Best trading platforms for forex trading in 2020 - ForexLive

Best trading platforms for forex trading in 2020 - ForexLive
Forex Trading in Turkey • Forex Strategies • Benzinga - Benzinga
Forex Trading in Ukraine • Forex Strategies • Benzinga - Benzinga
Forex Trading in Brunei • Forex Strategies • Benzinga - Benzinga

Posted: 04 Aug 2020 04:01 AM PDT

[unable to retrieve full-text content]Best trading platforms for forex trading in 2020 ForexLive

Forex Trading in Turkey • Forex Strategies • Benzinga - Benzinga

Posted: 14 Jul 2020 12:00 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Online forex trading was first allowed in Turkey in 2011 and has been subject to changing regulations since then. Despite strict oversight of forex brokerages, trading forex is legal for Turkish residents who can open forex accounts with Capital Markets Board of Turkey (CMBT) regulated forex brokers.

You may have to meet some stringent requirements if you reside in the country and plan to trade forex with a locally-regulated broker. Even if you qualify and have the funds, you'll still need a plan of action and either a CMBT licensed or an international forex broker to trade through. Read on to find out what you'll need for trading forex in Turkey.

Get Started with Forex in Turkey

After passing legislation to further regulate the forex and other markets in 2017, the CBMT imposed strict guidelines for licensing forex brokers that accept clients from Turkey. This move eliminated many poorly regulated and unregulated forex brokers from operating.

In addition to the strict requirements for forex brokers operating in Turkey, the CBMT raised the minimum deposit for Turkish forex traders to 50,000 Turkish lira (TRY) to open a forex trading account. Since Turkey has a large Muslim population, Islamic traders who wish to comply with Sharia law may find forex brokers in Turkey that offer swap-free Islamic trading accounts since Islam is the country's official religion.

Even if you're new to trading in any financial market, you can begin trading forex through an online broker. Just take the 6 basic steps listed below:

Step 1: Obtain a reliaable device such as a smartphone, tablet or PC with an internet connection.
Step 2: Choose an online forex broker that accepts clients from Turkey.
Step 3: Open a margin account with the broker you've selected.
Step 4: Deposit the required funds in the account via a payment method the broker approves of.
Step 5: Download or get access to the broker's proprietary forex trading platform or a compatible platform accepted by the broker.
Step 6: Make your first forex trade.

Turkey Forex Trading Strategies

After you've opened your account and have the capability to execute forex trades, you'll want to develop a trading plan with a good trading strategy incorporated into it that you have practiced using. Having a viable trading plan and strategy significantly increases your chances of being successful when you trade forex.

Depending on your preferences, a number of popular strategies could be used to trade forex that might suit your experience level and personality type. The strategies listed below have proven profitable for many traders and have become popular with forex traders.

Trend trading: This trading strategy seeks to profit by identifying a long, medium or short-term direction in the market known as a trend that can be rising or falling. A trend trader looks for retracements in the trend to establish positions along with the prevailing trend until closing out positions upon the trend's conclusion. Many trend traders use trailing stop orders to protect their profits.

News trading: An intraday strategy that takes advantage of the extreme volatility in currency pairs often seen after the release of sensitive economic data or other geopolitical news. The news trader generally establishes positions right after the release of the news in either direction depending on how the currency pair reacts.

Scalping: This trading strategy relies on very short-term moves in the forex market to take a few pips of profit frequently. Some online forex brokers don't allow clients to use this strategy, while others might require additional funds for a trader to employ it.

Day trading: This intraday trading strategy implies that the trader closes out all positions at the end of the trading session. Day trading means you avoid taking the overnight market risk involved in holding a position after your active trading session concludes.

Swing trading: Swing traders generally use momentum-based technical indicators to establish forex positions. These indicators give the trader an idea of which levels may be high or low so that they can take positions accordingly. Unlike day traders, swing traders do not close out positions by the end of their trading session, so they might take overnight positions.

This daily candlestick chart shows an upward trend in the USD/TRY currency pair from 6.0279 on March 3, 2020, to 7.2683 on May 7, 2020. A trend trader could have identified and taken advantage of that move by analyzing the 20-day exponential moving average (EMA) shown in red. The stop and reverse (SAR) indicator displayed on the chart in blue dots might be useful for swing traders. Source: TradingView.

Forex Trading Example in Turkey

The Turkish lira (TRY) serves as Turkey's national currency and has the symbol ₺. The Central Bank of the Republic of Turkey issues and manages the Turkish lira that is further broken down into 100 subunits called kuruş.

