What is Forex Trading? Free Beginner Guide for 2022

Forex trading is a huge topic in the trading world and among the people. Many are intrigued by the high returns forex delivers and see it as a great way to make money easily.

Whether you like to try forex trading to earn some extra cash on the side or to become a professional forex trader, there is a lot that you should learn.

As one of the biggest trading markets in the world, Forex has its upside and downside, and knowing it all only makes you better prepared for your trading journey ahead.

Let's look at what Forex is and how the forex market works. After reading this, you will know exactly how everything works when it comes to Forex.

What is Forex?

The act of trading foreign currency pairs between traders for an agreed price is what forex trading is all about. Forex is also the largest financial market in the world and offers trading opportunities for over 10 million traders and counting.

Forex might seem like a simple method of trading on paper. But when you start to look deeper, you will begin to understand how complex it can get.

For any beginners trying to learn the art of Forex, research is the key.

Let's begin with the types of available forex markets.

Types of Forex Markets

When it comes to the forex market, there are a few ways that traders can follow their traders. If you are a beginner who is learning forex trading, you should know about all the available trading modes for you.

Spot Market

This is where immediate exchange between traders takes place at the current exchange rate. The trades that happen on the spot market require quick payments and need immediate currency delivery or exchange within 48 hours. The currency transactions on spot trades occur two days following the contract date.

Spot traders don’t face the risk of sudden increases or decreases in the price of the forex pair, which can lead to issues in trades. If you are a trader who aims to complete rapid trades in quick succession, the spot market might suit you.

Forward Market

In the forward market, the two parties involved in the trade set a specific date and time for the transaction to take place. Because of this, no money transfers take place when the trade is initiated.

The forward rates are also similar to the rates within the spot market, and the only difference is the delayed delivery.

Besides the currency swap point, the forward market also allows traders to customize the delivery period to suit their needs. With the help of the forward market, importers and exporters can avoid issues that occur due to rate fluctuations.

Future Market

Future contracts are an alternative version of the forward contract, which is traded publicly on a futures exchange.

Similar to forwarding contracts, futures contracts also specify the price and date to exchange an asset, with the biggest difference being the fixed contract size and maturity date.

To take part in a future market, traders will have to pay an initial margin into a collateral account to create a future position.

Most of the time, future trades undergo competitive trading and require an organized exchange to take place.

Swap Market

The allowance of two streams of cash into two different currencies is the idea behind the swap market.

These types of trades allow traders to purchase or sell the same currency for forwarding delivery. This forwarding delivery then follows a simultaneous sale or purchase of spot currency.

There are two main types of swaps available in the swap market. They are

Swap long - which is for keeping long positions open overnight,
Swap short - which is for keeping short positions open overnight.

Options Market

Forex options are contracts that allow buyers the right but not the obligation to buy or sell a specific currency at a certain rate before or on a specified date.

On the options market, traders are allowed a call option, which enables traders to buy the underlying asset, while a put option allows the sale of it.

The term exercising the options is common in the options market, and it refers to the buying and selling of the underlying asset through the option.

In contrast, exercising the option is not an obligation for the options traders.

Forex trading terms that are important to know

When you are traversing the forex market as a new trader, you are sure to come across a few words that might seem odd and new to you.

Understanding the lingo and the jargon within the forex market is an important aspect when it comes to learning forex trading. Let’s take a look at the most commonly used words in the forex market.

Base currency

In the forex market, the currencies are traded in pairs to make the transactions much easier.

Within this pair, the base currency is the one that is first listed in the pair. This refers to the currency that you are buying when you trade a forex currency pair. The value of the base currency is always 1 by default.

Quote Currency

Within the forex currency pair, the quote currency is the one that is listed second. It is the currency that you are selling when you trade a forex currency pair.

The value of the quote currency is measured according to the base currency. For example, if the EUR/USD pair is trading at 1.02, the value of the quote currency (USD in this case) is 1.02 USD.

Spread

The spread in Forex refers to the difference between the asking price and the bid price of a certain forex currency pair.

Moreover, to find the spread of any forex pair, all you have to do is subtract the bid price from the asking price. In other words, the value of the spread is the cost of trading.

Leverage

Leverage is a way provided by forex brokers to traders, allowing them to trade in a bigger volume than they normally would.

It is kind of like a loan from the broker, which increases the capital of the trader. However, leverage is a double-edged sword as the buildup of large debt on a weak capital can lead to collapse.

Margin

The margin on the forex market is the amount of money that a forex trader needs to invest in maintaining the position and trade. This acts more like a security deposit than a transaction cost which the broker while trade is going on.

Pip

A pip in Forex is the unit that is used for the measurement to show the change in value between a pair of currencies. For instance, on the EUR/USD pair, if the value rises from 1.02 to 1.03, the pip, or the change in value between the pair, is 0.01.

Currency Pairs in Forex

Within the forex market, there is a large number of foreign currencies available. Most of the national currencies are eligible for trade in the forex market.

Furthermore, to keep things organized and simple to understand, these pairs are split into four categories.

They are,

What is Forex Trading?

Forex is a trading method that pairs up two foreign currencies and proceeds trading from there on. Due to this pair-up, when you buy one currency, you automatically sell the other currency simultaneously.

Here the traders speculate on the market movement of the forex pairs to make potentially profitable trades.

To make a forex trade, first, you must have a currency pair. If you are a new trader, it is recommended that you start with one of the major pairs due to their high liquidity.

Then analyze the market by doing research and analysis with the help of the tools offered by the forex broker you choose. Also, pay attention to trading signals, trends, new market developments, and news as they can help decide the market direction.

Buy positions are for when you believe the base currency value will rise compared to the quote currency value. In contrast, sell positions are when you believe that the base currency will fall compared to the quote currency.

Trading Tip: Since you are a beginner in forex trading use demo accounts to your advantage before making any actual trades. They will help you grasp the basics of the Forex by practice.

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Pros and cons of Forex Trading

Like all other things, forex trading also has drawbacks mixed with its benefits. New traders must understand both pros and cons when starting forex trading.

Pros

Cons

What is a Forex Broker?

It is very hard for individual retail traders to make trades in the forex market on the OTC method. This is where forex brokers come in.

Further, forex brokers are financial service companies that allow traders access to the forex markets with their trading platforms.

There are a large number of forex brokers that provide services to traders, and each of them comes with its benefits and drawbacks. Most of the brokers also provide great customer support, educational content, and assistive tools in addition to trading features.

Beginner tip: When choosing a forex broker go for a beginner-friendly exchange to start your career so you will be able to navigate the platform easier and do trades more comfortably. We have reviewed some beginner-friendly brokers that you might want to check out.

FAQs

Is forex trading hard?

Understanding the basics and simple strategies in the forex field is not that difficult. But if you want to become an advanced trader, you will find that Forex is a pretty complex subject.

Is forex trading profitable?

For the average retail trader, becoming rich off of forex trading alone will take quite some time. But for large-scale traders with deep pockets, Forex can be very profitable.

Do I need big capital to start trading Forex?

No. You do not need to invest a large amount of money in starting Forex.

Conclusion

Forex is a trading asset class that keeps rising in popularity. It allows traders to choose and trade pairs of currencies to make a profit in a highly liquid market, increasing the potential for profits.

Before diving head first into the forex market, new traders must first understand the basics of the trade. In this article, we cover the most common and starter knowledge necessary to start trading Forex.

When you feel like you have enough knowledge, create a demo account and test your skill in real-world scenarios to see if you got what it takes to make profitable trades. In our opinion that is the best way, you can get the perfect start for your forex trading career.

5 Best Forex Trading Strategies For Beginners

A good plan is essential to make good profits from your forex trades, and forex trading strategies are the best way to go about it. Whether you are a beginner or a professional trader, you can benefit massively from a profitable strategy.

However, no forex trading strategy gives you 100% results. Some work better in certain markets, and all will require different levels of technical and fundamental analysis. This is why you need to understand your trading style and choose the right trading strategy for your situation.

Continue to read as we share some of the best forex trading strategies out there and how to pick one for yourself.

What is a Forex trading strategy?

Forex trading is all about making the correct decisions and placing trades to earn the maximum profit. A lot of factors go into the decision-making, and each can affect the result differently.

To make the process easy, traders have come up with various techniques that help them to determine whether to buy or sell a currency pair at any given time. These are what we call forex trading strategies. These forex trading strategies can be based on news-based events, trends, and fundamental or technical analysis.

Furthermore, trading strategies also act as a set of rules that inform traders about the trading and investment plan, risks, entry and exit rules, and the ideal time to trade.

Rather than doing impulse trading, following a strategy has proven to bear better results for the trader. Also, beginner and new traders can expect better sustainability in the market when following effective forex trading strategies.

Why do you need a Forex trading strategy?

