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One of the most successful strategies that both new and seasoned forex traders use to trade the market profitably is to use Forex Trading Signals, tools, and continuous learning. If used properly, these two tools can help any trader consistently grow his or her account. Of course, the tools, education, and trading signals need to be provided by a skilled educator and trading tools providers such as DailyFX.
DailyFX is one of the world`s leading online provider of free forex news, analysis, research, and trading tools. The brand was established by FXCM, the largest Forex Broker of the US Market, as a supplementary wing of their business in 2002. Since then, its reputation has skyrocketed among both beginner and advanced forex traders thanks to its rich assortment of educational resources.
DailyFX offers timely and informative newsfeed that keeps its users up to date with any developments in the forex industry. Its repertoire of educational resources includes how-to articles, videos, and webinars hosted by professional traders on a daily basis.
DailyFX is an all-in-one, free forex trading platform for all FXCM customers, guiding them point by point through their trading process, 24 hours a day. The journey does not end with beginner’s education, forex market news, and analysis. DailyFX also provides clients with trading Signals, Technical Analyzer, and Speculative Sentiment Index and other useful tools. Users can find all these learning material on the education section on the website.
The platform has won multiple awards over the years, including the FXSTREET: FOREX BEST AWARDS for Best Broker Research Team and Best Sell-side Analysis Contributor. DailyFX has also won Reader`s Choice awards from the Stocks and Commodities Awards. In this DailyFx review, we will explore some of the key features of the website.
DailyFX has several unique features that make it one of the best user-friendly website to navigate through. These include:
The platform`s insightful Economic Calendar is one of its best features. The calendar provides users with summarized information on all scheduled economic events and all other likely events or outcomes that could affect the direction of the market. The calendar is easy to read and understand.
The DailyFx economic calendar updates in real-time, allowing you to act fast. It is specially tailor-made to give you the information you need to make better and informed trading decisions.
DailyFX provides beginners and less-experienced traders with daily webinars and a live trading room where you can monitor as DailyFX experts analyze the market in real-time. They will also provide you with a wide range of topics from technical and fundamental focus, strategy sessions, educational webinars, and a Q&A session to improve your trading experience.
The DailyFX Webinars is also the place if you want to learn about the various tools on offer, what they can help you achieve, and how to use them.
DailyFX Live Trading Room
Unlike other platforms, DailyFX provides this feature for free. You will watch as the experts at DailyFX analyze economic data among other forex market news events in real-time. You can also ask questions and get answers from the expert team of traders. Topics covered in the Live Trading Room include:
- Major event risk coverage.
- Question and answer sessions on markets, trading, and strategy.
- Strategy sessions with instructors and analysts.
- Technical and fundamental forecasts.
DailyFX Free Forex Charts-Interactive Forex Charts
DailyFX has a user-friendly and easy to use web charting software. The charting software interface is equipped with all the tools you would need for both basic and advanced trading. You will be able to place your trade through a trading view or directly from DailyFX without visiting the trading platform.
DailyFX Speculative Sentiment Index
One of the most amazing tools offered by DailyFX is the Speculative Sentiment Index (SSI). Usually, the forex industry is conducted `over the counter,’ which means that it’s not decentralized.
The over the counter market model makes it hard for traders to find comprehensive trading volume or open interest data. DailyFX seeks to fill this gap through SSI which allows traders access to FXCM`s positioning data and proprietary open-interest. The DailyFX Speculative Sentiment Index will show you the position of other market participants. This powerful tool can also allow you to see how other participants feel about a particular Forex pair.
DailyFX updates the SSI twice daily with current information, which allows you to see the number of traders entering or exiting the markets. The SSI is a reliable index that you can use to forecast the forex market.
Opening an Account
New users can sign up for a DailyFX account through the official website. You will be required to fill your first and last name, country of origin, phone number, and personal email. Once your account us active, DailyFX will send you information about trading opportunities as well as their products and services via email.
DailyFX only has a web-based portal. The desktop platform is user-friendly and easy to navigate. The interface provides traders with all features about forex trading, including market news, trading strategies, calendars and charts, and educational material. You can also view live forex rates at a glance. Traders can navigate through the website in five languages, including English, German, French, Spanish, and Chinese.
There are no ads on the website, and it is well-structured. All the essential tabs are vividly displayed and accessible with a single click.
The DailyFX app is compatible with both Android and iOS devices. You can download the app from Google Play or the App Store. The app features all the best sections of DailyFX natively designed for any compatible mobile device. This means you can access real-time commentary and access technical analysis from DailyFX top analysts. You will also stay close to the markets through live currency quotes, and know what`s ahead with the platforms global economic calendar—from any part of the world – right on your smartphone or tablet device.
User can get in touch with the customer support through the contact us section on the website. They can send an email to the support team if they have any questions, complaints, or feedback. You can also contact analysts via email at the contact section. DailyFX does not have Live Chat.
DailyFX offers free training to its users in the Forex Trading University that is structured into three stages: Beginner, Intermediate, and advanced stages. These stages seek to lay foundation for a trader since they are critical determinants of a trader’s success or failure. A trader is taken in a step by step manner through the process so that they can stand by themselves and make concrete decisions concerning their trading.
How to Use DailyFX
DailyFX has gained massive popularity among traders in the recent past due to its ability to meet the needs of both fundamental traders and technical traders. The platform`s experts have vast experience, and they are respected as authorities by traders from all walks of life.
Due to the large variety of products offered on DailyFX, focus on the areas of your interest. For instant, if you are looking for technical trading information, ignore the fundamentals section.
DailyFX has one of the most extensive and continuously developing presence in the forex education niche. Besides publishing insightful technical and fundamental analysis, market forecasts, and educational webinars, DailyFX hosts webinars and live trading rooms where new traders can watch and learn from experts as they analyze the market and trade. The brand is consistently adding new features and tools to help you become a better trader. This platform is suitable for research and analysis, and it’s an excellent addition to your Forex resources.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Relevant information regarding current markets
- Interactive live charts
- Updated articles on specific markets.
- Free information regarding trading strategies.
- Live currency rates.
7 Binary Options review: DailyFX: 4.5 stars