The Bank for International Settlements (BIS) reported that the Turkish lira accounted for about 1.1% of daily turnover in the forex market in April 2019. The BIS also ranked the TRY 19th in trading activity in that period among the world's currencies.

A current quote for the USD/TRY exchange rate is 6.8600 Turkish lira to 1 U.S. dollar. If you had the view that the USD/TRY rate was going to rise, then you could purchase 100,000 U.S. dollars against the Turkish lira at that 6.8600 exchange rate. If the USD/TRY rate then rallied to 6.9600, you can compute your trading profit with the following equation:

100,000 USD x (6.96-6.86 TRY/USD) = 10,000 TRY

To convert your profit in Turkish lira into U.S. dollars, you would perform this calculation:

10,000 TRY ÷ 6.96 TRY/USD = 1,436.78 USD

Conversely, if your view was wrong, and the USD/TRY exchange rate instead declined to 6.7600, then you could compute your trading loss as follows:

100,000 USD x (6.76-6.86 TRY/USD) = -10,000 TRY

When converted into U.S. dollars at the USD/TRY exchange rate of 6.76, that loss would be:

-10,000 TRY ÷ 6.76 TRY/USD = -1,479.29 USD

Making Money with Forex in Turkey

Making money trading forex from Turkey, as from anywhere else in the world, requires a profitable trading strategy and the discipline to follow your trading plan. If you want to start trading without going through that process, you can use another trader's trading plan or copy a successful trader via a social trading platform.

Due to constantly changing market conditions, however, no matter how good your trading plan and strategy, you may eventually find that an initially successful trading plan might require revisions to remain profitable.

Best Online Forex Brokers in Turkey

Due to the regulations enacted in 2017, trading forex from Turkey has become very challenging for retail forex traders. For example, locally-regulated forex brokers require a high minimum deposit of 50,000 TRY or roughly $7,288 at current exchange levels to open a forex trading account for Turkish residents.

Additionally, trading in a leveraged account with local brokers is limited to a leverage ratio of only 10:1. Opening a leveraged account with a foreign broker without a CMBT license is strictly forbidden for Turkish residents, although some traders still take the risk of doing this. Taxation of forex trading profits in Turkey may also be an issue, so it may be wise to consult with your tax accountant before getting started.

Despite those restrictive Turkish regulations, some brokers based outside of Turkey continue to accept retail clients based in Turkey. They also provide them with higher-leveraged margin accounts and a low minimum deposit requirement. Check out the table below for a list of brokers that will accept Turkish clients.

Account Minimum

100 of your selected base currency

Pairs Offered

80+

Account Minimum

100 of your selected base currency

Pairs Offered

80+

1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com's extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn't a standard broker. You can't invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For

MetaTrader 4 users
Beginner forex traders
Active forex traders

Pros

Impressive, easy-to-navigate platform
Wide range of education and research tools
Access to over 80 currencies to buy and sell
Leverage available up to 50:1

Cons

Cannot buy and sell other securities (like stocks and bonds)
Confusing margin requirements that vary by currency
Limited customer support options
Cannot open an IRA or other retirement account

Account Minimum

$50 USD

Pairs Offered

Account Minimum

$50 USD

Pairs Offered

1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn't a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For

International Forex/CFD Traders
New cryptocurrency traders looking for an easy-to-use platform
Traders who want to buy and sell cryptocurrencies on-the-go

Pros

Simple platform that is easy to master
CopyTrader feature that allows new traders to copy the same strategies used by professionals
Virtual dummy account that gives you $100,000 to practice trades

Cons

U.S. traders currently limited to cryptocurrencies
Only 15 major coins available to trade

Account Minimum

100 EURO

Pairs Offered

50+

Account Minimum

100 EURO

Pairs Offered

50+

1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For

Beginners
Advanced traders
Traders looking for a well-diversified portfolio

Pros

Controlled by regulatory agencies of multiple countries
Choice offered in terms of trading platforms
Support available in 14 languages and trading platforms in 20 languages
Practice/demo account available for trying out
Breadth of trading assets

Cons

Does not accept customers from the U.S. as it isn't regulated in the U.S.
Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Commissions

$0.02 per share

Account Minimum

$200

Commissions

$0.02 per share

Account Minimum

$200

1 Minute Review

Pepperstone is an Australian broker focused on providing international forex, CFD and cryptocurrency trading. Though U.S. traders currently cannot open an account with Pepperstone, the broker remains an affordable and comprehensive option for international traders.

