For FOREX Trading in the US, I use Zecco Forex. Awesome Broker.
Setup a free $50,000 demo account in 5 minutes. Sign Up Here...
Most traders will tell you to trade a real live account to get started in Forex.
Don’t. Don’t. Don’t.
Before diving into Forex you need to learn patterns. You need to learn account management. You need to learn the eb and flow of the market.
Best Demo Account
If you really want to get started trading forex, you need to start with a demo account. Before you even think about trading real money, you need to learn how FOREX works.
Why Demo
Sometimes trades will go bad. You need to learn the basic of how to trade forex before you start losing your shirt.
So trade a demo, but start small.
Setup a free demo account at a quality FOREX broker.
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About X-Trade Forex Broker
X-Trade Forex Broker is a regulated, Poland-based trading company that has been online since 2006. They offer MetaTrader 4 support, which is a huge plus for most forex traders. The company tries to put focus into their customer service, as well as having a stable automatic platform. Their automatic trading system makes trades faster, although sometimes there are requites that does not please most clients. However, X-Trade forex broker does excel when it comes to outstanding customer service, and they do offer over the phone support. X-Trade forex broker’s trading practices are also Muslim-friendly. Transactions are also executed within one business day, and if there are any problems with orders, a quick chat with an online representative over Skype can fix the problem.
Basic Broker Details
| Site | www.xtb.com |
| Country of Origin | Poland |
| Accepted Deposit Modes | Bank wire |
| Withdrawal Method | Bank wire |
| Leverage | 1:100 |
| Regulation Body | Securities and Exchange Commissions of Poland (Komisja Papierów Wartościowych i Giełd, www.kpwig.gov.pl) |
| Spread | 3 pips (EUR or USD) |
| Minimum Account Requirement | $2,000 |
Pros of X-Trade Forex Broker
*Muslim-friendly trading
*Very good customer service
*Regulated by official body
Cons of X-Trade Forex Broker
* Complicated account opening
*High minimum account requirement
*Slippages
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Ava FX Review
Ava FX is one of the most popular, hence one of the biggest, online Forex traders today. They have an estimated $16 billion worth of assets, and claim that the money clients entrust to them are secured. Ava FX also boasts of their stable trading platform, with “tools that will help both novice and professional traders”, and their always updated streaming FX news. The company’s slogan is “Integrity is our Most Valuable Currency”. They are also one of those brokers that allow demo account, which really draws in a lot of prospective clients.
Basic Broker Details
| Site | http://www.avafx.com/ |
| Country of Origin | Tortola (British Virgin Islands) |
| Accepted Deposit Modes | Bank wire, any major credit cards, Moneybookers, e-gold, WebMoney, PayPal |
| Leverage | 1:200 |
| Spread | 3 pips (EURO or USD) |
| Minimum Account Requirement | $100 (Mini Account)
$500 (Standard Account) |
Pros of Ava FX
*Numerous available funding options
*A lot of Ava FX clients claim that the customer service is fast and efficient
*Stable trading platform
*Too many promoters that at times put up fake reviews
Cons of Ava FX
*Handful of reported withdrawals taking more than a week- sometimes even taking a month- to arrive
*Server logins fails occasionally
*No regulations, as they are situated in an isolated location, providing low security for investments
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About FXOpen Investments Inc.
FXOpen specializes in online forex trading, with minimum requirements for an account opening. The company mainly prides itself for having easy opening procedures; you can have your account opened in as easy as 5 minutes. They also claim to have fast and efficient customer services.
Basic Broker Details
| Site | http://www.fxopen.com/ |
| Country of Origin | Mauritius |
| Leverage | 1:1 to 1:500 |
| Spread | 2 pips (EURO or USD) |
| Minimum Account Requirement | $1 |
Pros of FXOpen Investments Inc.
*Fast customer response- Many traders claim that they have friendly staffs, and that emails (or other forms of inquiries) are replied to most of the time.
*Online customer service- They have both ICQ and Skype customer service access, which is great for those who are not willing to spend on phone credit.
*Easy to open an account- Their 5 minute account setup is true. Most applications get through quickly.
*Non-USA regulations- This makes them a bit more flexible than other USA-based brokers.
*Active Forum- FXOpen also maintains a very active forum for their current and prospective clients
*International support- FXOpen has native customer support staff for the residents of USA (also considered as international support), Egypt, United Kingdom, France, Switzerland, Hong Kong (or Taiwan and Mainland China).
Cons of FXOpen Investments Inc.
* Lack of information on “About Us” page- a lot of people are complaining about the lack of physical address and company background in the site
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About Forex4you Forex Broker
Forex4you, a United Kingdom based forex broker, has only been in the online scene for 2 years. The company is quite young, and currently unregulated. The mother company is E-Global Trade & Finance Group, Inc., and has the lowest possible amount requirement which is $1.
They allow MetaTrader 4 support, which is a huge plus for most clients. Annual interest rates for account balance are given, a good thing for those irregular forex traders. They also have good spreads (2 pips) and leverage (of up to 1:500), and trading is available 24 hours from Monday to Friday. Phone trading is also available in selected countries.
Forex4you also has local offices in UK (head office), Russia, India, Ukraine and Uzbekistan. Customer service however is not online, and there is no instant chat or call services over the Internet.
Basic Broker Details
| Site | http://www.forex4you.com/ |
| Country of Origin | United Kingdom |
| Accepted Deposit Modes | Liberty Reserve, E-Gold, any major credit card, bank transfer |
| Leverage | Up to 1:500 |
| Regulation Body | Currently unregulated |
| Spread | 2 pips (EUR or USD) |
| Minimum Account Requirement | $1 |
Pros of Forex4you Forex Broker
*MetaTrader 4 support
*Account balance (on selected accounts)
Cons of Forex4you Forex Broker
*Unregulated forex broker
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About FXcast Forex Broker
Fxcast opened on 2005, but they only started worldwide operations on 2007. If you want to go with a forex brokerage company that has an active online staff, then you should consider FXcast. They are one of those few companies that reply to public posting regarding their services. The company also puts up a lot of contests for clients to participate in.
Although the company strives to be one of the leaders in forex trading, their lack of regulation is more of a hindrance than help. They also do not allow scalping, which does not coincide with other trader’s techniques. The management of FXcast strictly prohibits such techniques, and are quick to widen the spreads of accounts which ignore regulations.
Basic Broker Details
| Site | http://fxcast.com/ |
| Country of Origin | Antigua and Barbuda |
| Accepted Deposit Modes | Bank wire transfer, any major debit and credit cards, Liberty Reserve, Strict Pay, E-Dinar, Webmoney, C-Gold, |
| Withdrawal Method | Bank wire transfer, any major debit and credit cards, Liberty Reserve, Strict Pay, E-Dinar, Webmoney, C-Gold, |
| Leverage | 1:25 up to 1:400 |
| Regulation Body | None |
| Spread | 3 pips (EUR or USD) |
| Minimum Account Requirement | $10 |
Pros of FXcast Forex Broker
*MetaTrader 4 support
*Active online customer relations
*Muslim-friendly accounts
Cons of FXcast Forex Broker
* Charges on certain transactions
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