.

Each currency has a currency code of three letters: GBP for british pounds, USD for US dollars, EUR for euros, and so on.

In a forex transaction you are betting on the value of one currency against another, so all trades involve two currencies – a currency pair, shown like this: GBPUSD. The currency on the left is the ‘base’ currency; on the right it’s the ‘counter’ currency. The FX rate shows how many units of the counter currency are required to purchase one unit of the base currency. For example, an FX rate of GBPUSD1.2441 means that 1 US dollar and just over 24 cents are needed to exchange for one british pound.

When you trade, the prices you are quoted will show a buy price (the bid) and a sell price (the offer), with the difference between them being the spread. The bid is the price at which the person you are trading with will buy the base currency (or sell the counter currency); the offer is the price at which they will sell you the base currency (or buy the counter currency).

Whether you want to buy the base currency or sell it depends on whether you think the currency will go up or down against its counter currency. For example, if you are looking at EURUSD and you think the euro will increase in value against dollar, then you buy EURUSD. Contrariwise, if you think the euro will decrease then you sell EURUSD.

You decide how much money you wish to trade, expressed in an amount per point. Usually a ‘point’ refers to the fourth number after the decimal point so in the case of GBPUSD1.2441 it’s the final number. In this example, if you want to trade £1 per point, and the GBPUSD rate goes up to 1.2442 then you make a £1 profit. If it goes down you make a loss.

The larger the movement, the bigger your profit (or loss).

Note that you are not actually buying or selling the currency, you are simply opening a speculative position on the change in value of the forex pair, and you realise your profit (or loss) when you close the position.

A forex trade uses leverage, which means you don’t have to provide the full value of the trade to open a position. Instead you put down a margin deposit at a fraction of the value. This is great if you make a profit, but it also means your losses could be a lot higher than the amount you have staked.

This is why it’s very important to use a ‘stop loss’ order. You decide how much you are prepared to lose if the market goes against you and set the stop loss accordingly. This caps your loss.

Forex trading can be carried out with either spread betting or CFD trading.

Best forex brokers 2021

Welcome to the world of foreign exchange trading or forex trading. This world has a lot to offer to those who understand its nitty-gritty. In this article, we have tried to present to you a comprehensive guide on choosing the most suitable forex brokers for your trading needs. We have also covered all the major related concerns around forex brokers such as the role of brokers, regulations, security, a list of top forex brokers, along with fundamentals of forex trading. So, without wasting a moment, let us start!

What is forex trading?

Foreign exchange trading is trading (i.E., buying or selling or exchanging) of one or more currencies instead of other foreign currencies. Forex can be translated into foreign exchange. These exchange currencies are known as currency pairs. The price of these currencies is decided based on the forex market’s exchange rates. The forex market is the biggest financial market that is spread across the world. Reports suggest that, on average, around 6.59 trillion U.S. Dollars in the form of various currencies are traded every 24 hours. The foreign exchange market runs 24 hours a day and is active for five days a week.

In the process of exchanging, buying, or selling of foreign currency, forex brokers prove to be very useful. They are also known as trading brokers, as they place a trade on behalf of the trader.

More on forex broker:

Forex brokers aid in exchanging, buying, or selling of currencies. Using brokers is pretty straight forward. All you need to do is open an account, deposit money in the newly formed accounts, and then, with the help of the broker’s trading platform, purchase, or sell currency as per the platform’s margin.
Regulation: given that forex traders place their trust on forex brokers, the regulation of these brokers, therefore, becomes quite important. Proper regulatory measures are in place to ensure security. In order to steer clear of frauds, two regulatory bodies govern the regulation of forex brokers. They are:

The commodity futures trading commission (CFTC) and

The national futures association (NFA)

These regulatory bodies keep financial activities under check. There are provisions for these authorities to launch lawsuits against those entities who are found guilty of illicit activities. This power assures customers’ safety on all fronts.

When you look for brokers, our advice is to do thorough research to check the credibility of the broker and see if its spreads, functions, and features match your needs. For research matters, the homepage of NFA and reviews such as ours can be quite handy and useful.

Usually, all the reputed forex brokers permit the clients to try a ‘practice account.’ this type of account allows the trader to get a fair idea about how the system works. This way, traders can have a mini first-hand experience on a number of broker trading platforms as they like, before choosing any. Another tip in finding a good broker is to check its 24 hours working feature like its customer service. The foreign exchange market works for 24 hours and 5 days a week, and the most reputable brokers work accordingly.

Which broker is the best for forex?

As we now have a fair idea about what a forex broker is and its purpose, it is time to move on to see which brokers are considered as the best in the market. To come up with a list of best brokers, we test a number of foreign exchange brokers for forex quality as well as CFD trading. Only after that, we suggest any name.

Before you go through the list of best brokers, it is important for you to know that cfds are complex instruments. There is a high innate risk involved with them that can lead you to steep money losses as there is leverage involved. On average, approximately 69 to 78 percent of retail accounts tend to face losses during cfds trading. That is why it is of high importance that you understand thoroughly how cfds work. You should also trade as per your risk capacity as there are steep losses involved.

Best forex brokers

Now it is time to look at the best forex brokers that can offer some fantastic trading advantages over others. So, here they are:

IG – trade with the best broker

IG is a well-regulated forex broker and is considered as one of the best forex brokers. It is trusted worldwide. Since its commencement it has offered its clients with a good variety of:

Versatile tradeable products

Highly useful trading and research tools

Industry’s top educational support

Cutting edge rates

Basically, IG is an all-around forex broker that offers a wholesome trading experience. As per market reports, IG is considered 2021’s best overall forex broker. Another thing that you should be aware of is that approximately 76 percent of retail CFD accounts lose money at IG. For details on commissions, please refer to the official website.

