Do i need a broker for forex

Do I need a broker?

If you want to trade in forex, you will need a broker simply because trading is not the same as a one time currency exchange you do at your bank before travelling to another country. The forex market is considered the ideal place to trade.

1. Currencies are ever-changing. You need a trading platform that can provide you currency values in near real-time.

Forex Broker Articles & News.

There are many factors that affect exchange rates of currencies. However some are more important in currency trading than others. These are; Interest and Inflation rates, Trade balance, Currency market speculation, Foreign investment and Central bank market intervention. Learn how to use these factors in your forex tra .

The Top 10 Forex Brokers for Beginners.

If you know the basics of foreign currency exchange or forex trading, also known as FX trading, and want to give it a try, there’s more to learn than you might expect. It’s best to have an idea of what you’re doing before you put live currency to the test. The first step is to choose a reputable forex broker that offers educational tools and resources for beginning traders.

A few US-based forex brokers are listed below, in order of the minimum deposit required to start forex trading. With most brokers you will find 24/5 or 24/7 live chat assistance and all offer free educational resources on their respective websites. Once you’re ready to roll, you can trade on a computer, tablet, or even smartphone.

Practice Account: $25,000.

Minimum Deposit: None.

A forex broker since 2001, optionsXpress offers live or recorded webinars by their educational team, live in-person workshops, The Insider newsletter and blog collective, as well as the XPRESSO and XPOUND newsletters.

Practice Account: Unlimited.

Minimum Deposit: None.

A forex broker since 2001, OANDA offers demo accounts that do not expire, giving you the ability to practice trading until you are ready to go live. Click on “Academy” for webinars (live or archived), trading basics, and scheduled learning events. Videos on demand are also available to get you started.

FOREX ( a part of GAIN Capital Holdings [GCAP])

Practice account: $50,000.

Minimum deposit $250.

A forex broker since 1999, FOREX offers video tutorials specifically for beginners, two hours of webinars, live training, and Q&A sessions to teach you the basics. Fee-based online training courses are also available.

Practice Account: $50,000.

Minimum Deposit: $500.

A forex broker since 2005, TradeKing offers a robust Frequently Asked Forex Questions and glossary, an education tab on their website that explains the basics, technical analysis, and fundamental analysis, as well as premium education available for a fee.

Practice Account: $25,000-$200,000 option for Simulated Account.

Minimum Deposit: $2,000.

A forex broker since 1991, TradeStation allows you to start with TradeStation Basics, so you can learn at your own pace. Branch out to TradeStation Labs, University, and Events, which includes media and quick tips. Events are both free and fee-based.

Practice Account: $50,000.

Minimum Deposit: $2,000.

A forex broker since 1999, Fortex Capital Marketing offers daily platform walk-throughs and strategy sessions, a library of trading and instrument guides, and a calendar of events (that can be added to your personal calendar) that will teach you how to read quotes and place trades. Self-paced on-demand videos are available for a fee.

Min deposit $2,000.

A forex broker since 1999, thinkorswim is the TD Ameritrade forex platform . Investor education includes a rookie-learning curriculum with videos and courses to create your own learning path. The thinkorswim Learning Center consists of tutorials, videos, thinkMoney magazine, thinkManual, and Quiz Central.

Name: E*trade FX (E*trade Financial Corporation [ETFC])

Practice Account: $50,000 for 30 days.

Minimum Deposit: $2,000.

A forex broker since 1982, E*trade's FX tutorials can be found by entering “forex training” in the education resources search box. Web seminars, videos, and articles in “the basics” category were specially designed for beginners.

Practice Account: N/A.

Minimum Deposit: $5,000 ($3,000 for individuals between the ages of 21 – 26)

A forex broker since 2002, Place Trade Financial's education center includes tools, widgets, videos, webinars, demos, apps, and investor education courses.

Practice Account: After trading account has been approved and funded.

Minimum Deposit: $10,000.

A forex broker since 1977, Interactive Brokers' Traders’ University offers of a glossary, webinars (live or recorded), unmonitored discussion forums to network with other traders, apps, widgets, cheat sheets, and user guides.

Bear in mind that foreign exchange trading, also known as forex and FX trading, is high-risk and may not be the best option for individuals brand new to stock market trading and/or day trading.

Forex Training.

Free training to greatly improve your forex experience.

Why Do I Need A Forex Broker.

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Do You Need a Dealer to Trade Forex?

It may surprise many aspiring forex or currency traders that you do not need to open an account with a forex dealer to trade currencies. In fact, depending on what kind of investor you are there may be many advantages to not trading forex with a dealer and turning to currency ETFs instead. Experienced spot FX traders may be incredulous that currency ETFs could offer any advantage over the spot market but there are significant differences that they could use to their advantage. This article should dispel the myth that comparing ETFs and forex is like comparing apples and oranges. They are different but each offer unique advantages in addressing this market.

Currency ETFs trade like stocks, move in sequence with the underlying forex exchange rate but for pricing convenience the fund moves the decimal place on the exchange rate two places to the right. Other similarities between the spot FX market and currency ETFs include the ability to control the size of your position, sensitivity to economic announcements, increased ability to diversify across asset classes and multiple currency pairs to choose from. Some of the differences include market hours, commissions and margin. There are four other differences that traders should be aware of.

The spread on the EUR/USD in the spot market is around 2 pips on average. Two pips is .0002 of the exchnage rate. The most popular EUR/USD currency ETF is priced with a $.02 bid-ask spread under normal market conditions. Although it looks different because the decimal is moved over on a currency ETF the spread is exactly the same.

Like futures, because the ETF sponsor has efficiencies of scale the roll over or "interest" is superior for currency ETFs than for spot dealers. For example, right now spot dealers are charging roll over on EUR/USD long positions while the ETF version is paying an annual yield of about 1.2%. That interest is paid out to ETF shareholders on a monthly basis.

This is a touchy subject but at LearningMarkets we typically take the stand that the advertised margin and leverage rates (200:1+) in the forex are nothing more than gimics. No one can really trade with that level of leverage and actually survive - which is one of the big reasons why the forex has such a high drop out rate compared to equities (95% compared to 35%) within the first 5 years of trading. Currency ETFs trade like a stock which means that the leverage is capped at 2:1. Because you are actually buying a share of the fund you do not need margin - which also means that your risk is fixed to the amount invested.

ETFs really shine if you want to be able to trade options in conjunction with or instead of an outright position in the forex. Currency ETFs are optionable which means that it is possible to sell covered calls against them or buy and sell traditional calls and puts without having to maintain two accounts. ETFs can be traded in a traditional stock and options brokerage account. The options are exchange traded, which reduces the complexity and problems of OTC options offered by a few dealers.

The decision between trading currency ETFs or spot forex does not necessarily need to be a binary one. It is perfectly reasonable to maximize the options efficiencies of ETFs while continuing to speculate with a forex dealer with slightly higher leverage like normal. For traders new to the currency market, however, ETFs provide access with a traditional framework without having to deal with maintaining two accounts and trading platforms.

One of the real purposes of this article was to increase awareness of the products available to fit your needs. It is easy to be distracted or misguided by marketing messages or "conventional wisdom." Investigating all the opportunities available will increase your general market knowledge and could make your portfolio management much more efficient.

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