When you are talking about “the best forex brokers for beginners”, you have indicated that you have now learned a little bit about forex trading because you can tell that the best forex brokers in the world might not be suitable for you. When trading forex, you will go through various stages. To let you know more about the best forex brokers for beginners, I’m writing this article covering six points relating to them.
- MISUNDERSTANDINGS OF BEGINNERS:
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- They think that forex demo account is the most suitable for them. Actually, this type of account is not right for them and even has some negative effects.
- ECN account is the best account for experts. Beginners should stay away from it since it is very volatile. That means there will be a lot of slippages and gaps.
- Some traders think that they should open positions within the news release time to gain more profits. However, instead of trading in news release time, all experts will close or open their positions about 15 minutes before or after the release time.
- CRITERIA OF PERFECT BROKERS FOR BEGINNERS
As beginners’ targets for this stage are learning and minimizing their loss, the criteria for the top forex brokers 2018 will be:
- Low deposit requirements:
While experts strongly care about brokers’ credit, trading cost and quotes quality, beginners needn’t care about them. That’s because they only deposit small funds, so no brokers want to cheat them. In this stage, traders want to nurture them, so they give them the best trading conditions. Hence, to be safe, I advise you to deposit less than $100 for this stage.
- Good training and coaching programs:
Most of brokers offering weekly or monthly training programs will ask you to deposit large amount of money. In this case, you can open an account, put a little money in it, and learn all you can then change to different brokers after finishing the training courses.
- Small trading lot requirements:
At the beginning, just open small positions. Take your chance with some brokers like XM, Exness and FBS. They have Micro and Cent accounts which you can open positions as small as 0.00001 Lot USD.
I think you should choose these accounts for the following advantages:
- You only have to deposit $10 for a whole month of practicing, and you also can withdraw your win money.
- They don’t require a minimum deposit, so it saves you money.
- Good local support:
Good local support is when the supporters can help you in your native language. I think you might get some problems when trading because we always do. The fact that your supporters can speak your language will make it easier and more helpful.
- SHOULD BEGINNERS GET WELCOME BONUSES?
It is good that your brokers offer welcome bonuses. However, if they don’t offer, it’s still good. Notice that opening an account to get the welcome bonuses is easy, but withdrawing them is hard because you must have traded a certain number of lots to do so. This often leads to your loss.
- 3 BEST FOREX BROKERS FOR BEGINNERS
XM reviews: 9/10
XM broker lets you open very small positions (0.00001 lot USD) compared to Exness. Also, it has many training programs.
Exness reviews: 8.5/10
This is one of the largest brokers but still offers Cent account, which allows you to open positions as small as 0.0001 USD. The advantages of Exness are the support and payment systems.
FBS reviews: 8/10
Its support and payment systems are very good; however, it only offers good services in countries where it has work place such as Indonesia, Thailand and Vietnam.
- SHOULD BEGINNERS JOIN DEMO CONTEST FOR PRACTICING?
Most of us think Demo contests are for beginners to practice; but in fact, all the demo contest winners are professional traders. Their profit rates are sometimes higher than 10000%. That could only mean they are using trading bots to win demo contests. Beginners like you can never get such high profit rate. The contests will only cost you times.
That’s all information I would like to share with you. Here are some advices for beginners when choosing the best forex brokers.
- Trade Micro/Cent account.
- Deposit less than $100 for the first month.
- Learn risk management.
- Never believe anyone who asks you to deposit a lot of money and promises high profit rates.
- Don’t use trading bots because they are suitable for experts only.
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