When it comes to forex trading strategies, there are a large number of them available for you to choose from. The reason for implementing a strategy can vary from one trader to another. Let’s take a look at some of the most common reasons for choosing to follow a forex trading strategy.

What is a winning Forex trading strategy?

With a large number of available and newly created forex trading strategies, selecting a winning strategy can be a bit tricky. But there are a few ways that you can follow to find a profitable trading strategy.

1. The average win is greater than the average loss

When the strategy can generate more winning positions than losing positions, the average win becomes greater than the loss. These are the most effective and best-performing forex trading strategies. Because of that, these are also the hardest to find.

2. Yields more losing positions than winning ones, but the average win exceeds the average loss.

The problem with this type of forex trading strategy is that they have a high chance of average loss exceeding profits. While there are instances that this type of strategy can work, it comes with very high risk.

3. The average loss exceeds the average win

The final type of winning strategy is the one where the average loss exceeds the average win while generating more winning than losing positions. The important part is the net result of these strategies is on the positive side. Since forex trading commonly results in an average loss exceeding the gain, a strategy like this one will work perfectly. This is a forex trading strategy whose high rate of success offsets the profit-loss gap of forex trading after some time.

How to choose the right Forex trading strategy?

The trading strategy that is most suited to each trader can vary depending on the requirement. For example, while some traders are looking for long-term strategies, other traders might look for short-term compatible strategies. In cases like this, you should know how to choose the perfect strategy for you. Let's see how.

5 Forex trading strategies for beginners

Since we now know what a forex strategy is and why you need one, and how to choose one, let's take a look at some of the best strategies available.

Price action trading

Price action is a trading strategy that involves making decisions based on the price movement of a certain asset. Traders can study historical prices to create a strategy that can be used alone or in conjunction with an indicator.

A great factor about price action trading is the flexibility it offers when it comes to the length of the trade and entry/exit points. Traders can use this forex trading strategy in long, medium, or short-term traders without any worries.

Pros

Cons

Range trading strategy

Utilizing the trading instruments that are consolidating in a certain range to build up a strategy is how this works. In addition, traders will need to identify non-trending instruments and support and resistance points on which they will place trades. Furthermore, the spread pip range differs according to the timeframe, and technical analysis helps to build this strategy.

This strategy works fine on any timeframe, and the usage of Oscillators can be seen as timing tools. Since there is a high chance of breakouts, managing risks is an important part of this strategy.

Pros

Cons

Day trading Strategy

Day trading focuses on trading forex pairs within the same day by closing all positions before the market closes. This strategy is suited for traders who don’t like much pressure along with their trades and take on only a few good opportunities.

The length of the trades can be anywhere from minutes to hours, as long as it closes within the day. Keeping an eye on an instrument and jumping on the perfect opportunity, and closing at a high point before the day end is what day traders usually do.

Pros

Cons

Scalping Trading

Traders who practice this forex trading strategy always try to take advantage of intraday price movements, regardless of their scale. Furthermore, the goal of this strategy is to earn small profits frequently by doing a large number of trades. In addition, the higher the liquidity of a forex pair, the better for scalpers as they offer very low spreads.

This type of trade usually takes around minutes to seconds and is most likely to happen multiple times a day. By identifying trends and using key levels as support and resistance bands, traders can go about forex scalping.

Pros

Cons

Trend trading strategy

This forex trading strategy follows identifying trading opportunities depending on the current trends in the market. This strategy assumes that the price movement of a certain forex pair will move in the same direction as the trend.

Trades that follow this forex trading strategy take a medium to long-range form and can change according to the status of the trend. In addition, Oscillators are used in deciding the entry points.

Pros

Cons

Conclusion

Perusing a forex trading strategy is the best way to get consistent results in the long run if you want to become a professional trader in Forex. However, there is no such thing as the best forex strategy. You might have to modify your strategy as time passes to fit the trends or even combine different strategies together to optimize the results.

Whether you are trying out a forex trading strategy that you found on the internet or developed one by yourself, you must test it out first in different conditions to see its performance before betting your money on it.

We hope this article will broaden your knowledge of different trading strategies and help you pick a strategy for your trades.

FAQs

What is the best trading strategy?

Most people consider trend trading as a reliable forex trading strategy. This strategy is quite simple and enables users to engage in medium to long-range trades.

What is the best forex trading strategy for a beginner?

Beginners will have a much easier time following the Trend or Range trading strategy. Both of these do not come with a steep learning curve.

Can I trade without a forex trading strategy?

Yes, you can. But doing impulse trading without following a strategy has a much higher chance of failure in the long run.

10 Best forex trading apps in 2022

Whether you are a professional trader or a beginner in forex, forex trading apps can change your trading life forever.

We all know that the forex market is not easy to conquer. The fast pace it moves makes it really challenging to be on top of everything, which requires sitting in front of a desk and monitoring everything all day long.

But not many have this luxury of time. Does this mean you can’t become a forex trader?

No. Now with forex trading apps, you get to enjoy the luxury of trading from your account regardless of the time or the place you are in. All you need is a smartphone and an internet connection, and you are good to go.

Just like forex trading web applications, the mobile app provides you with everything you need to make your trades, along with many other benefits. Let’s look at some of them.

Why Use a Forex trading app?

Best forex trading apps

There are a wide variety of available forex trading apps in the market. However, choosing the perfect match for you can be a tricky task with the oversaturated nature of the market. Let’s see some of the best available forex trading apps as of 2022.

SaxoTraderGO - Best forex trading app

Pro

Cons

SaxoTraderGO - Best forex trading app — **SaxoTraderGO**

Saxo Bank is one of the biggest names when it comes to forex trading. It is no surprise that their MT4 mobile trading app is ranking high among the competition. With SaxoTraderGO, traders will have access to all of over 40 000 financial instruments on over eight asset classes.

The app has a trust score of 99 and offers 0.4 pip spread on over 182 forex pairs with a minimum deposit of $2000. In addition, this app comes with a no-commission policy, which can be great for any new trader.

This mobile forex trading app also comes with an intelligent design that holds much useful information. The trading tools and charting capabilities of SaxoTraderGO are impressive as it offers 20 drawing tools with 62 indicators.

Icon FX Trading App

Pro

Cons

As one of the trusted forex brokers, Icon FX also offers an MT4 mobile forex trading app for their clients. When using the broker, traders can trade over 50 forex pairs with a minimum deposit of $0. Low spreads starting from 0.0pips, a great knowledge section, and high leverage makes Icon FX one of the better choices for new traders.

With the Icon FX app, traders can auto-copy expert traders, execute trades from hundreds of global markets 24hrs a day, and see trader performance easily. Furthermore, with their broker being highly regulated, the Icon FX app becomes one for low-risk trading that can help out beginners.

A lot of emphasis on social trading is available on this app, where traders can share their skills and favorite strategies, do copy trading, follow profitable traders, and ultimately aim to bring traders together.

Pro Tip: Always use a demo account to test out whether they are functioning properly or not with virtual money.

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eToro Trading App

Pro

Cons

When we are talking about beginner traders, eToro is a platform that can't be forgotten. The social trading aspect of the eToro makes it the ideal place for any beginner-level trader. The copy trader feature that comes with eToro allows new traders to copy and mimic trades from experts in the field.

With this trading app, you will gain access to over 3000 financial instruments across various classes. EToro also has no commissions or a $0 minimum deposit to get started, which is another feature helpful for beginners.

This forex trading app that comes from eToro is an intuitive and innovative one that allows traders to trade and invest anywhere, anytime. You also get access to a great knowledge base and a free demo account with $100k by using eToro.

FOREX.com Trading App

Pro

Cons

Beginning your trading career with a highly trusted and rated platform is a good way to be sure about your financial safety. Forex.com is such a brand that has a high trust rating of 99. With Forex.com, traders can trade over 5500 tradable symbols and 91 forex pairs with relatively low fees.
You will need to deposit a $100 minimum to start trading with Forex.com at average spreads of 1.1pips on major pairs. Besides their main forex trading app, there are also MT4 and MT5 mobile apps that traders can use depending on their preferences.

The mobile trading app of Forex.com bolsters a minimalistic and user-friendly interface that has great charting with over 80 indicators. Features of the app include an economic calendar, alerts, market updates, and news with support for multiple complex order types.

Thinkorswim trading app

Pro

Cons

Thinkorswim Trading App — **Thinkorswim trading app**

TD Ameritrade is the developers behind the Thinkorswim app, and their 50 years of trading experience reflect the quality of the app. Moreover, Thinkorswim is a platform that offers over 70 forex pairs on an average of 1.2pip spread.

No minimum deposit is needed to start up an account here, and the platform got five tier-1 licenses. In addition, traders get the ability to trade currency ETFs, exchange-traded forex futures, and options on forex futures, making Thinkorswim a great forex trader.

