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Forex trading platforms reddit

Forex trading platforms reddit


forex trading platforms reddit

/01/01 · #2: Forex Trading Platform. The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to 4,9/5 MetaTrader 4. MetaTrader 4 (MT4) is the most popular retail platform for currency trading. MetaQuotes created the trading platform in and has over 85% penetration from worldwide forex brokers. 55% of retail forex traders used the platform in based on Finance Magnates blogger.com on awards, it’s considered the best forex platform Welcome to blogger.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! We also have one of the largest forex chatrooms online! /r/Forex is the official subreddit of blogger.com, a trading forum run by professional traders



Top 25 Best Forex Brokers in - Recommended √



Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets. You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market.


And, forex trading platforms reddit, you need to work forex trading platforms reddit the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the forex trading platforms reddit forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Main Parameters to be Checked for Identifying the Best Forex Brokers:.


It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as Commodity Futures Trading Commission CFTCNational Futures Association NFA and Financial Conduct Authority FCA in UKamong many others.


This is because regulated brokers are forex trading platforms reddit reliable forex trading platforms reddit their non-regulated counterparts.


The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate, forex trading platforms reddit. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable, forex trading platforms reddit.


Customer support is a key aspect that you need to evaluate. Best Fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher.


Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.


Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects forex trading platforms reddit above and those that are discussed below suit your needs.


The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others.


Further, it makes sense to go through all other written policies in detail. Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:.


Do they offer fixed or variable spreads? What is the average and maximum spread for the currency pairs that you are planning to trade? What spreads are offered when the volatility is very high? Do you have to pay any commission for each trade apart from the spread? Before buying a car, forex trading platforms reddit, you always forex trading platforms reddit for a test drive. Similarly, look for forex brokers that offer demo accounts.


This helps you to open a practice account. You can try out their platform and find out for yourself as to which of the shortlisted brokers is best suited to your requirements. Most brokers offer practice accounts these days. Online forex brokers often try to snatch business through promotions. Do not fall prey to their sales gimmicks. Best forex brokers would never make unbelievable and unachievable promotional offers.


It is true that cash and prizes form part of the game, but they should be reasonable. Another aspect to look for when evaluating online forex brokers is the educational services offered by them.


This helps you to master the art of forex trading. Brokers that provide you with a variety of educational tools for assisting you in assessing the Forex market are the best forex brokers to work with. Obviously, the former typically operates under regulations stipulated by a forex regulator. Regulated Forex brokers must also be fully licensed and registered in their country of operation, unlike their non-regulated counterparts.


Of course, the role of regulation in Forex market cannot be underestimated. Regulation ensures that all players in this booming industry are strictly supervised. This way, merchants are protected from the many unscrupulous traders out there looking to swindle them off their hard earned money. To expound more, here are the main reasons why expert traders prefer regulated brokers:. That being said, the credibility of any Forex broker is greatly enhanced if the company is regulated by the relevant agencies.


Remember that all regulated forex brokers are mandated to follow some strict rules put in place by their respective forex trading platforms reddit bodies. Furthermore, their forex trading platforms reddit bodies expect them to regularly present a copy of their audit report. Getting compensated in case of any unfortunate scenario is arguably the best reason why most expert traders opt for regulated brokers.


With most regulated brokers, you can rest assured that all your hard earned money will be refunded in case your brokerage firm goes down, forex trading platforms reddit. For example, forex trading platforms reddit operating under CySEC are required to remit their contribution to the ICF Investor Compensation Fund.


This pool of funds is to help settle any form of customer claims in case of any eventuality. In this case, forex trading platforms reddit, most regulated brokers are always competent enough when dealing with technical support or account issues.


In addition, they are very helpful and kind during the whole account opening process. Any reputable Forex broker will allow their merchants to make deposits and withdrawals without any hassle. All they have to do is to facilitate the platform to make it convenient enough for you to trade. Most regulated brokers are mandated by their respective regulatory authorities to provide their clients with the latest, powerful, forex trading platforms reddit, and easy-to-use trading platforms.


In fact, most of their platforms will readily provide you with all that you need to begin trading immediately. It forex trading platforms reddit without saying that regulated brokers also offer their clients free demo accounts to help them sharpen their skills before going live.


All over the world, governments are struggling to deal with issues concerning money laundering. Some of them have even gone ahead to pass very strict anti-money laundering laws. So to be on the safe side, you should always trade with a regulated broker. Most regulated Forex brokers will ask you to provide some of your personal identification documents such as proof of address and photo ID, forex trading platforms reddit.


To sum it up, regulated Forex brokers are always the best as well as the safest option to trade with. This is because they are always ahead in terms of legality, security, and safety of your funds.


All in all, you can manage your risks better if you opt for a regulated Forex broker. The foreign exchange market, also known as currency market, is a universal decentralized market that provides traders an opportunity to trade currencies.


It is a market which incorporates all aspects of buying, selling, and exchanging currencies at the present-day or determined rates. There are different kinds of forex brokers that you can choose to trade forex with. However, though all the brokers in forex are intended to provide a similar basic solution, the way they operate behind the scenes is different.


Different types of brokers have varying techniques of operation, and the specific broker you cooperate with forex trading platforms reddit significantly determine your success rate as a forex trader. Here are some crucial factors that will enable you determine which broker between a true ECN and STP broker is the best one to trade forex with:, forex trading platforms reddit.


True ECN i. Electronic Communications Network brokers operate without their individual dealing desk. These brokers provide an electronic trading platform where professional market makers at monetary organizations such as banks, and other online trading participants including traders can enter bids and offers through their particular systems. STP i. Straight Through Processing brokers are brokers without a dealing desk also.


These brokers apply some of the techniques utilized by market makers to provide their particular clients with trading conditions which are more flexible. By STP brokers hiring some of the tactics of market makers, they are able to bypass the limitations connected to trading exclusively within the interbank market.


True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.


True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided, forex trading platforms reddit. Though true ECN and STP brokers can add markups when necessary, they cannot in any way take it further down than the amount provided. On true ECN accounts, as a trader you will be required to pay a fixed commission to open and close trades. The Spreads offered on true ECN accounts are determined by the rates of liquidity providers.


When using STP accounts as a trader, you will not be required to pay any commissions. True ECN brokers cannot trade against their specific clients to bankrupts themselves. If you are a forex trader, trading with a true ECN broker means you are guaranteed of price rates that are similar to those of the interbank market. As a trader utilizing the trading account of a true ECN broker, the broker will be accountable for any dues with liquidity providers should your account read negative as a result of any reason beyond their control.


Dealing with a true ECN broker will require you to pay rollover fees and commission at times.




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forex trading platforms reddit

MetaTrader 4. MetaTrader 4 (MT4) is the most popular retail platform for currency trading. MetaQuotes created the trading platform in and has over 85% penetration from worldwide forex brokers. 55% of retail forex traders used the platform in based on Finance Magnates blogger.com on awards, it’s considered the best forex platform Choosing Trading Platforms Just out of curiosity would anyone here ever trade with a platform other than MT4/5 if the commissions/spreads were good enough? I don't personally use EAs and see some brokers will offer better commissions and spreads on non metaquotes platforms It is necessary to select the right trading terminal while trading currencies online. Those who want to know more about Forex trading platform can visit #blogger.com that will

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