Finexo Homepage

Overall Rating: [Rating:5]

Open Account: Click Here

Min Deposit: $100

Tools: Free Software, Webtrader, Pivot Calculator, Mobile Trader, Meta Trader-4

Special Promotions: Yes, 10% bonus for first deposition.

Leverage: 1:5 to 1:400

Deposit Options: Many

Free Practice Account: Yes

Support: Excellent (Chat, phone, email)

Company Reputation: Very good.

Why We Recommend Finexo?

Finexo is operated by SafeCap Investments Limited, which is a Cyprus Based Investment Firm (CIF), It is licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission) under license no.092/08. So it adhere to strict financial guidelines.

Various Options for Trading.

It has varied options to trade in forex including mobile trader. It has several apps to offer for mobile trading too. Another option is a popular trading software meta trader 4. You can also trade with web based trading platform.

Easy to Use Platform

Overall platform is easy to use. I contacted company several times and received reply of my each email promptly. I was happy with their answer. Support is pretty much good.

In-Depth Market Research – Added Advantage.

Another good thing about finexo is, it offers detailed market research and education. It is no brainier to trade forex blindly. You can find tools such as economic history, market reviews and information, which ultimately help you in taking trading decision effectively. In other word, you won’t need to move here and there for market update and news to open a trade.

Various Options for Deposit/Withdrawl.

Various options offered for depositing money as well as withdrawal. I feel comfortable with this. Account was opened and activated within just few minutes.

Click Here to Open Account with Finexo

Overall [Rating:5]

Open Account: Click Here

Min Deposit: $50

Tools: Free Software, Webtrader

Special Promotions: Yes, bonus of up to $1000 for first deposition.

Leverage: 1:5 to 1:400

Deposit Options: Many, All major including paypal, moneybooker, neteller, credit cards and bank transfer

Free Practice Account: Yes

Support: Excellent (Chat, phone, email)

Company Reputation: Very good.

etoro is a Limassol (Cyprus) based forex trading company. It became very popular soon after it’s launch because of many features it offers. This is only platform available for any kind of forex trader, be it newbie or experienced forex trader. They provide quick and excellent support. I personally use eToro and recommend it to fellow forex traders because of quality of service they offer.

Both eToro software and web trading platform are userfriendly and easy to use compared to many other available in market. You can try a free practice account before you start trading. Unlike many other companies, you don’t even need to install software. You can also try web based trading platform. Downloading software is completely optional.

What i liked most in eToro is, you can start trading within couple of minutes and just depositing $50 only. That’s great idea to learn forex trading. Registration was very simple and i got my bonus within couple of mines. Some companies minimum deposit of $2500 to open and maintain account.

Personal Tip: If you’re planning to trade forex for long time, i’d advice to make first deposit bigger as eToro provides great bonuses on first deposits.

Click here to Open eToro Forex Account Now

Any search for information on forex trading will reveal a wide variety of offers from brokerage firms across the globe. The internet, and prevalence of computers mean that these offers are now available to more and more people across all walks of life. Truly, anyone now can trade in forex.

When trading forex, a pip is the minimum fluctuation or smallest increment of price movement. Traditionally, prices in forex are quoted to 4 decimal places. The USD/EUR for example, could be quoted as 1.5108. In this instance, the “8″ shows the pip.

The spread is the difference between the buying and selling price. Therefore, a broker quoting a currency pair with a 5 pip spread could be trading simultaneously at 1.5108 (selling price) and 1.5103 (buying price). The smaller the spread therefore, the more money an investor can make.

In the example above, an investor could buy the USD/EUR at 1.5108, meaning an immediate 5 pip loss. The loss is because they can only sell it immediately for 1.5103. The price has to move by 5pips before the investor starts making money on this forex trade.

One of the benefits of increased competition in the forex markets, is smaller or tighter spreads, as brokerage houses fight to attract investors. This is good news for any forex investors. Those investors evaluating and considering offers from brokerage firms would therefore be advised to look into the typical spread on offer. An example is the Fractional Pip Pricing below.

In 2007, one of the largest forex dealing brokers, Forex Capital Markets LLC, announced that it would begin offering “Fractional Pip Pricing”. This was all in a bid to reduce the bid-ask spreads it was offering investors. For the first time, investors were being offered prices quoted to 5 decimal places. As the example above shows, a 0.5 pip spread is better than a 5 pip spread.

Their micro account targets traders who “prefer the the flexibility and convenience of trading in small (1K, 2K) lots, but are not willing to sacrifice tight spreads or quality execution.” This is the exact market that a lot of retail and investors still learning the forex market will fall into. FXCM will let investors open a forex trading account with as little as $25.

