As far as Charting platforms go I would say there’s probably none more popular than MetaTrader4 (MT4 for short) for a variety of reasons. It’s free to download and use and is the software package that the majority of retail brokers offer to their clients. If you spend any time looking around trading forums and websites then you’ll also notice that the majority of screen-shots posted are always from MT4 as well.

MT4 basically offers all of the tools that a trader could need so that explains the popularity, crucially it also offers a high degree of customization which is always a massive plus for people with a background in coding who want to design their own indicators specifically for use with their trading systems.

If you look around the forums you can generally find a custom indicator to do just about any job. The downside is that your chart can end up looking like it’s on drugs if you continually add more and more but ultimately that’s up to the individual. The other big area of customization on MT4 is what’s called “Expert indicators” (EA’s for short). These are basically scripts that can be designed much like the indicators however they act more like a robot that automates your trading based on the criteria you program in.

Automated trading is now a huge market in itself and I guess it represents the dream of making money when you’re not even at your computer but ultimately it’s an extremely difficult task to find an EA that’s actually profitable. That’s not through a lack of trying either! People have devoted huge amounts of time to developing these programs but I’ve personally yet to find anyone that’s made any serious money doing it.

That being said EA’s don’t have to be complete automated systems just because that’s what most people are doing. I use an EA when I trade that’s purely programmed to manage my trades while I’m away. That means the decision to enter a trade is completely mine but once I’ve done so I can set the EA to move my stop loss at a set time and potentially close the trade early if certain conditions are met.

There’s many great charting software packages out there and at the end of the day the software you use isn’t going to ultimately define whether you’re a profitable trader or not. MT4 is one of the decent ones and chances are you will use it at some point in your trading so it’s good to know that it has all of the tools that you’re likely to need.

Babypips.com describe themselves as “The beginners guide to Forex trading”. They have a variety of tools to aid potential traders and most notably they have an extremely extensive trading school which most important is completely free to sign up too and follow.

The school itself is split into 8 sections which are named Pre-school, Kindergarten, Elementary, Middle school, Summer school, High school, Undergraduate and Graduation. These obviously aim to tackle more and more advanced subjects at each stage.

Once you’ve signed up to babypips and started working through the school the website monitors and tracks how far you’ve got so that you can spread it out and complete the sections at your own speed. The content is extremely comprehensive and in my opinion it includes a lot of trading information that I would consider pretty unimportant but at least if it covers everything you can pick and choose exactly what you want to pay attention too.

The site also includes a forum as is normal and the forum’s split into various sections for people seeking specific info such as fundamental analysis or technical analysis. There’s also a thread purely for questions so that can be helpful when you’re finding your way around.

Much like Forex factory they also provide their own economic calendar which allows you to plan your day around the major news releases, particularly handy for a day trader.

Another feature they have that I haven’t seen on many other trading sites is a detailed “Forex encyclopaedia” which allows you to search for the meanings of the various terms you hear when reading and talking about Forex. A lot of these are taken for granted but for a brand new trader it can be difficult remembering them all at first.

The last major part of the site is the blog section. There’s currently 13 different blogs that are run by traders who all approach the markets in a slightly different way. It can be very handy to follow someone live putting into practice some of the tools that you’re studying in the school section but as always we each have different tastes so certain blogs that appeal to me might not be your cup of tea.

In conclusion, babypips is another handy resource to have when you’re learning to trade as long as you don’t mind wading through a lot of average info in order to get to the good stuff

Their primary offering that they’re most known for is the calendar on the homepage that shows you when all economic news releases are due, what currency they’re going to primarily effect and how high the impact is predicted to be on that currency.

This is helpful for all types of trading but absolutely crucial knowledge for day traders. For that reason a HUGE number of day traders use the website to help them prepare their trading schedules around these news releases. This ensures that the forex factory community is a thriving one and is extremely active.

You can also find extensive opinion pieces on the latest news releases which can be really helpful with your understanding of the economics of trading. These are listed either by most recent or most important to help you find your way around.

There’s also a tool to show you what session of the 24 hour forex market is currently open and how long until the close, as well as giving you a rough idea of the current liquidity in the market.

Finally, there are some huge forums on the website which are extremely active and contain a huge amount of information for you to look at. There are 3 major forums, the interactive trading forum, the trading systems forum, and the trading discussion forum. The names are pretty self explanatory and splitting the forums up in this way is very helpful when you’re after some specific information.

