Are you ready‌ to plunge headfirst into the‍ thrilling world of forex‌ trading? Unlocking profits and mastering the markets may seem like an⁢ elusive goal, but fear not! With the⁤ unparalleled power of top forex platforms at your fingertips, you have the key to unleash your‍ true trading potential. From the adrenaline-fueled rush of watching currency fluctuations to the art of making calculated risks, this article​ is your guiding light towards achieving monetary greatness. So strap yourself in, and prepare to ​embark ‌on ⁣a transformative journey, where limitless profits and boundless success await.

​ Unlock Profits &‌ Master the Markets with Top Forex Platforms: The Gateway​ to a World of Wealth

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⁤

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

According to Statista’s insights on global OTC foreign exchange, the United Kingdom had the largest over-the-counter foreign exchange market in 2019, with an average daily turnover of $3.6 trillion (£2.74 trillion) from forex derivative trading. In fact, standard spot transactions only accounted for $1.1 trillion (£836 billion) of the total average daily turnover — positioning the UK as a thriving, advanced market for forex trading.

It’s natural, then, for experienced traders to use sophisticated forex software for their transactions. Most good forex brokers offer clients well-known, third-party platforms at no additional cost, which can help serious traders earn more money. While most of these tools are excellent, they tend to have similar features that make it difficult to find the best platform. At the most basic level, however, here are three key aspects of software to keep an eye out for:

Timely and accurate forex quotes

As prices fluctuate in a matter of seconds, having timely information is crucial in navigating the forex market. Trading software should provide accurate data for all currency pairs you wish to trade, down to the second. This helps you avoid the risk of requotes, initiate trades at the right time, and monitor your numbers adequately. You also want a platform that executes deals quickly, providing a reliable entry to all types of orders you may need.

cTrader is really good for this, because it incorporates all popular order types such as buy at market price orders, sell at market price orders, place buy or sell limit orders, place stop orders, buy stop limit orders, and sell stop limit orders. And given the recent partnership between Pepperstone and TradingView, you may expect a TradingView social charting integration for cTrader as well, although this is currently available in Australia only.

Key analytics features

The platform you choose should have a full set of fundamental and technical analysis tools, including charts, indicators, a news feed, economic data release calendar, and more — which should be updated on a real-time basis. Case in point, MetaTrader 4 (MT4) made FXCM’s list of top trading software for a reason. The MT4 offers interactive charts, multiple order types, and advanced analytics, making it one of the most popular forex platforms around.

Aside from the 30 built-in indicators, the MT4 also has more than 2000 free custom indicators and 700 available for purchase. These indicators provide traders a chance to study trend currents, and improve on their strategy. As a bonus, the platform should allow for data printout and summarisation for printing; a comprehensive breakdown of past transactions would help traders spot any flaws in their methodology and improve.

User-friendly and customisable approach

A trading platform should let you be hands-on with your account, so you can establish your position as the market moves. It would be good to find a software with functions you can customise. Moreover, any software you use should be easy to use and adjust depending on your preferences, especially if the platform accommodates several markets at the same time. NinjaTrader is a good example of this. Even the free version is highly-intuitive, offering plenty of advanced trading features and allowing traders to use several data sources on the platform.

With NinjaTrader’s recent acquisition of Tradovate Holdings, it’s likely they will further transform their product for accessibility; Tradovate Holdings is known for pioneering a cloud-based trading infrastructure for futures. Other things to look for in a user-friendly platform are minimal system downtime, 24/7 tech support, and strong data security.

For more tips on forex trading, it helps to seek out fellow traders. In our article on Top Ten Forex Forums, we recommended message boards and forums like Forex Factory and Babypips Forum, where you can exchange valuable information with other traders — so do check that out today.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Bitcoin will lose 50 per cent of its cryptocurrency market share to Ethereum within five years, states an influential tech expert and business analyst. For his opinion Ethereum will end up overtaking Bitcoin.

The comments from Ian Mcloed, from Thomas Crown Art, the world’s leading art-tech agency that he established with renowned art dealer, Stephen Howes, comes as Ethereum, the world’s second-largest cryptocurrency by market cap, began a price recovery on Friday after being hit hard with a major sell-off in recent weeks.

Bitcoin – the biggest digital currency – had also been in decline, but it bounced back quicker than its nearest competitor.