Pepperstone offers traders access to over 61 forex markets, over 60 CFDs for index funds and stocks and 5 cryptocurrencies. Leverage options with Pepperstone are extensive; you may qualify for up to 500:1 leverage when trading currencies and up to 5:1 leverage when trading cryptocurrencies, for example.

There are a few areas where Pepperstone can afford to improve. We'd love to see Pepperstone add its own trading platform in the future instead of relying entirely on 3rd-party platforms. We'd also love to see direct stock and fund purchase options in the future. Despite these flaws, Pepperstone remains a very strong choice for international traders.

Best For

International traders interested in trading CFDs from foreign markets and currencies
Traders who are already familiar with the MetaTrader or cTrader platforms
Traders who are looking for leverage when trading cryptocurrencies

Pros

Access to over 61 forex pairs and over 60 stock CFDs
Leverage available for both forex and cryptocurrency trading
Wide range of educational tools and courses that both beginners and experts can use
24/7 customer service

Cons

Not currently available to U.S. traders
No option to purchase stocks, bonds or mutual funds directly; only CFDs are available

Forex Terminology

Professional forex traders use a special set of jargon terms among themselves. It will probably help if you familiarize yourself with these terms before beginning to trade or learn about trading. You will probably find knowing these common terms useful:

Pip: This acronym stands for "point in percentage." It refers to the smallest increment in a currency pair's exchange rate.
Lot size: A standardized number of currency units traded. Standard lots consist of 100,000 base currency units, mini-lots consist of 10,000 units and micro-lots consist of 1,000 units.
Orders: Instructions made to a broker to execute trades on your behalf. Common order types include limit, take profit, stop loss and market orders.
Margin calls: When trading positions require extra margin funding as a result of a market move or change in regulations, your broker may call you to ask for more money to be deposited. Some online brokers will instead automatically close out your positions.

Is Trading Forex in Turkey Right for You?

Trading forex profitably generally requires a trader to accumulate considerable knowledge about the market and how to analyze it. They usually also develop a trading plan that incorporates a strategy they can stick to in a disciplined manner.

Traders also need sufficient risk capital to fund their strategy adequately and the free time to execute it. If you think you can meet those requirements from Turkey, then consider getting started trading forex.

If you would like to practice forex trading to see if it might suit you, consider opening up a demo account with one of the forex brokers we mentioned. Once you feel comfortable with your strategy's profitability, you can approach any broker that accepts Turkish clients to open up a funded trading account.

Forex Trading in Ukraine • Forex Strategies • Benzinga - Benzinga

Posted: 08 Jul 2020 12:00 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Many foreign investors shy away from Ukraine for good reason. Currency control rules that usually center on domestic transactions apply to businesses and residents, both foreign and domestic within the country. Ukraine's singular financial focus is the stabilization of the hryvnia, or hryvna, the currency that replaced the hyperinflated karbovanets of the Soviet era.

Attribution: Kyiv Post

It was 2019 that brought some well-received relaxation of foreign exchange regulation. The National Bank of Ukraine (NBU) did away with around 40 restrictions that had limited commerce in the country for decades. Among other reforms, Ukrainian companies no longer have to hold their foreign proceeds in hryvnia, bank clients can use borrowed capital to buy foreign currency and cross border loans no longer have an interest rate cap. COVID didn't start Ukraine's 2020 off with a bang, but they are in the most advantageous financial position they've seen in some time.

Get Started with Forex in Ukraine

Getting started with forex in Ukraine can seem difficult, but following the steps below will get you started.

Connect to the best internet possible. Everything in modern digital forex trading builds from your internet connection. You will access and connect your broker, trading interface and bank from the web. The more reliably and efficiently you can do this, the better your chances of success.
Get a broker. You can reach offshore brokers that operate in Ukraine. Make sure that you pick a broker that is regulated through its country's financial structure.
Connect your bank. You will need to connect a 3rd-party bank account to fund your trading account. You will also need to verify your identity, which can be strict if you are dealing with a reputable broker. Take the time to do this right.
Fund the investment account. Transfer money from your 3rd-party account into your investment account. Make sure that the broker you choose doesn't give you any problems when you want to withdraw funds. You can check this through service reviews.
Choose an investment platform. Your broker may have its own trading interface. If it doesn't, there are industry-standard interfaces that many people use such as MetaTrader.
Invest. Begin your forex career and invest your way into financial stability and profitability.

