Best Forex Brokers & Online Trading Sites for Beginners
So, you’re about to embark on the world of Forex Trading and you’re looking for the best forex brokers and the best resources for beginners, right?
We know very well what it means, we have been there.
In this post I dind’t (purposely) insert dozens of brokers or sites.
You don’t need it.
The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).
“Simplicity” is the watchword.
Few sites, few resources, few choices, but of course only among the best ever.
And hey… don’t forget we have our own Forex Market guide for beginners, that will explain with super easy words how this market works. Check it out.
(This post is part of the best fx broker series)
Best Forex Broker and Trading Platforms for Beginners
The first thing you need is a good Forex Broker. Among our personal list of the best forex trading platforms for beginners we have:
You can work through the famous MT4 platform, it offers a large number of resources for beginners, it produces several market commentary videos, and it provides excellent customer support.
Side note: it’s the Arsenal’s official sponsor.
Basically, with eToro you don’t simply open a normal trading account, but you enter directly into a real Social Network, populated only by investors, many of whom are professionals.
You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.
Only thing, you don’t have at your disposal an efficient platform like the MT4, but you can only use the eToro Webtrader, which is still a good product.
SwipeStox is defined the “Tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.
SwipeStox, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.
Basically, being a beginner, you can easily find other traders with whom to share experience and advices.
The main difference is that with Tradeo, in addition to their own platform, you have also the MT4 available.
Best Online Forex Trading Sites and Resources for Beginners
Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.
You need information, and you need top quality.
You won’t find anywhere else on the web a better beginners course as the BabyPips one, called School of Pipsology.
Here you can find everything from the very basics, from what Forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.
If you want a summarized version of the first part of the School of Pipsology, you can consult our guide How Forex market works.
On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the functioning.
Don’t worry, Investopedia has ALL the answers to your doubts. You will see what I mean when you’ll use Google to search for information and you will always find Investopedia among the first positions.
In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.
The ForexFactory Forum is definitely the biggest and most populated one in the world of Forex. Here you can really find some great resources. Sign up and exploit it as much as possible.