Indeed, Ethereum had crashed 85 per cent overall this year.

However, Ethereum is regained ground late last week, jumping almost 14 per cent after its most recent plunge, only find itself trading again 10 per cent lower once more in the past 24 hours.

What is happening? And what does the future hold for Ethereum?

Mr Mcloed observes: “Turbulence is a regular, and sometimes welcome, feature of the crypto sector.  Therefore, the Ethereum rebound was, and is, inevitable. 

“But not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance.

“In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.”

Why is he so confident?

“Simply, Ethereum offers more uses and solutions than Bitcoin, and it’s backed with superior blockchain technology” says Mr Mcloed.

“This is why we use Ethereum’s blockchain in our art business.  It has allowed us to create a system to use artworks as a literal store of value; it becomes a cryptocurrency wallet.  

“It also solves authenticity and provenance issues – essential in the world of art.  All our works of art are logged on the Ethereum’s blockchain with a unique ‘smart’ contract.”

Last month, Stephen Howes explained: “Using this cutting-edge technology, the art world can eradicate one of its biggest and most expensive problems – forgery – and can protect artists, galleries, and private owners and collectors.”

Ian Mcloed concludes: “Whilst there will continue to be peaks and troughs in the wider cryptocurrency market, due to its inherent strong core values, Ethereum will steadily increase in value in the next few years and beyond.

“Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream.

Again, is means Ethereum will end up overtaking Bitcoin: “Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto. ”

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Today we will talk about one of the most important themes for the trader which are deposit and withdrawal funds. For the beginning, we will tell how it happens with the WFT Group broker.

Every broker has his own rules and principles how to deposit money by traders on the platform. Surely, the WFT group has its own system. But, it’s quite different from the input system of other brokers. The difference is for the better, that’s why we decided to consider it in more detail.

The Way to Involve in The Trading

Usually, brokers are offering several ways how to deposit money on their platform (with fiat currencies, electronic money as YAD, web money, Qiwi etc.), which are differ directly in the input technology and the percentage for the transaction. Moreover, there are usually more ways to deposit money than ways to withdraw.

With WFT Group brokers situations is different. He has approximately the same number of ways to deposit and withdraw earned money. Of course, there is a standard withdrawal of funds to bank cards of various international payment systems, as well as a bank transfer.

Also there are ways to withdraw funds to electronic wallets. Many brokers have a way to deposit funds using electronic wallets, but no withdrawal to them.  This is due to legal problems – it is necessary to conclude agreements with the owners of these electronic payment systems, to undergo a check with them. All this is time, money and hassle. WFT Group went to all this for the convenience of its clients. And now its traders can withdraw Funds to electronic wallets. You can withdraw part of the funds to a bank card, and part to electronic wallets. Such diversification allows you to avoid additional conversion (for example, if you need to transfer money from a bank card to an electronic wallet for a purchase), which means additional expenses.

WFT Group – Transactions via e-wallets

At the moment, the broker of WFT Group can withdraw funds to the following electronic wallets – Webmoney, Qiwi & Neteller.

Web Money is one of the oldest payment systems in Russia and CIS countries.

Due to its reliability, which is proved over the years, it has many users. The big advantage of Web Money is that it has a large number of electronic currencies (fiat currency equivalents). It also has electronic wallets for several cryptocurrencies.

Qiwi is one of the most popular electronic money in the world. It has a large number of ways to enter funds into this system, including using a variety of special Qiwi terminals.

Neteller is also one of the oldest payment systems that can be used to make international payment transfers around the world. It supports 26 currencies including USD, Euro, Yen, British Pounds, Swiss Franc, etc.

As you can see, WFT Group offers three of the most popular e-wallets. Another small convenience – by default, the system offers a withdrawal of funds in the same way as input. After all, users usually deposited and withdraw funds to the wallet that they often use. But, again, you can deposit and withdraw funds in different ways, including partly in one option, partly in another.

