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Author: Shane McCormick
Money Manager
Shane McCormick

Day Trading Forex

Forex or FX is an acronym of Foreign Exchange and Forex day trading means to trade on this market. Day trading takes place by predicting how one currency performs against another in a Forex pair. It is the largest market in the world with average daily trading volumes exceeding trillions of dollars.

For those who know what they are doing, Forex day trading can be a very profitable activity although it doesn't come without risks. To get the best out of your trading experience, it is critical that you choose a Forex broker that can offer you everything you need from demo platforms to educational tools.

Selecting the right broker can be a time-consuming process. That is where we come in. Our team of experts scour the internet reviewing and rating all of the Forex brokers so that we only present you with the best of them. It is then up to you to make an informed decision as to who to trade with.

Top Rated CFD Sites

#1 - Pocket Option: Best Overall

Pocket Option Logo
9.8
Superb
Bonus Up-to $2000 Assets 130+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
PayPal PaySafeCard MasterCard Skrill
143 visited this site today
Pocket Option Review

Editors Summary

Pocket Option offers many excellent features to new and existing traders. When you check-out the various account types, you will see that they work with traders of any level – newbie, beginner, experienced, master etc. This site is so easy to use, and while CySEC does not license them, they have good feedback online and tick all of the boxes of a trusted broker. We love the ease of use and no-frills approach which is replicated with a great user experience.

#2 - Binarycent: Best Free Demo

Binarycent Logo
9.3
Excellent
Bonus Up-to $1600 Assets 150+
Min. Trade $1 *Payout % 91.48%
Over 150+ assets to trade now
Bespoke platform for PC and mobile
Low min deposit of $0.10 per trade
Great support in multiple languages
Platform not suited to pro traders
No free demo account option
Deposit Methods
Visa MasterCard Neteller Skrill
83 visited this site today
Binarycent Review

Editors Summary

Binarycent, while a relatively new broker, tick all of the boxes when it comes to trading. They are competitive and offer all of the things that you would expect. Benefits include an excellent mobile trading platform, welcome and deposit bonuses and a good support system. There are phone numbers available in many languages, alternatively, you can send a message with your details, and someone will get back to you.

#3 - Raceoption: Best Mobile App

Raceoption Logo
9.1
Very Good
Bonus Up-to $1000 Assets 140+
Min. Trade $1 *Payout % 89.72%
Over 140+ assets to trade now
Account options for every trader
Trading available 7 days a week
Super-fast 1 day withdrawals
Demo account requires $250 deposit
UK-based, but licensed offshore
Deposit Methods
Visa AMEX Klarna PaySafeCard
34 visited this site today
Raceoption Review

Editors Summary

It is clear to see that Raceoption mean business and that their all-around offering to traders is making them a serious competitor in the binary options market place. From their easy to use trading platform to the fact that they offer such good withdrawal terms, you can't help but feel that this broker is going to experience a lot of growth, quickly. With a base in London, reputable licensing, an acceptance of US customers they tick all the boxes when it comes what traders want.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Benefits of Using a Top Broker

Forex Trading

There are many benefits to using a good Forex broker. It can mean the difference between a good day trading experience and a not so good one. We take a look at the key features to look out for when selecting the best one for you.

Currency Pairs

Some brokers offer more currency pairs than others. For many, they like to deal with the major currencies and perhaps some of the minor ones. Other brokers will provide more than 300 currency pairs. If an extensive range is essential to you, then this is something to consider.

Licensing And Regulation

Making sure that your investment is safe is paramount to many traders. You need to know that your money is not going to disappear into a black hole, never to be seen again. To ensure that you select a trustworthy and reliable broker, confirm registration with the regulator in their country of origin. CySEC licenses many brokers in Cyprus with this regulation carrying a lot of weight in the industry.

Demo Accounts

To be able to test the platform is an essential factor. You need to be sure that you don't waste your money just by making mistakes and misreading an unfamiliar platform. A demo account with virtual funds usually has a limited period of use. A demo account is an excellent way to get used to day trading before you risk any of your funds.

Trading on The go

If a Forex broker doesn't have an app or a mobile-friendly website, then you aren't going to be able to trade on the go. If you, like many others, don't want to be tied to one location on a laptop or computer, or restricted by lack of internet access, then you need to make sure that you can access the website on a mobile phone or tablet. It is very unusual now for brokers not to have an excellent mobile offering.

Forex Bonuses And Deals

Todays Top Traders
Trader Broker Asset Profit

Forex brokers are all competing in a very saturated market for the same business just like binary options brokers. They all want you to open an account with them and to do so they offer incentives. These incentives take the form of welcome bonuses to entice you to open an account. When you compare most brokers, the rewards are all very similar.