2. Saxo bank:

Saxo bank – trade with global capital market

Saxo bank has a reputation for serving the elite or VIP clients with utmost excellence. The minimum deposit at saxo bank is 10,000 U.S. Dollars, which is equivalent to 500 GBP. The salient features of this broker are:

It offers competitive prices

It backs its features with some well-made research

The customer service of saxo bank is also exceptional

It offers more than 40,000 trading instruments to its clients.

Overall, it is an exceptional platform for forex trading, and you can now see why it is attributed as the best forex broker. But the point to keep in mind is that around 72 percent of retail CFD accounts lose money at saxo bank. For details on commissions, please refer to the official website.

3. CMC markets:

Trade from anywhere anytime with CMC markets

CMC markets is considered to be the best online broker and included among the best forex brokers. The clients at CMC markets get to avail a variety of features as given below:

The clients are offered a great variety of currency pairs

Its offices are regulated in major international financial centers

The traders get to use a good range of financial products

The prices which CMC markets offers are competitive

It offers innovative trading tools and charting for commendable trading experience.

Overall, CMC markets can be considered as the best forex broker. Market reports suggest that it is considered to be the ‘next generation’ forex trading place. For details on commissions, please refer to the official website.

4. Oanda

Oanda – well know forex broker

Oanda is recognized among the most popular forex brokers. It has some unique and multifaceted features that its clients can avail. You can expect the following features from oanda.

No minimum initial deposit

No commission fees for their trading services

Very high execution speed of orders

Advanced charting tools and features

Competitive spreads as low as 1 pip for EUR/USD

Two basic types of trading platforms: metatrader 4 (MT4) and fxtrade webtrader

Oanda is a very popular forex broker that improves its client’s trading experience many folds.

5. Dukascopy

Dukascopy – leading forex broker

Dukascopy is another well-regarded trading broker that offers all the major trading services. Here are some interesting facts to know about dukascopy that may help you in deciding whether you want to use this as your forex broker:

Dukascopy uses the jforex platform suite, which supports this trading broker to offer the industry’s top-notch trading tools to its clients.

In addition, dukascopy supports its clients with excellent market research.

A major drawback of dukascopy is that its customer service is not that great. Also, dukascopy offers narrow tradeable markets. For details on commissions, please refer to the official website.

6. TD ameritrade FX

TD ameritrade FX trading platform

TD ameritrade FX is an exceptional trading platform which only functions within the united states’ borders. This trading broker offers some great functions to its clients:

TD ameritrade FX offers around 80 currency pairs to its traders for foreign exchange trading.

Along the way, it backs its users with a great range of trading tools as well as strong research.

7. City index

Earn more with city index

City index has made its name for offering excellent forex trading services. The clients get a range of useful trading products, multiple asset classes with competitive spreads. Further, clients get:

Excellent platform options

High tech research tools

Dependable customer support

Offers AT pro (desktop-based) and web trader (web-based) along with metatrader 4.

All of these services are offered under the biggest international retail broker- GAIN capital. Please also be aware of the fact that at city index, around 71 percent of the retail accounts lose money.

8. Forex.Com

Forex.Com – trading specialist

Forex.Com is another excellent trading platform that offers cutting edge pricing. It offers its services all over the world. Here, at this platform, you get:

In-depth market research

High tech mobile app for trading

Feature loaded trading platform

Both beginners, as well as expert traders, are welcome here.

Given the forex market has its innate trading risks, so is the case with this platform too. Around 69 percent of the retail CFD accounts lose money in trading.

9. XTB

XTB – best broker for 2021

XTB is known for offering the best customer support. It is a great trading platform that offers:

Multiple asset classes trading

Regulation in various major financial centers

Competitive offering

Excellent customer services

Xstation 5 trading platform

10. FXCM

FXCM is known for offering well-rounded services. Despite offering a narrow range of tradable markets, it serves a number of types of traders. The pricing at FXCM is average. At this platform, you get:

Strong trading tools that serve high volume traders and algorithmic traders amongst other types of traders

Great market research-backed support

Good customer support

What is the best forex broker for beginners?

In the foreign exchange market, many forex brokers cater to different categories of traders. Beginners in the trading market usually need extra support. So we decided to compile a separate list of best forex platforms for traders who have just ventured into the foreign exchange trading world:

1. Plus500

Plus500 – trade cfds and forex with trust

Plus500 is great for novice traders. It is an online broker that is very supportive of its traders and is listed among the best forex brokers. This makes it a very user-friendly trading platform for forex and CFD trading. One can say that all the basic requirements of traders who have just started exploring trading are fulfilled. For experts, plus500 may come across as a limited trading platform.

2. Markets.Com

Markets.Com – enjoy seamless trading

This is another user-friendly platform. It is an online broker with a marketsx trading place. Compared to other trading platforms, markets.Com is a bit expensive and does not have a number of trading features, spreads products, and tools other than the basic ones.

3. Saxo bank

Saxo bank – connect with world

Saxo bank is a great trading platform with competitive pricing, an exceptional range of trading tools, impressive research, and great customer support. In addition to all this, it offers a thorough variety of instruments of more than 40K trading instruments and is considered one of the best forex brokers. The only downside to it is that it charges a minimum deposit of 10,000 U.S dollars. Another thing to notice at this platform is that around 65 percent of the retail CFD accounts lose money on this platform.

4. Etoro

Etoro is great for copy trading and is considered to be one of the best forex brokers. Moreover, it was awarded this year for offering easy to use copy trading services. Traders here at etoro can copy the trades of other users through more than 1900 trading instruments. This wide variety of instruments includes cfds on famous cryptocurrencies. The only point where etoro lacks is pricing.

