Forex trading review sites

You need information, and you need top quality. One of the key things you want to make sure of as a forex trader, is that you are protected.

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Best Forex Brokers and Online Trading Sites for Beginners 2021, forex trading review sites.

As a new trader, you may not know all the points about each regulation yet. You should know though that things like negative balance protection, segregated funds, and margin stop losses, are all positive features for your protection. These are all mandatory within europe and the UK thanks to ESMA regulations. Outside these areas though, be sure to research the regulator of your broker first.

Best forex brokers and online trading sites for beginners 2021

Top rated:

So, you’re about to embark on the world of forex trading and you’re looking for the best forex brokers and the best resources for beginners, right?

We know very well what it means, we have been there.

In this post I didn’t (purposely) insert dozens of brokers or sites.

The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).

“simplicity” is the key word.

Few sites, few resources, few choices, but of course, they are only among the best possible.

And hey… don’t forget we have our own forex market guide for beginners, that will explain with super easy words how this market works. Check it out.

Best forex broker and trading platforms for beginners 2021

The first thing you need is a good forex broker. Among our personal list of the best forex trading platforms for beginners we have.

1. Etoro

Want to try something different from the classic brokers? Then etoro may be right for you. Etoro is the best social trading network in the world.

Basically, with etoro you don’t simply open a normal trading account, but you enter directly into a real social network, populated only by investors, many of whom are professionals.

You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.

The only thing you don’t have at your disposal is an efficient platform like the MT4, but you can only use the etoro webtrader, which is still a good product. Added to this, you have an unlimited opportunity to practice with the etoro demo account which is unlimited and functions just like the real thing.

The other really positive point when it comes to trading on the etoro platform is that it is well renowned as being one of the most user-friendly social trading platforms in the business.

Next on our list of top forex brokers for beginners is another huge name in the industry. XM has been around for many years and is an instantly recognizable top brand in the sector. This brand recognition alone can help in attracting a diverse range of new traders.

There is also plenty to be attracted to with XM. They offer a range of account types, several of which are designed with new traders in mind including the XM micro account. This can be opened with as little as $5 minimum deposit. This means it offers a really easy way to get started with forex trading and you can also use their unlimited demo account.

On top of this, there are great swap-free options if you require an islamic trading account and an abundant education section to keep you learning, with a selection of webinars, videos, and informative tutorials.

3. Avatrade

Avatrade is another top name and well-trusted in the industry. The irish headquartered broker boasts regulatory oversight from a number of the different top bodies in the industry around the world and this is music to the ears of any new trader. They are also one to offer fixed spread trading from 1.3pips so you always know your trading costs.

Their demo account is top quality and available for a 21 day period and with a minimum deposit starting from just $100 then you don’t have to worry about the high start up costs. Negative balance protection from the broker also means you can never lose more than your account balance. Added to that and perfect for learning the ropes, is the avaprotection feature. This, when enabled, actually protects you from losses for a certain period. Ideal for when you are first starting or the market is volatile.

4. FBS

FBS is next to feature on our listing of the best forex brokers if you are new to trading. Again FBS is a broker that allows you access to great value when starting out in the industry. This is showcased by their cent account that can be opened for just $10 minimum deposit and still with the excellent trading conditions you would expect from a top broker.

Another great addition is that of FBS copy trading through their own proprietary platform that can be fantastic for following the trades of others if you are not confident in being out on your own. This is not yet available to european traders though. In that case, you could try the 30-day extendable demo account for an extremely accurate practice with no risk.

FBS is one of the best choices if you want a top named broker with a very low deposit starting point.

5. Oanda

Oanda is the next top broker for beginners to make our collection. There are a number of reasons why this canadian broker can be considered one of the best around. Among these is the fact they bring a huge wealth of experience. From 23 years in the industry, they have also continued to adapt so they remain one of the most user-friendly brokers around. Another hugely attractive point for new traders is that oanda do not have any minimum deposit requirement at all. This and allowing positions lower than $1 to be opened is a great way to manage your risk.

At your disposal here you will also have an unlimited demo account you can open, and if you are non-european then you can link your oanda account with zulutrade to enable a range of copy trading possibilities.

They are perfect if you want to trade with one of the industries biggest brokers at very low risk levels.

6. Hotforex

Next up for consideration as a top forex broker if you are a beginner is hotforex. Like all the names on our list, they are a household name to traders in the industry and a broker with international links around the world. You will be welcomed here with an unlimited demo account providing all the same tools as real trading, and a variety of account types starting from a minimum deposit of $5 -$50. Al round great value for a new trader.

You will have several trading platform options here too from metatrader, though a very popular choice among new traders is the user-friendly and intuitive copy trading platform from hotforex. They also provide a really supportive learning environment with video tutorial, webinars, and more to help you improve as well as keeping your balance safe with negative balance protection employed around the world.

7. IC markets

IC markets also makes the list as a top australian forex broker and a fantastic choice for new traders in the industry. They provide for lightning fast trade execution through their ECN systems and a trading cost that is hard to beat with spreads from 0 pips. All of this is available with a zero minimum deposit, ideal to get you started.

