Forex is becoming an extremely popular form of trading, but it isn’t the easiest source of additional income. While it can certainly provide some expendable income, it is important to understand the forex market and how it works before you decide to dive into the deep end. That is what forex brokers are for. Here is the second installment of our top online forex brokers.
Thinkorswim (Minimum Deposit: $2,000)
It wasn’t surprising to see Thinkorswim named the Gold Award Winner as the top forex broker according to Top Ten Reviews, considering it is owned and operated by TD Ameritrade, a leader in the financial industry. Although it requires a relatively pricy deposit, the program allows you to manage all of your forex trades in a user-friendly platform. The platform allows you set up multiple watchlists, so you can keep your major currencies separate from any exotic currencies that you want to keep an eye on. Among all the brokers reviewed, Thinkorswim offered the most tradeable currency pairs at 120.
Interactive Brokers (Minimum Deposit: $10,000)
Interactive is a much more exclusive forex trading platform that requires a much steeper deposit than any of the other brokers mentioned; however, it offers more than 90 technical indicators, a mobile-friendly interface, and a specialized FXTrader tool for forex trading. Although it only offers 22 tradeable currency pairs, the platform performed well enough to notch the Silver Award by Top Ten Reviews.
FXCM (Minimum Deposit: $2,000)
The last broker to make the podium is Bronze Award Winner, FXCM. This program is very popular in the forex community because if offers a ton of resources including daily FX courses, access to the Daily FX Blog, and a variety of useful webinars. Another beneficial element to FXCM is the remarkable similarity between its desktop program and its mobile app. Almost everything that can be done on your computer can also be completed on your mobile phone. If you don’t want to invest the hefty $2,000 minimum deposit, you can set up a mini-account for just $50. The only drawback is that the mini-account only allows you to trade the 21 major currencies, as opposed to the full 39 that is offered with the primary account.