Ukraine Forex Trading Strategies

Now that your setup is ready to trade forex, you'll need to review successful strategies. Failing to plan is planning to fail in the highly competitive forex market. Here are the most common and well-known trading strategies that you should know.

Attribution: Kyiv Post

Scalping

Scalpers are extremely fast investors who may only hold a currency for a few seconds before exiting the trade. The purpose of scalping is to profit from extremely short term moves. These moves are based almost completely off of chart patterns — news events do not really matter to the scalper. Profits are small for each trade but the scalper makes up for it with an extremely high frequency of trading. Some scalpers use automated bots to help execute many trades per second.

Momentum Trading

Momentum trading is an investment style for short-term traders. Impactful short-term events may cause a currency to move quickly in one direction, and the momentum trader is there to catch it. These kinds of investors usually stay away from quiet, even markets. Momentum trading is news-driven and is based on being able to quickly react to the market rather than predict it.

Position Trading

The position trader is the polar opposite of the scalper. Where the scalper cares very little for the fundamentals driving a currency, this is exactly what a position trader focuses on. The short-term movements of charts have no bearing on how the position trader invests, either. This si long-term investing that may require you to hold an investment for months or even years before exiting the trade. Because of the length of time, position traders are looking for big profits.

Forex Trading Example in Ukraine

HRN/USD is trading at 0.03740/0.03760. You want to buy ₴120,000 now and sell because you believe the price will go up very soon. The margin rate for the HRN/USD currency pair is 8.75%. You will need $393.75 cash in your account to control ₴120,000 with this margin rate.

After 2 hours, you see that the price of HRN/USD is 0.03780/0.03800. This is a 2-point increase, and your final profit will be $24:

(₴120,000 x 0.03780) – (₴120,000 x 0.03760) — if you sell at that point.

Making Money with Forex in Ukraine

Attribution: Inventure

Now that you have a better idea of different investor types, you can begin to look at the numerous financial vehicles the forex market allows you to use.

Short selling: You don't have to be on the "long" side of a currency to profit from it. If you think the price of a currency will drop, you can short sell it and profit from its fall.
Contract for differences (CFDs): CFDs are financial vehicles that follow the price of the currency they mark. If you buy and sell CFDs, you are not actually buying or selling the currency. Your account value will rise and fall based on the movement of your investments.
Binary options: These are simple yes or no decisions that do not directly track the price of the currencies. Wins and losses are usually bigger, because you win or lose a fixed percentage of your investment based on your decision.

Best Online Forex Brokers in Ukraine

Remember to choose only regulated forex brokers to ensure that your personal and financial information is protected.

Account Minimum

100 of your selected base currency

Pairs Offered

80+

Account Minimum

100 of your selected base currency

Pairs Offered

80+

1 Minute Review

Best For

MetaTrader 4 users
Beginner forex traders
Active forex traders

Pros

Impressive, easy-to-navigate platform
Wide range of education and research tools
Access to over 80 currencies to buy and sell
Leverage available up to 50:1

Cons

Cannot buy and sell other securities (like stocks and bonds)
Confusing margin requirements that vary by currency
Limited customer support options
Cannot open an IRA or other retirement account

Account Minimum

$50 USD

Pairs Offered

Account Minimum

$50 USD

Pairs Offered

1 Minute Review

Best For

International Forex/CFD Traders
New cryptocurrency traders looking for an easy-to-use platform
Traders who want to buy and sell cryptocurrencies on-the-go

Pros

Simple platform that is easy to master
CopyTrader feature that allows new traders to copy the same strategies used by professionals
Virtual dummy account that gives you $100,000 to practice trades

Cons

U.S. traders currently limited to cryptocurrencies
Only 15 major coins available to trade

Account Minimum

100 EURO

Pairs Offered

50+

Account Minimum

100 EURO

Pairs Offered

50+

1 Minute Review

Best For

Beginners
Advanced traders
Traders looking for a well-diversified portfolio

Pros

Controlled by regulatory agencies of multiple countries
Choice offered in terms of trading platforms
Support available in 14 languages and trading platforms in 20 languages
Practice/demo account available for trying out
Breadth of trading assets

Cons

Does not accept customers from the U.S. as it isn't regulated in the U.S.
Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Forex Terminology

Here are some of the most commonly used terms that you will hear in the forex market:

Pip: The smallest division of currency that the forex market allows, $0.0001
Lot size: The amount of currency that you want to trade
Orders: The description of your entries and exits in forex
Calls: A contract between 2 people, a buyer and seller, which facilitates the transfer of currency on a certain date at a certain price

Working Around Regulation

The almost $2 quadrillion forex market creates opportunities that many Ukrainians struggle to find in their own financial markets. Although Ukraine is making strides, your best bet is probably to research good offshore brokers and resources to trade forex.

