When it comes to trading certain currencies, the Commodity Futures Trading Commission reports that a whopping ninety-five per cent of traders lose money. While this does not necessarily mean that there is something wrong with the market itself, it indicates that most people start out knowing nothing about currency trading and lose their money. The result is a vicious cycle of further ignorance, lack of knowledge, and loss.
To try and help these individuals get started on the right foot, several intermediary organizations have been formed whose goal is to function as a training ground for novice traders by teaching them all they need to know to be successful at currency trading. These brokers will provide you with a virtual account which you use to test your trading strategies without the risk of losing your own money.
If you are successful, then they have CFD brokers who will allow you to trade with their real money. This is a great opportunity for those just starting to see if they can manage their money correctly before putting any of their own at risk.
Saxo Bank
Saxos trading platform offers its clients access to CFD traders who will provide them with all the benefits provided by well-established brokers but at a fraction of the cost due to lower overhead fees. These traders also know how important it is for new traders to practice safely and securely without endangering their capital.
Some benefits with Saxo Bank:
- Ultra-competitive pricing
Trade US stock CFDs from USD 3 and US Wall St 30 from 1.4 points.
- Award-winning platform
Benefit from an easy-to-use mobile platform with powerful trading tools and innovative risk-management features.
- Margin trading
Increase your buying power by trading on margin. Invest just a small percentage of the total order, and we’ll provide the remaining liquidity.
Use this link and check them out.
Etoro
This particular broker was named the Best Forex Trading Platform in 2016 by Money Magazine. They have an excellent track record for their customer service; twenty-four hours a day, seven days a week, and they always do whatever it takes to ensure you are getting what you need from their services.
Their CFD traders also come with the benefit of being available on numerous different platforms, including via mobile device or even browser, in case you are unable to conduct business on one specific platform at any given time due to unforeseen circumstances.
Easy-forex
This broker offers excellent trading prices and ease of use to those who are just getting started with trading currencies. You can now do so from the comfort of your own home thanks to their highly accessible and user-friendly platform, which allows you to set up an account and begin trading in a matter of minutes.
AvaTrade
AvaTrade has been around since 2006 and came out on top as the best CFD broker by Money Magazine Europe 2016. They offer several different tools to help you succeed, including a virtual account, a trading station, a trading assistant, and a mobile trading platform. The trading station comes with the benefit of having over three hundred different indicators which can be used to optimize your strategy for success.
24option
They offer their clients access to numerous tools, including an economic calendar, a news feed, risk manager, indicator room, and more! With such great features available from any single one of them would be enough. With 24option, you will be able to access all of these features and more through one platform.
Final Thoughts
There’s no one-size-fits-all broker for traders with different experience levels, risk-return and asset class preferences. Regulation could be a vital issue for starters, mainly because derivative instruments such as CFDs are risky. Because of the volatility involved, a reasonably decent trading platform and demo account are invaluable. It pays to do some research before you decide which CFD broker is best for you.
