What are Forex Brokers
A Forex broker is a financial institution that acts as the middleman when people trade with foreign currencies. When trading with foreign currencies, traders have the ability to trade between two currencies – such as the U.S. Dollars (USD), Japanese Yen (JPY), Pound Sterling (GBP), Euro (Euro), and others. So, when an investor purchases a pair of U.S. Dollars and a Pound Sterling (GBP), they have the ability to only trade with that currency and nothing else until their next currency purchase.
For investors to purchase and exchange foreign currency pairs, there needs to be a regulated and reliable financial institution that provides a safe and smooth transaction; this is where a Forex Broker will become helpful.
Each Forex Broker provides different currency pairs on their platform; for instance, when traders exchange currency pairs using IC Markets, they have the ability to trade with ten different currencies.
Additionally, it is important to trade with a broker that is regulated by a legal institution to ensure that one’s financial data is secure from the public. When looking at the IC Markets regulator, one will see that it is regulated by the Australian Securities & Investments Commission (ASIC). Find out IC Markets Review and discover the other things needed when deciding on a broker.
One of the most important things a broker should provide is educational tools for their investors, especially for beginners. Here are some of the benefits that educational tools provide for Forex traders.
5 Best Forex Brokers That Offer Trading Education and Tools
The benefits of having trading education with tools on a broker account
Forex trading is a somewhat new way of making additional profits with one’s savings. Many people have realized that investing in Forex and making profits from the fluctuations of the exchange currency rates is a great investment decision. Thus, Forex trading has started to become a trend.
However, there are numerous risks that come with trading Forex; firstly, almost all transactions and trades happen online. For that, traders need to provide their confidential financial data and bank statements to ensure their accounts are not scams or fraudulent.
Since Forex trading is an online trade, investors can sometimes be misled by other articles, blogs, etc., leading to investing incorrectly and losing all their money. In order to avoid facing this situation, a reliable Forex broker should provide their customers with the right trading and investing educational tools on its website.
By having the right educational tools, a trader will be able to access articles, blogs, and videos which are reliable and accurate. With the right access, traders will not make bad investment decisions due to a lack of knowledge, allowing them to profit from their trade instead of a major loss.
So, before committing to a Forex broker, one of the most important steps is to ensure that educational tools are offered on the broker’s platform that will educate a trader on everything necessary for trading and, on top of that, provide updates regarding important changes in the field.
Here are some of the Forex brokers offering educational and analytical tools for their customers and some attractive offerings.
1- IC Markets Review
IC Markets is one of the most well-known regulated Forex trading platforms. The platform has been operating since 2007, offering numerous benefits to its traders – like educational and analytical tools.
Another benefit of IC Markets is that it offers a $0 fee for its traders regarding the minimum deposit.
2- CMC Markets
CMC Markets is a United Kingdom-based Forex Broker that entered the field in the 1980s. This particular Forex Broker is regulated by the Financial Conduct Authority (FCA), which ensures traders a steadfast commitment to a Forex broker.
3- FP Markets
FP Markets was introduced to the Forex market in 2005 and is regulated by the ASIC. One of the most attractive educational features that FP Market offers is its step-by-step guides, e-books, and even demo accounts that allow traders to hypothetically trade with currencies.
4- Ava Trade
Committing to Ava Trade can be considered logical as the broker has approximately a 95% trust score from its traders. This Forex Broker has four Tier-1 licenses in addition to Tier-2 and Tier-3.
Ava Trade provides e-books and educational videos and even holds time-to-time webinars to introduce new investment methods and provide updates for its clients.
5- Pepperstone Forex Broker
Pepperstone is the newest broker platform on this list. Pepperstone was founded in 2010 and has already surpassed the rankings of some of the other famous brokers.
Like some of the brokers mentioned above, Pepperstone provides educational videos, demo accounts, and webinars to equip clients with the right Forex trading knowledge.
Conclusion
Forex trading is spreading more widely among investors as it liquidates savings and brings profits.
Thus, to trade Forex, one must be equipped with the right knowledge. So, ensuring that a broker provides clients all the right educational materials on their platform can become helpful for traders and beginners.
