Thanks to the technological advancements, Forex trading is now on the palms of your hands; you just have to know which are the best platforms to trade.
Over the last couple of decades, technology has seemingly made almost everything accessible to the masses. Fintech has done the same to financial institutions – from banks to payment gateways to financial trading platforms. With just a functional computer or smartphone, and a reliable internet connection, you can now trade on stocks, indices, bonds, commodities, forex markets, and many more.
Anyways, online is now filled with many platforms that allow you to trade currencies with a few fingertips. But, not all the platforms are the same in terms of reliability, professionalism, safety, and security. In fact, there are some platforms that are outright scams. So, if you are a trader just starting out in the world of the forex market, you should first know the platforms that you serve your interests the best in the most regulated ways.
Considering its importance, some financial experts from en.meteofinanza.com have done their research about the best trading platforms and provided their opinions on it. As a result, the two brokers for online forex are eToro and IQ Option.
eToro: Best for social trading
If you are a beginner trading in the currency markets, eToro is a brilliant platform to learn by doing it. You can open a demo account and trade with demo money to have a better understanding of the markets. However, the availability of demo trading is pretty common in various online trading platforms. What makes eToro extra special is that you can do so while learning from the professionals.
Thanks to their brilliant social trading features, you can communicate with the other traders and seek their advice, ask and share the latest information, and get an in-depth understanding. The platform also allows newcomers to copy the trade of some selected experienced traders to take advantage of their knowledge and know-how to hopefully earn some profits. eToro is regulated by CySEC, FCA, and ASIC among others.
In addition to forex trading, you can also use the platform for CFD (Contract for Difference) and cryptocurrencies trading. Their minimum deposit is $200.
IQ options: Best for user-friendly interface
IQ Options is another online trading platform based in Cyprus, and thus, regulated by CySEC. They allow traders to trade in multiple devices, with or without the dedicated software. Which means you can effectively trade currency pairs using internet browsers.
Among its many benefits, the things that stand out the most are the platform’s array of technical analysis tools, attractive graphical layouts, and plenty of historical data. It also requires a deposit of just € 10, making it one of the most attractive choices for beginning traders. Like eToro, they also have the option of a demo account that lets you trade without using actual money. It is also a good idea to test out the platform, as the virtual account is free.