Considering how much money some system sellers charge for their products, it’s amazing to look at how many great systems there are available for free in the trading systems forum. Due to the nature of forums there’s obviously a lot of rubbish on their as well, and you do find that great threads can get hijacked by idiots from time to time but all in all there’s a huge amount of great information available. In fact the strategies that I personally use to trade the markets with my own accounts are all derived from information that’s present in the forex factory forums.

You can sign up for a free forex factory account and everything on the site is free to use. If anybody does start trying to charge for their stuff on the forums then they’re quickly moved to the commercial section so it’s all very transparent.

Overall I would say that forex factory is my most viewed forex website. I use it everyday for news information and also frequent the forums to share trading ideas with other like minded individuals. Considering it’s all free to use I can’t recommend it highly enough and encourage anybody starting out in forex to take a look.

Vantage FX are an award winning Australian financial services firm who offer forex trading services to both retail and institutional clients. While they’re based in Australia they do offer their services to most other places worldwide although unfortunately due to CFTC regulations they are no longer accepting US clients.

The trading platform they use is metatrader 4 which most people are familiar with so if you open an account with them you can probably get started straight away.

Their vision statement reads “In this unpredictable global economic environment, many are turning to the one true 24 hour market - foreign exchange. In the fast pace forex market, the well informed and equipped traders are those who are able to make the best decisions. Provided with the most competitive market spreads; up-to-date charting and statistical analysis; market leading highly flexible and intuitive forex trading software - the Vantage FX client is afforded the best opportunity to be able to make quick and intelligent trades.”

The focus is obviously on speed of execution and tight spreads as it should be. After all, these are the key differences between a good broker and a poor one because spread size and execution speed can have a massive effect on your trading profitability long-term.

So how do they do in these areas?

Their spreads are fantastic and in fact are some of the lowest you will find. Their standard spread starts at 1.2 for the EUR/USD which is lower than the likes of FXCM and FXDD. More importantly, in my experience their execution speed is top notch and talking to other users they report the same experience as me so I think that Vantage FX really does well in this area.

The next important factor to consider when looking for a forex broker is what their customer service is like. Any platform will have problems from time to time so you need to know that when you run into one you can speak to someone professional and efficient who will help you get to the bottom of it. Once again my experience is that the customer service is pretty good all round.

With Vantage FX you also have the option of signing up for a pro account. The pro accounts require a deposit of at least $5,000 but give you various benefits including lower spreads (starting at 0.4 pips). You can also use the auto-chartist software that comes as standard on Vantage FX in order to greatly aid your trading on metatrader 4 by pointing out key patterns and levels or setting alarms to alert you to certain price movements on the charts.

Finally, Vantage FC offer an app for mobile trading (for both iPhones, blackberries and android phones) which allow you to trade on the move so all in all the platform provides all of the software and services you might need in order to manage your account correctly.

I’m impressed by Vantage FX and think they’re one of the best forex brokers out there. If you’re looking for a new account I would definitely consider giving them some consideration.

ProRealTime is one of the leading web-based charting software services. They offer their own workstation and mobile trading facilities, as well as supplying charting software to other brokers and platforms. In particular, they offer their charting packages to various UK based spread-betting companies.

I have extensive experience using the ProRealTime software and one of the huge benefits that I’ve taken advantage of is just how customizable it is. You can develop indicators to match your needs much like on MT4, however in the case of ProRealTime they can actually custom build indicators for you if you’re an account holder. I personally requested a pivot indicator because the one on there by default didn’t quite meet my needs and they promptly coded and delivered to me an updated one which met my needs perfectly.

I’ve always been extremely impressed by the customer service in general. They have dealt with any problems I’ve had in the past promptly and professionally and as mentioned above are willing to put time in to satisfy your trading needs.

Onto the software itself. Some of the features it includes are the ability to do simulation trading (paper trading), an extensive social trading network, tools to aid your technical analysis, ProScreener which allows you to quickly search through a range of markets for certain criteria, and the ability to backtest your customised indicators and strategies. There’s many more features that are too extensive to mention here, so you can be pretty sure that if you need something it’s in there somewhere.

ProRealTime allow you to sign up for a free account which allows you to access end-of-day data for as long as you want with no obligations. If you wish to upgrade to a real-time data account the rates start at $26.89 a month and vary hugely depending on what markets you want to include and what type of account you want, from non-professional all the way up to a professional premium software licence. There is also a 7 day free trial available for real-time intraday data so there’s a great opportunity to put the services to the test without any financial risk. It’s safe to say that whatever level of investor you are your needs can be met with ProRealTime.