What's great about TD Ameritrade besides their outstanding Thinkorswim app is the impressive educational material that they provide. New traders can take full advantage of these materials and learn the trade by themselves. Even though it offers no social trading features and has high forex pricing, the educational section alone makes up for it.

City index Mobile App

Pro

Cons

City index mobile App — **City index mobile**

Backed by the StoneX group, City Index is an MT4 forex trading app that is highly trusted and a versatile platform that allows traders to do what they need. This app has a minimum deposit of £100 and offers a total of 12000 tradable symbols to its users.

The city index proves its trustworthiness with its three tier-1 jurisdictions for forex and CFD trading. Furthermore, the mobile app has many advanced functionalities and offers it all in an easy-to-use interface. Integrated research, news headlines, and market commentary are some of the features that the City Index offers.

One of the specialties of the trading app is the SMART Signals subscription. Moreover, the in-house engine is able to generate 200 unique forex trading signals per week. This makes City Index one of the low-risk trading platforms which are more suited to beginners.

NetDania Stock and Forex trader App

Pro

Cons

NetDania Stock and Forex trader App — **NetDania Stock and Forex trader**

Many consider NetDania to be the most reliable forex trading app, and it is also the highest-rated one. It is popular mainly due to the ease of use and versatility it provides traders. NetDania provides an overview of the financial market with price quotes for popular pairs and assets in real time.

When using NetDania, traders get the freedom to trade over 20 000 financial instruments with more than 2200 forex pairs. Further, this trading app also provides real-time forex trading-related news and streaming charts for those who use it.

Customized trading alerts, an economic calendar, and several charts are in place to make trading much easier for the trader. These features make NetDania a great app for beginners. This all comes in a 100% customizable, flexible, and intuitive trading platform. Additionally, it also provides 24/7 customer support and has support for over 18 languages.

IG trading app

Pro

Cons

Industry-leading research tools, education, and a wide range of tradable markets are what the IG group is famous for. When it comes to being regulated, no other platform even comes close to the level of IG. It has seven tier-1, two tier-2, and one tier-3 license under its belt.

Traders can expect a low spread of 0.6pip and a minimum deposit of $250 to start an IG account. With access to over 90 forex pairs and 17 000 instruments, the MT4 IG trading app holds a top position on ratings. IG Smart Portfolios, share-dealing, Spread Betting, and futures trading are some of the features of the IG trading app.

CMC Markets trading app

Pro

Cons

Home to one of the most simple, clean, and effective interfaces, the trading app of the CMC Market is a joy to use. When using this trading app, you will gain access to over 12 000 trading instruments alongside a highly regulated platform. Traders won't have to worry about any minimum deposits while using this trading app.

With best-in-class low fees and a spread of 0.7pip, the CMC market is a great place for any beginner trader to make some profitable trades. The next-generation trading app of the CMC Market offers a terrific user experience, advanced tools, and comprehensive market research.

OANDA fxTrade app

Pro

Cons

If high-quality market research and algorithmic trading are your things, the MT4 OANDA fxTrade app might be the one for you. With six tier-1 jurisdictions under its name, OANDA offers a safe and low-risk environment for traders to trade on.

With a $0 minimum deposit and a 1pip spread, the OANDA fx trading app is a good place for a new trader to start things up. Moreover, OANDA offers high-quality research tools, news, market analysis, and options for algorithmic trading as well. One downside of this trading app is the low number of available tradable symbols, which is 124.

How to choose a forex trading app?

Choosing the correct trading app to aid your trading endeavors is something you, as a trader, should pay a lot of attention to. There are some important aspects to consider, and below are some of them.

Frequently Asked Questions

What is the best forex trading app for beginner traders?

Both Icon FX and eToro are great choices. Both of these apps provide social trading features and relatively low fees.

What is the most trusted forex trading app?

IG trading app is one of the most trusted apps in the market. With the largest number of regulatory licenses, IG is the best place for low-risk trading.

Can forex trading apps work offline?

No. In order to take part in forex trading activities, you will need a solid connection to the internet.

Conclusion

Not everyone has time to sit in front of a desktop or laptop and go about their trading. If you are someone who will need to make your trades on the go, Forex trading apps are your friend. From price alerts, and doing research to checking news and more, a trading app is a great way to stay connected to your account.

With a large number of trading apps available in the market, you must put extra effort into finding one that suits your needs. You can consider things like the features, fees, platforms, and trust of any forex trading before making a selection.

You can use the list we compiled as a stepping stone and do your research on top of it. Making the best possible decision is necessary as the app will be the place that you will use the most.

10 Best Forex trading bots in 2022

Forex trading bots are the best way to reduce the hard work in forex trading. From current market trends, world economics, and global news to historical knowledge, there is a lot that you have to keep up with apart from data to make the perfect trade.

Meaning manual trading is a lot of work and time-consuming — Not to mention that all it takes to make a mistake is missing one single signal.

However, now with trading bots, you don’t have to shed sweat and tears staring at multiple screens for trading. You can just automate the process and sit back and relax.

Although it won’t make trading effort-free, a good forex trading bot can make your life way easier, automating the analysis process.

If you are a well-seasoned trader, this can save you a lot of time while improving your profits. This also will help you try out all your advanced strategies without making any complications.

However, we think new traders benefit from forex trading bots the most, as it enables them to trade without much knowledge or practice as the bot can do all the heavy lifting for them.

On the other hand, many traders swear by their forex trading bot. So in this article, we review the best forex bots in 2022.

What is a forex trading bot?

Predicting the price movement of a forex pair is not something that you can do on your own with constant good results. To tackle this issue, developers have come up with a solution as forex robots.

Forex trading bots are a form of algorithmic trading that uses forex market signals to determine the price movement of a forex pair. This allows traders to decide whether they should buy or sell a forex pair depending on the provided signals.

These forex bots are automated and are compatible with most forex brokers.

Forex trading bots use the signals and trading patterns to generate their own signals to aid new and experienced traders alike with their trades. This helps to reduce the time spent on trading and also removes emotional elements reducing the chances of any mistakes.

The way forex trading bots work is more suited toward short-term trades rather than long-term ones. There are countless trading bots available for traders, and each comes with different features.

Pros and cons of forex trading bots

Like most things, trading bots also have both benefits and drawbacks. Let’s take a look at what are the pros and cons of a forex trading bot.

Pros

Cons

Best forex trading bots

With a large number of available trading bots, it's up to you to make the right decision by selecting the bot that suits you the most. However, we took the liberty of crafting a list of the best forex trading bots so that you can make a better decision much easier.

1000pip Climber System - Best Forex Trading Bot

Many consider 1000pip Climber to be the best forex trading bot because it’s a pure forex trading signal provider.

Sites like MyFXBook have the approval of the 1000pip Climber, and the results are independently verified. There is no minimum account size, and the signals of the bot are also available via telegram, SMS, and email.

Traders can expect around 2-7 signals per day while using this forex trading bot which covers all four forex sessions.

If you are thinking about subscribing to this service, it will cost you $97 per month. There is also a 3 months subscription plan which is $227, and an annual plan which will cost you $397.

Pros

Cons

RoboForex

RoboForex - forex trading bot

If you are a trader looking to build your own bot, RoboForex is the perfect choice for you. This allows the trader to build a unique bot without the need for any programming knowledge. You can teach the bot new strategies or implement older strategies to get the most out of it.

There is also a web terminal that uses real-time market data allowing traders to test out their created bot. This is a very user-friendly platform, and it makes the automation of a bot a simple task, even if you are new to the field of programming.

The prices of the platform vary according to the type of account you have, and they also provide demo accounts. The minimum deposit to open an account can range from $10 to $100, depending on the account type you choose. What’s better than crafting your own bot if you are having a hard time choosing one?

Pros

Cons

Fortnite - forex trading bot

This is a forex trading bot that suits the speedy forex markets. This platform uses a combination of trends and hedges with high/middle/low-risk settings to give the best trading experience. Fortnite also supports MT4/MT5 integration as well.

Great attention towards back-testing with expert insights can be seen here. It is very easy to set up and use this bot due to its ease of use. Furthermore, Fortnite has verification by FX Blue.

It also offers a one-time purchase lifetime license with a 30-day money-back guarantee and an unlimited number of demo accounts. These packages start from $149 and go up to $249 on the platinum accounts.

Pros

Cons

Forex Trendy - forex trading bot

Reducing unnecessary losses and increasing the odds of making profits is the main goal of Forex Trendy. This forex trading bot scans all the available currency pairs and finds the best trend suited to you. Although Forex Trendy won’t place any trades, it advises the best time to buy and sell.

This Forex bot offers audible and email alerts to notify you while using chart trends to find the optimal trading times. It also comes with a very user-friendly interface and allows users to customize it to suit the needs of the trader.

If you want to start using Forex Trendy, you will have to put down a minimum deposit of $250 and make quarterly payments to maintain access.