5. Easymarkets

Easymarkets – unique way of trading

Easymarkets is a unique web-based trading platform and is considered one of the best forex trading platforms. It offers trade protection to its users. It is indeed the best forex broker out there for beginners. It is an expensive trading platform but is very user-friendly. It offers two user-friendly features, namely:

Deal cancellation, and

Freeze rate

On the downside, this trading platform lacks market research tools. It offers just 169 tradable instruments. The mobile app of its platform is also quite average. On the other hand, around 74 percent of the retail CFD accounts lose money. For details on commissions, please refer to the official website.

How much money do you need to trade forex?

The minimum requirement to start foreign exchange trading at any platform varies. Some do not charge anything at all, and some do. The range of the minimum requirement starts from 100 U.S dollars and goes up to 250 U.S dollars. There are, however, some exceptions like saxo bank wherein the minimum funding is 10,000 U.S dollars.

What do brokers do in forex?

Forex platforms’ role is to get orders for buying and selling of currencies and then to execute trade orders accordingly. They function on the OTC (i.E. Over the counter) market. They offer access to all the main currency pairs, such as:

EUR/USD

GBP/USD

USD/JPY

USD/CHF

G10 currencies, along with emerging market currencies.

The rules and regulations in these markets differ from other financial exchanges. The broker market lacks any centralized clearing mechanism, which puts the responsibility of the right execution of the trade at the trader’s shoulders. Therefore, it is important to do thorough research about the broker’s capitalization capability before placing your trust in him or her. It is the trader’s responsibility to choose the right forex broker.

Do you need a broker for forex?

When you depend on online brokers, they continue to earn commissions from your pie regardless of your trade results. This happens because of the difference in the market price, and the actual price goes in their pockets. Their main role is to provide you with easy access to forex trading and profitable spreads. They keep their rights reserved. The results are not their responsibility. So, it can be a good idea to take charge of the entire process in your own hands.

You can gain insights into how the foreign exchange market works without losing money. You can try your hands at various demo accounts that are commonly available at various broker trading platforms.

Therefore, if you are just beginning your trade journey, we would suggest you take adequate time to first grasp the fundamentals of trading. Educate yourself about the various facets of the foreign exchange market (through a demo account) and understand how you can further push your trade portfolio without compromising security and regulations. Once well-comprehended, you will realize that foreign exchange trading is no rocket science! It may look daunting at first as there is so much to learn. But, with patience and persistence, you, by all means, can do foreign exchange trading without having to depend on a broker. Further, the following suggestions can help you kick start your journey smartly and intelligently:

High leverage and potential risk: when it comes to the daily trading volume, the forex markets are the largest. This promises a great deal of liquidity. Further, based on high liquidity, the entry and the exit at a trade position become way too easy. However, the challenge is that the banks, dealers, and online brokers in the market permit high leverage. This enables the traders to hold large positions at little money. Therefore, it goes without saying that the trader needs to understand the risky nature of the forex market. For instance, the leverage of 100:1 is a high ratio. It can swing to either high profits or steep losses. In some cases, the extreme ratios of leverage have ended many dealers with issues around insolvency.

Bird’s eye view of trading requirements: the foreign exchange market works 24 hours a day and for 5 days a week. Every day it starts in sydney, australia, and ends in new york. The main centers of the foreign exchange market are sydney, hong kong, singapore, tokyo, frankfurt, paris, london, and new york. Now, as we all know that trading currencies need a fundamental understanding of the market and its functions as well as indicators. Therefore, a trader or investor is expected to have a bird’s eye view of the entire financial movement, the economies of various countries, the inter-connections, etc, to be able to reap the best trade results.

Forex trading risks: as discussed before, foreign exchange trading has an innate nature of risk. It is complex in nature too. Further, forex brokerage operates at varying degrees in different parts of the world. The regulation between the banks varies, the standardization of various forex instruments differs, and in some places, it is totally unregulated.

The inter-bank market determines and accepts risks. They design a structure around it to come up with an interoperable process that is as safe as possible. The regulation designed in such a fashion aims to protect every participant bank.

Know forex trading risks

Given, the participating banks provide bids and other related offers for various currencies; this mechanism is therefore heavily dependent on the supply and demand rate. Due to large trade flows, influencing the price of any particular currency is difficult. With the help of inter-bank dealings, a sense of transparency is taken care of in the market.

Usually, small retail traders trade with comparatively low-key and almost unregulated forex platforms; there are always chances for them to re-quote rates and sometimes trade against the trader. Regulation on such platforms is highly dependent on which legislation they come under. This decides what type of industry and government regulation they are subject to. The protection measures for every trader vary from country to country.

Ideally, one should do a background check to see whether a broker is regulated in the U.S. Or the U.K. Further, to ensure security, one can check what kind of account protection is offered by the forex broker features in times of crises and other insolvency issues.

The bottom line

We hope our discussion on forex platforms has helped you gain clarity on the subject. As for our final thoughts, we would say that forex trading is great for forex traders with limited money who are seeking day trading in small amounts. On the other hand, those with large sums of money to trade, long term trading can be more beneficial. New forex traders should take their time to gain a good understanding of the market, its fundamentals, and create an overall view of global economics to make well-informed trade decisions.

Forex platforms really help you gain easy access to the trade market and get access to the best spreads. But it is your responsibility to do thorough research to check the credibility of the broker and also to see if its functions, products, spreads, and features match your needs. For research matters, the homepage of NFA and reviews such as ours can be quite handy and useful.

