Recommended Forex Brokers

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If you’re looking to trade Forex for the first time there are a number of things you need to look for in a broker. Searching for a broker with the narrowest spreads will not mean you make more money per trade, in fact quite the opposite.

A broker with minimum spread sizes will either have high minimum trade sizes beyond the scope of a beginner or they’ll offer high levels of margin fully expecting you to lose your deposit within a few trades.

To stop you getting your fingers burned, we’ve compiled a small guide to help you choose the perfect Forex broker. We’ve also listed two highly recommended Forex brokers for you to take a look at. Not an exhaustive list but using either broker will go a long way to helping you trade profitably.

First things first you should be aware that successful Forex trading takes time and dedication. You’re not likely to be successful overnight, less than 5% of Forex traders actually stay profitable in the long term, but if you’re in it for the long hall and prepared to do the groundwork the rewards are there for the taking.

So where do you start? Well you’re going to need a broker, and the broker you choose at this level can mean the difference between success and failure because some brokers are simply not set up to support rookies and others are just out to rip you off.

As a rookie your training and education is important and you should be looking to learn as much as you possibly can from every avenue that’s open to you. So selecting a broker that supports you with training seminars, online webinars as well as articles about trading strategies and money management is imperative.

But you can go a step further than this by joining a broker with an active trading community. Joining a community of like minded traders is a great way of developing your trading skills.

You’ll not only be able to develop trading ideas but you’ll learn vital tips about managing your money, trading on leverage and dealing with those trading demons. Of course you need to be careful who you take advice from but most of these communities show you the level of experience of each member.

Zecco Forex have one of the most respected trading communities around, it contains members with many years of experience who are more than happy to give you advice along the way.

eToro have taken this a level further by enabling you to follow along with other members, so you can watch how trades are executed and learn when and how to use leverage.

This is one of the best training tools I’ve come across and it’s sure to improve your trading. But I should point out that it’s not a good idea to just follow along blindly, you need to get a handle on the basics and understand the theory as well. Always remember there are no shortcuts in Forex.

Fortunately eToro help here too because they have a library of trading materials, complete with strategy guides and money management tips that will help you get the most from your trading.

The golden rule when it comes to Forex is education; you never really stop learning because the Forex market always has something to teach you. So getting into the learning habit early on will stand you in good stead as you become more experienced and start using complex pair trades.

Both eToro and Zecco are highly recommended Forex brokers for beginners. They both have excellent training materials along with comprehensive trading communities perfect for you to learn the ropes.

You won’t go far wrong joining either broker; Zecco is US based and offer a very comprehensive platform with excellent customer service. eToro on the other hand is based in Cyprus but offer a very intuitive easy to use trading platform with some very innovative features.

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