If you are into copy trading, then you can also link your zulutrade account here, but perhaps most importantly for new traders, the educational structure is really great. There are stacks of information available including videos to help you learn and grow in forex trading. You can implement some of these ideas with the unlimited IC markets demo account and even take advantage of the low spreads that are perfect for learning about forex scalping.

8. NAGA trader

Another social trading network, this time of different concept, is naga trader.

Naga trader is defined the “tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.

Naga trader, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.

Basically, being a beginner, you can easily find other traders with whom to share experience and advice. This works as a fantastic alternative to etoro for many new traders in the industry. One of the biggest benefits is the fact that together with having no minimum deposit, cryptocurrency deposits are also allowed.

This can be perfect if you already have a crypto balance or are looking for another top alternative to etoro.

9. FXTM

With FXTM we again have one of the top ECN forex brokers in the world. They have a major name and presence in forex trading worldwide but cater especially well to traders in africa. When you arrive here as a new trader, you will find a huge selection of 6 account types available. This includes a cent account with a $10 minimum deposit, ideal for starting out.

When you are ready, the fast order execution ECN trading account is available with a $500 minimum and you can also choose to try out the FXTM copy trading platform if that is more your thing. The broker is well supported by a solid educational system to help you keep learning and its support of african traders and base currencies in NGN and others make it the best choice for new african forex traders.

10. Instaforex

Last but not least to feature as a top forex broker for beginners is instaforex. Again, they are active around the world but particularly popular with asian traders. An unlimited demo account is immediately available here to help you learn the ropes as a new trader, and even then, the minimum deposit starts from an amazingly low $1. If you already are working with zulutrade then you can link your accounts with instaforex if you are a non european trader too.

Increasing the appeal of this broker is the fact that if you are a new trader to them, you can access a full trading course to continue your development. This could be invaluable to your trading future and make instaforex a great choice for asian traders and other beginners alike.

Best online forex trading sites and resources for beginners

Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.

You need information, and you need top quality.

1. Babypips

You won’t find anywhere else on the web with a better beginners course than the babypips one, called school of pipsology.

Here you can find everything from the very basics, from what forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.

If you want a summarized version of the first part of the school of pipsology, you can consult our guide how forex market works.

2. Investopedia

The forex market is part of a much larger and complex world, the world of financial markets in general.

On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the function of.

Don’t worry, investopedia has ALL the answers to your doubts. You will see what we mean when you use google to search for information and you always find investopedia among the first positions.

3. Forexfactory

The experience of participating in a forum is a very important helping hand in your path of growth, from beginner to expert.

In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.

The forexfactory forum is definitely the biggest and most populated one in the world of forex. Here you can really find some great resources. Sign up and utilize it as much as possible.

Choosing a forex broker for beginners: 5 tips

Armed with all the best information and training, here are five final tips to remember when choosing your first forex broker:

1. Demo account service

Opening a demo account is the best way to get a true feel for both a broker and the trading platform. It is completely no risk practice with virtual funds only, though demo accounts function just like the real thing so it is ideal.

For a complete forex beginner, look for a broker with an unlimited demo account to give you the most practice time. If you are feeling confident, then 30-90 days may be fine. When you feel you have the hang of it, you can open a real account, but remember that opening a demo account does not oblige or tie you to that broker in any way.

2. Low minimum deposit

Typically, the standard minimum deposit with many top forex brokers is $200. With that said, the market is very competitive so you can now find some brokers as above, with no minimum deposit at all, or one that is very low. This means, lower risk for you and is something you should be on the lookout for.

3. Risk management services and tools

One of the key things you want to make sure of as a forex trader, is that you are protected. As a new trader, you may not know all the points about each regulation yet. You should know though that things like negative balance protection, segregated funds, and margin stop losses, are all positive features for your protection. These are all mandatory within europe and the UK thanks to ESMA regulations. Outside these areas though, be sure to research the regulator of your broker first.

4. Education section

We never stop learning. Especially if you are new to forex trading, make sure you find a top broker with a great educational infrastructure, and be sure to use it. This means taking the lessons, watching the videos, attending the webinars, and everything they offer. Learn about the platforms too as this can stand you in good stead for the future with many brokers using the same trusted trading platforms like MT4, MT5, and ctrader.

5. User friendliness

Nobody likes a complicated layout when they are learning something new. Look for a broker that makes the process easy to understand and as user-friendly as possible. Etoro, their site, and proprietary platform is a good example of one that is very good in this respect.

Not feeling confident? Try copytrading!

If you still have not built the confidence, or maybe you just want to save time, or sit back and let others do the trading. In that case, why not try copy trading? This allows you to literally copy the trades of others and earn or lose depending on the profit and loss of that person.

There are a variety of ways to copy trade, they may be built into the broker platforms like etoro, or could be offered by third-party brokers like zulutrade. They are one of the best copy trading platforms around.

You can open an account with them and connect it with your regular broker account to start copying other traders as long as you have a balance of at least $100. As you will have seen above, zulutrade has connections to many of the top forex brokers if copy trading is more your style.

