In 2001 OANDA became one of the first companies to offer online trading capability for the individual trader. With real-time quotes, a practice account that never expires, and one of the lowest costs of entry in the market, OANDA remains popular with traders around the world. One of the primary advantages to this online broker is that there is no minimum amount needed to fund an account. While many require $250, $500, or even $1,000, OANDA sets no minimum.
This online Forex broker is another one that got into the game early and is still around. Powered by Metatrader, which is a popular trading platform, FXCM allows new traders to open a micro account with as little as $25. Like OANDA, FXCM offers a free practice trading account. Practice is very important when learning to trade Forex, as it lets you refine a trading strategy and prove you can turn a profit without risking real money.
FX Solutions was founded in 2001 under the belief it could make the same information used by banks and other large "market makers" available to individual investors. This information is provided online, enabling customers to access real-time quotes and make currency trades instantaneously. Since then, FX Solutions, or FX Sol, has proved itself fit for the long haul. You may open a free practice trading account with the company that is good for 30 days, after which you can open a real account with a $250 deposit, and begin trading in 28 different currency pairs.
There is no shortage of online brokers vying to take your Forex dollar. Do your research before choosing one. Visit forums and solicit input from veteran traders to avoid giving money to a "fly-by-night" operation. Though Forex is much less regulated than the stock market, word-of-mouth is a pretty good tool for learning which brokers are most credible.