Why is Forex Trading so Popular? Top 5 Popular Brokers in 2022
“Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.”
Forex trading has grown in popularity among people from all walks of life over the years. Many people have been involved in this form of trade for a long time, while others are absolutely new to it. This is a worldwide market and a sort of commerce in which people from all over the world engage. Demo accounts and forex brokers are only a few of the services available to consumers who desire to trade.
Forex is frequently one of the first options for those looking for a way to invest money. Even those with little knowledge of forex frequently decide to invest after conducting some research and practising with demo accounts. There are numerous advantages to forex trading, as well as numerous reasons why it has grown in popularity.
Many different forex brokers’ adverts can be seen all over the internet, all of which discuss forex trading and entice you to register an account and begin trading with it. However, it is difficult to find someone who explains what forex trading is, how it is constructed, and how it works.
The forex market (Forex) is the marketplace where all currency transactions take place. It is the world’s largest and most liquid market, but unlike the stock exchange, it is not centralised. It’s an over-the-counter (OTC) market, which means it’s a decentralised market made up of a network of banks, brokers, institutions, and individual traders. This implies that there isn’t a single exchange rate, but rather a range of rates (prices) depending on which bank or market maker is trading and where they are trading. In practice, however, because of arbitrage, the rates are quite close.
Furthermore, because this is the world’s largest market and the majority of the volume is created by banks and large financial institutions, it is open 24 hours a day, five days a week, except for certain holidays.
Because currencies are always traded in pairs, the foreign exchange market determines a currency’s relative value by setting the market price of one currency if paid for with another. For example, one US dollar is worth X CAD, CHF, JPY, and so on.
The United States dollar (USD) is the most traded currency in the forex market, followed by the Euro (EUR) and the Japanese Yen (JPY). When it comes to pairs, the EUR/USD is the most traded, followed by the USD/JPY and the GBP/USD.
In the year2022, the following are the top five most popular brokers.
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it’s all mindset management. Yet most people ignore that — they automatically think they have that last part all figured out, and it’s a mistake.”
You had to approach the broker if you wanted to invest in the Forex market. But things have changed for the better recently, and investing in the Forex market is no longer a difficult task. Many factors, such as online traders, online brokers, online trading platforms, and the list goes on, have benefited from online trading. Online Forex brokers, on the other hand, are the greatest of them all. They’ve enhanced Forex trading to a new level. Yes, it’s exciting, but the problem is deciding which broker is the best among the zillions of brokers available online. We’ll give you a list of the top 10 brokers in this post to help you choose.
1. IQ Option
IQ Option is a top-rated Forex broker that is simple to use for newcomers. Because you’re a novice, you’re already working hard to improve your trading skills, the Forex broker you choose shouldn’t be overly difficult. With IQ Option, on the other hand, you can trade Forex from anywhere at any time. Everything you need is all in one place on the broker’s platform. If you invest with IQ Option, you will benefit from low spreads. IQ Option is a well-known worldwide brokerage firm. On the platform, you’ll find video tutorials. The IQ Option, as well as several analysis tools, can be accessed from any device.
Since its start in 2013, the broker has consistently delivered excellent outcomes. Over 14 million accounts are covered by IQ Option around the world. Every day, an average of 3 million deals take place. This broker’s repute stems primarily from its regulatory status.
Both CFD and Forex trading models are available on IQ Option. Therefore, if you are planning to trade them, you have to be aware of the commissions and spreads associated with these models. However, the broker’s company doesn’t charge any fees, but there are separate charges obtained by the broker.
2. ExpertOption
Another reputable broker that you can find online is ExpertOption. If you are a beginner, the experience provided by this broker will be beneficial to you. The platform’s options are basic and effective, making them easy to manage. Through a high volume of trading, the broker hopes to increase the number of successful traders. They’ve already made a lot of money, so you may join the gang as well. ExpertOption is managed by the Russian FMRRC. This broker may be the ideal option if you are a novice trader. Even if you have limited funds, you can enjoy trading.
Like other brokers, the broker offers a sample account, but the best part is that you won’t have to deal with any new downloads. When you sign up for a demo account, you’ll be given $1000 as your first virtual deposit. As a result, you can practise with the various options before starting live trading sessions.
There are many features such as the ExpertOption trading platform, educational material, mobile trading platform, a wide range of assets, and a steady supply of trading signals.
3. BitRobo
A platform for a stable passive income
Another emerging Forex Trading Company is BitRobo a fund managing company that is offering Daily Trading Profit to its investors. The company is owned by well-experienced forex traders having 10+ years of experience in trading Forex and Metals. Besides, management of funds, Bitrobo is also offering Copy Trading Service for its clients. The goal of BitRobo is financial freedom for everyone.
Anyone can invest in BitRobo with a $50 minimum deposit. Bitrobo investment plan is distributed in ten ranks. Beginner to Ultimate Rank investors will get 4%-6% daily trading profit in 30 working days. From Bronze to Platinum Rank, Investors daily trading profit would start from 4.2%-6.2% and it will reach 5%-7% at the highest platinum rank.
Investment Plan
Clients will need to open an account on Bitrobo provided a link for copy-trading. If you attach your forex account with BitRobo then BitRobo will make 40–70 per cent monthly profit. The minimum investment for copy-trading is 1000 dollars. Profit will be shared in the following way:
4. OlympTrade
OlympTrade makes Forex trading simpler if you are trading through it e. This is also one of the international brokers that you will come across when trading Forex online. The platform was started in 2014.
The payouts from this broker are above 90%. You can’t find a wide range of accounts from this broker. Yes, it seems different when compared to other brokers, but then, you are going to see all the essential features for trading through OlympTrade.
5. FXTM Trading
FXTM Trading is one of the leading brokers in the Forex market. Both Forex and CFD trading has a steady connection with this broker, and the success was obtained in a short time. It is not possible to gain the success that easily, but FXTM made it happen quickly. There are a lot of reasons why many traders prefer this broker. Among all the other reasons, the main reason is meeting the expectations of clients.
You are offered a tested platform that helps you trade successfully, even if you are a beginner. Both naïve and experience traders can get the maximum benefits of trading accounts offered by FXTM. Different levels of traders are offered with different packages so you can find a package that suits your level. You can rely on this broker because FXTM has earned respect in the market.
Wrapping up
The top 5 Forex traders are shown above, although there are many more brokers available online. If you are a newbie, however, you should avoid using random brokers because it is dangerous. Because it is so easy to be scammed on the Forex market, you can wind up losing your entire trading account. You must have the confidence to tackle problems and feed yourself additional information if you lack experience and knowledge. Nonetheless, this list will assist you in making a more informed decision when seeking a suitable Forex broker.