The forex market is very risky in nature. Forex and CFD are complex instruments. There is a high innate risk involved with them that can lead you to steep money losses as there is leverage involved. On average, approximately 69 to 78 percent of retail accounts tend to face losses during cfds trading. That is why it is of high importance that you understand thoroughly how cfds work. You should also trade as per your risk capacity as there are steep losses involved.

1. Can one become rich by trading forex?

The answer to this question is a mixed one. There are people who have become rich through foreign exchange trading, but the majority have not. The simple reason is the risky nature of the forex market. There have been cases where people have made millions and billions through foreign exchange trading, but one must also not forget that similar amounts have also got swept away through steep losses in the forex market. Therefore, making well-informed and calculated risks is very important.

2. How can one start forex trading?

Forex trading is all about awareness and practice. One can start by using a demo account in order to gain a good understanding of the forex market, and its various functions, tools, trading platforms, etc. Learning through case studies, researching about the technicalities about the foreign exchange market is also very useful. Once you feel confident, you can choose a forex platform by researching its credibility. Open an account there, fund it with the minimum deposit requirement, and you are ready to trade!

3. How does one choose an appropriate forex broker?

Choosing the right forex broker is tricky, but is manageable. As the first step, you should look for brokers who are regulated within the legislation of your country. Further, you should check out the reviews about the broker platform to understand how good its trading support, costs, spreads, tools, research capabilities, customer service, and other spreads, features, and products are. Upon screening through your list of best brokers, you can finalize the most suitable and trustworthy forex broker based on your trade requirements.

4. Which forex brokers accept US or non-US clients?

Those forex brokers who have regulatory status in the U.S permit U.S. Based clients and keep their rights reserved. On the other hand, those forex brokers who permit non-U.S clients are usually required to have licenses in countries where they come from.

5. Which currency pairs are popular?

There are seven currency pairs that are really popular in the market. They are also called the ‘majors’. They are as follows:

EUR/USD

GBP/USD

USD/JPY

USD/CHF

NZD/USD

AUD/USD

USD/CAD

Around 85 percent of all trades take place within these seven currency pairs or the ‘majors.’

20 best forex signals providers in 2020

As volatility hits the markets, more and more ambitious traders enter the market trying their luck in a chance to win big through trading forex. However, as most of them don’t have the time to read or analyze the markets they turn to services or professionals for guidance. This guidance is provided in the form of forex signals or trading alerts.

What are forex signals?

A forex signal by definition is a trading idea or suggestion for placing a trade on a specified currency pair or financial instrument, usually at a specific price point in time. The trading signal is generated either by an experienced trader or financial analyst or a forex robot. Then the signal is distributed by a specified signal provider or service.

Important: always keep in mind that past performance does not guarantee future performance or guaranteed profits.

How to find the best forex signals provider?

To find a good forex signals provider can be tricky, especially with the rise of forex signals scams across the globe. Here are a few things to consider when choosing a forex signals provider:

Do proper due diligence – verify the experience of the provider and determine their signals success rate over the past few months.

Is the provider regulated or audited? – usually, brokers regulated by top tier institutions and services audited by third parties provide more accurate signals.

Word of mouth and social proof – see what other traders have to say about the service provider

Sign up for a free trial – try the service before committing to a subscription or investing a lot of money

Best forex signals providers in 2020

Here is an overview of the best signals providers you can use in 2020:

1000pipbuilder.Com – over 10 years of trading experience

Markets.Com – instant access to market insights

Forexsignals.Com – more than 83,000 active users

Etoro – the world’s biggest social trading network

Autochartist – more than 1,000 trading opportunities every month

Fxstreet.Com – premium signal subscription service

MQL5 – trading signals and social trading on MT5

Zulutrade – copy trading signals

Duplitrade – automated trading made simple

1000pipbuilder.Com – over 10 years of trading experience

1000pipbuilder.Com is a premium forex signal provider, founded and operated by bob james, a skilled forex trader that worked in multiple financial institutions across london. Bob has more than 10 years of trading exerience and is proficient in both fundamental and technical analysis, which helps him identify opportunities where others can’t.

1000pipbuilder.Com is based in london, therefore the signals provided are focused on the asian, US, and european sessions. The service provides signals 24/5 and covers multiple financial instruments, from majors to commodities and indices. Subscribers to the service can receive their signals via email, SMS, or the premium telegram channel where the signals are posted. The prices are flexible and anyone can join this service for as little as $97 per month.

Is 1000pipbuilder.Com safe?

The service is completely transparent with its clients. 1000pipbuilder.Com’s trading performance is independently tracked and verified by myfxbook. This way you can have complete confidence in the signals provided. You should only consider the following forex signals from traders and providers that offer independently verified performance statistics.

This service is also highly rated by members and has numerous 5-star ratings across the internet from members and expert reviews.

What to expect when you join?

The signals provided by 1000pipbuilder.Com are clear and easy to understand. Each signal comes with an entry price, stop loss, and take profit level. A welcome pack is also sent to all new members explaining how the service works when they sign up.

One of the key benefits of this service is that you can contact bob directly to ask any questions about the signals. This extra support can be invaluable in a service like this.

Overall, 1000pipbuilder.Com offers a comprehensive forex signal service led by a professional trader. The high ratings this service has received speak for themselves and it is clear to see why this is one of the most popular forex signal services.

Success rate: unverified

Markets.Com – instant access to market insights

Markets.Com offers forex signals through its market X platform. Traders can get insights on key assets without leaving the platform. Try markets.Com signals.

