It was estimated that daily foreign exchange trading volume reached $6.6 trillion in April 2019 by the Bank for International Settlements (a global bank for national central banks).
If you’re new to forex trading, you should start with a demo account so you can learn the ropes without putting your real money at risk.
The best forex brokers for beginners all have three things in common: they are easy to use, they provide a wide range of trading options, and they are transparent.
The broker’s image as a well-regulated and dependable brand is critical to his or her success. An easily navigable online platform that offers a diverse selection of educational resources.
Third, there is legitimate market research accessible to you.
Our 6th annual broker review required us to spend hours setting up sample accounts, perusing forex platforms and mobile apps, studying the financial markets, evaluating website usability, and attending educational seminars and videos.
What is the definition of a forex broker?
Forex traders buy and sell currency pairs such as “EUR/USD” (euro/dollar), which stands for euro/dollar.
You open an account with the broker, make a deposit, and then trade currencies using the trading platform provided by the broker. The foreign exchange markets are open 24 hours a day, five days a week.
Are there any advantages to forex trading for beginners?
Whether or if forex is a good investment for you is determined by your financial circumstances, your goals, and your degree of investing experience.
In general, newcomers should exercise caution since the vast majority of forex traders lose money.
Beginners should first get familiar with the risks associated with foreign exchange trading. Learn as much as you can before you start trading with real money using online FX brokers.
OANDA
OANDA provides currency trading information, tools, and services in the form of a web-based platform.
All of these converting tools, including currency converters, travel exchange rate converters, and currency tables, are quite handy.
You may customize each tool by selecting the language, currency, and date. In addition, the business provides simple international money transfer capabilities as well as accurate exchange rate subscriptions.
Additionally, OANDA offers a fantastic desktop trading experience in addition to a vast choice of financial products to choose from. Productivity discussions are held.
In addition to a well-organized website with a proclaimed objective of openness, a focus on customer education and research, a variety of user interfaces, and international regulatory monitoring, OANDA also provides the following services:
OANDA offers several degrees of account security according on the location in which you trade. Except for consumers in the United States, OANDA Corporation does not offer any such protections.
There are six “Premium” accounts, which require a $20,000 minimum deposit and provide unlimited free wire transfers.
Is OANDA a reputable foreign exchange broker?
In terms of customer money, OANDA is a well-known foreign exchange broker in the United States.
OANDA is a forex broker that only accepts clients from the United States and is regulated by the CFTC, the NFA, and the FCA (U.K.). OANDA’s desktop trading and research capabilities are among the best available.
Pros of the OANDA Review
OANDA is one of the few online forex brokers in the world that accepts clients from the United States.
The Commodity Futures Trading Commission (CFTC) has certified OANDA Corporation as an FCM and RFED.
Customers of OANDA Europe may benefit from additional asset protection of up to £85,000 under the Financial Services Compensation Scheme (FSCS).
With lots of handy tools and information, such as Dow Jones FX Select news and calculators, fxTrade is a fantastic trading platform with which to trade.
Additionally, TradingView, “an innovative financial visualization tool,” has been added to OANDA’s desktop and web-based trading platforms.
Cons
Customers in the United States are not eligible for negative balance protection. Customers in the United States and the United Kingdom are not eligible for GSLOs.
As a result, OANDA has a far lesser CFD offering than its competitors. Z z
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