In April 2019, the Bank for International Settlements (a worldwide bank for national central banks) reported daily FX trading volume of $6.6 trillion.
Beginners in forex trading should start with a trial account to learn the basics without risking their actual money.
The top forex brokers for beginners all have three things in common:
The broker’s reputation as a well-regulated and trustworthy brand is crucial. (2) An accessible online platform with a wide range of instructional materials. Third, credible market research is available.
As part of our 6th annual broker evaluation, we spent hours setting sample accounts, browsing forex platforms and mobile applications, researching the market, assessing website usability and attending instructional seminars and videos.
What is a forex broker?
Forex traders purchase and sell currency pairings like “EUR/USD” (euro/dollar).
You establish an account, deposit money, and then trade currencies on the broker’s trading platform. The FX markets are open 5 days a week, 24 hours.
Is forex trading good for beginners?
Whether forex is right for you depends on your financial situation, your ambitions, and your level of investment expertise.
Overall, newbies should be cautious, since most forex traders lose money.
Beginners should first understand about the hazards of FX trading. Educate yourself before trading with real money using online FX brokers.
You can learn the programme for free.
OANDA
OANDA offers currency trading information, tools, and services. Currency converters, trip exchange rate converters, and currency tables are all useful converting tools.
Each tool lets you choose the language, currency, and date. The service also offers easy worldwide money transfer facilities and dependable exchange rate subscriptions.
In addition to a wide range of financial products, OANDA provides a great desktop trading experience. Rapports on Productivity.
OANDA offers a well-organized website with a declared purpose of openness, a focus on customer education and research, different user interfaces, and worldwide regulatory monitoring.
Depending on the area, OANDA provides varied levels of account safety. Except for US customers, OANDA Corporation does not provide any such safeguards.
6 “Premium” accounts demand a $20,000 minimum deposit and provide unlimited free wire transactions.
Is OANDA a good forex broker?
OANDA is a prominent US FX broker in terms of client money. OANDA allows US customers for forex exclusively and is regulated by the CFTC, NFA, and FCA (U.K.). OANDA provides excellent desktop trading and research tools.
OANDA Review
Pros
OANDA is one of the few worldwide online forex brokers that welcomes US customers.
The CFTC has approved OANDA Corporation as an FCM and RFED.
The Financial Services Compensation Scheme provides extra asset protection up to £85,000 for customers of OANDA Europe (FSCS).
fxTrade is a great trading platform with plenty of useful tools and information including Dow Jones FX Select news and calculators.
Also, OANDA’s desktop and web-based systems now include TradingView, “an innovative financial visualisation tool.”
Cons
Negative balance protection is not available to US customers. OANDA does not provide GSLOs to US or UK customers.
This leaves OANDA with a far smaller CFD offering than its rivals (55).