Did you know that thanks to social trading you don't have to be a trader to earn like one? OPEN AN ZULUTRADE ACCOUNT AND TRY!
74-89% of retail CFD accounts lose money

8 proven best forex indicators tested and reviewed

Today, we are introducing traders to the best forex indicators in the market. These are indicators that are proven to work in MT4, MT5, and find themselves on many top 10 lists. In this case, we are drawing attention to 8 different indicators, but will expand the list over time.

For many traders, forex indicators still play a significant role in their daily trading routine. The purpose of putting together this page is to explain the benefits and drawbacks of many different indicators that we’ve been reviewing over the years. Depending on your personal trading approach, and stylistic tendencies, there are hundreds of different indicators available all with the express intent of providing better ways to analyze the markets. After perusing our list, you will know without a shadow of a doubt which are the best MT4 indicators for every type of trader.

The way we look at indicators is different in 2021, then it was just a few years ago. Our expectations are much higher, and we feel that the commercial vendors need to be held to a higher standard of accountability and transparency. What was once considered a contender for the best forex indicator title, is no longer relevant in today’s market conditions.

Don’t need a lesson on indicators? Jump to the rankings.

What are forex indicators?

In order to get the most out of this page, you first need to understand the different types of forex indicators available. For the most part, commercial forex indicators are MT4 or MT5 based systems that analyze the market, and trigger trade alerts when the conditions or rules of the system is met. Trade alerts are pop up boxes in MT4 that direct traders on specific trades to place, generally including the entry price, take profit and stop loss. These are the most popular products that are promoted in the indicator marketplace.

Then, there are forex indicators that paint on your charts to help you spot patterns better, see market movements, and utilize different data points like the relative strength index. Overall, these types of indicators are more for advanced traders that are looking for ways to bolster their manual trading approach. Many of these indicators are readily available for free within MT4 or MT5, but they aren’t the main focus of this review today.

Instead, our analysis is more directed at the best forex indicators that provide trade alerts, and give traders direct trading advice.

Procedural analysis

In the analysis today, we will be monitoring and reviewing four factors that will lead to a ever-shifting, live ranking system of the proven forex indicators. These 4 elements will help in the final rankings of the indicators, and give you an insightful checklist to sort through:

Price

Client feedback

Trading performance

Trading methodology

If the service is effective in achieving a high rating in these categories, then it will rank well. It’s worth noting that many of the services we’ve reviewed do not excel in the categories we’ve chosen, and thus some of the indicators that made this list are flawed.

MQL5 continues to be one of the most extensive resources in the forex market. Their exclusive product marketplace gives traders access to many different product offerings including over 28 pages of forex indicators. 8 of those pages are completely free indicators, but the quality is substantially lower when dealing with unpaid services. The main benefit of the market, is the diversity of options available, and the fact that every day traders can analyze hundreds of different products in order to find one that suits their personal trading style and interests. The reason that this is ranked number one, is because each system comes with client reviews, comments and free demos.

While there are positives, the MQL5 market isn’t perfect. The flip side of having so many options, is the fact that it can be very difficult to sort through each of the products and decide which forex indicator is best and most viable for your current trading approach. It’s also worth noting that the majority of the coders involved in this marketplace are not coding professionals per se. Obviously, it takes a fair bit of knowledge in order to code an indicator, but most of the coders that are providing these systems do not work for a company, and thus there is no real guarantee that they will continue to support the product they are providing. Most of these coders are highly skilled amateurs, and sole proprietors of their trading products.

This market is highly effective, because it gives traders the opportunity to seek out and download forex indicators without taking any risk or requiring any initial investment.

Price: varies, $30-100 average

Client feedback: good feedback system

Trading performance: mostly unverified

Trading methodology: many strategies

Pipfinite trend pro could essentially be categorized under the MQL5 umbrella, because it is indeed sold in the MQL5 market, but it deserves its own ranking as it is the most popular forex indicator out of the thousands on their website. First released on january 15, 2018, this forex indicator uses support and resistance levels alongside a strict set of rules that trigger buy and sell signals accordingly. This type of indicator does the majority of the work for the trader, because it provides the price, the direction of the trade, and the stoploss/takeprofit levels to set. It also includes a success rate metric, which gives traders an idea as to how effective a trading signal is likely to be, before the trade is placed. The indicator is aesthetically pleasing, and sends trade alerts via sound alerts within meta-trader 4, push notifications and email.

While the pipfinite trend pro sits in the number 2 position, that doesn’t mean it is without its warts. A couple months after completing our review, it came to our attention that the popularity of the indicator, and the overall rating on the MQL5 marketplace, is actually misleading. The vendor requests that his clients provide a 5 star review of this service in exchange for a free scanning indicator. Clients are expected to post a positive review, which skews the results and keeps this in the top 10 mt4 indicators list at MQL5. After the client provides proof that they posted the positive review, then the vendor will give them access to a free forex indicator. The most recent comments here on forex robot nation seem to suggest that the system is overrated, and not worth the $100 price tag, which is inflated by false positive reviews.

Sitting at number 2 currently, it’s unsure how long this indicator will remain in one of the top spots available given what we’ve found out.