I personally highly recommend the services of ProRealTime. I’ve used them extensively and have always found them to be professional and of the highest quality. The only negative I can come up with is that depending on the package you want the pricing can be fairly high, particularly if you want the ability to trade a wide range of instruments. That being said, looking at the bigger picture your trading results can vary drastically depending on the quality of the software you use so although you might find other software that’s cheaper to use it will almost definitely pay off long term to invest in quality from the start.

Forex Yard has low minimum spreads, which I am sure that both new and experienced traders will appreciate. Their spreads are between 3-5 pips, fixed, meaning you shouldn’t see them fluctuate wildly upon release of news, as is often the case with online brokers. The spreads are dependent on your type of account. As always bigger customers get better deals, but their mini accounts still offer a good deal.

Speaking of Mini accounts, you can open one with Forex Yard for only $100. There are several funding options available; All the standard Credit Cards, Check, Bank Wire, Paypal and even some more obscure online wallets and payment processors. Forex Yard is easy to sign up with and get started. That is a nice advantage for new traders.

What sets Forex Yard apart from many other traders that try to lure customers in with high leverage, which is not of much value unless you can pay the margin, is that Forex Yard offers cash bonuses instead. You can get either a 100% up to $300 bonus or a %10 up to $1000 bonus. The bonus amount will then have to be traded a certain number of times to be released into your account. I like this and it’s an extra motivation to sign up for Forex Yard.

Forex Yard also offers an abundance of educational material and you can tell that they have put time and money into it. Their guides, downloads and ebooks are free of charge for clients. I think, this shows good intentions on the part of Forex Yard. They want their traders to succeed and be happy. Win-Win situation. For new traders it can be worth to check out the interactive forex tutorial.

Forex Yard has three different account types: SuperMini, Professional and VIP. Each account offers different terms and benefits. Beginners and pro’s will be able to find an account type that matches their needs.

There are also some good tools available for free signals and technical analysis, but I have not had the chance to test it in depth.

You can also trade some commodities such as gold and oil

In conclusion, I would say that Forex Yard seems to be a good trustworthy broker that have taken the time to stand apart from the rest with their bonuses and good educational material. Try them out for a free demo account or a Mini account and make your own decision.

Another thing you will discover when you click around their website is that they have a vast amount of forex content available to traders. They even have their own moderated forum. I liked this and it gives you an opportunity to talk to other traders that use Oanda. It also adds credibility to the user support.

What else did I like about Oanda? I liked their charting software and trading platform. They could have had more time frames available, but overall it is a very nice platform to trade. Oanda also allows you to have sub account of different currencies and there are no minimum deposits, so you can save on currency conversion. You can withdraw money out of your sub account though, it has to be transferred to your primary account, but that is fast and easy to do.

The orders screen will be familiar, nothing groundbreaking here, but the screen does show you the current volume in the market when you place an order. That could be valuable as you decide how big a position to take on. For stop loss there are no limits as to how close you can place your order. Only you have to add one pip to the price. This eliminates a lot of hassle.

What is there to say negatively about Oanda? Not much really but there are some small annoyances. First of all the maximum leverage with Oanda is 50:1. While it is nice that Oanda doesn’t market on having huge leverage, which can drain an account very fast, it would be nice if they could at least offer the 100:1 standard leverage.

I read on a different website that user have complained about slippage when placing orders with Oanda, but I did not encounter anything of the kind, so I am more inclined to believe that it’s possibly competitors who are trying to discredit them. I do believe that Oanda is one of a few forex brokers online who are suitable for serious and professional traders.

The platform is web based which may be a annoyance for some. I prefer my software to run from my own computer, but that is more of a personal preference really.

In conclusion I have only good things to say about Oanda. They show all the signs of being a serious and reliable broker, you can tell from such things as the low leverage. I recommend them to those of you who are serious about forex trading and willing to try a less known broker.

Why is this a good thing and why is it a bad thing? Most brokers proclaim they use fixed spreads, that is the the spreads stay the same during trading. In reality this is not the case. During hectic trading times, such as on the release of economic data or news, the price fluctuates wildly and so the brokers use much larges spreads in order to  cover their bases. This is common practice, but none the less it is not something they usually tell new clients.

FXClub charges a fixed fee on the other hand for all trades. This is a good thing in my opinion because t implies that the broker will be interested in seeing you succeed. Brokers who use spreads also sometimes engage in illegal practices such as stop loss hunting and other ‘bucket shop’ strategies. With the fixed commission fee, you know what you will be charged. Or do you? Actually, there have been some complaints that the FXClub commission structure was difficult to figure out. I never thought so, but I thought I would mention it anyway.