Pros

Cons

ForexVPS - forex trading bot

If virtual private servers (VPS) are what you are looking for, ForexVPS is ideal for you. This Forex Bot provides VPSs with no downtime and 24/7 technical support with MT4/MT5 compatibility to its users. In addition, data centers spread around the world allow ForexVPS to offer ultra-low latency with 100% guaranteed uptime.

ForexVPS offers packages starting from $30. Traders can pay additional to get hosts with more computing power and enjoy better forex outcomes. After the initial payment, traders will have to pay a monthly subscription to keep the service live.

Pros

Cons

EA Builder - forex trading bot

This is another platform that allows you to create your own forex trading bot without any prior programming knowledge. It comes with a simple interface that eases the creation process. The platform also provides video tutorials and is compatible with MT4/MT5, and TradeStation.

A lifetime access package is available for $97, and it even has free versions to suit the needs of the trader. One downside to EA builder is that it offers no live customer support to help traders with issues that they might come across.

Pros

Cons

Alfa Scalper - forex trading bot

Traders who utilize forex scalping are the people who can benefit the most from Alfa Scalper. This forex trading bot is best suited for forex scalping and short-term trades. Furthermore, Alfa scalper offers a number of a great many qualities like confident results, profitable winning trades, scalping strategies, trend analysis, and prediction formulas.

This forex trading bot comes with a price tag of a $147 one-time fee to give access to one of the most profitable forex bots. If you are thinking about using an Alfa scalper, you will need to have a solid internet connection and must undergo a steep learning curve.

Pros

Cons

Forex Gump - forex trading bot

For those who are in the market for a forex trading bot that can handle multi-currency strategies, Forex Gump is the ideal choice to consider. This bot comes with features like easy customization and a user-friendly interface with the ability to set your trading preferences. In addition, Forex Gump monitors the trends, news, and prices of nine currency pairs.

Creating a Forex Gump account includes $200 and upwards, depending on your selection. What limits Forex Gump mostly is the nine-currency pair limitation.

Pros

Cons

Coinrule - forex trading bot

Cryptocurrency Forex is a section of the forex market that is seeing a massive rise in popularity in recent times. Coinrule is the perfect choice for crypto forex trading. It offers great customization, back-testing, a simple interface, and over 150 templates.

What's great about Coin Rule is that it also offers a free starter plan, while the purchasable accounts range from $29.99 to $449.99 per month. This is not the best bot for non-crypto forex traders, and it also does not come with a mobile app.

Pros

Cons

Forex Diamond - forex trading bot

This is a forex trading bot that combines three independent trading systems to offer a self-updating algorithm. When using Forex Diamond, traders will have the ability to run Trend Retrace, Counter Trend, or Counter Trend Scalping. In addition, these can be done independently or in combination.

Forex Diamond has a minimum deposit of $1000 when using its services and needs a $267 one-time payment to access it. The downside to this bot is that it only has support for four forex currency pairs.

Pros

Cons

How to choose a forex trading bot?

Finding the perfect forex trading bot for you has become quite tricky with the oversaturated nature of the forex bot market. In addition, some of the bots available for usage are outright scams that can lead to you losing money.

To reduce the chance of you making a mistake, make sure to do thorough research and testing before integrating one into your trades. After doing the necessary research and choosing a bot, create a demo account on a forex broker and test out the bot in question to see if it actually works as intended.

Any reliable and functioning trading bot will record its statistics on a website so anyone can check its performance. Evaluating the statistics to see the efficiency of the bots is something every trader who intends to use bots must do.

Another way to select a good bot is by checking the reviews it has and the rating it gets on websites that rate bots. This will allow you to see what other traders experience with the bot in question and how useful it can be for your situation.

Always make a shortlist of the best bots and compare their ratings, statistics, and pros and cons of them to select the best possible bot. If done correctly, you will be able to integrate a forex trading bot that can help you in forex trading.

Frequently Asked Questions

What is the best forex trading bot?

The answer to that depends on what you need. With that in mind, 1000pip Climber System is the overall most popular and highly rated forex trading bot.

Are there any free forex trading bots?

Yes, there are a few free trading bots. RoboFlex and Forex Fireball are two great examples.

Do I need to have programming knowledge to use forex trading bots?

Yes, you need to at least have a basic understanding of programming to use most of the bots. However, there are some forex trading bots that you can use without any programming knowledge, like RoboFlex.

Conclusion

Forex trading bots are a great tool invented in the forex trading world that makes the trader’s job much easier. However, finding a good bot can be tricky as there are a large number of available forex trading bots.

Correct implementation of a good forex trading bot can help you to maximize your profits. New and seasoned traders can benefit from such bots alike and improve their profit. However, if you are a trader with limited funds, forex trading bots might not be for you, as many of the reliable and advanced bots come with a heavy price tag. But if you can afford one, they can cut down your workload in half while finding better trades for you.

When selecting a bot, you can consider one from our Forex bot list here. However, we advise you to do your own research as well before making a decision.

How to start Forex Trading in 2022 for free?

More and more people are showing interest in starting forex trading. However, not many know the best way to become a profitable forex trader. So if you too have the question’ how to start forex trading in 2022 and earn good profits, this article is for you.

What is forex trading?

Forex trading is the act of trading foreign currencies. This is the world’s largest and most liquid financial market, and it does forex trading by creating currency pairs. The forex market is active 24/5 and has no centralized marketplace making it one of the more flexible trading paths available. Since you now know what forex trading is, let’s see why you should start it.

Why start forex trading?

If you are wondering how to start forex trading, the first question you need to find solid answers to is why forex trading? Everything has pros and cons, and so does Forex Trading. However, there are many benefits that come with it that make this one of the most popular trading means in the world. Let’s look at a few of them.

Needs a small capital: Forex is a trading venture that does not need a large capital to start. Traders can spend a small amount to open an account and start trading on it. If you are someone who is still wondering how to start forex trading, look for a platform with free demo accounts like Icon FX.
Trade when you need: The flexibility that forex trading allows the traders to enjoy is unmatched. The marketplace where forex is traded is open 24/5, and users can whenever they feel like it. This makes it a lot easier for part-time traders to be flexible with the little time they have.
Better liquidity: A large number of traders allows them to match with more suitable traders and find the fair prices that they seek. This removes any risk of big players manipulating the price and provides greater liquidity. Which is why as of now, the forex market is among the most liquid financial markets.
Profitability: Forex has the potential to make a trader into a millionaire if done right. The high profitability of forex comes with well-timed and educated trades. High volatility is the reason behind this and keep in mind that it is a double-edged sword. In addition, high leverage available within forex trading platforms also allows traders to make big bucks by spending a little.
Easy to get started: Trading forex is a task that traders of any calibre can take part in. Even if you are a beginner in the scene, you can start forex trading by trying out demo accounts or trading in small quantities to lessen the risk. Of course, if you are an expert in the field, you have more advantages over other traders.

How to start Forex Trading?

If you are looking for a place to start your forex trading endeavour, you came to the right place. Below is a step-by-step guide that covers all questions you face when looking into how to start forex trading.

Step 1: Connect to the internet

An internet connection is a must-have if you want to start forex trading. Connect the device that you are using, may it be a computer or a mobile device, to the internet. A connection with minimal interruptions is preferred as a connection loss while trading can cost you significantly.

Step 2: Find a broker

Without a forex broker you can’t get into forex trading. So first you need to find a broker for you. But this is way simpler than finding a stock broker as there are many forex brokers out there that you can sign up with online.

Step 3: Create a trading account

A trading account is something necessary when doing forex trading. Create a trading account and fund it according to the trades that you are willing to take part in. Different brokers have different ways to fund trading accounts. Make sure to find a broker with a funding method that you are comfortable with.

Step 4: Start using a forex trading platform

The trading platform is where all the trading activity takes place. Each broker comes with a unique trading platform, and you will have to use the one that you think is better. These also come in web, mobile, MT4, and MT5 versions.

Step 5: Start your forex trading career

When you are done with all of the above steps, all you have to do is start trading. If you are unsure about anything, use a demo account until you become familiar with the process.

Key factors to keep in mind to start forex trading on the right foot

Anyone can become a forex trader, but to become a good one, there are few requirements that you must complete. They are,

Good Education: The difference between gambling and trading is defined by one’s ability to control the risk. If you don’t know what you are doing, you will lose all your money even before you know it. Forex trading requires complex analysis. This is why you need to learn Forex trading first before doing any actual trades. If you want to become a profitable trader you need to make solid trades that end up being profitable. Luckily, there are ways you can learn about Forex Trading, one of being self-learning.
Good exchange: A good exchange is a must-have for any trader willing to become successful. Low fees/spread, high leverage, and being regulated are some common features of a good exchange. Icon FX is a great example for this.
Enough Experience: Experience will play a huge role in your forex trading. With enough experience, traders can place well-calculated trades to always get positive results. If you want to develop your skills risk-free, use a demo account. The demo account in Icon FX allows traders to start trading with up to $100 000, 24/5.
Risk management: This is a very volatile field that revolves around trading with risks. Because of this high-risk involvement, it's always better to have risk management strategies. So you are able to ensure your financial safety.

