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Ready to jump into the lucrative foreign exchange market? If so, there are a variety of websites that offer tools and services to help you become the Forex trader you've always wanted to be.
Whether you are just starting out or have years of experience under your belt, there are a number of Forex trading services that are designed to match your skill level. TopConsumerReviews.com reviews and ranks the best Forex trading services.
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The foreign exchange (Forex) market deals with the trade of one currency for another. As the largest financial market in the world, the Forex market is comprised of trades between banks, financial markets, currency speculators, institutions, corporations, and governments. Currently, over three trillion dollars are traded daily (on average) in the global Forex and other related markets. Due to the overwhelming
opportunity for financial gain, Foreign Exchange is the fastest growing trading market available today.
So, how does a person get involved?
First, you have to find a suitable Foreign Exchange trading platform. There are a number of these trading services available, depending on your experience level. If you are a novice Forex trader, some websites offer extensive training materials that not only cover how to use their Forex trading services, but also information about the Foreign Exchange trading market in general. For more
experienced traders, some websites provide advanced account options that can match your individual trading needs.
When looking at different Forex trading services, there are certain factors you need to consider. Some of these include:
• Experience. Is the website geared toward novice or more advanced traders?
• Ease of Use. Is the website easy to navigate?
• Service. Does the website provide the tools and services you need to begin Forex trading?
TopConsumerReviews.com has reviewed and ranked the best Forex trading services available today. We hope you find these reviews helpful in finding a Forex trading service that meets your needs.
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Minimum Start-up Deposit:
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$100
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Easy Forex is an excellent online trading platform that allows you to start trading with as little as $100 USD. Additionally, with their quick setup feature, you can begin trading in less than 5 minutes. The website is very thorough and professional, and we found it easy to navigate - even for novice users. Some of the highlights of Easy Forex include the following:
• A credit card you can use for instant deposits
• Guaranteed stop-loss rates
• The ability to freeze rates
• No hidden costs
• Special terms for frequent traders
• No software downloads
• Live quotes in real-time
• The ability to trade within the U.S
Easy Forex offers extensive information to help you get started in the foreign exchange market. In fact, one of the best features for novice users is the "guided tour," which walks you through the foreign exchange process and explains how to make trades. They offer a useful FAQ's page that will help you understand how to use the website and make online transactions.
Easy Forex also
offers live training and one-on-one training to help you get started.
Another benefit of using Easy Forex is the fact that Easy Forex enables you to freeze given rates for a few seconds, giving you a little bit more time to make a decision. This is a great device that can help you "lock in" a rate before you actually execute your transaction.
Easy Forex is an excellent website for someone interested in Forex trading. It has an extensive amount of helpful information for new traders, and provides useful options for more advanced traders. Easy Forex has earned our highest rating.
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Minimum Start-up Deposit:
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$1
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If you are just entering the Forex trading market, then LiteForex might be a good website for you to start with. LiteForex is a thorough and professional training website for new traders and has many features designed to help teach you the market including a glossary of terms, Forex techniques, FAQ's, and much more. Designed with the novice Forex trader in mind, LiteForex will help
you ease your way into the Forex trading world, learn professionalism, and gain success. However, if you are a more advanced Forex trader, you might consider our highest-rated service.
Using LiteForex, you can enter the Forex market with as little as $1. Your transaction appears in US cents, and you can start trading with 0.1 lots and margin rates of 1%. LiteForex also offers commission-free Forex trading, so you do not have to pay commissions-just spreads. Interest income is paid on the balance amount in your account,and instant execution allows you to open and
close positions at the price you see on your monitor.
LiteForex permits trading from the US and offers a variety of account types that can appeal to beginning and more experienced Forex traders alike. These accounts include:
• MINILite - This account is for beginners and requires a minimum deposit of $1 USD.
• 100KLite - This account is also for beginners, but requires a minimum deposit of $50 USD.
• MINIForex - This account is for Forex professionals and requires a deposit of $300 USD.
• 100KForex - This account is for Forex professionals and requires $2000 USD.
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Minimum Start-up Deposit:
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$100
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ForexYard is a good site for either the professional or novice Forex trader. ForexYard offers three types of accounts to help you get started:
• Free Demo - Allows you to become familiar with the Forex trading world before spending any real money. To take advantage of this tool, you must download a free trading station.
• SuperMini - Allows you to start trading with only $100. This account is perfect for the beginning trader. You can make small deposits, and credit cards are accepted.