You will need the latest forex news and strategies to succeed in forex. Bookmark this page and website to get the latest information to inform your investment strategies!

Forex Trading in Brunei • Forex Strategies • Benzinga - Benzinga

Posted: 22 Jul 2020 12:00 AM PDT

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Though forex trading is still a relatively new concept in Brunei, more and more brokers are entering the country and offering services to residents and travelers. There's little question why more and more investors in Brunei are learning how to trade forex with trader-friendly regulations and a growing economy.

If you'd like to enter the forex market in Brunei, be sure to read our comprehensive guide to restrictions, brokers, terminology and more before you risk any of your money.

Get Started with Forex in Brunei

Before you can exchange currencies or start investing in the forex market, you'll need to open a brokerage account and add trading funds to it. Though the specific process you'll go through when you open an account will vary by broker, here are the most common steps you'll need to complete before you can access the market.

Step 1: Check your internet connection. From mobile phones to desktop computers, it's possible to trade forex from almost any device with a stable internet connection. Check your connection and ensure that your internet is private before proceeding.
Step 2: Choose a broker. There are a wide range of local and international brokers offering services to investors in Brunei. Be very selective when you compare brokers, as there are very few restrictions on brokers in Brunei. Consider fees, international licensure status, leverage availability and minimum deposits when you make your final selection. Then, open an account using your broker's online process.
Step 3: Download a trading platform. Depending on the broker you choose, you might need to download an external trading platform. Most brokers support the MetaTrader 4 or 5 platform, but you might also have access to a proprietary platform through your broker.
Step 4: Fund your account. Once you have your trading platform and a fully functional account, deposit your trading funds. You can usually deposit money through a variety of methods, including bank transfers, debit card purchases and transfers from an electronic wallet.
Step 5: Place your first trade. It might take a few days for you to see your trading funds deposited into your account. When your deposit clears, you can officially begin trading forex by placing your first order through your broker.

Brunei Forex Trading Strategies

Most forex traders in Brunei classify themselves by the length of time they hold their positions. There are 3 major types of trading styles: short-term, medium-term and long-term. The best forex trading strategy for you may vary depending on your risk tolerance and the currency pairs you trade. Let's take a look at how each strategy varies and which might be right for you.

Short-Term Investing

Short-term investors typically use a strategy called technical analysis to determine which currencies to buy and sell. Technical analysis is a type of trading that relies on charting patterns and candlestick formations to trigger buy and sell signals. There are a variety of charting patterns suitable for short-term trading strategies, but many traders rely on reversal candlesticks that indicate quick price movements.

Candlesticks may be bullish or bearish depending on their formation and placement.

Short-term investors might hold their positions for as little as a few minutes or seconds, capitalizing on many small price movements throughout the day. In some cases, they may even use automatic trading software to fulfill orders automatically when a buy or sell signal is triggered.

Medium-Term Investing

Investors who use a medium-term strategy typically also rely on technical analysis to inform their trades. However, these traders make fewer purchases and sales, relying on larger price movements and more complicated analyses to inform their trades. For example, a medium-term trading strategy called the "triple moving average crossover" requires the trader to establish a baseline period over an average of 21 days before they invest. Medium-term investors may hold onto their investments for as little as a few days to weeks.

The triple moving average strategy is a popular medium-term trading technique.

Long-Term Investing

Traders who use a long-term trading strategy usually don't rely on technical analysis as their primary trading strategy. Instead, these investors usually use a strategy called "fundamental analysis," which involves examining the underlying factors that influence how a currency moves in value. Traders who use fundamental analysis typically examine GDP reports, unemployment and inflation rates, federal interest data and other primary sources before they trade. Long-term trending strategies may last from a few weeks to years at a time.

A strong economy means a strong currency. Traders who use fundamental analysis examine how economic indicators shift currency values.

Forex Trading Example in Brunei

Forex traders earn money by taking advantage of differences between currency values. A currency's value changes over time depending on a variety of economic and political factors. By exchanging your Brunei dollars for another currency likely to increase in value and converting back when the value of the BND drops, you can earn a profit in your base currency. Let's take a look at an example.