Typically, trades in the forex markets are in very large lots, at hundreds of thousands per trade. This is usually unaffordable to most retail investors, who are forced to leverage their capital to have access to these trades. Offering the microlot sizes that are not offered by the large banks brings forex trading within the reach of more people. Cleverly using technology means that they can do this efficiently, without unduly increasing the spreads for investors.

FXCM seems to have chosen to go the low cost route in delivering their forex brokerage accounts. Instead of telephone and instant messenger support services, the firm has extensive self help sections on their website. They also provide personalised responses to more complicated queries, but only via email. More help is available on the forums available on the same website.

As you can see, irrespective of how deep your pockets are, offers exist for anyone wanting to trade on the forex markets.

As a child growing up, I had dreams of becoming a motor cycle car driver. Fortunately my parents were far sighted enough to start me on tricycles. As I grew older, I graduated to a real bicycle, with training wheels. Later, those training wheels came off, one at a time, until I could safely ride a bicycle unaided.

Anyone who has ever done some type of trading will remember the overwhelming feeling when they started out. This feeling is not dissimilar to that faced by a novice contemplating a bicycle for the very first time. You have to balance, steer, and pedal, all at the same time, whilst remembering to use the brake when necessary. It can be done though, as the millions of cyclists across the globe prove on a daily basis. All it takes is a little practice.

In the bicycle example, two choices are available. Dive in, and earn a few bruises on your way to proficiency, or, slowly dip in with training wheels, taking more control as you become more proficient.

Fortunately, in forex trading, a form of these training wheels does exists, the demo account. Trading on demo accounts is like the real trading, except it allows you to ‘fall off’ without bruising your kneecaps.

So, what is a demo account? A demo account is an account opened with a brokerage firms, that allows you to place trades based on real data, without risking any money. Most brokerage firms will allow you to set up a forex trading demo account absolutely free of charge. All the analysis tools and realtime market data is also made available. In some instances, real live brokers are available, even for customers trading on demo accounts, to guide you through the forex trading process. This is probably essential when you are starting off.

The computing age has ushered powerful machines, tools and techniques that were previously only available to the big banks. These tools and software packages vary greatly in sophistication and complexity. Having said that though, many of them are turning profits for their users on forex trades daily.

Because demo accounts work on realtime data and quotes, they are ideal for testing the various software packages on the market. You can use the demo accounts to execute trades based on recommendation and strategies from the different packages, and your ‘profits’ and ‘losses’ to determine whether to keep the packages or return them for a full refund.

As the old adage goes, practice makes perfect. Demo forex trading accounts do not charge you commission, so you can trade as often as you want. Making a lot of trades will help boost your confidence and familiarity with the various tools and packages. It also allows you to experiment with different trading strategies, all in the comfort that you are not risking real money.

It is worth noting that the level of service you will get on the forex trading demo accounts will vary from one brokerage firm to the next, so it is worth checking before committing. Given that they don’t cost you any money though, it is probably a good investment of your time to try different firms’ offerings before settling on one.

Researching firms online is a good way to start. It is important to remember though, that the internet makes it easy for garbage to be posted about a firm. It is worth reading through comments, both negative and positive, and trying out a firm’s offering via a demo trading account before commiting.

Having decided to try your hand at trading on the forex markets, the best way to get a feel for real trading, is by opening a demo account with one or more of the major brokerage houses. Demo accounts allow you to experience real forex market conditions, and use real trading systems to make practice trades without risking any money.

Signing up for a demo account can be easily done on the internet. Most accounts are then funded with virtual money, and are available for the investor to start trading immediately. Because the forex demo accounts use real systems and prices, they are the best risk free way of getting actual forex trading experience.

The two main ways of trading using a demo account, are dealing at live prices, or trading via orders. This article focuses on the latter.

Orders play a very important role in in forex markets. One of the main advantages of orders, is that they are less labour intensive than trading live prices. Rather than sit and stare at the screen till a currency pair reaches the desired price before trading, a forex investor can place an order that is filled if the currency ever reaches that price.

The first kind of order is the limit order. It must be placed at a price more favourable than that available on the market presently. The example below illustrates this.

Assume the US$ is trading at $1.9 to the £. An investor might think that this is too expensive. He may only want to buy $ when they are trading at $2/£. In this case, he would place an order to buy a fixed quantity of dollars when this price is reached. If the price does swing, and move to $2/£, the systems try and fill the order.

It is important to note that open orders can and will be filled at all hours of the day. The investor does not even have to be logged on, or sitting in front of his computer for an order placed to be filled. It is filled when the conditions set are met. This is especially advantageous for currency investors who have other time commitments and cannot be in front of the computers constantly.

