When you first step into the world of forex trading and the foreign currency market it can be overwhelming and expansive to say the least. In order to combat this fight or flight feeling you should be equipped with some knowledge, confidence and grit to get through the first few trades and tracking periods. Once you do this you will find yourself ready to take on the forex market and create successful trades and profits. Online forex trading is the most common form of trading on the currency market, though some brokers and traders do operate via telephone and you should be accessible that way as well to maximize trading opportunities.
When looking for an online forex trading site, platform or broker there are many things to consider in order finding the right one for you. You need to find a place where you feel you are getting the best level of knowledge from qualified outlets and being offered the resources you need to be successful in your trading. One of these resources should be a demo or practice platform. Many offers them and they are an amazing way for you to become familiar with forex trading without risking your own money.
Oanda offers the best demo account that does not expire and offers ample scenarios for you to navigate through and learn the best trades from.
While this was the best trading platform a few years ago, they haven't been upgrading or changing their basic platform and may feel outdated now. When you are considering Oanda take this into your thought process and look at whether they will hold you back or propel you forward.
Forex Capital Markets is a standard, streamlined forex trading platform that offers much of the same features that the others do. While, it's easy to download and start off with there is nothing exceptional about it or over the top. If you are looking for a base level forex trading platform, this could be the one for you. But, take the time to float around on their site a little and make sure they offer the resources you are looking for.
GCI Trading is another online forex trading platform which is written in Java. It does allow you to trade on forex as well as the Dow, Gold and S&P 500 markets which can be a great way to diversify and manage all you're trading in one place. However, they do not accept clients from the United States, which could be a problem.
Capital Market Services is located in New York and offers a visual trading platform that allows you to execute orders by clicking within a chart and thus saves you time in making the trade you are interested in. This seems to be a reliable platform and offers all the basic trading resources and features you need to be successful in online forex trading.
The last online forex trading platform we'll discuss is Gain Capital, which is one of the most reputable brokers. Their website is reassuringly professional looking and easy to navigate. They offer all the resources you need to be successful in forex trading and offers all the features you need in a trading platform. This is by far the best out of all of them and should be seriously considered when looking for an online forex trading platform.