The Ultimate Guide to Forex Trading
Find the right Forex trading site for you with Forex Trading Expert. We compare the various Forex broker sites bringing you the most trusted and highly rated brokers through impartial advice and unbiased reviews. Our team of expert traders have done the hard work enabling you to choose the best broker for your trading experience with ease.
When you choose a site to trade with you need to be confident that your money is safe and that they will provide the right service. Our knowledge enables you to cut through all the jargon and find the broker for you that best meets your needs. If you want to make money online from Forex trading you can trust us to provide you with the best recommendations.
To be able to provide you with accurate information and advice, the team at ForexTradingExpert.net search the internet sourcing only the best quality broker sites. We trade on the sites ourselves to ensure that every element of trading is tested and reviewed. We then pass this information on to you in the form of fully comprehensive reviews and guides to the best Forex brokers.
In this guide to Forex trading we will share everything you need to know about:
- Choosing a regulated Forex broker that offers the best trading conditions
- Finding the best brokers that offer the most competitive rates and spreads
- Hidden fees, bonuses, trading strategies and the overall trading experience
Our Top Recommended Brokers Updated: September 2017
The Best Online Brokers
To maximize your skills and success as a Forex trader you need a broker that you can trust. A good broker will make all the difference between your experience, good and bad. They will ensure that you have the tools at your disposal to execute informed and educated trades with ease.
Of course you want to profit from your trades. A good broker wants this too. If you are winning then you will continue to trade. At ForexTradingExpert.Net we source the best brokers to give you the best chance of success. When we research and review a broker a lot of work goes into making sure that they satisfy the various criteria expected.
We look beyond the hype and the promises to ensure that a broker actually delivers on their claims. We trade ourselves so that we can get the real experience and share our findings through our honest factual and in depth reviews. Our list of criteria include the following:
Forex brokers want you to trade with them. Once you start trading they want to make sure that you continue to do so. In order to achieve this they offer incentives in the form of bonuses which include welcome bonuses and match deposit bonuses. These bonuses often have to be traded a number of times before the cash becomes available to withdraw but can help to boost your profits. Whilst not all brokers offer bonuses, others will offer generous ones.
How much money you make very much depends on the outcome of your trades. If you predict the outcome of the Forex pair correctly then you will make a profit. You buy at one price, sell for another and the margin or spread is your profit. Now the more you trade, the greater your payout. If you incorrectly forecast the movement of the currency then you will lose your money.
Varied Currency Pairs
These more popular currencies include EUR/USD, GBP/USD, AUD/US and CAD/USD. It is possible to trade many currency pairs including minor pairs like the Norwegian Krone NOK or the Polish Zloty PLN. These pairs are known as exotics and can produce larger spreads. Now some brokers will offer more pairs than others. In fact the variation is huge with some brokers offering a choice of a handful of pairs and others offering in excess of 300 currency pairs.
In today’s world of technology it is imperative that people are able to trade on the move. This may be from a laptop but largely it is from a handheld device like a smartphone or tablet. If you have to pinch the screen to be able to zoom in it is unlikely that you are going to spend very long on the site. In addition to being mobile responsive it is important that the sites are compatible with both iOS and Android devices.
Good customer support is key in the world of Forex trading. Traders need to be able to get hold of someone when they have a query or question or if they need general support. Help should be available by phone, live chat and e-mail with responses that are both prompt and helpful. A good customer service system can make the difference to the choice of broker for many.
To set themselves apart from other brokers, many Forex brokers offer additional benefits to try and encourage traders not only to sign up but also to remain with them. One benefit that can make a huge difference are the trading tools, strategies and general education that a broker offers. If you are winning so is the broker, the more you win, the more you will trade. By teaching you how to become successful the broker is cementing the future of your trades with them.
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There are many markets to trade in from the more popular combinations like EUR/USD to the less popular “exotic” assets like the Mexican Peso. Whilst some brokers only offer a handful of the more popular currency pairs, others offer in excess of 300. If you have the time and patience to study lots of different currencies then the spread of the lesser known pairs can be quite fruitful. Some prefer to stick with what they know and the following pairs:
The EUR/USD pair refers to the Euro and the United States Dollar. As the most popular currency pair available to trade, the pairing refers to how many of the second currency, in this case the USD, you would need to buy the first currency, the Euro. Let’s say the conversion is 1.17 USD to the Euro. This means it would cost you 1.17 USD to buy 1 Euro. If you were buying EUR 10,000 it would cost you USD 11,700.
The GBP/USD pairing refers to the British Pound against the United States Dollar. In this order with the GBP being the first currency of the pair, it means how many USD it would cost to buy £1. If the current exchange rate was USD 1.17 to £1 then it would cost USD 11,700 to buy £10,000.
The AUD/USD is the Australian Dollar vs the United States Dollar and again in this order refers to how many United States Dollars it would cost to buy AUD 1. If you were to flip the pair around to USD/AUD it would then translate to how many AUD it would cost to buy USD 1.
By the same token as those above, the CAD/USD pair refers to the Canadian Dollar against the United States Dollar. Another major currency pair in this particular format it means how many USD it cost to buy CAD 1.
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Is Forex trading an easy way to trade?
If you take time to understand how Forex works then it is relatively easy to get to grips with. It takes patience and sometimes you won’t see the results for weeks. The basic format is to trade on the spread of a currency pair. Let’s say you are predicting the outcome of the EUR vs the USD and whether it will rise or fall. If you are right then you win the amount of the spread, if you are wrong then you lose the trade.
How are they different to binary options?
When trading binary options you either receive a fixed profit or you make a fixed loss. In its simplest form the Call/Put option means that you predict whether the options will increase or decrease in price within a specific expiry time. This can be as little as 60 seconds. If you call it right then you will be paid out on the trade. If you are wrong then you lose the trading amount.
Is it possible to trade on a mobile or tablet?
Yes. As with most transactions now people want to be able to perform them on the move. In order to survive a good broker must have a mobile offering. This can either be in the form of a mobile responsive website which adapts to both phones and tablets or via an app. Some brokers have an app and some just have a good mobile website. In addition to being mobile responsive it must also be compatible with both iOS and Android.
Can I be sure my money is safe and secure?
If you choose a reliable and reputable broker then your money will be safe. Our job is to bring you only the best brokers. Choosing a recommended broker will ensure that you are depositing your money with a company that offer a good user experience and that have the correct licensing to trade. Our broker reviews are comprehensive and examine multiple criteria to ensure that we only bring you the best.
How do I find a reliable and trusted broker?
The first thing to check is their licensing. Most reputable brokers have licensing and are regulated to be able to trade. Now there are some brokers that offer a good service without regulation but if you want to be sure then we recommend choosing a regulated one. We have spent lots of time examining each broker and only recommend those that are reliable and trusted. All that is left for you to do then is choose the one that best meets your trading needs.