The signals are easy to use and are a data combination from eleven(11) robust tools and sentiments:

Daily analyst recommendations – analyst recommendations show what top-notch analysts think of essential US stocks. It allows traders to search through top wall street analysts, filter them by their star rating, and open a position on the biggest stocks of their choice. Every single analyst featured on the tool is measured on accuracy to determine by their star rating. The star rating is between 0 and 5, with 5 stars the highest ranking an analyst can have.

Insider trades – the insider trades tool showcases the increase and decreases in shares holdings for over 36,000 company insiders. This allows traders to make a more informed decision on their positions. It collects, evaluates, and presents the latest transactions made by insiders. The transaction history shows you individual buys and sells, who’s behind the trades, what their role is in the company, and how their trades rank.

Hedge funds investment confidence – this tool uses data from the SEC to monitor what the stocks hedge funds are buying and selling across the globe to indicate sentiment. It shows whether the popularity of specific stocks with fund managers over the past few quarters. Traders can also see how hedge fund managers are trading a specific stock

Bloggers opinions – bloggers opinions provides access to the opinions of the top 50,000 financial bloggers. Traders can follow their stock picks and turn their knowledge into actionable trading opportunities. Using state-of-the-art technology, markets.Com identify the experts and bloggers that consistently pick the best stocks to outperform the market.

Trends in trading – trader trends analyses every trade made in the markets.Com platforms, in real-time, to provide traders with instant market sentiment. Markets.Com clients can see what thousands of other traders are positioned and decide how to trade.

Real-time signals – the tool provides insights on key assets without the user ever leaving the platform. Easy to use and intuitive, forex signals is such a simple tool that traders take advantage of it without even realizing they do. The signals tool combines data from five of our most robust tools. Traders get instant sentiment from all these tools without leaving the dashboard and their charts.

Related instruments – traders can get inspiration for new trades through related instruments. Traders can identify which assets are related to each other, diversify their portfolio, or simply get a better understanding of what might be affecting their trades. Related instruments span across all asset classes. For instance, gold is related to many forex pairs, energy assets, and other precious metals.

Advanced charting – the advanced charting package allows traders to get a deeper view of their trades and assets. It includes dozens of indicators and oscillators including forecasting, long/short position tracking, elliott wave, fibonacci retracement, gann’s, and much more.

Financial commentary – A rolling, real-time ticker, that provides information about international developments, central bank statements, and trade updates, through the forexlive.Com portal.

Advanced alerts – traders can live the rhythm and pulse of the markets with custom alerts delivered to their phone, email, or on the trading platform. There are five types of alerts they can set, from simple price alerts and reminders to customizable alerts based on other tools.

Thomson reuters stock report – A downloadable report, provided by thomson reuters and available directly through the marketsx platform. The report is packed with essential information and insight into the stock market. The stock report is a company-specific analysis that includes an average stock rating supported by indicators and key data. Updated daily, it is a robust insight into stocks.

Success rate: unverified(source)

Forexsignals.Com – more than 83,000 active users

Forexsignals.Com is a reputable online community of traders with more than 83,000 users worldwide. The community is run by advanced experts with a collective trading experience of more than 50 years. The service operates an advanced trading room, where traders can interact and test their strategies. To get access to the signals, one must choose a suitable subscription plan. Forexsignals.Comwas founded in 2012 by the avid trader nick mcdonald, who was at that time a relatively new trader in the forex industry. Having noticed a lack of community-based support resources within the industry, he decided to take action and create a platform for fellow traders to share ideas and help each other out.

Success rate: unverified as signals come from multiple sources (source)

Etoro – the world’s biggest social trading network

As etoro suggest, they have simplified trading by allowing their clients to interact and copy each other through their advanced copy trading platform. As their latest campaign suggests – trade like an eric, copy like a sloth.

Etoro offers copytrader, one of its most popular feature that allows you to view what real traders are doing in real-time and copy their trading automatically. A useful tool for beginners and experienced traders.

Success rate: the 50 top copied traders of etoro for 2019 had a 29.1% yearly profit (source)

Autochartist – more than 1,000 trading opportunities every month

Autochartist offers proprietary technology that allows the monitoring of thousands of financial instruments across forex, commodities, indices, stocks, futures, and cfds. This is done on an hourly and daily basis in order to provide timely and accurate trading opportunities within minutes of a pattern formation.

Autochartist delivers the following:

1000+ actionable trade opportunities per month across all financial markets

Chart patterns, fibonacci patterns and key levels that are identified in real-time

High-quality trading opportunities that save traders time

Visual quality indicators and advanced search function

Success rate: 70% success rate (source)

Fxstreet.Com – premium signal subscription service

Fxstreet.Com has created a subscription service that provides premium manual forex trading signals to anyone. The fxstreet.Com signal service can generate n average of 5 signals per day, depending on market conditions and trading opportunities identified by their analyst team.

The strategies provided work on a few time frames, anything from a minute to a daily timeframe. Therefore their holding times can be considered from short term intraday to long term position trading.

Success rate: 45% -55% historic win rate(source)

MQL5 – trading signals and social trading on MT5

MQL5 is the homepage of our beloved metatrader 5 platform. Metaquotes provides a verified space where all traders can post and share any trading ideas or signals they wish to share with the world.

Forex signals provided by MQL5 divided into the following categories:

Maximizing profit

Based on the reliability of the provider

Being profitable within a month

Intraday trading

For under 50 USD budget

Having good reviews

Trading with leverage 1:100

Using robots or eas

Success rate: unverified as the signals come from multiple sources (source)

Zulutrade – copy trading signals

Zulutrade is considered one of the largest copy-trading communities in the world. Zulutrade is licensed and regulated in europe and japan.