• Standard - Provides tight spreads, no slippage, and no hidden costs. This account is designed for experienced and institutional traders.
ForexYard does not require software downloads, and you can start trading with as little as $100. Additionally, there are not any tailor-made conditions for frequent traders. ForexYard offers competitive spreads, trailing stop orders, and credit card deposits. If you are new to the Forex trading market, you can take advantage of ForexYard's free Forex trading course.
ForexYard offers a lot of useful information on their website. They have a FAQ's page, which is helpful as you research Forex trading. However, much of this information applies to someone who is actively trading, rather than someone who is determining if Forex trading is right for them.
ForexYard is a high-quality Forex trading site. However, it offers a little less information than the higher-rated services.
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Minimum Start-up Deposit:
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$1
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Oanda started its FXTrade Platform in 2001 and has provided a quality product ever since. The website is professional and offers helpful educational information about Forex trading. As a novice user, you can learn more about how Forex trading works by playing Oanda's FXGame. This allows you free, unlimited, practice accounts as you gain an understanding of this volatile market.
Oanda's FXTrade Platform is 100% automated from market-making to trade execution. Some of the benefits include the following:
• Real-time executable pricing
• Instant settlement
• Continuous interest payments on a second-by-second basis
• Tight spreads on all major currencies offered
• No trade minimums (trade as little as $1 and receive tight spreads)
• Multi-currency accounts (USD or Euro)
• No required minimum initial deposits
• No monthly fees
• No commissions (you only pay spreads)
• No charges for stop or limit orders
• No software to download (Oanda is Internet based )
• Margin trading up to 2% (or 50:1 leverage)
• Real-time trade blotters
• Profit and loss analysis
Although Oanda provides many features, we found the trading interface cluttered and somewhat confusing. This can cause issues when you need to respond quickly to a change in market pricing - you do not want to have to fight through the interface to place your order. Another drawback is the overly simplistic charting software they provide. Additionally, their customer service representatives
can be short and downright rude when fielding questions by phone.
Oanda offers an impressive amount of information and the ability to practice trading before committing. However, they need to improve their trading interface and remember that customer service should be a high priority. Therefore, you might first consider one of the higher-rated selections.
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Minimum Start-up Deposit:
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$200
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Finotec is an online Forex trading site that gives users access to global currency markets. Finotec offers three types of trading accounts:
• Demo - Allows you to get acquainted with the Finotec trading system before you actually start trading real money. The demo account uses virtual money and is great for beginners.
• Mini - Allows you to open an account with only $200 and trade at a margin as low as 0.5%. This account is for traders who have a small amount of starting capital or who want to test their strategies before risking larger sums of money.
• Standard - Gives you access to the standard Finotec trading platform. This platform uses leading-edge training software and is ideal for investors who have previous trading experience. With this account, you can trade currencies, options, CFD's on stocks and indices, commodities, and futures. To open a standard account, you need to deposit a minimum of $10,000. The minimum
transaction
size is $50,000.
Finotec offers a professional website that is easy to navigate and understand. The novice Forex trader can work through the website and make an educated decision about whether this site offers enough training information for them. However, if you are looking for extensive training and instruction, you might consider one of the higher-rated selections.
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Minimum Start-up Deposit:
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$200
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Pip Forex can be a good site for beginning Forex traders. The site is easy to navigate and offers some beneficial tools to help you get started. One tool is a risk-free practice account, which allows you to practice trading with US dollars and learn more about the market. Once you open a practice account, you can download and install their Pip Trader and start practicing. Pip Forex
also offers a beginner's guide to Forex trading, which can be helpful as you enter this market.
Pip Forex is designed to bring simplicity to the Forex trading world. You can trade with USD, and Pip Forex has taken away the ability to trade on the margin (trading larger sums of money than you actually have in your account). In essence, they offer trades on real money. (If you trade a Pip Price of $20, then you are trading $20 USD.)
While Pip Forex seems to offer some quality help to novice and more experienced traders,we found it difficult to obtain the information we really wanted prior to opening an account. Even if we opened a practice account, they required information we were not ready to give (like a phone number which meant getting phone calls). To gain more information about their policies (minimum deposits
to open an account, and so on), we had to provide additional information and basically sign up for their services. If you are looking for this type of information before committing to a service, we recommend using
one of the higher-rated Forex trading services.