Price: $99

Client feedback: mostly 5 stars (but inflated by free indicator exchange)

Trading performance: A video, and screenshots, nothing verified or long term

Trading methodology: support and resistance, but lacking detailed insight

Forex gump is another forex indicator sold in the MQL5 marketplace. The main difference between this product, and most of the others reviewed in this section, is that the vendors actually provide the strategy in both indicator and forex robot form. This is a very helpful approach, because it gives the vendor the opportunity to easily provide the community with verified trading results, although much like every other vendor in this market, they fail to do so. The general trading strategy isn’t elaborated on in much detail, but they do tell us that the indicator is based on a high frequency trading scalping approach. The system also includes multiple filters so that traders can adjust the indicator period, but there isn’t much explanation as to how these should be modified in the overall standing of the software.

The one aspect that sets this forex indicator apart from the rest, is the fact that they provide an automated robot with the indicator. The more we analyze this program, the more we see that this is a requirement. They mentioned that they utilize high-frequency trading as the backbone of their strategy, which essentially makes the forex indicator useless, because humans can’t keep up with a high-frequency trading approach. There are just too many trades being opened and closed simultaneously, for a trader to keep up with them all. Thus, the forex robot that’s offered as part of this package, is actually the most important element.

Coming in at the 3rd spot, we feel that the positives still outweigh the negatives, but this isn’t a glowing endorsement by any means. The service belongs in the best MT4 indicators category, but ratings change over time as the markets shift.

Price: $47

Client feedback: under populated, not enough to draw any conclusions on

Trading performance: screenshots, nothing to write home about

Trading methodology: high frequency trading

APA zones is both a forex indicator and educational service that wants to help introduce and strengthen the knowledge of their clients on price action trading. Their program includes training videos, indicators, templates and the community skype room to discuss trading strategy. The indicator is offered by gabriel brand, a sole proprietor located in long beach california. While it’s quite difficult to make your way through the website, and figure out where you should start, it is quite apparent that the developer does have a fair bit of knowledge about price action trading.

While most indicators we review provide buy and sell signals, the purpose of gabriel’s indicator is to “help you maintain consistent analysis of supply and demand and take repeatable trade entry setups.” the packages are organized based on trading experience, so traders with different levels of experience are recommended to sign up with different indicators / products on the website. There isn’t much in terms of trading results, or performance reports, but the service does come across as a legitimate one.

While the majority of the review is positive, this product is still somewhat confusing, and not very popular among the overall forex community, which is why it is currently ranked number 4.

Price: $45-$158/month

Client feedback: three 5 star reviews all from 2016 (activity concern)

Trading performance: no verified trading results

Trading methodology: price action (knowledgeable trader)

Newgen trades is a forex indicator described as so simple “that even an 8-year-old kid could use it.” unlike the other indicators reviewed up to this point, this is not sold on the MQL5 marketplace. Instead, it is developed by a company that claims to have 15 years of experience in the trading industry. They believe that traders should sign up with their service because they have over 500 happy clients worldwide, and boast a 100% customer satisfaction rate. None of these claims are substantiated in any real way.

There really isn’t much positive to say about the newgen trades indicator. The vendor provides no information about their trading strategy, and the same could be said of their lack of trading results. Since the vendor gives us almost nothing to go on, we have to rely on the client feedback, which there has been quite a bit of it in our review. While we are happy to see that the support team did follow up with some of the comments, they were never able to provide any verified trading results. The most recent comment is from a client that claims that the software never worked as advertised, which forced them to eventually ask for a refund.

Sitting in the 5th spot, it’s quickly becoming apparent that even some of the best forex indicators to choose from are flawed in major ways.

Price: $80

Client feedback: mostly negative

Trading performance: screenshots, no verified results

Trading methodology: no strategy provided

Currensys is an older indicator package, that isn’t discussed too frequently, but because it’s built to work with ninjatrader, esignal, and MCFX/multichart platforms, I felt it was important to included on this list. Every single forex indicator covered up until this point has been built exclusively for MT4 or MT5, but if you don’t use that platform, then maybe you would be interested in this forex indicator, even if it is much older.

This indicator collection that provides traders with a signal-based trading method is owned and operated by MVP holdings, located at 30 broad street, suite 1450 new york, NY 10004. They feel that their forex indicator service stands the test of time because they use multiple signal systems simultaneously in order to actively monitor the current market conditions. For detailed information about the strategy, the vendor provides a handful of videos on their website.

One of the strangest aspects of the service, is the fact that the vendor is charging over $1000 for it, when the rest of the forex indicator market is essentially $100 or lower. There’s nothing overly impressive, that suggests to our team that this forex indicator should be much more expensive than its competitors.

Price: $1095

Client feedback: very old, most reviews from 2012/2013

Trading performance: none

Trading methodology: bollinger reversal, and bollinger breakout

Pipbreaker is a highly marketed forex indicator developed by the wetalktrade team. It’s found in multiple best MT4 indicators lists, so we find it’s important to the vendors promising 90-93% success rate with the signals generated from their indicator and advertises it as “the most efficient way to trade manually.” the developers of this indicator are located at 2711 centerville road, suite 400, wilmington, DE 19808. While the sales page is aesthetically pleasing, the vendor provides very little information about their product. The website is mostly promises, flashy images, and a high price tag of nearly $250.