What makes the services unique is that traders can connect any of their current broker accounts and copy any trader within the community. This can be done by paying a small fee(usually 20%) from the profits generated.

Success rate: unverified as signals come from multiple sources (source)

Duplitrade – automated trading made simple

Duplitrade is on a mission to become the world’s leading automated trading platform, by offering a unique trading experience through proven strategy providers. The objective is simple, bring experienced traders and new traders together.

One of the advantages of the service is that all strategy providers are audited regularly and have to prove they know how to trade professionally before providing any signals or strategies.

The drawback of this service is that there is a minimum deposit of 2,000 EUR in order to use the service.

Success rate: unverified as there are multiple signal providers (source)

Other forex signals providers

Myfxbook – automated trading forex community

A social trading community that allows traders to trade ideas and copy other traders. The website also offers portfolio management services. Success rate: unverified(source)

Cmtrading

Cmtrading, a leading broker in the africa region, offers its clients the ability to utilize forex trading signals provided by their team of experts. Signals are provided as a trading tool and are advised to only be used as guidance. Success rate: unverified(source)

Ddmarkets

Ddmarkets work on a subscription model and provide 1-4 forex trading signals per day. Their signals cover all financial markets and are usually based on both fundamental and technical analysis. Success rate: unverified(source)

Forex signal factory

Forex signal factory is a global community of traders, with more than 45,000 members. In contrast with other signal provider services, they refer their members to selected brokers and earn a commission from the clients’ successful trades. Success rate: unverified (source)

Darwinex

Darwinex is an online broker that enables sophisticated traders to trade the market and investors to back them. Darwinex supports algorithmic trading and therefore copy trading and social trading. Success rate: unverified(source)

Learn2trade

Learn2trade is a forex signal provider that offers signal through an exclusive telegram channel. The service covers all major financial markets with 3-5 verified signals per day. The service claims to enable traders to make an avarage of 30%-40% monthly profits. Success rate: 82% win rate(source)

Pips alerts

Pips alerts is a forex signals providers that offer signals through their app or MT4 plugin, through selected traders within its network. The service charges a subscription fee and does not guarantee any results. Success rate: unverified(source)

Fxleaders.Com

Once a forex affiliate website, fxleaders.Com now operates s a forex signal provider on a subscription basis. You can either follow the signals provided by the website directly or utilize the signals through their premium partner, avatrade. Success rate: unverified(source)

Signal start

Signal start is a signal provider that charges a fee of only $25/month per account, but also a separate fee on selected premium signals. You can also join the service as a signal provider for a 70% reduced subscription fee and support in generating signals. Success rate: unverified(source)

FX luxus

Success rate: unverified(source)

4xclone

Success rate: unverified(source)

How to find the best forex signals?

Using forex signals is as simple as riding a bike. Easy to use once you get the hang of it, and not much skill is needed. However, choosing the right signal is essential in making or losing money.

Here are a few things to consider before choosing a signal:

Time zone and time frame – before committing to a signal, make sure that the provider is in the same time zone as you. You need to make sure that the signal is relevant and usable by the time you decide to use it.

Success rate – have a look at the historic success rate of the signal provider, to assess whether the source and signal are reliable

Go through the details– do your due diligence properly. Low effort signal providers that provide signals with only the entry price and the stop-loss and take-profit levels, should be ignored. A successful trader needs to know why a signal will work and how to use it.

Are forex signals worth using?

Forex signals are useful for both new and experienced traders.

New traders can use signals to accelerate the process of learning how to trade, and make money while still practicing and reading on how to properly trade the markets.

Experienced traders can use forex signals as a guide to new trading strategies, instruments, and styles of trading. In a way, they can get an idea of what is possible to trade, outside of their usual scope of assets.

However, it is essential to note that, in the fast and dynamic foreign exchange market, a trading signal is only as useful if received and used within the specified timeframe. If obtained or used late the opportunity is already gone.

Types of forex signals

There are mainly two types of forex signals, manual or automated signals. This classification is based on how the signal is generated. In addition, a signal might be provided for free or through a paid service for a fee or a subscription. Signals can either signal a trader to enter or exit the market.

Manual forex signals or copy trading

Manual forex signals are usually generated by a person who is deemed a professional analyst or a seasoned trader with multiple trades under his boots.

Automated forex signals

Automated signals are usually generated by a software or algorithm that analyses multiple points on market price action.

What do forex signals include?

Forex signals include the following elements:

Signal status – whether the signal is active, get ready, or closed. Active signals can be used right away. Get ready signals, will become active shortly. Closed signals have expired.

The instrument to be traded – for example EURUSD or gold

The direction of the trade – whether it is a BUY or SELL signal

The entry point or price – where you will enter into the trade

Stop loss level – where the trade will automatically close if the market goes against you

Take profit level – where the trade will automatically close once it reaches the desired outcome

Commentary and details – explaining the philosophy behind the inception of the particular signal

How to use the different types of forex trading signals

The proper use of forex signals can maximize the potential profits of a trader. One thing to keep in mind is that most forex signals, use a fixed pip amount. Some of them set limits for up to 50 pips. Using the take-profit and stop-loss orders properly can increase and optimize the potential of forex signals.

How to use the various types of signals and their components:

Live signals – live trading signals are delivered daily and on a high frequency. Such signals are suitable for day trading.

Premium and exclusive signals – high quality paid signals that provide efficiency. Such signals, if purchased, should be used as-is.

Free signals – these signals are usually used for promotional purposes. Should only be used as an indication and comparing trading ideas.

