Currency exchange has been done in the world for centuries. And the international forex market is huge, it is, in fact, the largest market in the world when it comes to the volume of trading. Forex trading becomes specifically important for the companies that provide import or export services. But it does become difficult to understand this whole concept and here we are providing you all the information that you are going to need when you decide to go with Forex trades at any of the top 10 best online Forex trading platforms that are listed below. But before diving right into the details of forex platforms, let us take a look at what the real concept is.
What is Forex?
Forex is basically the foreign exchange market which is a platform where currencies are traded. A currency exchange is crucial in order to conduct a foreign trade and business. And because of this necessity, it is the largest and the most liquid financial market in the world.
One of the very unique features of this international market is there is no central marketplace for the exchange, the trading is carried out electronically through computer networks between the traders from around the world rather than on one single centralized exchange.
What are forex platforms?
Years ago, only the large institutions were allowed to trade currencies, but after the introduction of the forex trading platforms also known as forex brokers individuals also have got a chance to invest and increase their money with these trading company. A forex platform is basically a company that provides a stage for the individual who would want to engage in a speculative trading of currency. This kind of forex trading is also known as retail forex trading.
There are a number of options offered by the forest trading platforms like downloadable, web-based and just a few years ago mobile trading platforms came into the limelight. It all comes down to your convenience.
How to choose the right Forex platform?
There are numerous online forex trading platforms. Selection of the best online forex broker is not always easy, this is because most of these platforms seem to be spectacular. There are many factors that determine which of the forex trading platforms are reliable and trustworthy, some of which are given below:
· Licencing: The key word here is a legal aspect. You must never trust a forex platform that is not licensed and regulated. You might come across platforms that might look tempting but don’t trust a company without proper certifications. Different countries have got different legislations and standards that are applied to forex platforms and their operations.
· The market spread: Forex platforms allow you to trade the currency pairs you like and make the profit. But keep in mind that they also have to make a profit as well. Although most of them do not charge a fee they make their profit via market spread. The spread is basically the difference between the two positions, which are bid ( buy) and the sell (ask). Higher spreads also allow the brokers to make larger profits but that is usually less favorable for the traders. The spread percentage is crucial and if you are looking for a good forex platform make sure that you select the one that offers lower spreads.
Top 10 best online Forex trading platforms:
Here is the list of top 10 best online forex trading platforms.
1. Saxo Bank
The pricing that they have is competitive and have a vast range of markets. They also have multiple regulatory licenses and very innovative trading platforms that provide forex traders around the globe and is an all-around excellent offering. We recommend it as one of the best online Forex trading platforms.
This is one of the best and trusted trading platforms. It offers traders more than 15000 products across the multiple asset classes including forex, bonds, cryptocurrencies and much more. This trading platform is at the second position in our list of top 10 best online Forex trading platforms.
3. CMC Markets
CMC Markets is also one of the best online Forex trading platforms in 2018. It was founded in the year 1989 and has also become one of the leading retail forex and CFD brokerages. They offer a competitive pricing with an average spread on the EUR/USD as low as 0.7 pips and typical spreads of 0.772 pips. Because of the low spread offering, CMC Market is one of the best in class.
Here is at number 4, Forex.com which we have included in the list of top 10 best online Forex trading platforms. GAIN Capital is this firm’s parent company. This is also one of the largest forex brokers in the country and provides services to the global forex traders of all of the experience levels. It also offers numerous platforms including FOREXTrader PRO, web trading and the popular meta trade4 platforms that are developed by Meta quite software corporation.
This best online forex trading platform offers a reliable execution on the web. You have the choice to choose from a range of majors, minors, and exotics. You can also trade cryptocurrencies Bitcoin and Ethereum without a digital wallet.
6. Trade FX
This platform helps to customize layout so that it suits your preferences. They have a fast, reliable execution with the web platforms. You also have the option to go for their automated trading and analysis with MT4 and ProReal Time.
This is an easy and trustworthy platform to go for especially for beginners. You have the option to get access to Trade Architect trading platforms as well as mobile trading apps, with a straightforward pricing and there are no hidden charges.
This company has been there since 2002, the Place trade Financial’s trading center includes tools, widgets, videos, apps and various investor education courses.
This Forex trading platform offers walkthroughs and strategy sessions, a library of instrument guides and also trading. They also have a calendar of events that will help you to understand how to read quotes and place trades.
10. TradeKing Forex:
This is one of the best online forex platforms since 2005, it also offers a nice glossary and FAQ section that will solve all of your queries. They do have an education tab that will teach you the basics of technical analysis and fundamental analysis. Many fee-based training courses are available as well.
So these were the top 10 best online forex trading platforms that are popular in currency trades. The popular trading platforms have been provided with more valuable information that is going to help you in making a decision regarding the forex broker that you might be making use of the services in future.