Introduction
Trading the foreign exchange market online is by far one of the most attractive ways to make money. You get to profit from the rise and fall of the exchange rates of global currencies.
While several benefits are attached to it, one that is quite fascinating is the fact that you can make money when the market is on an uptrend, and when it is in a free fall. This is a feature that you don’t get with most other markets, like stock and cryptocurrency.
However, just as you have with the stock market, for you to access the Forex market, you need to be connected to a brokerage firm. The Forex broker provides a software platform, such as a mobile or desktop app, on which you can conduct analyses and make trades.
The Top Forex Brokers to Choose From
For a seamless trading experience, it is important that you go only for the best Forex brokers. Picking the best amongst potentially hundreds of Forex brokers is quite difficult. However, having done extensive research, we have been able to come up with a list of some of the brokers with the best services.
As you will discover, the service offerings of each of these brokers differ from those offered by others. They essentially are not the same. As a result, it is important you conduct your research to see the one you believe will offer the best value to you.
1. IG Markets
A UK-based broker, IG Markets sits comfortably atop this list. Apart from trading in major currencies, they also offer CFD (contracts for difference) trading as well as spread betting. As a retail trader, you can also access stock trading.
2. Saxo Bank
As a trader, are you keen on research? Then, Saxo Bank is the broker for you. Apart from enabling you trade on its platform, Saxo Bank offers rich market insights and analyses that can guide your trade. You can see them as a trader that is invested in helping you succeed.
3. TD Ameritrade FX
If you are in the US, you must be familiar with TD Ameritrade as a commendable stock brokerage service. Their Forex brokerage services are as stellar. They offer Forex trading services tailored towards meeting US rules and regulations, which are largely different from what you get in other parts of the world.
4. Interactive Brokers
Are you looking to go professional at trading and trade like institutions do? Then check out Interactive Brokers. While they offer a rich retail trading experience, they offer even more for traders willing to up their game and trade like institutions. With Interactive Brokers, you get access to portfolio management services, amongst others.
5. eToro
Copy trading is becoming increasingly popular, and the reasons for this are not farfetched. It offers beginner traders and busy individuals the ability to earn good profits from the market without having to commit to the rigor of becoming professionals.
By far the best copy trading broker out there is eToro, which was the first broker to introduce this feature. With eToro, you can copy trades made by experienced traders and grow your account.
Conclusion
Forex trading can be fun, engaging, interesting, and rewarding, if you do things right. One of the ways to do things right is to choose the right broker, some of which we have profiled here. However, the “right” brokers have different features and services. Thus, you should conduct your research to know which suits you best.