The Top 10 Forex Brokers
The Top 10 Forex Brokers
Who are the top 10 forex brokers today? This is a question which traders and investors ask frequently. There is no one standard for the top 10, because the industry is so vast. Each online forex broker will have his own approach to dealing with clients, his own trading platform, his own software etc. If you are looking for a list of the top brokers in the world today, it is simply not possible to make a definitive list. Instead, I would try to identify the characteristics of the top 10 forex brokers today, and then discuss why these characteristics are important for any trader or investor who wants to be successful when trading currency.
Forex brokers can be thought of as forex trading advisors. They will receive deposits from traders who wish to trade in currencies. Once the trader places winning trades and receives his/her profits, the broker will then send the appropriate amount of deposits to his clients. These brokers do not just wire money, they also analyze the markets, make predictions about future trades based on the current prices of currencies, and even trade them for the traders. The reason that many traders and investors like to use forex brokers is because their services include these three main components.
First, most forex brokers will provide analysis of the market. This analysis will typically focus on the four major currency pairs that are traded on the US and European markets. All the major currency pairs will be analyzed to help traders decide when is the best time to purchase and sell currencies. Some of the more popular analysis that brokers will provide include interest rate predictions, changes in market price, volatility, currency pair balances and other fundamental and technical indicators.
Next, the forex broker will offer various types of leverage. This leverage comes in two forms, and each type has its own advantages and disadvantages. Forex brokers offer some types of leverage, which is typically not available to customers who do not have a lot of capital. However, many brokers offer extremely high levels of leverage, which can be useful for short-term trading strategies.
Lastly, the platform that the forex broker provides will vary among the various types. Most forex traders will find that all brokers offer some kind of online platform. However, there are a few platforms that allow traders to trade from their mobile devices or tablets. Platforms are becoming increasingly more popular among forex traders.
Finally, the final component that most forex brokers offer is the execution platform. This is usually referred to as the software that enables traders to enter and exit trades on their accounts. Most software is designed so that it is compatible with a wide variety of currency trades, which means that it can be used for any type of trading. Some of the more popular trading platforms include the Metatrader 4 platform and the Forex Megadroid.
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