Our review has attracted 11 comments from traders utilizing the software, and the only experiences shared so far have been negative. The majority of the clients claim that the win rate is not realistic, and that the indicator provides too many false signals to be trusted.

Sitting at the 7th spot currently, this indicator doesn’t provide much substance, and hasn’t been able to win over the forex robot nation readers.

Price: $249.99

Client feedback: not performing as expected

Trading performance: no verified results

Trading methodology: not disclosed by the vendor

EFC indicator is a forex trading product that promises to find effective opportunities for its clients in less than 60 seconds. Developed by the trading strategy guides group, they make aggressive claims about their product, saying that it can consistently make over $1000 per week. The indicator is built to automatically detect reversal patterns and take advantage of a 1 to 3 risk reward ratio in order to grow accounts steadily.

The client feedback for the indicator is in the middle of the road. One of the clients claim that they attempted to utilize the indicator for binary options, but was unsuccessful. Yet, when he contacted the developer, they refunded him with no questions asked, which is certainly a good sign. Another commenter echoed his sentiments, which makes me believe that the vendor is a showing some positive signs.

There are no real trading results to go on, as the vendor only provides a couple of different screenshots, of how the system works.

Price: $99

Client feedback: average

Trading performance: no verified results

Trading methodology: reversal based

How do forex indicators work?

The forex indicator is often viewed as a gateway between manual trading and automated trading, because while the trader doesn’t have to do any chart analysis, they still have to place the trade.

Commercial forex expert advisors are very simple to utilize. Traders either attach them to their MT4 or MT5 charts, set the timeframe, the pairs they want to trade, then wait for the trading conditions to be met. Once the condition or rule is met, the trade alert (signal) will pop up on the chart with the instructions. Trade alerts are frequently often sent to the platform, and to your mobile device via SMS or your email depending on if you want to trade these signals on the go.

As we continue to scour the market, we are always finding more forex indicators to review, and as we do, they will be added to this table. The table is nearing 20 reviews, and there are many more to come. Hopefully as we improve our ability to analyze these systems, the vendors improve upon the services they are offering.

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It’s clear that the best forex indicators aren’t the first choice of the forex robot nation team. Indicators almost feel antiquated, in that they serve a purpose, but have been over taken by more successful methods of trading the markets, like the best forex robots tested or best forex signal providers.

While indicators certainly still have a role, and play a very useful role for manual traders. Many of the commercial systems, like the ones listed in this review are lacking in the most important areas. These vendors need to find better ways to prove their systems are viable, with the use of third party statement sharing providers, and sustained trading records.

Thanks for reading our forex indicator breakdown, and look forward to us expanding this into the top 10 mt4 indicators very soon. Please comment or leave suggestions of other indicators you would like us to add to the list.

How to avoid forex trading scams in 2021

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, cfds, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At forexbrokers.Com, it’s our mission to assist you as much as possible with that research.

Most trusted forex brokers comparison

Taken from our forex broker comparison tool, here's a comparison of the must trusted forex brokers.

Feature	IG visit site	swissquote	CMC markets	saxo bank visit site
trust score	99	99	99	99
year founded	1974	1996	1989	1992
publicly traded (listed)	yes	yes	yes	no
bank	yes	yes	no	yes
tier-1 licenses	6	4	4	6
tier-2 licenses	3	1	2	1
tier-3 licenses	1	0	0	0
authorised in the european union	yes	yes	yes	yes

Questions to ask to avoid a forex trading scam

Is the broker regulated?

If regulated, how trustworthy is the regulatory body?

Is the broker offering profits or rewards for opening an account?

Is the broker offering a cash bonus for opening an account?

Is the broker offering automatic trades or signals to guarantee profits?

Is any credible information about the company included on its website, such as company history, financials, headquarters' address, or similar?

If awards are cited, can I verify their authenticity?

If a big corporate sponsorship is promoted (e.G. Athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of city index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading cfds, 2) the company is registered in england and wales and has posted an address, and 3) the company is authorized and regulated by the financial conduct authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, forexbrokers.Com includes a trust score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) if regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at evolve markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading cfds, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in st. Vincent & the grenadines, it is not regulated.

This statement from st. Vincent & the grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

FCA regulated – financial conduct authority – united kingdom – (great)

Cysec regulated – cyprus securities & exchange commission – cyprus (OK)

ASIC regulated – australian securities & investment commission – australia (good)

SFC authorized – securities futures commission – hong kong (good)

MAS authorized – monetary authority of singapore – singapore (good)

FSA authorized – financial services agency – japan (good)

IIROC authorized – investment industry regulatory organization of canada – canada (good)

FINMA authorized – swiss financial market supervisory authority – switzerland (good)

FMA authorized – financial markets authority – new zealand (OK)

Conclusion: double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

3) is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” these claims are a scam, regardless of whether they are being made for forex, cfds, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This wikipedia page on binary options does a great job of summarizing risks related to binary options:

"many binary option "brokers" have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the internet, and prone to fraud."

Conclusion: if a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: in most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the united states, which is for US citizens only, and asia.

5) is the broker offering automatic trades or signals to guarantee profits? Continue reading

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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IG - 76% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

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List of top forex trading sites

With some of the better forex sites, we have listed here with different collection of sites that is usually at the top of all searches as the top 10 forex blogs list and we hope our readers will benefit a lot.

