I remember when I first learned about Forex trading. For anyone who’s not been involved in any sort of financial trading before, the name alone can probably be enough to almost scare you away. There sure is a lot of information to absorb in the beginning, but if you just get past the initial stage, you’ll soon realize that forex trading is something that can be done by anyone, really. Basically, all you do is buy currencies at a low price, hoping that they will increase in value so that you can sell them again later at a profit. The idea behind it is really simple, but as with anything you will have to practice and read a lot if you want to be able to make a living out of it.
So, when we are first starting out, what are some important things to think about? Well, in my opinion, the single most important thing is to choose a good broker when you are new to this, and in this article I wanted to give you two recommendations of places that are well customized for beginners in forex trading. My first recommendation is UFX Markets. UFX Markets is an established broker that has been around for about four years, and they have a lot of features on their website that can be of value to a new trader. First of all, you have the opportunity to start up a demo account before you start trading for real, and for a fresh beginner this is a godsend. A demo account allows you to get familiar with the trading platform and practice trades using “fake money” instead of real money. This means that you can’t possibly lose or win any money on your trade, but you’ll get a good idea of how everything works in trading.
UFX Markets also offers an extensive learning centre for all traders, where you can find personal 1 on 1 training, guides as well as glossaries, articles and webinars on forex trading. This should provide you with all the necessary knowledge you will need in order to get started, but there are also more advanced learning stuff in there that experienced traders can take value from.
My other recommendation is EC Markets, which is a Forex broker that is registered in Cyprus that has been around since 2011. EC Markets is available in five different languages and operates on an international level with a large customer base. Their customer support is top class, which is very useful for a beginner, as it is in the beginning that you are most likely to ask for help. EC Markets also offers new traders to start a demo account which, as I said earlier, also helps new traders a lot. They have three different trading platforms, which might seem like a lot, but inexperienced traders will be pleased to see that you can take a guided video tour of each platform in order to learn how they work!
You can find a good review that I found on EC Markets on one of the leading forex portals on the internet, forextrading.pm!