WFT group – withdrawal of funds

One of the most painful moments in the relationship between a trader and his broker is the withdrawal conditions. For some reasons, many brokerage companies operate according to the principle: “Entry – one ruble, exit – two rubles.” That is, it is easy and simple to deposit money on their platform, but it is much more difficult to withdraw money. In this regard, the WFT Group is a welcome exception. Let’s list the rules for withdrawing our earned funds from this broker:

WFT Group does not charge a commission for a single withdrawal within a month. The commission is charged only by the payment system through which the transfer is made – Visa, MasterCard, Qiwi, Webmoney, etc. From second and subsequent transfers during the month, the WFT Group withholds $ 12, regardless of the transfer amount.

The minimum amount of transaction – 25 dollars or euro, (other brokers usually have a minimum hold of $ 100). This is very convenient for innovator traders who usually cannot immediately boast of big earnings.

The withdrawal period does not exceed 24 hours (for other companies, the standard period is 3 banking days). Want to mention that 24 hours is the time it takes for WFT Group to transfer money for transfer to the payment system, which may have its own terms for transferring funds.

Due to the approval of fiscal state policy, WFT Group may require the submission of documents to verify identity. But, let us clarify again, this is due to state policy, and such restrictions have all brokers.

Money for Withdrawal

A unique feature of the WFT Group in its withdrawal policy is that you can withdraw ALL money that is currently in the trader’s deposit, including those, which are received as bonuses. Of course, except of those, which are involved in open positions. So, bonuses can be withdrawn from the deposit according to the general rules! Other brokers significantly limit the withdrawal of bonuses or even prohibit the withdrawal of such funds.

Based on the foregoing, we can recommend both to beginners and experienced traders WFT Group as a broker.

WFT Group Reviews

A broker is required for trading. Therefore, people who want to make money on this, read reviews of brokers on the Internet in order to find the most professional for themselves, who will help them become successful.

We want to warn you. Very often the reviews are not real! For example, you can find notes that the WFT Group is a deception, that they are scammers. Although, objective information from this company suggests otherwise.

These messages can have two purposes:

1. They blackmail the broker in order to get money from him for deleting such notes.
2. To defame a broker so that novice traders can go to another broker.

It is no coincidence that such texts appear exclusively on sites that have been repeatedly caught in blackmail and posting paid reviews.

Before you believe the message from an unknown person that WFT Group are scammers, please, make an objective analysis, according to absolutely reliable and easily verifiable information.

WFT Group is an international broker with many years of experience and the winner of many prestigious competitions.

It cooperates with over ten thousand traders all over the world.

Offers convenient and fast money deposit and withdrawal.

Insures traders from unsuccessful deals.

Offers traders the most advanced trading software available today – the platform MetaTrader5.

We encourage traders to work with the WFT Group to make objective assessments of this broker. Let’s make the Internet more truthful together and help novice traders to make the right choice.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

LinkedIn has positioned itself as one of the world’s most established social media platforms. LinkedIn’s niche however, provides users with the opportunity to expand their professional networks and to seek out up-to-date information from industry peers. Including, of course, those after Forex Groups.

Statistics from Linkedin reveal that approximately 225 million members, across 200 countries and territories around the globe have joined the social-network, with two new members joining the LinkedIn community every second. That is a lot of networking opportunity.

Forex Traders have caught on to this trend too. In fact, the most valuable LinkedIn tool for Forex Traders is the range of groups that Forex professionals can join.

But what is the benefit for a trader joining a group? LinkedIn forex groups allow Forex professionals to positioning themselves amongst their peers. What’s more, groups offer up the opportunity to expand professional networks beyond personal connections. Being in an active LinkedIn group opens up information of trading trends and opportunities, these can include the delivery of a broader insight into trading news and trends, recruitment and new job opportunities.

But it’s not enough just to join a group, real value comes from group participation and engagement with other members. Traders can boost networking position by adding real value to discussions, by sharing information and through asking questions.

In addition to LinkedIn, Forex Traders are also turning to Google+ Communities to broaden their networks and opportunities. Google+ is Google’s answer to social networking and their attempt to become the biggest social media platform. However, Google+ is more than that, it will be part of every Google product in the future and with 363million users and counting, they certainly think so too.

Here are ten of the most useful LinkedIn groups and Google+ communities from a forex trading point of view:

1. Foreign Exchange and Currency Markets 29,544 members

This is the largest (and fastest growing) professional networking group on LinkedIn for the FX industry. The network has deep exposure to bulge-bracket investment firms, currency funds and fund managers, traders, FX commentators and academics, tier-one consultants, financial recruiters, service-providers, prime brokers, entrepreneurs, international importers/exporters, and retail end-users.

