Best Forex Trading Platform For Beginners

This is probably one of the most important choices you will make when your starting out on your Forex trading journey, which is selecting a trusted, regulated and reputable online broker. And you may ask, what do qualities do I look for before choosing a broker to trade Forex?

We believe there are six main factors to keep an eye on when thinking about which broker to sign up with. Ekzaga was solely created to have information accessible on top forex brokers at your fingertips and making an online broker selection easier. Read more for what we call the “Six Points” when looking for the best forex trading platforms.

'SIX POINT' Rule OF FOREX IN THE WORD

Broker Regulation

Is important to know by whom the broker is regulated because if it’s not regulated by any licensing authority, it is definitely not a trusted Forex broker under any circumstance. This is one of the most researched terms when choosing a forex broker.

The Majority of Top Tier Forex brokerage firms as we know are regulated, e.g. the FCA (Financial Conduct Authority) which regulates XTB UK brokerage offers compensation to traders that have deposit amount up to £50,000 in the case if the firm was to go through liquidation. A Client's Safety of deposited funds is a critical factor when choosing the best online brokerage. All FCA regulated brokers guarantee that all their client funds are pooled in segregated accounts to their own funds for deposit protection and client peace of mind. Although the Cysec (Cyprus Securities and Exchange Commission) and ASIC (Australian Securities and Investments Commission) regulate brokers that are established in their own domain they are highly respected and have the stamp of approval by industry professionals. Markets.com broker is regulated by Cysec and Pepperstone Broker by ASIC. These are amongst a few that are regarded as the best forex brokers for beginners

The ‘Spread’ Alert

It’s fundamental to have information about spreads when analysing any currency trading platform.

‘Spread’ is the difference in pips between the BID price and the ASK price quote (also called buy/sell) in a currency pair like the EUR/USD.

It is necessary to understand that the ask price needs to be higher than the bid price all the time, and that difference is banked by the broker, obviously as a profit. That is the main reason why the spread has such a significant impact on your work as a Forex trader. As a trader, you want to bank as much profit as possible and depending on what strategy or style you trade what spread you have to pay out to the broker is very important. For example, If you execute many traders or plan to have many open trading positions then one pip or two pips spread difference could literally mean saving pounds per trade. Obviously, this is incumbent to the size of your trades, one pip spread on a standard lot trade (100k) will mean the difference in ££s to one pip spread on micro lot trade.

Basically, the spread is nothing more than the cost of each one of the transactions performed by you as a trader in the market; of course, the cost varies from broker to broker.

All spreads quoted below for each broker are fixed spreads. of all Trader In The World

It is also fundamental to search for the overnight carry rate and swap rate analysis when choosing a trusted forex broker. For those who-who are in search for Swap Free i.e. Overnight Interest-Free Accounts (see Islamic Broker Accounts) where your broker will not charge Interest fees for having overnight open trading positions. This applies to Swing Traders and Long-term Position traders that must consider and factor this into their trading. Swap Free accounts were originally designed by brokers for traders who were are not permitted to trade Interest related products due to religious beliefs e.g. Muslims of the Islamic religion. Traders who Scalp or Day Trade the markets should not be concerned by Swap free as all their positions are lissquidated within the trading day.

And the swap rate is nothing more than the rate of fixed leg of a swap as unwavering by its specific market and the parties involved.

Customer Service and Client Support. in 2019

When customer service is available in more than 15 languages, it means that they are to be trusted. That is a sure sign that you’ve found a diversified and globally recognised online trading platform for you. XTB, XM and Markets.com are known for covering customer support with a broad number of languages.

Depending on what type of account you open and the amount of funds you deposit the majority of broker of one to one personal dedicated account manager. Normally, a dedicated manager is always good to have when you have issues with adjusting to a platform, issues with depositing funds or withdrawing funds, resolving queries regarding spreads, fees or even commission on trades.

A dedicated account manager is normally assigned when you sign up to a standard account, VIP account or deposit a certain amount this varies from broker to broker. It’s not integral for having a dedicated account manager as pretty much all brokers listed on ekzaga.com have an informative step by step help section on their platforms for their users. In terms of client interaction, the majority of brokers can be contacted by standard e-mail, telephone and online live chat.

They are best platform in 2019

Use of Platforms

The Interface/terminal platforms used by every Forex broker to execute trades differ from each other. Some forex brokers have their own designed platforms or even their own accessible MetaTrader 4 or MetaTrader 5 platform (most popular forex and commodity trading platforms for beginners). 

Here are some of the most known in the market:

MT4: MetaTrader 4 is one of the most famous platforms, widely used in foreign exchange. It owns web and Mobile Trading Apps support. The simplicity of using the interface makes it the best place to start for any beginner forex trader.

MT5: The MetaTrader 5 is the successor of MT4 and has the same functions as MT4, but better.

cTrader: The cTrader platform is a well-known trading platform that owns an excellent take profit and stop losses system, varying chart time frames, and a different and new interface.

Brokers such as XTB and Markets.com have their own award-winning platforms xStation5 and eToro webtrader. They have unique indicators and have some additional unique features than your standard MetaTrader 4 platform.