Best strategies to start Forex Trading

To begin trading forex, we can use a variety of strategies

When it comes to forex trading, there are lots of strategies that can help the trader to maximize their profits. Let’s take a quick look at some of the most common trading strategies when starting forex trading.

Price action trading: Trading according to the price movements of a certain instrument is the idea behind this strategy.
Range trading strategy: Trading according to the trading instruments that are consolidating in a certain range. The range can be from 20pips to several hundred pips.
Trend trading strategy: This strategy involves identifying trade opportunities in the direction of the trend. Most of the time, trends will raise the value of certain assets.
Position trading: Capturing profits from long-term trend moves while ignoring the short-term trends is the goal of the position trading strategy.
Day trading strategy: Trading currencies on an intraday basis, using shorter-term charts is how to start forex trading with a day trading strategy.
Scalping strategy: Taking advantage of small intraday price moves even with 5pip shares is the idea behind this strategy. Trades belonging to this category usually happen within seconds to minutes.
Swing trading: Holding their positions open for multiple days is the key to this strategy. This can take up to a few weeks, and traders of this kind need a lot of patience.
Carry trade strategy: This strategy is making a profit from the difference in interest between the two different currencies that make up a currency pair.
Breakout strategy: Entering a trade as soon as the price manages to break out of its range is the way to go about this strategy.
News trading: Trying to profit from a market move that has been triggered by a major news event is the key behind this method.
Retracement trading: This involves trying to capitalize on short-term price reversals within a major price trend while trading in the direction of the trend.
Grid trading: Making multiple orders above and below a certain price to benefit from volatility is a grid trading strategy in simple terms.

How to choose the best strategy to start Forex Trading?

As you can see, there are a number of ways that you can follow when starting your forex trading career. Among them, you should select one that matches your requirements and master it. That way, you will have a better understanding of the market and the way it moves.

It's better to learn and master at least three strategies since the market changes, and the same strategy won't work all the time. A great way to test out your skills and strategies is by using a demo trading account. Virtual funds that you can use in the demo account will allow you to see what method suits you.

Forex Trading Analysis to use when starting forex trading.

Analyzing the forex market is a procedure that allows traders to determine whether to buy, sell, or hold a currency pair. The analyzing process is done in two ways, fundamental and technical.

Fundamental analysis involves looking at the impact of political, economic and social factors on the relative value of a currency. Technical analysis, on the other hand, involves poring over charts to identify patterns or trends.

Both of these types of analysis are necessary when making trades that can yield better results for the trader.

How to select the right exchange when starting forex trading?

Selecting the most suitable exchange to do your forex trading on is another important step in how to start forex trading. There are a few things that a good exchange has when compared to a bad one. Firstly, make sure the exchange in question follows regulatory compliances.

Then proceed to check the features it provides to the customers. Some common features of a good exchange are high leverage, large currency pair support, low commissions and spreads, minimal initial deposit, and ease of withdrawal and deposits.

Finally, see if they provide good trading platforms and come with good customer service. If the exchange in question has all of these, then it’s a potential candidate.

How much money do you need to start Forex trading?

Forex trading is an activity that you can start with even just $100. Even though your returns scale with the amount you deposit, a trade is still possible. The most important thing to keep in mind is that the amount you need to put in depends on the trading strategy that you follow.

When invested in an exchange with high leverage, you will be able to get better results with lower risk. Even with all of this, you won't be able to make the best out of your funds without doing a proper forex analysis.

How to start forex trading risk-free?

The best way to start forex trading is by practising the craft on a demo account. Trading in a demo account with virtual currency will enable you to learn the ropes of each strategy that you are willing to master.

The most important part of this is that it's all risk-free. Even if you make a mistake on a demo account, you will not lose any of your money as you are using virtual currency. You can still utilize a demo account even if you have a live one. Test your strategies on the demo account and if they see success, try them on the live account.

Frequently Asked Questions

What's the lowest amount to start forex trading?

You can start forex trading with $100 with some forex brokers. The most common amount that most brokers request is $1000.

How to start forex trading?

First, select a currency pair and a broker and create an account in it. Then trade using a demo account until you are comfortable with your skill and move on to real trading.

Can beginners start forex trading?

Forex trading is an activity that even beginners with little experience can take part in. Even still, experienced traders will have an advantage over beginners with their knowledge.

Final Thoughts

Starting forex trading is something that anyone can take part in. When done correctly, forex trading can allow traders to earn a higher income by just doing a fraction of the work. When done conservatively with money management in mind, you can start forex trading with a small amount of money.

One important thing that you should keep in mind is that traders who earn big with forex worked hard at it too. While it is possible that you can earn an additional income with forex, if you want it to be your full-time job, you will have to put in a lot of work.

So follow the steps in this article, do your analysis, and do your research before getting into forex trading to see better results.

Learn forex trading | Absolute Free beginner guide in 2022

If you are looking to learn forex trading and don’t know where to start, this is the guide that would help you get started. Forex trading is popular among people for making good money. Whether you want to get into forex trading full-time or start it as a side hustle this article will show you the ropes.

Let’s dive in.

Why learn forex trading?

Forex trading is known for its amazing turnovers. If done right, it can be a flexible solution to your financial problems. The reason to learn forex trading varies depending on the person in question. Furthermore, there are many reasons to choose this subject, and below are some of the most common reasons that might make you too want to learn forex trading.

Extra income

The most obvious and common reason to learn forex trading is to earn some extra income. It is always a good thing to have some additional income, and forex trades can help you with that.

However, keep in mind that this is not something you can switch back and forth to. To earn a respectable amount, you should really put in time and dedication.

Trade to your own schedule

The marketplace where forex trades happen is open 24 hours, five days a week. When compared with the stock market, which only operates six hours per day, forex markets are much more flexible.

So you, as a trader, can trade anytime you want, and this flexibility is great for people with full-time jobs and who want to do forex trading on the side.

Low costs when doing transactions

Forex trading is among the cheapest types of investments available. The transaction costs themselves are low and sometimes are non-existent due to the small number of middlemen involved.

In addition, the leverage when it comes to forex trading is much higher than in other types of investments.

Better tools at your disposal

Many forex trading platforms offer a wide range of tools to aid the trader in making more successful trades. With this traders can easily view and analyze data to identify patterns and trends.

Trade at your convenience

Doing trades in the forex market is not something that requires lots of resources. All you need is a smartphone or a laptop with a good internet connection, and you are good to go. This allows you to trade even on the go. In addition, combine that with the 24 x 5 open hours, and what you have is the most flexible way to earn some extra income.

Signs that you should learn forex trading

Understanding if you got what it takes to do well in the forex market is the first step to take. So, let’s take a look at the most common signs that say you will make a good forex trader.

You are analytical

Having an analytical mind is a great asset to you if you want to learn forex trading. This will allow you to get a better grasp of the percentages, calculations and ratios of leverage and risk and rewards.

You are disciplined

Discipline is also a quality any good forex trader should possess. If you want to become a successful forex trader, you must have strong discipline with you at all times. This will help you make decisions against your emotions.

You are dedicated

Dedication is something that you must have if you want to succeed at anything in life. This also applies to forex trading as well. The road to becoming a successful forex trader is a long and hard one. Thus dedication will be your main guide on this road as well as when starting to learn forex trading.

You are strategy-based

Luck is the last thing that you should count on in forex trading. While it's good to have great intuition and luck by your side, strategy is what you should depend on the most. Trading according to a good strategy will always give you better and more consistent results than any other way.

You are not impulsive.

Trading on your impulses falls more on the line with gambling than trading. So if you are known for making impulsive decisions you need to work on that before getting into any trading. Because to become a good trader you need to be able to take calculated risks based on data and not just act on what you feel in the moment.

You are not overly emotional.

Having good control over their emotions is a quality that can be seen in every successful trader. This allows you to keep trading and follow a strategy even if you suffer some losses along the way.

However, this is one of the hardest aspects to master since it goes against human nature. If you are someone with such a trait you will have a better chance at succeeding in forex trading.

You are risk-savvy

A forex market is a place that carries a large amount of volatility. If you are not looking to trade with some risks at hand, you might not be able to make those big bucks forex trading is famous for.

This is indeed a double-edged sword, and losses are a possibility, same as rewards as forex trading is all about taking calculated risks and risk management.

How to learn forex trading?

The way that you follow how to learn forex trading is up to you. Everyone has their own criteria, and the time and money at their disposal to spend on learning forex trading can differ from one to another. Let’s see some of the most common learning methods available right now.