2. Forex Trading 14,390 members

The Forex Trading Group was founded to bring together FX Traders, FX Money Managers, Currency Managers, Currency Risk Managers, International Economists and all those involved in currency trading or management.

3. Foreign eXchange TRADER Network 12,891 members

Foreign eXchange TRADER Network is an international FX Business Networking group providing a forum for the generation of Business opportunities, new business development, information exchange, debate, meeting and stay in touch… (Forex, Foreign Exchange, Currency, FX, Trading, Trader, High Frequency Trading, ECN)

4. All Forex 7,948 members.

This group is a forum for everything about Foreign Currency Trading, from job opportunities within the industry to trading tips and observations from other traders.

5. FX Week 7,849 members

This forex group spin-off forum for online forex magazine FX Week provides a platform for foreign exchange professionals to share thoughts, opinions, news and other articles, as well as to simply interact as a community.

6. Forex Professionals around the World 4993 members.

This is a group for anybody trading foreign exchange instruments, allowing members to exchange ideas and build contacts

7. Forex | Currency Trading 4,126 members.

Sirius Forex Trading Group dedicated to currency trading professionals and fans of the worlds largest over-the- counter (OTC) Spot Foreign Exchange Market. This group provides insight into becoming a results-oriented trader by allowing you to network with other members/professionals and ask questions and/or share your thoughts on our discussion board.

8. Prop FX Trading Group 3,731 members

This group helps to connect FX traders worldwide so they can share information, knowledge and experiences.

9. Forex Trading Community (Google+) 852 members

This small but fast-growing community of traders and forex professionals on Google+ consists of several sections, including Forex Signals and Analysis, Broker Reviews, Special Offers, Interesting Facts, and Events.

10. Forex (Google+) 418 members

This is a more specific, strategy-based community for forex traders on Google+, where most of the posts consist of price charts along with comments. There is a section dedicated to Metatrader, as well as sections on Strategies and Trading and Economic Data. While it is smaller in terms of numbers than the Forex Trading Community mentioned above, it seems to be more useful from a trading, rather than an industry, perspective.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Although Twitter and LinkedIn remain the most widely used social networks for forex traders, there are many communities on Facebook that could be of great interest to online traders. So let’s see some top forex trading Facebook groups. The format of this platform makes it easy to share different kinds of information, particularly the fact that graphics can be displayed so prominently, lending itself well to the publishing of charts, for example. Among the Facebook pages that have the largest numbers of ‘likes’, most fall into one of the following categories: brokers, signals providers, online academies, and community forums.

While the primary purpose of these pages is promotional, in order to draw traffic towards the main site, they are often good sources of content in themselves. By connecting with the most relevant ones, you can gather together a lot of useful information and links to content that you might otherwise miss out on with a traditional news feed. Due to the lack of size limitations, Facebook doesn’t lend itself as well to being tucked away in a corner of a trading layout as Twitter, but it can be a useful source of information and ideas nonetheless, particularly if you are browsing your news feed on a smartphone for example.

eToro – 2,4M likes

As the largest social trading network in the world, eToro has been quicker than most to see the possibilities of social media, and Facebook in particular. Their posts often take the form of conversation-starters, rather than promotional announcements, and while there is plenty of content that is specific to forex trading, there are a lot of more general business and social media-related post here too. This makes it one of the more entertaining and useful pages for forex traders to connect with.

Instaforex – 1M likes

Instaforex are one of the biggest forex brokers in Asia, a market that seems to have adopted social media, and particularly Facebook, in greater numbers than any other. Unlike Xforex, instaforex largely steers clear of purely promotional posts, veering more towards conversation-starters and infographics related to online trading.

MT5 Forum – 1M likes

This Facebook page is an offshoot of the popular MT5 forum, which we covered in an earlier article. It largely exists as a social layer for this community for sharing pictures, infographics, and charts, rather than as a replacement for the forum itself.

Free Forex Signal – 272K likes

Free Forex Signal offers actionable trade suggestions for free, and reports their successes via Facebook. At present, Facebook is too slow and inflexible to allow for copy trading within the platform, although it can form a useful adjunct to these services as a way of drawing traffic and building community.

