No matter how much you may already know about the foreign exchange markets, you need to stay plugged into what is going on out there, otherwise you will find it much harder to make a profit.
It’s also necessary to find one or more sites that give you access to plenty of data that will help you make the decisions on which currencies to buy and which ones to sell at any one point, since this will enable you to plan your own strategies much more easily.
One website that gives you all this and much more besides is www.forexrate.co.uk. While it is based in the UK it has a global view and reach that will be of enormous use to a lot of foreign exchange fans, much like many other websites of this nature.
It may not be the biggest or most professional looking site of its nature online today but it ranks very highly in the organic search results, and that counts for a lot.
Starting with the home page
The home page has an air of efficiency and a business like manner that pervades throughout the entire website. The simple color scheme – consisting of a dark blue bar across the top and black writing on a white background – is very well done, with any links appearing in blue. This makes them easy to spot and also makes the website easier to navigate, since you can see the sections you need much more easily.
The first thing you see when you arrive on the home page is a paragraph which tells you what the site does, and what its purpose is. This enables you to see at a glance whether the website contains the right kind of information for you.
Below this there is a section on currency news, which features headlines and regular analyses of how the currency markets are performing. This alone gives you a good idea of what to expect from the rest of the site.
There isn’t a site map on www.forexrate.co.uk but this isn’t any great loss, since there are links, menu bars and easy to access charts wherever you look. And if at any point you did get lost among the pages it’s a simple matter of clicking on the Forex Rate image in the top left hand corner of the screen to return to the home page itself.
All in all this is a good home page, and it is one which demonstrates that the content of a site is always more important than the actual appearance. While it’s good to look professional and polished, this site is a great example of the fact that content and organization will always win the day over a site which looks good but doesn’t have much to excite you beyond that.
What sections are there to explore?
We cannot start delving into this website without taking a look at the news section. If you click on that link you will see that there are a wide range of news stories to read, and anyone visiting www.forexrate.co.uk for the first time would do well to visit this section before going anywhere else.
What’s more, each news story is very detailed and comprehensively covers the topic chosen. The articles are lengthy and written by experts in the field, giving you an insight into a particular area as well as displaying something that many other websites of this nature don’t seem to be able to do – and that is a sense of liveliness that really makes a huge difference.
The other kind of entry you will see in this section is the daily analysis of what is going on in the currency markets. This is designed to help boil down all the information that is out there, so you can decide what your next move should be.
This kind of update can be difficult to get your teeth into if it isn’t laid out in an easy to understand way, but fortunately the people behind this website know how to make the right impression in this sense. It starts with a general overview of the current situation, before going on to look at a number of major currencies in more depth. After this you will find a few paragraph of more technical news regarding the exchange rates between several currencies that are of note at that particular time, enabling you to decide where you should put your money to stand a chance of getting a decent return on it.
For those people ready and waiting to buy or sell a specific currency there is also a section of live charts which can be accessed via the top section of the left hand column. Clicking on any one of the currencies indicated there will take you into a small chart featuring the latest rates available. You’ll also see green up arrows or down red arrows showing you how they are doing at the moment, and if you click on any figure or currency code a small pop up box will appear to reveal the most up to date information they have in the form of a chart.
Another area of the site which is well worth a mention to everyone with an interest in the Forex markets over the longer term is the section on Forex Forecasts. As the title would suggest this gives you an idea of what might happen in the future as far as the present state and direction of the situation is concerned.
Of course you should not take this as being gospel, since anything can and frequently does happen in this market, but it does give you food for thought and each report is broken down into easy to read and digest sections containing facts and figures which will let you make a more educated decision on where to place your money for the best chance of a good return.
You can also check historical data for currency exchange rates by accessing the relevant section. Be aware that the box which appears on this page may not seem to have any relevance to foreign exchange trading at first, but you need to scroll down through all the company names before you get to the currencies you need. Once you have made your selection you will be asked to open or save the file you requested in order to see the information.
But the Forex Trading section is the one which takes you through to the websites that offer Forex accounts for the taking. The website www.forexrate.co.uk doesn’t offer a trading account itself, but it does take you to the best sites to consider when you are ready to start trading.
How user friendly is the website?
In short the answer would have to be ‘very’. All the key areas you would want are here, and the site also takes its responsibilities to people new to the subject very seriously. You will no doubt have spotted (and clicked on) the risk warning inserted at the top of the home page where it will most likely be seen. This is where they tell you to be cautious of your forays into the markets.
The format of the site makes it even easier to use than it would be otherwise. For example the left hand column and the box on the right hand side appear on every single page along with the black bar near the top of the screen with white writing in it. This enables you to reach all the charts the site offers in one quick and easy step, regardless of where you might be at the time.
There is also the one essential thing that all sites of this nature should have on them – and that is a currency converter. This is simplicity itself to use and once you have entered all the relevant data and hit the convert button, the amount you need is instantly displayed below the convert button itself. You will also see that below this you have the option of taking all the html you need to put the same converter on your own website free of charge.
One other thing that you will notice about this site is that it isn’t afraid to link you into other sites that it thinks will be of use to you. Most of the links which appear near the bottom of the screen go into different websites with different purposes (although they are still of interest to the Forex enthusiast), and there is also a reciprocal links page which can be reached from that same place.
What is the single best feature?
This depends on whether you have a website or not, so we will include two options here to please everyone.
If you do have a website then you will like the look of the scrolling news headline tool that the site will let you use free of charge. It is a simple one line tool that hardly takes up any space at all, and yet it will really enhance your website because the current headlines appear as if typed directly onto your screen. They then freeze for a moment to allow you enough time to read each one, before the next one appears in its place.
If you click on the link that appears near the foot of the home page you can go into the relevant page and get the information you need to be able to put the item exactly where you want it to go. It works via an RSS feed to update your site as and when new items are added, and will certainly make your website more appealing to your visitors if it concentrates on anything to do with currency.
We can stay with the topic of RSS feeds to discover the best feature of this site for those people who don’t have their own website (or at least, not one that has any relevance to currency news). Near the top right hand corner of the home page you will see the familiar orange sign that signifies an RSS feed, and if you click on that image you will be taken into the news feed page, from which you can subscribe to the regular feed that the site distributes to everyone on the list.
You’ll get the benefit of receiving regular analyses of the markets, plus extra reports as and when relevant, which can greatly enhance your understanding of the markets if you are relatively new to them.
The complexity of information involved in this kind of website can often be off-putting for those who are new to the subject. But this website manages to pull off a great balancing act by appealing to both beginners and seasoned veterans alike, and it does it by being both accessible and up to date with its content.
The owners of the site have ensured that everything you need is at your fingertips, and if they don’t happen to provide something you need you can rest assured that they will point you towards someone who does.
While the appearance of the site may not impress you as much as some others do, once you have taken the time to browse round and read some of the articles and reports and look at some of the charts, you will see that there is plenty to commend this site for in the end. It is definitely a good idea to subscribe to the RSS news feed and stay up to date with what is going on, but that shouldn’t prevent you from visiting the site on a regular basis anyway, as you could miss out on a lot if you only read the feed itself.
So whether you are a newbie or a dedicated Forex trader who is looking for their next buy, make sure you take a look at www.forexrate.co.uk before you make your next move. They might just know something you don’t.