The forex market is the largest and hottest market right now as it is open 24 hours a day and five days a week. The way forex works is that you speculate whether one currency pair like EUR is going to go up or down against another currency pair like a US Dollar. However, forex trading gets more complicated once you get down to it. If you are new to the market, you have to keep a few things in mind to help you gain an edge.

On top of learning to trade against the best currency pairs, you must know how to choose from the best Forex brokers. In this article, I am going to highlight the four best forex brokers platforms for beginners so that you know where to start.

eToro

When it comes to forex trading, eToro is clearly the winner as it offers users one of the most user-friendly platforms. With an overall trust score of 93, it is regulated under two-tier jurisdictions, which makes trading through the platform much easier. A feature that is unique to this platform is called Popular Investor status, which allows traders to gain certain benefits such as lower fees and trading incentives. With a 24-hour running customer service and support of 16 languages, you should definitely consider eToro.

Forex.com

It is another good trading platform that relies on providing fast, reliable, and efficient trading services to its users. The platform offers some of the finest financial instruments with low spreads and commission costs that is fit for high-volume trading. The platform is very secure as it has two-factor authentication and biometric authentication for its mobile app. It uses military-grade encryption, which is technically impossible to breakthrough.

Interactive Brokers

Interactive brokers is one of the most sophisticated and technical platforms out there, which offers one of the best tools and a large number of currency pairs for tracking trends. While this platform might be a bit complicated than the rest, if you learn to master it, you will have a lot of success in your trades and grow your investments at a fast pace. However, one thing you must keep in mind is the fact that the platform is highly competitive. If you don’t plan to do day trading, interactive brokers is not the right fit for you.

Longhorn FX

While all of the above brokers offer a lower trading fee through their platform, but you have to remember that fee isn’t the only thing that you should keep in mind when choosing a platform. Most platforms trick their users by offering low fees and then taking profits in other ways like larger spreads, but longhorn FX isn’t one of them. It is one of my personal favorite brokers to go for as it is upfront about everything from fees to the commission. Not only can you easily trade through their platform, but you also get the benefit of high liquidity, which gives you an edge.

By Russell Fenton

© 2021 Copyright Russell Fenton - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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