Deposit: $10 leverage: 1000:1

Deposit: $100 leverage: 1:30

Deposit: $50 leverage: 1:1000

Forex factory

This is a forex site which comes along with a predominant forex forum along with a better calendar. Additionally they have a wonderful section that provides updates on the news section for forex

Fxstreet

Fxstreet is a broker who is providing its services featured in multiple languages along with regular outlooks. They do provide aggregated forecasts on the weekly updates and previews for the big events on forex services.

Forexlive

These live sites provides regular and healthy updates on the social platform like over twitter, facebook etc. They are also available for the customers throughout the time. Additionally they bring in the interbank features which impact the forex, regular news updates and many more.

Alphaville

Alphaville is an active blog operated by the financial times that provides excellent analysis into deep mode. They help in understanding the regular and live updates on the forex trading.

Trading NRG

Here they assist in everything to have information that is linked to almost all. Hence it is very important to update the trend of trading commodities like oil, gas, gold and silver. Actually trading energy is the one that performs this works in an excellent way.

Forextv

This is an unusual site that takes part in the growth of the forex trading industry. This also has special provisions of video. Along with this they also provide free video updates on live basis. Hence any forex investments can be made by checking this site.

Netdania

These sites come with an excellent way of interpreting the forex updates. They use charting tools that is being used on many other important sites to provide regular live points on forex trading. Along with fine tuned software, they interpret the active services all over the time.

Currensee

They are the first social network setup for forex that has really made great steps in the year 2010. Along with this, they are experts in providing the regular updates to the forex world in a quick pace now and then.

Fxtechstrategy

The technical analysis covered by the site actually covers the currencies, valuable metals and other commodities using various other technical tools.

Dailyfx blogs

This blog is one of the famous and the widest one that comes with a section for discussion on the forex news and updates.

Compare forex brokers

Forex brokers are the connection between you and forex trading. By using a broker, you can trade currency pairs on one of the most popular trading markets in the world. While there are many available to choose from, all offering many different features, it can be daunting when it comes to choosing the right one to invest with.

The hardest part can be negotiating the sheer number of brokers offering their services across the world. With many based in one country and licensed in another, and offering many different languages, you can spend much of your time just searching through the information available. It can be hard to know where to start, which is why we are here to help.

From checking that a broker has licensing from a legitimate source to checking what features each one offers, there are many factors to consider. Starting with a checklist of what is important to you can be an excellent place to begin. You can then use our extensive research, reviews and recommendations to help you draw up a shortlist of brokers before you decide on the one for you.

In this article, you will learn:

Top rated forex sites

Risk warning: the products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad disclosure: some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

What makes a great broker

First and foremost, the critical requirement for a broker is that they invoke trust. As an online service, this is not always easy. How do you know that you can trust a forex broker with your money? There are several ways to find a company that you can rely on:

Licensing and regulation

This is one of the best ways to assess if a broker can be trusted. A licensed and regulated broker has to adhere to standards and regulations to be allowed to offer their services in a particular country. There are many types of licensing to look out for including cysec (cyprus), FCA (UK) and ASIC (australia).

Ease of using the platform

Is the platform easy to use? Ease of use is high on the list of criteria when choosing a broker. You need to ascertain if they offer an excellent mobile trading experience and that this extends to all types of devices. Look for a compatible app or at least a superb mobile enhanced website.

Bonuses and incentives

If you are new to forex trading, a welcome bonus is an excellent incentive offered by many brokers. Sometimes it takes the form of a no deposit bonus giving you free money to trade with. Other bonuses offered include a deposit bonus which matches up to 100% of the funds that you deposit. This is an excellent way to build your capital or try new assets or trade types.

Free demo accounts

The demo account is high on the list for many traders as it allows you to get to grips with a trading platform before you continue any funds. While trading takes place in a virtual environment with virtual funds, it is a great way to find your way around and learn the ropes.

The terms and conditions, the number of currency pairs available and the education tools are also high on many traders list of requirements. When looking for a great broker, you are looking to ensure that they tick all of these boxes. In addition to this transparency is vital. Sometimes it can be hard to find the information that you are looking for. A good broker will ensure that all the information, including customer support, is easy to find and displayed on their website.

I'll find you an awesome forex site in seconds. Ready to go?

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I'm checking 75+ sites to find your best match.

Ad disclosure: some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Bonus and welcome deals

While a bonus or welcome incentive is an essential factor for many traders, you need to consider if this is important to you? Are you likely to choose your broker based on the bonus that they offer? Now many forex brokers offer bonuses to incentivise people to open an account and make an initial deposit. Once you make a deposit they will often match this or offer a percentage of your deposit as a bonus.

Some brokers go one step further and give you a bonus before you deposit any funds. These bonuses vary significantly between brokers with some not offering one. While some may provide a flat bonus based on a minimum deposit, others will offer a percentage ranging from 10% to 100% of your deposit. A welcome bonus is an excellent way to get to grips with trading as it allows you to trade without risk.