Self-education

The easiest way to learn about forex trading is by self-education. By following this method, you have to go all the way all by yourself. The Internet, books, and other similar knowledge bases are your biggest allies here, and you are 100% responsible for your own success.

Pros

Cost-effective way to learn.
The pace that you follow is your own, and it makes learning much easier.
You can do self-education whenever and wherever you want.
Much less stress to learn.
Easily accessible top-tier knowledge bases.

Cons

The content you learn is unstructured and sometimes will confuse you.
There is no guarantee that your knowledge sources are accurate.
Self-education will take much more of your time.
The chances of you missing important information are high.

Video lessons

Videos are a great source of information that cover almost all the subjects in the world. Furthermore, there are lots of videos and video courses on the internet that teaches you all about forex trading. Everything from the basics of forex to trade recommendations are here.

Pros

Having visual aid is a great way to remember things that you learn.
Lots of video content are available for free and will help you learn without investing any money.
These also fall in line with self-education and have all the benefits of it.

Cons

Videos are pre-recorded, and you won't have any input and the professionalism of the creator.
Videos might contain outdated information.
Following trading signals and recommendations might lead to losses with nothing for you to analyze and gain from that loss.

Forex trading training courses

Following training courses that are made to help you learn forex trading is also a great path to follow. These are a great way for beginners to learn what it is in the trading world and get the basics to learn the ropes.

Pros

Access to organized information by trading experts and established firms
Many free options are available, and if you want, there are also paid and more advanced ones you can try.
Much easy to learn things with the input of the experts.

Cons

Training courses are more focused on explaining issues than forex trading.
Most of the time, the free or cheaper courses will try to sell an investment plan rather than teaching forex trading.
Courses held by famous traders can be quite expensive.

Forex trading schools

Forex trading schools are the most effective and reliable way to learn forex trading. They often follow a well-established curriculum and will help you to understand all you need.

Furthermore, passing a trading school will get you a State Professional Development Certificate, proving you know what you are doing.

Pros

More effective structured lessons and teaching methods are here
The input of the teachers will help you to grasp things better
In the end, you get a certificate to prove your knowledge, unlike any other method.

Cons

There are not the cheapest methods and sometimes can cost a fortune
Limited availability of forex trading schools

Forex trading books

Forex trading Books are also a great way to get knowledge on the forex trading scene. A countless number of books from different authors are available for purchase, and these contain valuable insights.

Pros

These are written by the top experts in the fields and are guaranteed to have valuable information
E-book versions of the forex trade books are available if you are unable to get your hands on a physical copy.

Cons

The information on books can quickly get outdated with no way to update them.
Getting your hands on every piece of literature is impossible; thus, the accessible knowledge is limited.

Can you learn forex trading all by yourself?

In simple terms, the answer is yes.

Learning about forex trading all by yourself is an easy task now with the availability of all the knowledge sources. You can also get the help of other traders in the field for some extra opinions to speed up the learning process.

The hardest part is choosing what type of path to follow when you try to learn forex trading. Understanding the basics of the subject will help you to understand what it takes to make a profit out of forex trading.

Since this is a field often involved with risk, you will not be able to keep up a perfect trade rate at all times. If you follow a solid forex training regime, you are more likely to understand that.

However, the path that we suggest you take when learning forex trading is self-education. It's free, and you will have access to a multitude of knowledge sources to help you in your way. One of the best platforms with a good self-help section is Icon FX.

Icon FX is a well-established platform with a large knowledge section that is aimed at all types of traders. You will have a much easier time understanding what you need to know, trading strategies and signals here. You also have the freedom to create a demo account and make trades with what you have learned without any risk of losing capital.

Tips for learning to trade by yourself

If you feel like you got what it takes to succeed in the forex trading market, we got some tips that can help you get some confidence.

Don’t follow trends without any research

Following new trade trends cluelessly can affect your trades negatively. So, make sure to do your research beforehand

Always be humble

Be a humble person in the trading fields as well as in the real world. Take other traders' opinions and be humble enough to validate your beliefs.

Prioritize risk management

Prioritizing risk management is a must in any trading and will help to minimize your losses.

Use demo accounts

Always use demo accounts or simulated accounts when stepping into forex trading for the first time and before trying trades on new trends.3

How long will it take to learn forex trading?

The time it takes you to learn forex trading relies on the time you put into it.

However, if you really want us to come up with a number, we would say that you will need at least 3-4 months to cover the basics. Mastering all that is forex trading will take you somewhere from three to five years.

In the process of learning about forex trading, it is always better to follow courses, read books, or view videos by people who have proven forex trading experience. Rather than following a cheap course or finding a cheaper alternative, spending a little more time on the learning process will ensure better results for you.

Make sure you do not rush the learning process and learn all the information that you can find. This will help you to make fewer mistakes in your forex trading.

Final Thoughts

Forex is the most traded financial market in the world. So if you, too, have plans to get into Forex trading, it’s important that you learn about it very well before going for trades.

Having good knowledge will help you make profitable trades more often without making it a risky gamble. However, learning about Forex can be challenging if you are new to trading due to the complex concepts and strategies that you have to make yourself familiar with.

But the good news is there are many ways that you can choose to go about learning Forex trading, as we mentioned in this article. All learning methods have their pros and cons, so selecting which way you want to learn Forex, whether you like self-learning or signing up for a course, is up to you and should be done to fit your situation.

If you are going with self-learning, you can always use Icon FX’s resources, where we have all sorts of information aimed at all types of traders. All our resources have been created to help you understand complex stuff easily. With us, you also have the freedom to create a demo account and make trades with what you have learned without any risk of losing capital.

Frequently Asked Questions

Is learning forex trading easy?

Forex trading is a skill that requires a lot of knowledge. As a beginner, learning about forex can be confusing. But if you get past the steep learning curve, it is not that hard.

What is the best way to learn forex trading?

Self-education or self-learning is the best way to learn forex trading. You can find plenty of verified resources on the internet to help your course.

Do I need to spend money to learn forex trading?

You don’t need to put any money towards forex learning as there are a lot of ways you can learn it for free from the internet. But if you want, you can put some money in and join a forex trading school or a course to gain better results.

20 Best Forex Trading Books to Read in 2022

If you are someone looking to improve your knowledge about Forex trading and learn new strategies that actually work, there is no better option than to turn to good old books written on the topic.

However, when the market has so many forex trading books, and you only have so little time to spend on reading, you need to find the best books that will be worth your time.

Here are 20 forex trading books that you can sink your teeth into and come out the other end a better Forex trader.

Currency Trading for Dummies by Kathleen Brooks and Brian Dolan

This is a great forex trading book for everyone who is starting their journey into the forex trading field. “For Dummies” series is famous for its ability to introduce a complex topic in a simple way. The book has everything a new trader must know about the forex market.

Currency Trading for Dummies also teaches about the global forex market, its scope, size, players, and other impactful economic drivers as well. It also covers topics like risk management, currency pairs, and how to be a successful trader. All of these make the perfect forex trading books for a beginner to gain basic knowledge.

Forex by Dave Matias

This book is all about using fundamental analysis & fundamental trading techniques to maximize your gains in forex trading. The fundamental analysis acts as the base of trading and a leading force in FX flows. It is vital to know fundamental analysis since the forex market is a highly volatile place.

The book goes into great detail about myths of fundamental trading along with currencies and bonds. Other topics that the book covers all fall under things you need to know on capitalizing in exchange markets.

Forex the Holy grail by Simone Siesto

As an attempt to explore what could be the holy grail of currency, this Forex trading book covers the best financial analysis techniques in forex trading. The author is confident that technical indicators might not be enough and provides 15 golden rules for success in forex.

You also can find a few currency trading techniques and approaches to forex to reach a higher level of success. The book will be a great help to look past the accepted truths and recognize the true heart of the market.

Forex Trading by Jim Brown

This is one of the better forex trading books to start with when getting into forex trading. The book aims to provide the basics of forex trading in the simplest terms possible. This is a great piece for new traders that need some guidance in their forex career.

The entire book follows a simple format that is easy to understand even for people without any idea about forex. Scenarios the trader might have to face are also in the book, and that can help provide practical understanding.

The Black Book of Forex Trading by Paul Langer

This is a book that promises to show a proven method to become a profitable trader in four months and reach your financial freedom by doing it. It is aimed at intermediate and beginner traders who want to succeed with the help of forex trading.

The book will show how to plan personalized winning strategies to maximize the benefits with fewer risks. In addition, the book also shows traders how to control emotions and not be biased when making financial decisions.

How to Start a Trading Business with $500 by Heiken Ashi Trader

The forex trading book is a great read for new traders who are starting with small capital. The book comes with a step-by-step guide on how to succeed in forex trading with limited capital.

