Recommended Forex Brokers April 2017

BrokerDemoBonusMin DepositReviewRating
InstaForex yes$100 No Deposit Bonus!!1reviews9
eToro yes-50reviews8
AvaTrade yes100% 100reviews8
LiteForex yes20%1reviews8
Alpariyes50% Welcome1reviews8
XMyes30% up to $10,0005reviews8
I2 Investmentsno-3000reviews8
FBSyes30% deposit Bonus, $5 no-deposit bonus, FBS Deposit Insurance1reviews6
FxProyesup to $1,000100reviews5
CMTradingyes15% match200reviews5

Advanced Forex Trading Guide and Forex Brokers Reviews

forex brokers reviews Forexexplore.com provides an ultimate resource where users can receive information and tips related to the foreign exchange market. There is a wealth of information available about the latest industry developments as well as Forex broker reviews. From trading features and trading competitions to online tutorials, you will have everything you need to learn Forex trading online or to hire capable brokers.

How to choose a reliable broker?

When making your selection of the best Forex trading brokers, it helps to have as much information as possible. Each Forex broker review we offer has detailed reports to help you make the best choice. You can simply and easily compare Forex brokers while learning about the top 10 Forex brokers we recommend. An online Forex brokers review can give you the insider information you need to make the right selection. Our Forex brokers review site is specifically engineered to be simple to use and easy to navigate. You can find the best Forex brokers online who are a match to your trading style and goals.

Learn forex trading

Prior galloping into the vast and exciting world of forex trading, beginners should take some time to learn couple of important things to spare yourself from unnecessary, regretful situations, which may occur before you even start trading.

Internet is filled with quick and easy ways to make money, and forex trading considered as one by many. It has incredible potential to make profits from the comfort of your home and these days doesn’t require thousands of dollars to hit it off.

That is all true, and in fact, with the right knowledge and plenty of practice, you can indeed turn forex trading into your full-time career, not getting out of your pajamas, if you so wish.

However, bear in mind, that online trading is not as easy as it may seem and to become a true master, you should invest your time to get experience and education to make the right decisions and analyze the market moves.

Get your basics straight

Online trading is not what you see in moving, portraying traditional stock exchange. You do, however, deal with so called Contact for Difference agreement, or in other words CFD, where you bit on stock movement without purchasing it.

With that in mind, the two necessary orders that you should be familiar with are Stop Loss and Take Profit.

Stop Loss is set to the amount you are comfortable risking on a specific contract. If and when you lose that amount, your trade automatically ceases.

Take Profit brings you the same idea, but applies to a specific profit made. Two positions are available at your disposal for each contract – a long position where you bet on asset to go up in value and a short position where you bet on asset to go down in value.

Education is the key

If you want to make money, you must make correct decisions. This is only possible if you know the art of analyzing the market movement.  In order to do so you have to stay up to date with financial news, asset prices, important economical announcements which influence the fluctuation of stocks and currencies and political situation of the countries with the currencies involved.

Don’t put all eggs in one basket

This smart tip is not only valuable in the grocery store but in investing as well. While there is long-term trading with low risk and low profits, most traders prefer trading in short leaps. There are traders who open and close a trade within minutes, earning minor amounts from each transaction, but at the end of the day gain considerable amounts. Day traders run their business for entire day, fully alert to any new development with their favorite assets in hopes to catch the right wave of profit.

Don’t forget that economic news may not only effect the currency directly involved, but also influence other assets on the side. Diversity (or in other words hedging) can truly safe a lot of headache and losses along the day.

Demo account

All forex brokers have free demo account to practice with virtual money. If your broker doesn’t have one – ditch the broker! Beginners must start with practice account and get the idea behind trading, play around with platform functions, check out the different settings of the charting tools and determine the strategy and style you want to trade with.

Temptation is high and we all want to make some real money, but do release yourself from the chains of gambling before you even consider online trading. Neither luck nor poker face will do the trick with trading. You must get your game straight with practice, education and experience.

Most Popular Questions

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    Forex brokers are the necessary link to forex market, so once you decide to become a trader, you are doomed to long process of selecting the broker that not only suits you best, but doesn’t scam its’ traders. Almost every day, a new forex broker is being born online. With the abundant variety of features and services promised, the trick is to find a broker that you can actually trust.  All of them claim to be the best, and making the right decision is not an easy task. When choosing a broker, which characteristics you should look for and compare? Read More
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forex scamForex brokers - as forex traders we cannot live without them! They are our magic bridge between humble living and the vast world of forex market. And in order to survive in forex market you have to make sure that the forex broker you have picked is honest and reliable.  

To everyone's regret, not all forex brokers are reliable though. So in order to avoid "I can't live with and without my broker" situation you have to check every term and condition of the forex broker you have picked. Don't let any condition or extra fee catch you by surprise. The more you know about your forex broker, the better! 

The first thing you should check is support. While trading you can run into technical problems, find yourself asking trading questions or even be unable to locate your trading history. Forex broker should provide a fast and professional support to every question that might arise via chat, email or phone call.

The best way to check this is to open a demo account and see how fast support answers your requests. After all, if a forex broker doesn't take a good care of potential traders what will happen when you turn into a real client? A professional forex broker will give an outstanding support, especially in technical area. 

Second thing to check in a forex broker is leverage options. Just a reminder for those who forgot – leverage is like a loan. For example a leverage of 1:100 will turn your $1000 into $100,000. But, of course, never ever forget that there is a great risk involved with this trading option.Overall suggestion is not to drool over high leverage option. It might just be a perfect trap where you lose all your savings! 

One more thing that is crucial in choosing the right forex broker is the spread. You might ask why to care about spread? If the spread is how forex brokers are getting paid for their service why would I care about it? Just a quick reminder, spread is a difference between buying and selling price. So the bigger the spread is, the more the exchange rate has to rise in your favor to break even. To make things short – avoid high spreads! Whenever you see spreads higher then, let's say, 6 pips, RUN! 

Let's not forget the trading platform. There are two options web-based and download trading platforms offered by forex brokers. Which one is better? This is something you should decide for yourself. Whether download or web-based, make sure that the trading platform has every trading tool you need, including charts, news, available currencies etc.  

Just to summarize – investigate, interrogate and cross-examine your forex broker before you jump in! Test your forex broker with demo accounts and make sure to read those extremely boring terms and conditions. Oh, and one more thing, don't miss anything written in tiny letters in beige font – it might just be another "invisible" extra fee. 

There, we said it all. Here is the list of forex brokers that I believe to be honest and reliable.

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