If you are at all interested in the foreign exchange – or Forex – markets, then it is vital to have access to some reliable and in depth websites that will help you to keep up to speed with what is going on in the world of currency.
One good example of a site which meets these needs is the website www.forexnews.com. As the title would suggest it concentrates on the most recent news stories regarding the world of foreign exchange on a global basis, as well as sharing vital data with its members from all around the world.
You will need to sign up to become a member of this site to be able to access all the functions and features it has, but this is completely free to do and is a simple and straightforward process.
So with that said, let’s take a closer look at the site itself.
Starting with the home page
The home page greets you with a plethora of information that might be rather daunting at first, but if you know what you’re after it should be relatively easy to get to the section you want.
The design is a little lopsided, as most of the content is on the left hand side of the page rather than being central to it, but if you put this aside you are left with a website that is quite professional looking and is obviously packed with content that will help you enormously if you are looking to find out more about the Forex markets.
There doesn’t appear to be a site map, although the navigation bar near the top of the page gives you a drop down box as you run your mouse over each separate section. This breaks each one down into its component parts and makes it easy to find exactly what you are looking for. It could be argued that this provides the next best thing to a site map, and it’s certainly just as easy to find your way around by using this tool.
And there is a lot to explore too. The home page itself gives you a taster of the site as a whole, and uses shades of gray and blue to give an authentic and professional feel. There is a news and analysis section which contains the latest handful of headlines regarding the currency markets, and if you look at the gray colored column on the left hand side you will notice that the exchange rates for various currencies are listed for you to look at. What’s more, these are constantly changing as you watch, and include small green up arrows or red down arrows to show how they are performing. This is a very neat tool which keeps you as up to date as you could possibly be.
A little lower down there is another useful tool which shows you the current interest rates for various countries, including America, Japan, Switzerland and Australia among others. It’s a small touch, but it is quite often these touches that make all the difference on a site like this.
There is not a lot of commercial content on this website, and the one main source of adverts that you will find is very subtle and is included on the home page itself. This can be found lower down on the left hand side of the page, and consists of a link through to another page which features the best books that Amazon stocks which have something to do with foreign exchange markets. These include the best sellers, but there are also many new titles which might catch your eye if you would like anything a little more in depth to read.
What sections are there to explore?
The fundamentals section is a good one to start with, since it does exactly what it says – it provides you with the basic tools you will need to get the right information and stay ahead of what is happening in the world of currency and the financial markets.
There is a news and analysis section, which not only provides you with the latest news headlines that will be of interest, it also gives you expert opinions on each situation. If you aren’t a member of the website you will only see a taster of each piece; you will need to join to be able to read the whole thing each time. N Given the quality of the content elsewhere you would be missing out on a lot if you didn’t take advantage of the free membership.
But it isn’t always news that you need, and with the Forex markets it is good to get more of a rounded view of what is going on over the longer term as well as on a day to day basis. This is something that this website does recognize, which is why there is a section of articles that use recent events in the markets as a springboard to offer comment and insight into what might happen in the future. It’s a great section full of information and it’s quite possible to spend some considerable time reading just this part of the website.
As with the news stories though, you will need to be a member to get the most benefit from reading the entire article each time.
But if it’s facts and figures you are after rather than straight information, then you should head straight for the FX Performance section in the fundamentals part of the website. This gives you access to charts that show you how the most prominent currencies are performing against each other, together with percentages and the latest close rates.
In order to find out more about the website and the people behind it, make sure you click on the relevant link under the About Us section in the navigation bar. There is a surprising amount of information here, especially considering that many companies think this section is rather too much like blowing your own trumpet, and they should be spending more time on providing more worthwhile content.
You’ll learn that it has a history stretching back over nine years however, and it also goes into more detail about each of the services it provides which can be found on its website, www.forexnews.com. In this sense it actually provides a good boiled down version of what benefits you’ll get from using the site – and if you haven’t already signed up to be a member you probably will once you have read this section.
How user friendly is the website?
In short, the answer is that it is extremely user friendly. You’ll find everything you need very quickly and while the in depth nature of the home page might put some people off from browsing in more depth if they are new to the world of Forex trading, there is a lot of information here that is ideal for the beginner.
An excellent example of this can be seen from taking a look at the research section. This contains a number of longer articles which can be read without having to join the site as a member, and while some of them may date back several years (a good example is the feature on the Euro, which was added to the site in December 2001) they still contain a lot of useful information that can enhance your use of the site, as well as your understanding of how the currency markets work – not to mention how they can change remarkably over both a short and a longer period of time.
There is also a currency converter included for your use; it comes courtesy of another website but there is no doubting its usefulness or the sheer number of currencies that are included within it. After all, currency traders are likely to look at a lot of different currencies if they feel they could make a decent profit on trading with them, which is why a good currency converter will come in handy on a site like this.
Overall the depth of news and content that is included is extremely good, and is written in a way that makes it easy to understand the basics without talking down to you.
One other excellent page which anyone interested in Forex will find useful is the Links page, which can be found via the education tab in the navigation bar. This contains links to all the most useful organizations and websites all around the world. These include banks and resources which are often country specific and will lead you into another world of information beyond the site itself.
What is the single best feature?
The answer to that question has to be the forums. There are only a few sections in the main forum but that doesn’t detract from the information contained within them. You should of course bear in mind that much of the advice given is from people who are less than experts or professionals in the Forex business, but it is still a useful and intriguing feature that not all financial and news related sites offer.
You can browse around and read the different threads without having to sign in, and one neat feature you will notice is that as you scroll down the page the informative header at the top of the forum itself will scroll down with you, so that it is always visible. This gives you access to all the useful features at any point without having to scroll back up.
As with every forum there is a certain amount of to-ing and fro-ing between some of the users, but on the whole you can learn a lot from reading the entries – without even becoming a forum poster yourself.
The FX Traders’ Forum in particular is worth looking into because it deals with all manner of issues relating to trading, as experienced by other people who are into the Forex markets. It tends to be packed with useful hints and tips – plus news stories from people living in many different countries. It’s exceptionally useful and worth keeping up with on a daily basis.
It’s true that the home page could do with a little bit of work, but aside from that there is very little to complain about with this website. On the contrary there is a lot to celebrate and it clearly has access to a lot of experts who help to write the articles and give the insight that will help all those who are looking to make a profit from the Forex markets.
Items such as the Global Calendar make it clear that this company has a global view when it comes to serving its readership. While you may know what is going on in your own country when it comes to working out when the markets are open or closed, this calendar will fill in the gaps for you when it comes to everywhere else. This is another example of a simple idea that works very effectively when put into practice on the website itself.
There are some news related websites on similar subjects which demand a monthly subscription fee to receive full access to all their features, so it is refreshing to find a site which goes into so much depth and offers all its main services completely free of charge.
There are also a number of links to external sites which are deemed to be of use and interest to you, as well as a number of products which require a fee to gain access to. All in all it makes the best effort to provide links to those services you may need which it doesn’t offer itself.
Most people who are interested in or trade in the foreign exchange markets will use several websites to get the information they need, but whichever other ones you decide are worthwhile for you, you should definitely make sure that www.forexnews.com is on your list. Without it, you just might miss something important.