The concept of the book is to provide a realistic approach to the trading scene and not expand a business to reach greater heights. In conclusion, If you are a new trader with small capital, give this a try. It will teach you how to put your foot in the trading sector with what you got.

The 10 Essentials of Forex Trading by Jared Martinez

Looking for a guide to using trading tools and techniques effectively at minimal risks to gain better results? Then, this is the forex trading book for you. In addition to that, it also provides the rules for turning trading patterns into profits.

As the title of the book shows, it comes with 10 techniques that traders can use to get better at forex trading. The book is a great read for forex traders of any experience level.

The Death of Money by James Rickards

The death of money is a book about the financial future of the world. It also tries to examine how the global monetary system rotates around the dollar. Furthermore, it shows how a total collapse in the economy is inevitable if we head down this same path.

The author also goes into how Gold is the only true money in the world. Another assumption talked about here is how the recession of 2007 – 2008 has been structured.

The Simple Strategy by Markus Heitkoetter

The book covers a simple yet powerful strategy for everything trading, including forex. Readers can learn clear entry rules as well as clear exit rules in the market.

It also comes with instructions on how to take advantage of small intraday trends. After reading this forex trading book, you will see that you don’t need sophisticated and expensive trading software – But only simple charting software with basic capabilities.

Day Trading and Swing Trading the Currency Market by Kathy Lien

A book that comes with the basic theoretical framework for forex and covers the market evolution and how it affects forex traders. The reader will be able to identify and utilize hidden opportunities when it comes to trading with the help of this book.

This book also focuses on how to utilize several proven techniques as well as fundamental trading strategies. Since this covers both theory and practical aspects of forex trading, this is a forex trading book that is good for traders of all experience levels.

Trading in the Zone by Mark Douglas

Mastering the trading mentality is very important if you want to succeed as a trader. If you are someone interested in psychology that goes into trading, this is the book for you. The book shows how what we learned when we were young is sometimes inappropriate when it comes to trading. The book states the difference in the thinking between successful traders and unsuccessful ones.

In this book, readers can also find a mental analysis, a section about discipline and focus, and how to transcend fear.

The Sensible Guide to Forex Trading by Cliff Wachtel

This is a forex trading book that outlines an approach to reducing the risk for long-term investors. It shows the safer and smarter ways to survive and prosper from the start of forex trading. An introduction to advanced trading tools like forex binary options and social trading accounts is also in this piece.

The book analyzes the fluid nature of forex and how traders can use it to their advantage. Furthermore, this shows some excellent strategies for creating high-performance and low-maintenance portfolios to reduce risks. This is an ideal read for long-term traders.

Adventures of a Currency Trader by Rob Booker

This rather unique book follows the fictional story of Harry Banes, a forex trader. The experiences he faces in his trading career and how he finds solutions to his issues are shared in great detail to allow readers to get some valuable insights to help their trading journey.

This piece is a must-read whether you are an experienced trader or a new one in the forex markets. How the author conveys his message in an entertaining format is sure to keep the reader hooked to the book.

Forex Trading Money Management System by Don Guy

As the book itself states, it is aimed to crush the forex market with bigger profits and smaller losses. The money management system mentioned in the book tries to reverse the forex market movement and maximize profits.

The book also got some experiences of the author and how he made $500 from $20 by applying the automated profit locking mechanism and is applied in financial markets.

A Three-Dimensional Approach to Forex Trading by Anna Coulling

This book shows the complexity of currency as it controls the money flow and risk. The basic framework of the currency, the web of Intermarket relationships, and how studying the assets can help you are also some in this book.

Readers can learn how currency functions, how it controls the money flow, and everything about currency markets. This is a great piece regardless of your experiences in the field.

Currency Forecasting by Michael R. Rosenberg

This acts as a guide to fundamental and technical models of exchange rate determination. Read this, and you will gain valuable knowledge about the dynamics of the currency market and how to exploit it to get an advantage over others.

A discussion about the unique perspectives on the determination of currency price is here with the author's unique point of view. In conclusion, More seasoned and experienced traders can use advanced techniques mentioned in the book to improve their skills and techniques in forex trading.

Forex by Matthew Maybury

This is a beginner’s guide to forex trading alongside some of the best forex trading strategies. The beginner’s guide section of the book covers everything from how to get into forex trading to how to maximize the profits earned from it.

In the next section, the book covers forex trading strategies. The book teaches the basics of forex trading, understanding market trends, a few strategies, risk reduction, and street-smart tactics that can help you to become a better trader.

Foreign Exchange Option Pricing by Iain J. Clark

This piece aims to cover all the aspects of forex trading in the eyes of a practitioner. The book also sheds light on the theoretical mathematics aspect as well as the comprehensive coverage of implementation, pricing, and calibration.

This also goes into detail about the products from forex options trading desks with ways to do accurate pricing of the products. The book is a bit more advanced than the other books here and provides a wide range of knowledge in everything from forex options to pricing.

The Art of Currency Trading by Brent Donnelly

This forex trading book serves as a professional’s guide to the foreign exchange market and trading in it. It will show you how to trade currencies depending on the situation and trends of the market. In addition, by reading this, you can learn about unique strategies that the author himself has tested.

There are a lot of things a new trader can learn by reading this amazing forex trading book. That includes trading philosophies and approaches along with trading tactics to improve oneself as a trader. Besides that, you can gain knowledge on

Technical analysis
Fundamental analysis
Trading philosophies
Approaches to the market
Macro fundamentals
Behavioural finances
And how each of them interacts with the forex market

The Foreign Exchange Matrix by Barbara Rockefeller

Foreign exchanges and foreign currency markets are something every forex trader should know everything about. Understanding how this work can be a valuable asset that is what this book aims to do. This work provides a new framework for understanding currency movements and market behaviours.

In order to be successful in Forex trading, you should read the best Forex trading books

To trade well, you must be informed and educated. In a field like forex trading, having that extra edge over other traders can be the difference maker in making a good deal. Forex trading books are precious nuggets of the information left on paper by thriving traders. They are a great source of knowledge that is both mobile and versatile.

This is a knowledge source that can be accessed even when you are offline. Unlike information on the web, only the most qualified and experienced people take up the pen to write a book.

Reading some of the great books about forex trading will expand your trading knowledge and will enable you to make better decisions. Hopefully, our selection of forex trading books will help you get started in forex trading with the right knowledge.

12 Best forex trading platforms in 2022

Finding the best forex trading platform is essential for any forex trader to make successful trades. However, selecting the right platform might be a challenging task with all the options available out there.

No forex trading platform is the same. So it will require a lot of research to identify the best trading platform for you, whether you are new to the trading scene or not.

So here we list 12 forex trading platforms to help you make your decision with ease.

IG – Most trusted forex trading platform

Best forex trading platforms: IG - Best overall broker

When it comes to award-winning brokers that have competitive pricing and a wide range of markets to trade on, IG takes the crown. As one of the first forex trading platforms, IG has trading support for over 17 000 assets. Users have the freedom to choose from CFDs, spread betting, Turbo24s, or vanilla options.

This forex trading platform here offers great customizability and easy navigation.

The goal behind the creation of the IG trading platform was to create a smart, fast, and clear way to perform forex trades for the masses. In addition, MetaTrader 4 and mobile trading apps are also available here.

With IG, users can use 80 currency pairs at a minimum of 0.6 pip for EUR/USD trades. It should be mentioned that when opening an account, the minimum deposit required is $250. Customer service is great here on IG, and it even has the IG Academy to help traders learn new things.

eToro – Best platform for Cryptocurrency trading

Best Forex Trading Platforms: EToro - Best Copy Trading Platform

This is a forex trading platform where users can enjoy the power of social investing to its fullest. With access to over 50 forex markets, eToro is one of the best forex trading platforms. This trading platform also offers support for 49 forex pairs at a 0% trading commission. In addition, eToro also has a mobile app as well as a web-based platform.

Launched in 2007, eToro currently provides services for over 12 million users. The speciality of eToro is in its CopyTrader feature. This feature enables users to copy trades from other registered users. With this, even beginners can make successful trades and gain better profits.

The trading platform allows spreads for forex pairs as low as 1 pip and has a minimum deposit of $10. Furthermore, flexible leverage, robust regulation, and the large community make eToro a great option for traders of all experience levels.

Interactive Brokers (IBKR) – Best for professional traders

Best Forex Trading Platforms: Interactive Brokers (IBKR) - Most Advanced Charting Tools

With some of the biggest libraries of stocks, mutual funds, and ETFs, Interactive Brokers are a solid forex trading platform. High liquidity is a common feature of interactive Brokers due to their large market access and availability of over 100 forex pairs. The leverage here is around 50:1, and the swap rate here is average around 1%.

You won't have to pay a minimum deposit here, and the trading commission also starts from 0.08 BPS. There aren't also no hidden spreads, and users can enjoy flexible trading strategies. Traders also have access to a range of free trading tools that they can test and integrate into their trades.