Imagine that Melissa believes that the value of the BND will soon fall in comparison to the USD. Melissa opens a brokerage account and deposits B$10,000 into her account. Her broker offers her 10:1 leverage on this trade, meaning that she can place a trade worth up to B$100,000 despite only having B$10,000 on-hand. 1 BND is currency equal to $0.7250 — converting her entire lot of BND to U.S. dollars leaves Melissa with $72,500.

From here, the value of the BND begins to fall. When 1 BND is equal to only $0.7150, Melissa decides to take her profits. She converts her entire lot of USD back to BND and is left with about B$101,398.60. After accounting for the money she borrowed in leverage and her initial deposit, Melissa's profit is about B$1,398.60.

Making Money with Forex in Brunei

Brunei is an exceptionally accessible market for forex traders. There are no rules or regulations that restrict the amount of money that you can deposit into an international brokerage account, you can freely convert Brunei dollars to any currency your broker offers and you can take as much profit as possible from your trading so long as you are reporting all of your income.

There are also no limitations on the amount of leverage that you can use when you trade from Brunei. You might find local brokers offering up to 1,000:1 leverage, which is a very dangerous level of margin trading. If you do decide to work with a local broker instead of an international option, carefully monitor and limit your leverage usage.

Best Online Forex Brokers in Brunei

Choosing a reliable and reputable forex broker makes entering the forex market significantly safer. The broker you choose will influence how much you pay in fees, which currencies you have access to, how much leverage you can use and more.

There are very few broker regulations in Brunei. This can make it much more difficult to find a safe broker. We recommend working with one of our vetted choices below.

Account Minimum

100 of your selected base currency

Pairs Offered

80+

Account Minimum

100 of your selected base currency

Pairs Offered

80+

1 Minute Review

Best For

MetaTrader 4 users
Beginner forex traders
Active forex traders

Pros

Impressive, easy-to-navigate platform
Wide range of education and research tools
Access to over 80 currencies to buy and sell
Leverage available up to 50:1

Cons

Cannot buy and sell other securities (like stocks and bonds)
Confusing margin requirements that vary by currency
Limited customer support options
Cannot open an IRA or other retirement account

Account Minimum

$50 USD

Pairs Offered

Account Minimum

$50 USD

Pairs Offered

1 Minute Review

Best For

International Forex/CFD Traders
New cryptocurrency traders looking for an easy-to-use platform
Traders who want to buy and sell cryptocurrencies on-the-go

Pros

Simple platform that is easy to master
CopyTrader feature that allows new traders to copy the same strategies used by professionals
Virtual dummy account that gives you $100,000 to practice trades

Cons

U.S. traders currently limited to cryptocurrencies
Only 15 major coins available to trade

Account Minimum

100 EURO

Pairs Offered

50+

Account Minimum

100 EURO

Pairs Offered

50+

1 Minute Review

Best For

Beginners
Advanced traders
Traders looking for a well-diversified portfolio

Pros

Controlled by regulatory agencies of multiple countries
Choice offered in terms of trading platforms
Support available in 14 languages and trading platforms in 20 languages
Practice/demo account available for trying out
Breadth of trading assets

Cons

Does not accept customers from the U.S. as it isn't regulated in the U.S.
Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Forex Terminology

The key to profitable forex trading is a solid understanding of how the market works. When you first begin researching how to trade forex, you'll be introduced to a number of new terms that traders use to discuss the market and their trades. Familiarize yourself with a few of the most common terms below.

Pip: A pip is the smallest unit by which a currency can move in value. In most cases, a pip is calculated to the 4^th decimal place. For example, if the value of a currency goes from 2.0200 to 2.0300, you could say that the value increased by 100 pips.
Lot size: Your lot size is the number of units of currency that you are buying or selling. For example, if you want to convert 100,000 Brunei dollars into euros, your lot size is equal to 100,000.
Orders: When you want to buy or sell a currency, you'll do so by placing an order through your broker. Order options may vary by broker, and there are multiple different types of orders that you can use to limit your losses when trading.
Calls: A margin call is a risk of using leverage to trade forex. If you trade on margin and the value of your portfolio goes down, your broker can put out a margin call. If you receive a call, you'll need to add more money to your account or immediately close out of your position.

Mastering the Forex Market

No matter where you're trading from, the most important tool that a new forex trader can have at their disposal is a solid, well-researched trading strategy. Most forex brokers offering accounts in Brunei offer demo accounts that allow you to test out the broker's platform and your unique trading strategy without risking any of your own money. We highly recommend that you use a demo account or a paper trading account to perfect your skills before you enter the market for real.