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Minimum Start-up Deposit:
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$0.00
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Note: Not currently open to U.S. Investors
Marketiva is a financial services corporation that specializes in providing traders with high quality online trading services. They offer several free services to clients including an advanced charting system, daily research reports, market event alerts, and expert discussion forums. Additionally, online traders can get started with as little as $1. Although very professional, the
Marketiva site is harder to navigate than other higher-rated options. While there is some useful information, it is not as easy to follow. Additionally, the information provided is a bit vaguer than other sites reviewed.
It is important to note that Marketiva does not permit trading from the U.S. at this time. Their statement is "The location limitation is due to various export restrictions, sanctions imposed by international bodies or because such distribution or use of services would be contrary to local law or regulation. We do not have a precise time line when that would be possible. We are
working on that front but the process is not very deterministic, and we can't predict with confidence."
Marketiva offers an online tour to novice users to explain trading and the Streamster application. This tour explains the following features that Marketiva offers:
• One-click trading - no commissions or exchange fees (trade as much as you like)
• The ability to start trading with$1
• The ability to open an account for free and get $5 cash reward
• Diversification and practice - you can perform Forex trading on the margin (1%), which allows you to trade $10,000 with only $100 in your account
• No interest charged on your account
• The ability to practice with virtual money
• News
• Chats
• Alerts and support
• Advanced personalized charting
Additionally, Marketiva has an excellent resources page, which provides introductory information, techniques, FAQ's about trading, and FAQ's about Marketiva. We found this information helpful and useful as we explored this site.
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Forex Trading in the News
Deutsche Bank Forex Trading Systems Suffer Outage - Wall Street Journal (blog)
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Deutsche Bank Forex Trading Systems Suffer OutageWall Street Journal (blog)By Alexandra Fletcher LONDON–Deutsche Bank's foreign-exchange trading systems suffered a brief but full outage during late Asian trading hours Thursday, affecting its price provision in all major currency pairs and gold, people familiar with the matter ... |
Publ.Date : Thu, 02 Feb 2012 12:43:31 GMT
WORLD FOREX: Market Awaits US Jobs Data, Potential Dollar Selloff Seen - Wall Street Journal
Publ.Date : Fri, 03 Feb 2012 05:43:45 GMT
FOREX-Euro lifted by factory data, Greek debt hopes - Reuters
Publ.Date : Wed, 01 Feb 2012 11:57:37 GMT
Forex Trading: EURUSD Trades Between The “Goal Posts” - Daily Markets
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Forex Trading: EURUSD Trades Between The “Goal Posts”Daily MarketsThe EURUSD is trading between what I call the Goal Posts (between the 100 and 200 hour MA's in the chart above). The pair moved higher in the late London morning on comments from China Premiere Wen who said China was exploring helping in the ESM/EFSF ... |
Publ.Date : Thu, 02 Feb 2012 14:22:55 GMT
Icap's forex e-trading platform to offer outright forwards - Risk.net
Publ.Date : Fri, 03 Feb 2012 00:32:53 GMT
RBI: Forex Trading Curbs Temporary - Wall Street Journal
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RBI: Forex Trading Curbs TemporaryWall Street JournalBy SOURAV MISHRA And SUDEEP JAIN MUMBAI – The Reserve Bank of India could reverse its recent curbs on currency trading once markets stabilize as they run counter to its capital account management strategy, a top official said Friday, indicating that ...and more » |
Publ.Date : Fri, 03 Feb 2012 08:44:19 GMT
The Opportunities Are Endless With Forex Trading - Retirement Planning
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The Opportunities Are Endless With Forex TradingRetirement PlanningWell, right here is a good place to get started, as this article contains many tips you can use towards gaining success with forex. Get to know about the Forex trading taxes. Different kinds of trades operate under different kinds of tax codes, ... |
Publ.Date : Thu, 02 Feb 2012 19:57:53 GMT
Forex Trading: USDCHF Tests Topside Trendline. - Daily Markets
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Forex Trading: USDCHF Tests Topside Trendline.Daily MarketsTraders will be watching this level for bullish clues. If support holds against this level, the upside should have further potential with a move toward the 0.9244 (50%) being the next target. If the level is broken, traders will look for the underside ...and more » |
Publ.Date : Fri, 03 Feb 2012 15:20:08 GMT
PRECIOUS-Gold headed for 5th winning week; US data eyed - Yahoo!7 News
Publ.Date : Fri, 03 Feb 2012 01:08:38 GMT
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