Indian Forex – 372K likes

The Indian Forex Forum is the go-to place on the web for information and insight on currency pairs involving the Indian rupee (INR), particularly USD/INR. Their Facebook page largely consists of shareable memes, currency news, and forum highlights.

Forex Fund International – 121K likes

Forex Fund International is a fund management firm specialising in forex. Therefore, their Facebook page doesn’t contain much in the way of content to interest online traders, aside from regular posts containing “words of wisdom” from some of the biggest names in the history of finance, economics, and philosophy.

Forex Art Of War – 63K likes

As a promotional vehicle for Vance Williams’ Forex Art of War training programme, this is a surprisingly useful page for traders, offering daily insights, videos and analysis from the author himself. It is also a good resource for links to useful articles and discussions of the economic events that are affecting price movements.

Forex School Online – 177K likes

Forex School Online is a training programme with a specific focus on the study of price action. The Facebook page is a very active community, and a deep resource of insights and discussions regarding trading strategy and analysis, with charts demonstrating the efficacy of the strategies espoused by the programme.

Forex Count – 51K likes

This page is primarily used by FX broker Forex Count to share news, analysis, and forecasts regarding the currency market, with abundant links to reports and articles from the company itself and the web as a whole.

FXCM US – 86K likes

The page for leading US broker FXCM has quite an educational bias, with plenty of tips for making better use of their platforms, links to online tutorials, and a liberal application of price charts to accompany their sometimes quite detailed posts about market-moving events.

Forex.com – 39K likes

Unlike the more broad-based approach of many brokers, Forex.com use their page almost exclusively to post technical analysis charts pertaining to recent market events, which makes it a useful page for any forex trader to have in their news feed.

Saxo Bank – 184K likes

Danish investment bank Saxo Bank, which offers online trading in a wide range of financial instruments including forex and CFDs, has a very active Facebook presence that is employed for a number of purposes. These include drawing traffic towards market analysis articles and opinion pieces on their TradingFloor website, and spreading the word about the wider activities of the company, its employees, and the Tinkoff-Saxo cycling team.

Internet Forums

Trade to Win (T2W): It is a platform designed for engaged Forex traders seeking to share their insights, express their viewpoints, or seek advice. The T2W forum provides a sophisticated search feature to prevent redundant threads. Navigating the forums is made simple by their organized structure, where discussions are categorized into six sections: reception, markets, methods, trading career, commercial, and off the grid. This ensures that users can conveniently find forums tailored to their specific interests.

Forex Peace Army – It has a history spanning over five years. Their forums are categorized into “companies discussion” and “beginners bootcamp,” each further subdivided into more specific groups. Notably, the forum includes an actively engaged section named “Scam Alerts,” where individuals who have fallen victim to scams share their experiences to warn others. Users can pose questions about brokers or websites suspected of fraudulent activities to gather insights from others who may have encountered similar situations.

Additionally, the website provides a search function enabling users to find specific forums by entering keywords, author names, question statuses, prefixes, or dates. For those looking to enhance their understanding before engaging in the Forex Peace Army discussions, the platform offers useful books tailored for beginners.

Baby Pips Forex –  This forum is another reputable platform catering to both novice and seasoned traders. Valuable information can be discovered in categories such as “brokers,” “trading language and indicators,” and “trading technology and tools,” particularly beneficial for those new to trading. For individuals with a foundational understanding, there are sections dedicated to analyzing trading techniques like automated, copy, or mirror trading. Additionally, Baby Pips provides an educational section to supplement forum discussions, along with four distinct calculators that serve as handy Forex tools.

Forex Forum – It stands out as another platform committed to supporting its members in achieving profitable trading outcomes by fostering global communication on both the fundamentals and nuances of Forex. This user-friendly website allows participants to engage with content related to indicators, tools, brokers, and trading software through reading and commenting. The platform also hosts threads dedicated to strategies and trading systems, including discussions on scalping or hedging.

Similar to the Forex Peace Army forum, Forex Forum includes a “scam alert” section, providing a space for users to express concerns or doubts about a particular broker. This feature enhances the platform’s commitment to fostering a secure and transparent trading environment for its community.