Having these usable funds means that you can get used to trading on the website and make your early mistakes (if any) without risking losing your own money. It is important to note though that once you have received your welcome bonus, you can't just withdraw it. Often you need to trade it a minimum number of times before you can remove it. After the first deposit bonus, many brokers will offer deposit bonuses to incentivise you to keep on trading.

Ideal broker features

The best forex broker sites are all competing for your business in a very competitive market place. Therefore they need to ensure that they offer the best features and incentives for you to trade with them.

For many, the biggest draw is a deposit bonus while for others, it is the analytical tools or whether the platform offers a virtual demo account. Not all brokers offer a free demo account, some will offer them once you have made a deposit, but this is a common feature of a broker as it allows you to get used to trading on the platform with virtual money before you make a deposit.

If you are looking for a broker that offers the best trading platform, then you should check that they offer mobile trading and that you can trade on any device. For many, it is essential to be able to trade on the move whether that be on a smartphone or tablet.

So what are the most popular broker features that most traders look for?

You will have your list of criteria when it comes to making your choice, and once you have made this list, you can shortlist those that offer the features that you are looking for. We provide you with information with a list of criteria already researched and analysed to make the information more straightforward for you to filter.

So what are the most popular broker features that most traders look for?

Finding the best brokers

Whether you are new to forex trading or have a little more experience, finding the right broker can often be the hardest part of your trading experience. Before you even get to grips with spread betting, currency pairs, the various analytical tools, and how to get the best out of trading you are faced with the finding the best broker. There are lots of good brokers, all who offer multiple benefits.

First, you need to decide which of the available features are essential to you. Are you more interested in the bonus than the trading experience for example? While it may all seem like a lot of time and effort to spend researching the various brokers; help is at hand. We have done all of the hard work for you with our team of experts spending their time studying and analysing every single broker. They carry out this research by using their own trading experience to trade with each broker.

In addition to this, our experience of the financial markets allows us to ensure that the brokers we recommend are trustworthy, licensed and regulated and a safe place to invest your money. If we put our name to a broker then it is because we have thoroughly vetted every aspect of trading with them. We then share this information with you enabling you to put together a shortlist before deciding which one to conduct your forex trading with.

Best forex trading courses

Sarah horvath

Contributor, benzinga

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.Com

As the world becomes more and more interconnected and countries begin to rely on imports and exports to keep their economies functioning, forex trading has risen up as a popular alternative to stock trading. Forex traders enjoy the freer schedule that comes along with the decentralized currency market, which forgoes the traditional 9-to-5 schedule on which wall street operates.

Featured course: how to find the strongest forex trends

Build the foundation you need to trade the largest market on earth.

Best forex trading courses:

How to find the strongest forex trends

Forex 101 by benzinga

Asia forex mentor

Traders academy club

Platinum trading academy

Forex trading coach

Stock day and swing trading course by 2ndskies trading

Forex trading using python: basics by quantinsti

“forex trading A-Z” from udemy

Six figure capital

An online course is a great place to start. But which forex courses are worth your time and money? We’ve reviewed some of our favorite online forex courses as well as some tips to help you separate the legit instructors from the scammers.

Characteristics of a great forex course

Though most online forex courses will come along with their own unique teaching method, language choice, or “gimmick” to attract their target market, valuable and educational courses all share these three common characteristics:

1. The instructor keeps the material fun and engaging

Holding a student’s interest is much more difficult for an online instructor to do than an in-person instructor, as online courses must compete for a limited pool of attention with everything from television screens to children running around.

The best online courses use live demonstrations, video recordings, graphs, and other supplemental materials to break up massive walls of text and keep the students engaged.

2. The course is mechanically fully functional

Unlike a textbook, which allows you to flip to the material you need and dive in, online course material requires the instructor to possess a certain level of technical proficiency.

The best online forex courses keep the material up to date and fresh by ensuring that all links work and video clips play without excessive loading times or constant buffering.

Bonus points can be awarded to the courses that format materials for mobile or offer separate downloads aimed at on-the-go learners.

3. The course material is professionally presented

You can tell how much an instructor cares about his or her material by how professional its presentation is.

Keep an eye out for spelling errors, text that’s in an unusual or unreadable font, poor design choices, and material that seems to proceed in an illogical order, as these are all signs that the instructor has not thoroughly proofread his or her material.

If the instructor can’t be bothered to care about the course’s content, how can he or she expect his or her students to?

Our picks for the best forex courses

Based on the criteria above, we made our picks for the best forex courses available on the web at a wide range of price points.

1. How to find the strongest forex trends

Who is it for: beginner to advanced currency traders

Raghee horner loves trading the $5 TRILLION forex market because there’s always a bull market somewhere. And with good reason. Over 3 decades ago raghee cracked the code for finding the strongest trends. In fact, she’s never had a losing year in her entire career.

How does she consistently catch the strongest trends? With her step-by-step trend following formula and her proprietary tools. They allow her to get in during the earliest stages and extract extraordinary gains like: 165 pips in the AUDUSD ($1,650 per contract), 1000 pips in the AUDJPY ($9,200 per contract), and 284 pips in the EURUSD ($2,840 per contract).

Consistent results like that are almost unheard of. And that’s why raghee decided to distill her system into a self-paced online training called forex 101. Now even beginners can discover how to take advantage of these strong trends.