Now more than ever, brokers are offering a no deposit bonus to encourage you to try the website. A no deposit bonus is ideal for new traders as it allows you the option to try before you buy. A no deposit bonus combined with a demo account gives you the opportunity to get some Forex day trading experience before you spend your own money.

Often you will find a no deposit bonus of around $25-$50 will be available. However, these may differ. Another common form of reward is the deposit bonus. The no deposit bonus is made up of a percentage of the amount that you deposit and can be as high as 100% or a match-deposit bonus.

Withdrawals can only take place once you trade the bonus a certain number of times. You can't just open an account, get the bonus and run. You are also expected to make a cash deposit within a particular time frame as another condition of withdrawing the bonus.

How Forex Trading Works

Forex day trading works by selecting currency pairs and predicting the performance of one currency against another. There are many different currency pairs to choose from, but they fall into three main categories:

  • Main Forex pairs which include GBP/USD, EUR/USD, CAD/USD and AUD/USD
  • Minor Forex pairs which include EUR/GBP, EUR/AUD and GBP/CAD
  • Exotic Forex pairs which include EUR/TRY, USD/KD and JPY/NOK

The main currency pairs tend to produce lower spreads but are more straightforward to predict than exotic pairs which tend to have larger spreads. To put it in basic terms you are dealing with two currencies per trade. Let's take a look at the GBP/USD pair. GBP/USD means that you are selling GBP in return for USD. The spread is the money that you make from the trade.

Knowing when to sell is the key to successful day trading. Waiting until the spread is at its highest will return the best profit, and this is when you need to have confidence in what you are doing. This confidence will come with practice.

For those who know what they are doing, Forex day trading can be a very profitable activity.

How to Find The Right Broker

That is the easy bit. If you use our helpful advice and recommendations, you will have no trouble in selecting the right broker for you. You can spend time trawling the web looking at all the different brokers, but it will take you hours, even days to complete. Instead, we do it for you.

Our team of experts scour the internet looking at all of the Forex brokers and testing them all out to ensure that we only bring you the best. We aren't just looking for online reviews from others. We trade on the platforms to get the first-hand experience. We don't put our name to anything that we haven't tested out first ourselves.

When we review a broker, we are looking at everything mentioned above plus so much more. You need to know that your money is safe, that you will get good payouts, that the customer service is excellent and that the platform is easy to use. Our tests involve us day trading on the platforms, as well as researching what we can about them to make sure that we give you a full and frank review of what they have to offer.

We then rate and recommend based on our findings, making your task of choosing so much easier. Rather than choosing from hundreds, you can narrow down your selection to a few and then select the best. If you want the best Forex day trading experience then picking the right broker is vital.

Our Review Rating System (More Info)

10% 10% 10% 15% 15% 20% 20% Pie Core
  • Account Types
  • Banking & Payouts
  • Bonuses & Promotions
  • Mobile Trading
  • Trade Types
  • Special Features
  • Customer Support
Expert Reviews

Frequently Asked Questions

FAQ

Is Forex day trading regulated and safe?

Forex day trading is legal in most countries; however, in some, stringent rules govern it. Your money is safe as long as you choose your broker carefully.

Can I trade without downloading software?

Yes, in most cases you will be able to log on and start day trading. Most brokers don't require you to download software unless you are using trading software like a robot trader.

Do I need to start trading with real money?

No, you can start day trading without using real money in two different ways. Firstly, you can choose a broker that offers a demo account. Secondly, you can open an account that provides a no deposit bonus.

How can I make deposits and withdrawals?

Making deposits and withdrawals is easy. Depositing using debit/credit cards, wire transfer or e-wallets like Paypal is commonplace. The withdrawal is sent to the original deposit payment method usually.

What is a Forex broker welcome bonus?

A Forex welcome bonus is a bonus that you receive for opening an account. Often it is a no deposit bonus which means that you don't have to deposit to secure the incentive.

Top Rated CFD Site

#1 - Pocket Option: Best Overall

Pocket Option Logo
9.8
Superb
Bonus Up-to $2000 Assets 130+
Min. Trade $1 *Payout % 92.76%
Over 130+ assets to trade now
Instant access to social trading
Single account option, for everyone
Tournament with prize of $50,000
IFMRRC is not an official regulator
Limited account funding methods
Deposit Methods
Visa Bitcoin Klarna MasterCard
142 visited this site today
Pocket Option Review
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Meet The Author
Shane McCormick
Shane McCormick
Money Manager

Shane’s contributions to the site have proven incredibly popular, and he’s been with us since 2014. Having a background as a Money Manager for five different brokers, three of them household names, it’s clear that Shane has the substance to back up the knowledge he shares.

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