Warren Buffet was famously quoted for saying, “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” This kind of confidence is necessary if you plan to play the foreign exchange or forex markets.
Currency trading is an exact science in some cases, and most traders focus on EUR/USD pairs. While Warren Buffett only gets involved in currency markets occasionally, he provides some insights via this interview on forex trading. In addition, it’s also about understanding clusters of good luck and bad luck.
But before you dive head-first into the wild world of fx trading, it’s important to ask yourself a few questions:
Do you want to bet on Euro and USD?
Do you want to look into other currencies?
The forex market offers a lot of benefits to traders who want a very liquid market. You can trade 24 hours a day from Monday to Friday. Are you ready and able to be switched on at all hours of the day?
RELATED: Forex Brokers Fees Explained
In order to trade forex, you need an account with a brokerage that offers forex trading access. There are specific brokers for forex that may offer more benefits and trading tools specifically tailored to understand volatile currencies.
The best forex brokers have a customizable dashboard that lets you track each and every currency that matters to you. We’ve tested the top 38 forex broker platforms in the US and around the world, and put together this short list of our most-recommended brokers.
Based on low costs, trading tools, currency evaluation, and real-time data, we chose the following as the best forex trading platforms.
Since the global foreign exchange market is the largest in the world and most actively traded, there are different ways to rate each brokerage.
One type may be the best forex broker for beginners while others are better for advanced users. The most important factors include fees for spreads and commissions, trading platform software, charting tools, customer support, education, currency research, and reliability. Continue reading