Because of the recent market volatility, there’s been a surge of interest in learning the forex. So for a limited time simpler trading is offering instant access to raghee’s forex 101 course recordings (including her proprietary tools) at a special 60% discount.

2. Forex 101 from benzinga courses

Who’s it for? Beginner to advanced traders

Price: on sale

Congrats! You’ve just landed on the most versatile, comprehensive forex trading platform on the market. Whether you’re just beginning to learn about forex trading or know a little bit about it already, benzinga’s forex trading course can help you learn everything you need to know, from forex pairs, pips and points (the basics) to fibonacci retracements. What’s a forex course without trade examples? Benzinga’s forex course offers AUD/USD sell trades and everything else in between — short selling, support and resistance levels, forex chart patterns and indicators. Don’t miss out on benzinga’s forex trading course at a low price for a limited time.

3. Asia forex mentor – one core program

Who it’s for: beginner to advanced traders

Price: $997

Ezekiel chew the founder and head of training at asia forex mentor isn’t your typical forex trainer. He is a recognized expert in the forex industry where he is frequently invited to speak at major forex events and trading panels. His insights into the live market are highly sought after by retail traders.

Ezekiel is considered as one of the top forex traders around who actually care about giving back to the community. He makes six figures a trade in his own trading and behind the scenes, ezekiel trains the traders who work in banks, fund management companies and prop trading firms.

His highly regarded one core program is considered as one of the best forex trading courses around. One of the modules that are highly raved is the road to millions formula that turned many new traders into full-time traders. It’s a ‘paradigm shift’ ezekiel says. “once you get that, you will change the way you look at trading and making money.”

The unique part of his teaching method? There are no slides, no screenshots, no fluffs but real strategies and actual scenarios that work in the live market.

4. Traders academy club

Who it’s for: beginner to advanced traders

Price: varies on bundle

Traders academy club was designed by vladimir ribakov, an internationally certified financial technician with over 12 years of experience in the forex market. Traders academy club is designed for select community members with a passion for trading forex, cfds and stocks. The course helps you trade at a higher level whether you’re a beginner or experienced trader.Ribakov provides the right tools for traders to:

Avoid common pitfalls

Tap into a sound trading approach

Adopt the technical, fundamental and psychological components of trading

Discover new trading ideas

You can join the private telegram group with other successful traders and learn practical trading strategies under ribakov. Join traders academy club now.

5. Platinum trading academy

Who’s it for? Beginning to advanced traders

Price: based on program

Do you want to become a part-time or full-time trader? Learn to trade with platinum trading academy, an easy-to-use trading system that offers premium technical analysis and personal mentoring. Once you complete the course, you’ll get access to a funded account. You don’t need to travel or go to forex trading seminars or trading webinars — simply attend platinum trading academy’s premium one-to-one financial trading consultations.

You can tap into training for beginners, full-time traders and learn how to comprehensively improve your trading mindset. Start your journey today with platinum training academy.

6. Forex trading coach

Who’s it for? Beginning to advanced traders

The forex trading coach can fast-track your forex trading and help you whether you’re a beginner or not. Andrew mitchem, a full-time currency trader, investor and forex trading coach, developed a system that has makes forex trading profitable.

Ready to learn? You can get there in 90 days. In fact, mitchem claims that rookies are better traders — you’re more likely to progress (and profit) faster than someone with years of experience!

The forex trading coach highlights:

Risk elimination: he shares his “reward: risk” strategy, which delivers profitable trades with a small amount of funds on the line.

Less time trading: this personalized trading method means you can do your daily trading in as little as 30 minutes.

Your trading identity: you’ll learn more about yourself and your trading strategies and philosophies as you go.

Training: your demo account is how you learn not to lose lots of money when you hit the live markets.

Mindset: your mindset matters. You learn how to quickly transform into a proper business.

7. Stock day and swing trading course by 2ndskies trading

Who it’s for: beginner to intermediate traders

2ndskiesforex’s stock day and swing trading course teaches you how to consistently find trade setups and build a profitable edge from trading stocks. You can:

Learn a meta strategy for trading any market or sector

Use trading strategies for day and swing trading stocks

Get access to 2ndskies forex trader webinars

Chris capre, the founder of 2ndskies trading, is the instructor for this course. He’s been trading for 20 years, is a former broker on wall street, traded for a hedge fund and been teaching traders to become profitable for the last 12 years through 2ndskies trading. He focuses on using his extensive trading experience, his training in neuroscience and his strong pattern recognition skills to teach you how to trade stocks profitably.

8. Forex trading using python: basic

Who’s it for? Beginning traders

Forex (FX or foreign exchange) trading is the process of buying and selling of currency pairs in the stock markets. Quantra and FXCM present this certificate course for both beginner and expert forex traders to learn forex trading using python.

In a span of 90 minutes, you stand to learn more in less time with this course. You learn about strategy creation, backtesting, execution, analysis, and risk management. With lifetime access and downloadable codes, this course is a must-have!

So, let's see, what was the most valuable thing of this article: wondering what forex brokers to start with, and where to find the best forex resources? Don't worry. We got your back. Discover the best options here! At forex trading review sites