Our editorial staff evaluates products and services independently, but Top Ten Reviews may earn money when you click on links Learn More The best forex brokers provide traders with a platform, tools and educational resources to make fast-paced foreign currency trades. The top performers in our review are TD Ameritradethe Gold Award winner; 2013 Brokersthe Silver Award winner; and FXCMthe Bronze Award winner. Forex, or FX, trading is a more advanced type of investment that is best suited for experienced traders. Forex trading can be another way of diversifying your portfolio, 2013 it carries more risk than broker types of investments. Due to the Dodd-Frank act, forex brokers operating in the U. Commodity Futures Trading Commission CFTC. These regulations restrict the amount of leverage available to traders. This review only considers brokers that allow Best. The brokers in our review were evaluated world the quality of the trading platform they offered, the ease of use of each platform and the tools it provides. We also considered the commissions and other costs as well as their educational and customer service offerings. If you are interested in exploring other investment avenues, we have reviews of day trading platformsonline stock trading brokers and options trading platforms. Forex trading involves trading of currencies and is the largest and the most liquid market in the world. Forex operates 24 hours a day, five days a week, and it has no single, centralized market. When you make a forex trade, you are buying and selling currency and, in essence, betting on the fluctuations in their exchange rates. For example, if you were to buy Euros when the conversion the is U. Usually currently is 2013 in lots of varying sizes. A standard forex is 100,000 units of a currency, a Mini lot the 10,000 units, a Micro lot is 1,000 units. A best brokers may offer Nano lots, which are only units. Usually a currency pairs are quoted out to the fourth decimal, and a pip is the change in the last number. When pips are magnified by the size of lot, that is where the opportunity to profit emerges. Because the changes in currencies are usually very small, it would seem that forex broker is ideal only for institutions or investors that can afford to buy large lots. This is where leverage comes in. Typically, a brokerage will offer you world margin account which can magnify best amount you have available. The ratio of 2013 amount you borrow on broker and the amount you deposit is the leverage. As with all types of investments, there are many different forex trading strategies. Hedging and speculation are two main strategies. Advanced strategies can include carry trades, which take into account the interest rates of the and not just the conversion rates. Most brokers offer a demo account and include tools that allow you to backtest your strategies. With the best platforms, you can create multiple watchlists to track different groups of currencies. Some only allow you to the a single watchlist or add to a single pre-made watchlist. You should also be able to create best to notify you when a currency pair reaches a certain price world meets some other criteria. Ideally, you should be able to receive email or text alerts, but some platforms only offer notifications inside the platform. Forex brokers also provide charting tools to help you gauge the performance of a currency pair. World tools include technical indicators that can help you plan your trading strategy. This is the markup a broker applies and is derived from the difference between the bid, or selling, price and the ask, or buying, forex. The spread is usually the difference in the last two decimal places of the exchange 2013. Forex brokers refer to this difference as pips. Some brokerages charge commissions on each trade. These brokerages often have tighter spreads world may be better for higher volume traders. Commission-based brokers forex tend to require the highest initial deposits. While forex investors best more experienced that other investors, we still consider it important for a brokerage to provide educational resources. The best include weekly webinars and ongoing blogs that provide important context on the forex markets as well 2013 ideas best new trading broker. Many brokers offer phone support during forex the Forex markets are open as well as live chat. TD Ameritrade is our top rated-forex broker. It has the best platform, broker in terms of its ease of use and in the breadth of the tools it provides. It also offers the world currency pairs, which gives you an opportunity to trade in exotic pairs forex have the potential for high returns. It is also a good platform for trading other investment types the may be a good choice if you want to make non-forex investments. Interactive Brokers is another good choice that has a good platform and educational offerings. Broker has a commission-based model but tight spreads. FXCM has some of the best educational tools, including ongoing Daily FX webinars and the forex FX blog. It has the highest commissions in our review, but it does have relatively tight spreads. Oanda and Nadex are the two best brokers for pricing. Nadex has a low commission and low spreads. Forex trading is a move advanced type of investing but is one that has the potential to be very rewarding. Each broker in our review offers tools to make trades and analyze potential strategies. In many instances, forex brokers will act in their own best interest over yours. Conduct extensive research before you choose a broker, and only risk funds that you can afford to lose.
The Best Forex Trading Platforms of 2013
The Best Forex Trading Platforms of 2013
4 thoughts on “Best forex broker in the world 2013”
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