So that are ones of the top forex trading Facebook and Internet groups, we well come with more few good examples in the future.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Ever since the dawn of online forex trading, messageboards and forums have formed the backbone of the online forex trading community. Although many traders are using social media to interact with each other now, the specificity and ready-made community aspect of forums means that they are still the go-to place for forex traders to glean information and wisdom from one another. Here, we have collected the ten most popular forex forums online so that you can have a look for yourself – starting with the ubiquitous Forex Factory.

Forex Factory

Alexa rank: 1,540

For a long time now, Forex Factory has been the leading online Forex forum for forex traders, with a huge user base and an established reputation. It consists of nine sub-forums on a range of topics including Interactive Trading, Trading Systems, Trading Discussion, Platform Tech, Broker Discussion, Trading Journals, Rookie Talk, Commodities and Stocks, and Commercial Content.  As well as displaying these on the home page, there is also a highlights section showing all the most recent posts, one of the best trading calendars on the web, market updates, and news from a variety of online sources. tatistics.

DailyFX Forum

Alexa rank: 4,669

Unlike most of the forums in this list, DailyFX is owned by a leading broker, FXCM, and the content is tailored towards their clients. However, there is plenty on here to interest customers of other brokerages, and it’s certainly one of the most active forums in the FX community. The forum itself takes a very segmented approach, with no fewer than 24 sub-forums grouped under categories such as Education and Analyst Research, Trade the Markets with our Analysts, Traders Lounge, Forex Education, Automated Trading, and FXCM Account Support and Trading Platforms. In addition to the very well populated English language forum, there are also sub-forums in eight other languages, including Japanese, Spanish, and Swedish.

MT5 Forum (Invest Social)

Alexa rank: 4,211

As the name suggests, this is the official forum for users of the popular Metatrader trading platform, offering users the chance to dip into the combined expertise of the community that centres around this platform.

Despite ostensibly being a forum for MT5 users, there is just as much (if not more) content surrounding the more popular Metatrader 4, and quite a lot of general forex trading discussion for users of all platforms, particularly in the Trading Discussion area of the forum.

Babypips Forum

Alexa rank: 7,594

As one of the foremost Forex trading educational websites, it is natural that this discussion board focuses on the needs of beginner traders, although some of the conversations might be of interest to more experienced traders too, especially the Analyst Arena sub-forum. There are dedicated sections for different disciplines, such as fundamental analysis and technical analysis, day and swing trading strategies, and automated trading. A great place to further your knowledge and find answers to your specific questions.

MQL4 Forum

Alexa rank: 9,994

While the MT5 forum seems to have hoovered up quite a substantial chunk of the Metatrader user community, this forum, which is dedicated to MT4 and its programming language MQL4. Although there is some general trading discussion here, most of the discussions are specifically about programming MQL4 for automated trading and signal generation, so if you’re looking to learn more about this topic or find answers to any questions you might have about it, then this forum is probably the best resource on the web for this.

EarnForex

Alexa rank: 16,708

While this forum doesn’t really offer anything out of the ordinary, it is very well-populated and you can always get quick responses to your questions. It contains 20 different forums related to different aspects of forex trading, including Technical and Fundamental Analysis, Trading Systems and Strategies, Forex Brokers, and Forex Education, a section dedicated to Metatrader, and sub-forums in non-English languages such as Russian, Chinese, and Spanish.

EliteTrader

Alexa rank: 28,603

Unlike most of the other Forex forums on this list, EliteTrader doesn’t split up its forum into sub-sections, with everything taking place on the one messageboard. This makes it a little trickier to find the topics that you are looking for, but only a little, and it has the knock-on effect of making the forum more inclusive. This means that, whenever you post something new, it will be seen by the whole community, and you will be more likely to get a quick response.

Trade2Win Forums

Alexa rank: 24,349

Although this forum purports to cater for traders in all markets, most of the traffic comes from forex traders, and these sections are by far the most popular in terms of viewer and post numbers. The sub-forums – of which there are many – are divided into categories such as T2W Community, Trading Career, Trading Tools, Trading Control, Trading Methods, Trading Brokers, Trading Choices, and New Traders, but it is the Forex discussion (in the Trading Choices sub-section) that will be of most interest to FX traders, and this is coincidentally the most popular section of the forum.

