Zecco Forex Review



Zecco Forex Online Foreign Exchange TradingEverybody knows Zecco as a regular discount broker offering stocks and ETFs, in fact if you’ve been to this website before you’ll know we highly rate their platform for beginners due to its simplicity and excellent trading community.

But how do they compare as a Forex broker? To find out we’ve given their foreign exchange platform a thorough going over. We’ve tested it for ease of use, reliability and quality of trading tools. So check out our review and see if Zecco Forex is the right broker for  you.

Zecco Forex was formed in 2009 in partnership with Gain Capital. It operates as a separate entity to Zecco Trading and has its own website. So if you’re already a Zecco customer you’ll have to open a separate Forex account.

Trading Tools & Platform

The trading platform looks a little different to the standard Zecco platform that you might be used to, that’s because it’s built on the Gain Financial platform which is used by a number of retail Forex brokers. But nevertheless it’s both simple to use and easy to navigate around.

Trading tickets can be opened with a single click from anywhere within the system and the fields are quick and easy to complete.

forex trading platform

 

If you’re an experienced trader then you’ll probably find the tools a little on the basic side. This is a platform aimed at beginners and smaller traders, larger or more experienced traders will be better off using the downloadable platform from eToro.

The thing we’ve always loved about Zecco is their excellent trading community, this of course extends to their Forex customers as well. There is some excellent advice in there from all kinds of traders both young and old. There is no facility to follow other traders in the same way as eToro’s Openbook but you can build up relationships with other traders and bounce trade ideas around.

Forex trading can sometimes be seen as a solitary activity, but this is a mistake especially in the beginning when you’re at the most risk of losing your capital. You shouldn’t overlook the importance of a like-minded community, you can utilize it to develop strategies, learn vital money management skills and generate trade ideas.

Pros

  • Easy to use platform
  • Great online trading community
  • Minimum deposit of $250 for opening a mini account
  • Good customer service

Cons

  • Trading platform lacks sophisticated technical tools
  • Spreads can be quite large at busy times of the day

Summary

In short if you’re looking to get started in trading Forex, you need to put a priority on your education. Trading Forex is NOT easy and requires a certain amount of skill which can only be learned with practice. You can have the best system around but if you trade it poorly you’ll still make a loss.

It’s for this reason you should look at joining a broker with an active trading community like Zecco, there are some very experienced people within the Zecco community who are more than willing to give advice and share their knowledge with you so you’d be foolish to ignore it.

If you’re a beginner I would highly recommend Zecco Forex to you, if you’re a more experienced trader then you’ll need a broker that offers a more sophisticated tool set. For that reason I would recommend you try eToro’s downloadable trading platform, eToro still have some excellent training and education plus you’ll be able to take advantage of their innovative Openbook see, follow, copy social trading network.




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