The Forex market has always been one of the most demanded sections in the global financial mart. However, the popularity of Forex trading has experienced a unique increase caused by the Covid pandemic.
Unemployment, which suddenly fell on people all around the world, made them start searching for new sources of income. Inasmuch as just finding a regular job was not an easy task, the unemployed tried to find new ways of making money. The most important criteria were speed and reliability which is exactly what characterizes the Forex market.
Main reasons for the Forex trading popularity:
- Stability. The commodity on the foreign exchange market is currency – the most liquid one. So, there is always a demand. Moreover, all operations are instant.
- Easy access. The trading platform functions online, so, if you have a working device connected to the network, you can make trades.
- Start with small sums. There is no need to invest large amounts into the market to start trading. Most brokerage agencies accept minimum deposits of $5 or $10.
To become a trader on the Forex market it is necessary to choose a broker. This is a company, which gives you all tools required for trading and assures the security of your funds.
The top list of 5 best international broker companies includes such positions as:
- RoboForex
- IG
- Saxon Bank
- CMC Markets
- Interactive Brokers
RoboForex
Advantages of RoboForex:
- Different types of accounts (Copy, Islamic, etc.)
- 8 asset classes
- Tight spreads
Disadvantages of RoboForex:
- No fixed spread accounts
IG
Advantages of IG:
- Access to other trading platforms
- Wide range of tools (over 19.000)
- Competitive pricing
Disadvantages of IG:
- Limited choice of MT4 products
- No ready layouts
Saxo Bank
Advantages of Saxo Bank:
- More than 40.000 tools for trading
- Great customer support service
- Flagship site is excellent
Disadvantages of Saxo Bank:
- High sum of the minimum deposit
CMC Markets
Advantages of CMC Markets:
- Low trading commissions
- Availability of web and mobile versions of the platform
- Educational tutorials for newbies
Disadvantages of CMC Markets:
- MT4 proposition is limited to only 62 symbols
Interactive Brokers
Advantages of Interactive Brokers:
- Educational materials for advanced traders
- Access to the wide choice of other global trading platforms
- Thorough research proposal
Disadvantages of Interactive Brokers:
- The website interface is too complicated for beginners
When choosing a brokerage agency for Forex trading always consider your own expectations from the trading.