Forex Abode Forums

Alexa rank: 85,269

With the slogan ‘Vision for the Heights, Looking at the Depths’, it isn’t surprising to see that this Forex forum has quite a heavy emphasis on analysis, with a large, well-populated sub-forum dedicated to this subject. With a breezy, non-standard front end incorporating more graphics than your typical forum, and a certain light-heartedness pervading the whole site, it makes a refreshing change from the dry, text-heavy appearance sported by many trading forums. It’s also a repository for quite a wide range of resources that can be useful when trading forex, including free trading algorithms, a forex sentiments meter, and a section on trading systems.

Forex TSD

Alexa rank: 25,668

Nonetheless,rather than sticking the categories on the home page, this forum just puts all the latest and busiest discussions up there with a link to the sub-forum. This is actually quite helpful, as it reduces the risk of posting a question in the wrong section and not having it seen by the right people. It’s just as well, because one of the main strengths of this forum is that it covers lots of niche areas, with big sections on Metatrader 4 and Harmonic Trading, and these might not have had the chance to grow had they been hived away in obscure sub-forums.

Editors’ Note: As of 2018, the Forex TSD forum moved to become part of the MQL5 community

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

We all know that central bank decisions are some of the most influential occurrences on the forex markets, but how do the actual mechanics work? When the Bank of Japan lowers interest rates, the SNB stops buying Euros, or the ECB starts buying bonds, what’s going on?
Here we’re going to have a look at the basic mechanics that cause central bank decisions to hit the forex markets. The important thing to remember is that old solid Supply and Demand. Currencies trade based on this in the same way as any other commodity. Central Banks have to affect on, the other or both in order to change exchange rates.

Interest rate changes
Back before 2008 central bank’s simply wouldn’t attempt to intervene overbearingly in markets and interest rate changes were the only likely outcome of a meeting of the Federal Reserve. When the Federal Reserve changes its interest rate, it changes the relative benefit of keeping money in one currency instead of another.

If the central bank increases the interest rate, bank rates and bond rates in the United States tend to go up. If everything else remains equal the US dollar is more attractive to hold that the euro or yen and money begins to flow into the country’s investments.

Basically the price of the currencies with higher interest rates will go up until no more money can be made through simple transfers. On the financial markets, as you can see after major interest rate decisions are made, this happens almost instantly.

Direct market intervention
This is the actual buying and selling of currencies by central banks designed to influence exchange rates. At its simplest level it involves affecting the demand for one currency in another by central bank intervention. It can take several different forms in specific cases, however.

The best example in recent years has been the intervention of the Swiss National Bank which set the maximum exchange rate at 1.2 Franc to the Euro in 2011. The central bank kept its currency low against the euro by printing francs and using them to buy euros, meaning there would always be infinite supply of Francs at that level and none above it. Nobody is going to sell 1.3 francs for a euro when the central bank is selling them at 1.2.

This, of course, was risky for the Swiss National Bank and was a last gasp policy designed to reduce the impact of serious deflation brought on by a flight to safety during the financial crisis.

The other, more common side of direct intervention is propping up a currency: a practice Russia attempted sporadically through 2014. This involves buying your own currency with the central bank’s foreign currency reserves. This is an unstable practice that can result in the bank running out of reserves, and the weakening of the currency accelerating as a result.

Quantitative easing and other innovations
Less understood than direct intervention because of its novelty, QE involves printing currency in order to buy securities, i.e. bonds and equities. The US began doing this several years ago and was followed by the ECB, the BoE and the BoJ. The way it affects currencies is still debatable, but the central theory references two factors: increase in currency supply and lower interest rates.

Buying US treasuries at such a level means that yields fall substantially, lowering demand for the dollar to buy them in and having a knock-on effect on interest rates across the economy, and having the same effect, at one level, as a change in interest rates.

Increasing the money supply by such a margin, 60 billion euro in the case of the ECB program, every month creates a downward pressure on the price of the currency compared to others.

This has been the basic effect of easing programs in the US, Japan and the UK, but the ultimate result of the European program remains to be seen. Further study as central bank innovations keep popping up will result in greater understanding of these mechanics.

Predicting movement

The above gives an outline of the mechanics that central bank decisions drive on the market, but there’s so many factors affecting the supply and demand for currencies that none is a guaranteed bet. Take any currency chart and look at it through the last seven or eight years to get an idea of the unpredictable volatility that drives forex at certain points in time.

