Article by: https://www.cmcmarkets.com
The Best Forex Brokers for Beginners
Individuals who are interested in forex trading and have a rough idea regarding how it works will be surprised to learn that there’s so much more to learn. Success in Forex Trading will require you to seek the services of a forex broker who is equipped with the right set of educational tools that will be instrumental in moulding you into a competent online trader. While it might be tempting and exciting to quickly get some experience trading on platforms offered by industry leaders, it’s better to get a thorough understanding of what you are doing beforehand. The following is a compilation of US-based brokers that have proven themselves as being the best firms to work with in case you are starting out.
What TradeKing Forex brings to the table is a wealth of information that will not only answer your questions but also highlight issues you never considered before. The rich Frequently Asked Forex section features many relevant questions and comprehensive answers that make it a vital resource for beginners as they get to receive a more wholesome learning experience. In addition to the resources found in the education tab, TradeKing Forex also offers a premium education program for individuals who would want a more personalised learning experience.
CMC Markets strives to provide you with a wholesome training experience that covers all aspects of forex trading. For starters, CMC Markets possesses a wealth of information on their website in the form of both text and video that break down the complex aspects of the forex trading for you to understand. The educational materials available extensively address how to develop strategy and the principles that underpin technical analysis and fundamental analysis. Beginners also receive practical experience on an award winning platform that allows them to open a demo account for free so they can finally put their skills and learning to the test.
Place Trade Financial
Place Trade Financial offers an educational package that brings in all the educational tools you’d expect to find. The only difference is they spare no expense to make sure they are beneficial and relevant. The resources on offer include videos, widgets, apps and trading courses. This insistence on a thorough understanding of what you are doing is important because there’s no practice account on this platform. Beginners will therefore have to make do with the resources on offer.
The best qualities of this broker lie in its webinars and newsletters. The webinars can be accessed either live or recorded depending on one’s preferences. You also have the option of watching their workshops or involving yourself in the active blog that they run. Once you feel like you’ve gotten sufficient information and would like to try your hand at trading, OptionsXpress will give you $25,000 in virtual cash. This money will be sufficient enough to allow you make your mistakes, learn and grow.
TradeStation Group has been an industry player for a long while now given they’ve been active since 1991.Your learning process will involve moving up through a hierarchy that covers all aspects of Forex trading. The lowest level is TradeStation basics – an introductory level that features all the important tips every prospective trader needs. If you want a more personal touch, then you can always sign up for their fee-based programs. They provide plenty of learning resources that include both text and video that will be invaluable in your quest to make more money in the long run.
Unlike other forex brokers, Thinkorswim take a different approach in its training approaches. The educational program has been structured in a way that allows you to develop unique insights the more you learn. This approach is meant to stoke your creativity now so that you’re self-sufficient in the future. The program is also detailed in order to ensure that you’re completely comfortable with their trading platform so you’ll be able to use it to maximum effect. You also have the option of receiving more insights from their ThinkMoney magazine.
Interactive Brokers Limited
In addition to the standard webinars and apps one would expect to find in an established forex broker, Interactive Brokers Limited also offer very robust discussion forums that break everything down in forex trading for rookies to understand. More often than not, the discussions feature many experienced traders who point out the many mistakes made by beginners out of ignorance. These discussions also open the door to networking for the users involved.