Correlated instruments – correlated instruments have usually a signal intended for one of the assets applied to both. This is a great way to gain an advantage in a volatile market

Take-profit and stop-loss orders – essential orders that can prevent disaster and solidify potential profits. However, closing a trade manually can also be beneficial. A trade signal should not be followed blindly. The market has proven to be unpredictable many times.

Trade size – changing your trade size can help gain the expected profit from a signal. Usually, with excess capital, you can solidify your position and avoid a margin call.

Basic broker cybersearch

Keep updated with our round the clock and in-depth cryptocurrency news.

Risk warning: investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.G. Contracts for difference (“cfds”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

Cfds and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.

Find a forex broker

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What is forex trading?

Since exchange rates are not fixed, but fluctuate based on the supply and demand of the various currencies, this gives opportunities to turn a profit.

Each currency has a currency code of three letters: GBP for british pounds, USD for US dollars, EUR for euros, and so on.

In a forex transaction you are betting on the value of one currency against another, so all trades involve two currencies – a currency pair, shown like this: GBPUSD. The currency on the left is the ‘base’ currency; on the right it’s the ‘counter’ currency. The FX rate shows how many units of the counter currency are required to purchase one unit of the base currency. For example, an FX rate of GBPUSD1.2441 means that 1 US dollar and just over 24 cents are needed to exchange for one british pound.

The larger the movement, the bigger your profit (or loss).

This is why it’s very important to use a ‘stop loss’ order. You decide how much you are prepared to lose if the market goes against you and set the stop loss accordingly. This caps your loss.

Forex trading can be carried out with either spread betting or CFD trading.

Forex brokers list

The following is a comprehensive forex brokers list. You can rest assured that the broker reviews listed below were conducted with the utmost level of professionalism and objectivity. It is highly recommended that you read them, open a demo account with several different forex brokers, and only then begin trading the forex market.

Still not sure which forex broker is right for you? Our broker matching tool can help you choose the right broker by assessing your location, trading preferences, skill level and other determining criteria. Click here to get help choosing a broker.

You might also be interested in our top brokers list for 2021.

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Forex trading courses

Want to get in-depth lessons and instructional videos from forex trading experts? Register for free at FX academy, the first online interactive trading academy that offers courses on technical analysis, trading basics, risk management and more prepared exclusively by professional forex traders.

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Risk disclaimer: dailyforex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of dailyforex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

Oanda broker review: is it a trustable company?

Oanda is one of the oldest companies in the forex industry. It is considered to be a safe option in the market. The company has many regulations and works in many countries. It offers a lot of features for all traders and seems to be a good choice. However, can you be sure that this broker is not a scam? Read our oanda review to find out!

About oanda

The company was founded in 1996 in america. It is well-known in the industry and has got many customers around the world. Oanda is regulated by the RFED and FCA which are very reputable authorities in this field.

Oanda is available in many different countries like canada, ukraine, russia, the united states, australia, and many others. It works legally everywhere and follows all the requirements. That is one of the reasons all customers are supposed to complete the verification process.

Although there is not a lot of information about oanda on various forums, the company actually has many positive reviews on many websites. We will get to them later in this article.

What can you trade with oanda?

Oanda provides a whole lot of available assets to trade. These include:

Over 70 forex pairs for spot trading

More than 50 cfds

Many cryptocurrency cfds

In addition, the broker makes copy-trading available. As you can see, there is a lot to do here, and it is very good.

Oanda is a bit better than the overall industry average. An automated machine is used to monitor all the prices. The spreads are based on liquidity and volatility. Keep in mind that high volatility can increase the spreads. For instance, the EUR/USD has an average of 1.2 pips and the GBP/USD has an average of 1.6 pips.

The company provides quite competitive fees in comparison to many other brokerage services. It is even possible to say that the charges are even lower than those at other companies.

Payment methods

Oanda does not have many payment methods. However, those that are offered are quite popular and available to all traders:

Bank cards

Wire transfers

Paypal

Keep in mind that if you request a withdrawal by using a bank transfer, you might have to pay up to 35 euros as a fee. This may bite into your profits, so you may want to consider using another payment method.

Trading platforms at oanda

There are several different platforms at oanda. First of all, it is the fxtrade software that is not very popular among traders. Although it is easy to work with and it provides many analysis tools, people still prefer the MT4.

Metatrader 4 is more popular than oanda’s platform, and there is a reasonable explanation for that. People are used to this software, they like the charting tools and lists, and it is even possible to automate your trades.

Mobile trading

In the modern world, people seldomly stay at home for a long time. They usually travel, spend many hours in public transport, etc. This time can be spent productively. All you need is to get a mobile trading application. Does oanda have one? Yes!

The mobile trading application provided by oanda is available on many devices. It lets users download historical quotes, place orders, execute trades, analyze charts, and many other things that you would normally do on your PC.

The design is quite intuitive and seems to satisfy most users. Even if you have had no experience with other mobile trading software, working with fxtrade won’t be a problem.

Account types

At oanda, users get a single standard account type. There is no minimum deposit and there are no additional bonuses for high volume traders. Nevertheless, all the users are equal in the features and that is not bad at all. We want to make profits, not compete with other traders.

Demo account

There also is a possibility to use a demo account to test your skills and see whether you like the platform or not. There are no time limits, so you can use the demo version for as long as you need it. We think that this is cool because you have the possibility to master your strategies or keep dummy trading until you are confident enough.

Advantages and disadvantages

We have gathered all the positive and negative sides of the broker in two separate lists.

Normal fees

Understandable trading platform

Quite easy registration process

No withdrawal fees in most cases

No minimum deposit

No deposit fees

Two-step login

Not good cfds

Not satisfying customer service

Big bank withdrawal fees

Time-consuming verification

No price alerts in the platform

User opinions about oanda

Oanda is quite old, but there are not many reviews on the forums. If we consider all the opinions that we have found, we can say that the reviews are mostly neutral because there are both positive and negative sides.

