3 Best Broker Forex Trading Platform for Beginners
In recent times, forex has become an investment instrument favored by many people. Especially now that there are many forex trading applications that are easy to use even for beginners.
Forex or foreign exchange is an activity for buying and selling foreign currencies from various countries. The profits that can be obtained are also quite tempting, besides being able to start with small capital, the liquidity of this instrument is also high.
Then what are the forex trading applications that are easy to use by beginners and guaranteed security? Here are some recommendations for you.
1. IG
Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2022.
2. Saxo Bank
For traders who can afford the steep $2,000 minimum deposit (GBP 500 for the U.K.), Saxo Bank offers fair pricing, excellent trading platforms, phenomenal research, reliable customer service, and over 40,000 instruments to trade.
3. CMC Markets
CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably low pricing, nearly 10,000 tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.
Which broker is the best for forex?
IG takes first place in our 2022 Annual Review as the best forex broker, with 100 available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.S., in addition to nearly a dozen global licenses — making IG one of the most trusted brokers.
What does a forex broker do?
A forex broker is a company that is licensed (or considered exempt) by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone (known in the industry as voice broking). A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions. It's important to only use brokers that are properly regulated to reduce your risk of being scammed.
Do I need a broker for forex?
Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral (margin) to enable you to place orders with your broker to buy or sell forex.
The forex broker's job is to execute your orders — either internally by acting as the principal to your trade (market maker execution), or by sending your orders to another market thus acting as your agent (agency execution).
Your broker should be a trustworthy one, regulated and properly licensed in the same country you reside or in a major financial center. Learn about our Trust Score for brokers.