Knowing is half the battle, however, so getting used to the way that central bank decisions are made, and learning about these mechanics and the decision making apparatuses behind them will put you ahead of the average market participant and give you insight into the more complicated derivative results of central bank intervention.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Forexfactory.com is an immensely popular Forex trading website on which a majority of traders converge and trade. Forex Factory was established in March 2004. The website was uniquely designed and developed to provide traders top-notch information they can use and implement to make hefty profits. And according to Alexa, Forex Factory is the most viewed Forex trading website in the US and ranks at 1,242 in the list of most viewed websites around the globe.

And it is because of the website’s impeccable design and its uncompromising efforts to provide traders better options, top financial products, and features, which has resulted in the website’s considerable growth and success. Options like adjustable time zones, which enables Forex traders to look and gather important trading information in their own time zones. It also provides traders revolutionary features like Google-based worldwide search, gathering via member post history which makes obtaining information simpler.

Forex Factory also has a Member Impact Ranking System (MIRS) which can be instrumental in gaining opinion and in-depth analysis of various trades through different members. You would be amazed to know that all of these features and options have consistently been refined and made better for more than ten years now, providing traders the richest of trading and investing experiences.

Members of Forex Factory are considered among the most brilliant minds in trading across the globe. Their knowledge, experience and strategies are what make the Forex trading experience here an oasis compared to other platforms. Moreover, people from over the world come and trade on Forex Factory regardless of their creed or nationality which in turn promotes a productive trading environment.

It is important to understand that Forex Factory cannot be considered a social networking platform and neither is it a web portal. It’s quite simply a website designed and developed to provide state of the art features in trading and high quality trading information to all who want to participate in Forex trading.

ForexFactory for Clever Businessmen

If you are an aspiring trader or want to become a successful one, it is important you join Forex Factory. That is primarily because it is designed specifically for traders who are smart, sure of themselves and not afraid to lose. The website guides rookie traders on how to make educated trades and staying risk free at all times.

Products Offered by Forex Factory

Mentioned below are the names and brief descriptions of some of the products offered by Forex Factory:

Forums | Launched March 2004

Did you know that more traders post on ForexFactory forum than on any other platform around the world? That is because at Forex Factory forums, traders from across the world gather and talk about trades, orders and different aspects of Forex trading. Trading forums here offer a professional environment where traders bounce ideas and opinions off each other, learn, debate and compete against each other.

Market | Launched November 2009

This product consists of different applications, including charts, broker quotes, composite quotes and sessions. All these applications are powered by the Market Data System of Forexfactory.com. The Market Data Structure or MDS is a complex trading infrastructure designed to gather aggregate data from different brokers, all in real-time. By amalgamating these sets of data from different sources, the MDS allows for traders to gain access to the ‘true’ price which can be set in comparison to prices from other brokers. What this does is promote a stable trading environment in a volatile market.

Trade Explorer | Launched February 2011

The Trade Explorer application is basically a web oriented interface which enables traders to evaluate and monitor their trading output and efficiency. You can say that it is a trade measuring tool which allows you to analyze your historical trade performance. Trade Explorer also automatically integrates with the individual trader’s brokerage account to allow him access to real-time evaluative abilities.

Trade Explorer has been instrumental in launching an array of different innovative applications. It provides users automatic graphing options, synchronization, time zone control and balance/equity controls. These are all options Forex Factory provided way before any other trading platform did.

Brokers | Launched May 2012

This product is designed seasoned and experienced Forex brokers. It is a guide which explains and analyzes the various ways in which brokers and traders do their research. It gathers high quality information with precise details and real-time spreads, all combined in a single, impeccably-designed trading platform. Furthermore, the information provided in the application is regularly maintained and updated by the administrators. They ensure the content you get is fresh and usable.

The ‘Spreads’ area on the website gathers ratings from each individual broker’s account in real-time and indicates all the current spreads in the form of pips. These spreads are indicators of what ‘traditional account’ traders are viewing from their platforms without the inclusion of demo accounts.

All in all, Forexfactory.com is a wonderful and groundbreaking website which has a plethora of trading tools and features that have designed to help traders get the best out of their trades. So, the website may considerably benefit you in your trades as well.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.