Here is what doug scott thinks about the company. He says that the platform is great, and he likes the low spreads, swaps, and fast execution.

Another opinion is from santiago. He likes working with oanda and says that he has received a lot of assistance from his account manager. The withdrawals are quite quick. Santiago recommends the company.

Conclusion

Oanda is a trustworthy company that is regulated by many authorities and has neutral reviews. It provides two trading platforms and many assets to work with. In addition, there is a mobile application that keeps all the features of the web and desktop versions. The fees are also acceptable, but it is not recommended to use bank transfers.

Have you ever worked with oanda? Let us know about your experience!

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HIGH RISK WARNING:
trading foreign exchange (forex) and contracts for differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

EU REGULATED FOREX BROKERS

The forex EU team have tested every forex broker following the mifid markets in financial instruments directive to provide the most relevant reviews.

Forex brokers regulated in the european union

EU regulated forex brokers must complied to mifid directive. Here’s a list of forex brokers following the mifid directives. Mifid is the markets in financial instruments directive (directive 2004/39/EC). In force since november 2007, it is a cornerstone of the european union’s regulation of financial markets. In june 2014, the european commission adopted new rules revising the mifid framework. These consist of a directive (mifid 2) and a regulation (mifir).

ESMA risk warning:”79% of clients are loosing money with this broker. Capital at risk.”

Avatrade is a global regulated forex & CFD broker offering access to world’s markets via powerful trading platforms. Trade forex, CFD, stocks, crypto, ETF, and more.

✓ EU (BCI, mifid,+)
✓ central bank of ireland (no.C53877)
✓ australia ASIC (no.406684)
✓ regulated in +150 countries

ESMA risk warning:”79% of clients are loosing money with this broker. Capital at risk.”

Octafx is a global forex & CFD broker offering access to world’s markets via powerful trading platforms. Trade forex, CFD, stocks, crypto, ETF, and more.

✓ EU (mifid)
✓ ctrader, MT4 & MT5
✓ copy trading platform
✓ regulated by the FSA

ESMA risk warning:”between 74-89% of clients are loosing money with this broker. Capital at risk.”

HYCM is a multi-regulated broker providing trading services since 1977*. Trade forex, CFD, stocks, crypto, bonds indexes and more on metatrader 4 & 5 trading platforms.

✓ EU (mifid,+)
✓ UK (FCA)
✓ dubai (DFSA)
✓ regulated in +150 countries

ESMA risk warning:”72.6% of clients are loosing money with this broker. Capital at risk.”

XM is regulated broker providing online trading services. Trade forex, CFD, stocks, crypto, bonds, indexes and more on metatrader 4 trading platform.

✓ EU (mifid,+)
✓ UK (FCA)
✓ australia (ASIC)
✓ regulated in +150 countries

ESMA risk warning:”72.6% of clients are loosing money with this broker. Capital at risk.”

Axi is regulated broker providing online trading services. Trade forex, CFD, stocks, crypto, bonds, indexes and more on metatrader 4 trading platform.

✓ EU (mifid,+)
✓ UK (FCA)
✓ australia (ASIC)
✓ regulated in +150 countries

ESMA risk warning:”79% of clients are loosing money with this broker. Capital at risk.”

Pepperstone is a regulated forex broker offering low spreads and commissions. Trade cfds on forex, gold, indices, US shares and more.

✓ EU (mifid,+)
✓ UK (FCA)
✓ australia (ASIC)
✓ regulated in +50 countries

ESMA risk warning:”74% of clients are loosing money with this broker. Capital at risk.”

NSFX is regulated broker providing online trading services. Trade forex, CFD, stocks, crypto, bonds, indexes and more on jforex trading platform.

✓ EU (mifid,+)
✓ UK (FCA)
✓ australia (ASIC)
✓ regulated in +150 countries

ESMA risk warning:”72.6% of clients are loosing money with this broker. Capital at risk.”

Axes is a world class broker providing online trading services. Trade forex, CFD, stocks, crypto, bonds, indexes and more on metatrader 5 trading platform.

✓ EU (mifid)
✓ FSA (338 LLC 2020)
✓ ctrader, MT4 & MT5
✓ regulated by the FSA

Choosing your forex broker is a crucial step in the success of every trader’s operations. Here you will find the best forex brokers based on the most comprehensive data & review to help you find the best broker for your needs.

1. Regulated broker

It is important that your broker is registered with the financial authority regulating your country of residence. Thus, you will benefit from protection for your funds and help in case of litigation, EU regulated forex brokers must complied to mifid directive.

Markets in financial instruments directive – mifid

Mifid is the markets in financial instruments directive (directive 2004/39/EC). In force since november 2007, it is a cornerstone of the european union’s regulation of financial markets.

2. Minimum deposit

Most forex brokers have a minimum deposit requirement. If you want to start with a little investment, it can be useful to know which broker accept small deposit. As well, if you are looking to make a huge deposit, you can have some advantages to find a different broker.

3. Trading platform

It is essential that the broker offers the trading platform that you use. The table above the trading platforms offered by the various forex brokers.

The comparative table below will help you to choose the best broker corresponding to your needs and your country of residence.

4. Spreads commissions and fees

Trading financial instrument are not free and . If you it will be a better option for you to open your trading account with the broker that offer the best conditions for your specific needs.

So, let's see, what we have: find a forex broker compare forex brokers what is forex trading? Forex is short for foreign exchange, also called FX and currency trading. It is a decentralised global market for trading in at forex broker listings