Another popular type of order available to investors is the stop-loss orders. Stop loss orders are placed on forex positions that the trader already has open. Assume the trader above bought US$ at $2/£. He can place a stop-loss order that triggers a sale should their price fall, to say $2.10/£. In this way, he limits his potential loss.

Similar to the stop-loss order, is the take-profit order. In fact it is the direct opposite. These orders are placed on any open position, and are triggered when a set profit level is reached. Assuming that an investor bought US$ at $2 to the £, he can place a take profit order to capture his profits should the price rise to £1.9 per pound. Buy $100 for £50 at $2/£1. Sell $100 for £52.63 at $1.9/£1. Profit £2.63 or 5.2% in one trade.

The final form of order is the contingent order. This is actually just a lot of orders combined into one. They are sometimes referred to as if/then orders. For example, you can place an limit order for a particular currency order. If that is filled, this would simultaneously trigger a stop-loss order, and/or a take-profit order being placed. In theory therefore, you could earn money while you sleep.

So sign up for a demo account, and get your feet wet in the forex markets without risking any real money.

One point to note is that not all the order types are available on online forex accounts, demo or otherwise. It is therefore wise to investigate what a particular forex brokerage house’s platform offers before committing. Advertising claims aside, using forex demo accounts to try out their features is the best way to confirm the specific features offered by a forex brokerage account.

Foreign currency trading is fast becoming an alternative for thousands of investors around the globe seeking better returns than those traditionally offered by the financial markets. Evidence of this can bee seen from the numbers trying forex trading, via forex demo accounts offered by brokerage firms.

Demo accounts allow investors to try out real trading accounts, without risking any money. In many ways demo accounts are not too dissimilar to strategy and military war games played by armies across the globe. Demo accounts are better in many respects though. Investors can use play money to trade on these accounts, and get a real feel of how forex trading really works. The software used is real. The data is real live market quotes, and the resulting accounts are a reflection of any gains or losses that would have resulted had the transactions been conducted with real money.

A demo account works simply like a real trading account. An investor opens a demo account with a brokerage firm. An initial capital amount is ‘deposited’ in this account by the brokerage firm. An investor, as in a real trade, analyses the market data available, and forecasts how the currency markets will move. If he thinks a certain currency will rise, the investor uses the money in the account to buy this currency, and sells it when these expected gains have been realised. The difference between the two amounts is thus the profit he has made.

While this might seem like a game, there are many reasons for a forex trading investor to use a demo account. Undoubtedly, the chief reason is that the investor gets to execute trades on real market data without risking any real money. Practice makes perfect, and a demo account allows investors to make many practice trades at no cost.

Similar principles are used in many professions that use simulation software. Driving and flying simulators are two traditional examples,. Advances in computers have brought simulators to a wider variety of professions, including the medical field. So ubiquitous are they, and so little is the risk, that in many professions, spending hours in simulators is a mandatory part of the training. In these cases though, the software simulates the real external conditions while the students are learning.

Forex demo accounts do better than this because everything is real, except the money being traded. Investors using demo accounts are therefore getting a more realistic experience than any conditions a simulator could conjure up. This is the perfect way for an investor to experience forex trading first hand, learn the ropes, and decide whether it is suited for them.

Demo accounts are available from most brokerage firms offering forex trading. All the big ones certainly have them. In most cases, these demo accounts are offered for free to investors, although some firms do charge a small fee. It is worth checking the details of any plan you might be interested in. The consensus is that these demo accounts are invaluable, and are certainly worth the money, even where a fee is paid for them. Skills honed in this risk free fashion are critical in turning real trades into real profits later on.

Getting set up with a demo account is generally a pain free process. Most brokerage firms will allow you to do it automatically, online. A lot of these do offer support in getting investors set up properly should they require it. Since the software platforms for the demo accounts is identical to that used for real trades, it is in the firms’ best interest to ensure that their customers are familiar with it before they start trading.

Some firms have argued that because there is no real financial loss or gain, there is little value to be derived from demo accounts. It is said that this lack of financial consequence means that traders will indulge in irrational trades, and therefore miss one of the key principles of any investment strategy; that one should avoid trading on emotion.

Brokerage firms that subscribe to this school of thought tend to offer alternative trading training courses. These include seminars, workshops, and guided tours of their software and platforms. Some will even allow investors to make real trades with very small amounts being traded. A few firms will even offer one-on-one training, covering trading theory and practice. Topics on the different technical analysis methodologies and the various trading strategies are also sometimes covered.