IBKR also offers more advanced research tools and reporting services. These become powerful tools in the right hand, and that makes this a better platform for more experienced traders. Great customer support features like live chat, phone, and email support are available 24/7.

Capital.com – Best for non-US traders

Best forex trading platforms: Capital.com – Leading Forex Platform with 0% Commissions

Another CFD trading platform with a wide range of currencies and markets is Capital.com. This trading platform offers 138 forex pairs, including exotics and minors.

The spread changes depending on the pair in question, and in cases like EUR/USD, it can be as low as 0.6 pips. Capital.com got a minimum deposit of $20 and has no charges for opening accounts, withdrawal, deposit, or inactivity fees.

There are web-based, mobile, and MT4 platforms available on capital.com and have max leverage of 30:1. One thing to keep in mind is that this trading platform doesn’t accept US-based clients. That is due to the regulations that are in place in the US, and clients in other countries can enjoy the full package of services.

Icon FX – Best overall platform

Best forex trading platforms: Icon FX - Most knowledgeable broker service

When talking about forex trading platforms, we can't forget about Icon FX. It is a CFD broker that is always finding ways to give its clients the best trading conditions and experience possible. Owned by Icon Tech PTY Ltd, Icon FX is an ASIC and FSA-regulated platform. Traders can trade with over 50 forex pairs in asset classes like

Icon FX does not have a minimum deposit requirement and offers leverage up to 1:500. The average spread for EUR/USD pair is just 0.2 pips. An MT4 platform is also available here, and users can enable it if they want.

Traders can use Visa or Mastercard, Bank Transfer, Cryptos, Mobile Money, Neteller, Skrill, and other payment solutions to deposit funds to their account. A solid education section and good customer service ensure Icon FX’s position on the best forex trading platform list.

XTB Online trading – Best platform for educational purposes

forex trading platforms: XTB Online trading - Great research and education

The platform offered by XTB is one of the giants when it comes to forex trading. The service came out in 2002 and managed to get a good reputation by offering a great trading experience. Users of this platform can trade on over 2100 global markets and have more than 4000 instruments available to them.

XTB offers 48 forex pairs and has xStation 5, mobile, and MT4 trading platforms within it. This platform offers real-time currency market sentiment information, a trading calculator, trading tools and charts to help any trader that is using it. You can find some of the best spreads here, starting from 0.1 pips. It also comes with negative balance protection to protect you from exceeding the funds in your account.

New users of this platform won't have to pay anything to get started, as the minimum deposit is $0. XTB is also a platform under the supervision of authorities like KNF, IFSC, FCA, and CySec. In addition, the platform offers some of the best in-field customer care support.

Libertex – Great CFD broker with no spreads

Libertex – Popular CFD Broker with Zero Spreads

A popular CFD trading platform with over 2.2 million users in over 11 countries. There are over 50 forex pairs the users can choose from, and these include real-time currency market sentiment. The platform has won over 40 different international awards and has been in the business for over 24 years.

This CFD platform offers users over 250 tradable assets with leverages up to 30:1. Users have the freedom to make use of the web-based, mobile, MT4, and MT5 platforms to help them in their trades. It should be mentioned that a variable commission starting from 0.03% is levied when a trade is opened or closed.

The minimum deposit needed to trade here is $105, and the swap rate varies depending on the pair. A great thing about Libertex is its 0-spread policy on the offered currencies. Finally, users of this platform can deposit funds from credit/debit card transfers, bank transfers, and even some e-wallets.

Plus 500 – Best platform for trading forex CFDs

One of the top names in the CFD forex traders in the European market is Plus 500. Besides forex pairs and CFDs, users also have the freedom to trade stocks, indices, ETFs, and cryptocurrencies on this platform. Plus 500 offers a user-friendly and intuitive UI, making it a great choice for traders of all skill levels.

A mobile app and a web-based platform are also available here. However, there are no MT4 or MT5 facilities. With Plus 500, users gain access to over 2000 instruments and over 60 forex pairs. Exotic forex pairs such as EUR/TRY and GBP/ZAR. Plus are available alongside the more common ones.

This platform offers some great features to lessen its users' risk. They stop limits and stop losses, trailing stops, and negative balance protection. That makes this platform a safe place for newer traders. Plus 500 also offers a $10 minimum deposit and a low spread value at 0.6 pips.

AvaTrade – Highly regulated secure platform

Launched in 2006, AvaTrade is a forex trading platform with relatively low forex trading fees. The platform has the backing of regulated parties like ASIC, FSA, FSCA, and the central bank in Ireland. AvaTrade offers 55 trading forex pairs through CFDs and charges no commissions when opening or closing trades.

Users of this platform can enjoy low spreads at 0.9 for popular pairs like EUR/USD. AvaTrade also got web-based, MT4, MT5, and mobile platforms and users can choose what they like. The platform’s minimum deposit is $100. They also do not have any hidden commissions with max leverage of 30:1.

For withdrawals, it supports six base currencies, is entirely free, and takes three business days at most to complete. Like many other platforms, users can create a demo account to learn the ropes. The extensive array of educational materials to help traders gain knowledge is another important feature of AvaTrade.

Forex.com – Best platform for US-based traders

Forex.com - Best for the high-volume trader

This is a specialist forex trading platform for US traders that launched in 2001. As one of the first forex traders, Forex.com is highly trusted in the industry, with four-tier 1 jurisdictions under its name. The platform offers support for over 80 forex pairs alongside the ability to trade gold, silver, and futures.

Users of Forex.com have competitive fees when compared with other forex trading platforms. Spread on here also depends on the pair and can range anywhere from 0.5 pips to 1.3 pips. The platform coverage of Forex.com is impressive as it offers web-based, mobile, MT4, as well as Ninja Trader platforms.

Forex.com is no slouch when it comes to features either. It provides high trade executions, fast transactions, and advanced charting tools to help the traders in their endeavours. This forex trading platform also comes with a solid learning academy with great courses and guides. In addition, Forex.com is a platform that has earned numerous awards for mobile trading, education, and low costs.

TD Ameritrade – A highly rated US-based platform

TD Ameritrade – Best Forex Trading Platform For Beginners

Introduced in 1975, TM Ameritrade is one of the first forex trading platforms. This is another platform that allows only US traders to do trading. Besides that, TD Ameritrade is a solid platform with a best-in-class rating for platform and tools, mobile trading, and research.

Here, users can trade currencies on a commission-free basis with no hidden spreads. In exchange, the spread is built into the bid/ask price. The trading platform allows trading for over 50 forex pairs, including majors, minors, and exotics. The highly competitive fees at display hint that the platform is better suited for more professional traders.

Thinkorswim is their web-based platform available for trading. Users don’t have to pay a minimum deposit, and the platform also does not have any trading commissions. Max leverage here is 50:1, and the swap rate is 1.25%. Here, users can enjoy real-time economic news and forex market developments, customizable charting screens, currency trading maps, technical indicators, and much more.

SaxoTraderGO from Saxo Bank – Best platform for intermediate traders

SaxoTraderGO From Saxo Bank – Best For Advanced Traders

When it comes to large-scale forex brokers, Saxo bank is one the better ones. This is a forex broker that provides a great variety when it comes to forex trading platforms. With over 40 000 different financial products to aid the masses, it is clear to see why Saxo Bank’s trading platform SaxoTraderGO is so well received. Traders who use the SaxoTraderGO gain the ability to trade over 35,000 financial instruments in over 8 asset classes.

The platform has a quite high minimum deposit at $2000 and provides 0.6 pips on major forex pairs. There is an MT4 option available if you are not a fan of the SaxoTraderGO. Users can upgrade the level of their account, and the prices get lower as the account level goes higher.

SaxoTraderGo is a flexible trading platform that allows users to choose from either a standard or advanced trading platform. This makes it a viable option for both beginner and advanced traders. The extensive knowledge base section is also helpful for anyone seeking knowledge.

Frequently Asked Questions

What is the best forex trading platform?

Icon FX is the best overall platform. It is regulated, offers high leverage, and has just 0.2 pips.

What is the best forex trading platform for beginners?

eToro is great for beginners. What makes it easy to use is its Copy Trading feature.

What Is The Most Used Forex Pair?

EUR/USD is the most used pair. It is also the most profitable forex pair as of now.

Conclusion

Forex trading platforms are in place to make the task of trading forex currencies much easier. Having a large number of platforms to choose from is a massive advantage forex traders have. Each platform offers different benefits and rates to the traders who use them.

Any experienced trader will tell you that a lot goes into choosing the best platform for each trader. When selecting a forex trading platform, there are many things to consider, from your knowledge level, fees involved, tools offered, resources available and more. So make sure to select the best trading platform for your situation and the nature of the trades you are planning to do.