If you do think this is the case, you still have the option of going for classic spread pricing by signing up for a classic forex account.

FXClub has a low minimum deposit of only $10. Of course you will never be able to make any significant trades with that amount so it’s not really an advantage, but you still get to check out the software with real money, so on that account it is a nice feature. There is of course also the free demo account to practice on before you take the plunge into deep waters.

FXClub has a good selection of educational material, guides, tutorials and interactive material. It’s a nice extra feature and I would recommend you take advantage of it, before trading serious money.

Personally, FXClub was the first broker I started out with when I was a new trader and completely green in the game. I only spent a few hundred bucks, but they were decent to deal with and I never had any problems with depositing or withdrawing.

There are some important things to research before you invest in a forex signals software package. After researching the various differences that make up the different forex signals software packages, these are the most important things to take note of:

1. User experience

With many software packages available, it’s important to find one that meets your need as a trader. If a software interface is difficult to read, it’s of little value to a trader, regardless of the amount of information on display. Pick software that is easy to use — there’s nothing worse than investing in software that you think will save you time and money and then find out that it requires hours of learning and instruction in order to use effectively. Forex signals software handles complex information, but should be easy to read and understand.

2. Performance stats, and long term investment results

The primary purpose of forex signals software is to provide important market data to users, to invest their money wisely, and most importantly to provide a long term gain on whatever money is invested. Sadly, some forex signals software packages fail to meet this obligation. Be sure to research long term investment performance before purchasing any software package. If the software’s success rate, average gain percentages, and unique features aren’t displayed prominently on its website, be sure to get in contact and ask for this information before purchasing the software.

3. Customizability

There’s nothing worse than getting something that doesn’t fit, and forex signals software needs to be matches just as much as a tailored suit does. Be sure to pick something with extensive customizability options, allowing you to monitor only the data relevent to you, and make the most of whatever information is available. There’s no point in monitoring data that isn’t relevant to you, or is only important to a market outside of the one you operate in. Check through forex signals software reviews for software with extensive customizability options, and be sure to only pick the software that works for you.

4. Satisfaction Guarantee

It’s absolutely essential to go with a forex signals provider that can guarantee your happiness and success as a trader. Along with checking the software’s performance record, checking for a satisfaction or money-back guarantee is an important step when picking a forex signals software package. You know a company truly believes in their service when they guarantee your success with it; be sure to buy software from companies that can provide you with what you need personally.

Well, Saxo Bank is a Danish broker and bank and one of the biggest players in the business. They are not really a forex broker, although you can trade forex with them easily. They are an all purpose online broker, offering stock trading, bond trading and derivative trading as well. Now, Saxo Bank is indeed a great broker and a great place to trade, but the problem for many people is that they do not accept small customers. They simply do not want the hassle of executing smaller orders as they have many large customers and institutions that they trade for. So unless you are ready to fork over tens of thousands of dollars then you should not bet on trading with them. That’s a real shame though as their trading platform, Saxo Trader is arguably the best online platform in the world.

That’s where Finexo comes into play. They are a white label of Saxo Bank, meaning they use Saxo Bank’s platform and operations, but do not enforce the same entry levels as Saxo Bank. So you get the best of two worlds here, Saxo Banks great software and Finexo’s low minimum deposits.

Finexo is an easy broker to sign up with and begin trading with. It is a fast process to open an account and start trading. I was literally hitting the interbank markets in minutes. Finexo offer many different payment methods such as all the major credit cards and a number of online payment processors and online wallets including paypal and Moneybookers.

Finexo’s trading platform is as already mentioned the same SaxoTrader, which is a great, fast and reliable platform, the best in my opinion. They are so dominant in the market that even their competitor E-Trade uses their platform for some of their dealings. They are the best choice for professionals as well as beginners. You have all the needed functionality and one click trades.

You also receive the very practical mobile trading opportunities. Trade from anywhere form your cell phone or any computer that you are at. There is no need to download the software or install additional programs.

Finexo offers an amazing 50 currency pairs that you can trade, so if you have specialized knowledge, I could see that as being a real advantage with trading there. It is nice to have the choice even if you stick to the major pairs.

Finexo has spreads at 3-5 pips depending on your account type. VIP accounts get lower spread and higher leverage.

I like Finexo a lot, particularly because they use Saxo Trader, that makes it easy and reliable to trade forex.