As you may know, the forex market is not a regulated place. Thus, it is necessary for your best forex brokers for beginners to be a regulated broker that can operate with transparency and fairness. The most important thing to remember here is that the regulatory oversight for a broker is only applicable for the jurisdiction it is based in. Let us give you some examples. An U.S. forex broker is required to be a member of NFA (National Futures Association) as well as be registered with CFTC (Commodity Futures Trading Commission). An UK forex broker is registered with FCA (Financial Conduct Authority). Such regulatory agencies will protect the interest of traders and develop the rules for dictating the methods which brokers should use to conduct their operations. Also, regulatory agencies are useful in promoting competition and instilling reliability in the forex market as they have the ability to prevent abusive practices, fraud and manipulation.
Besides, lots of regulators provide a compensation scheme for their investors. Such scheme will protect investors from insolvent and overly exposed to the markets when depositing up to a certain level.
An absolutely wrong idea of beginners is to believe that forex demo account is the best. In fact, demo account just does more negative effects since the trading conditions are not similar to the real ones in the market. They are much better than the real ones, which makes traders misunderstand and think they are good. Therefore, beginners cannot learn anything from demo account.
ECN account is for experts, not for beginners. Why so? Because it is very volatile with many slippages and gaps, which could make huge losses to new traders. Most beginners lose much money at the first stage, so they should not invest too much.
Trading within the release time of the news is the wrong idea. All experts do not trade in this way. Instead, they always execute a transaction just about 15 minutes before/after the release time of the news.
As a trader, you need to check whether or not it is available for you to contact broker’s support team via email, live chat, or phone calls, etc. Then, you have to review the response time of the representatives who are responsible for supporting customers. Besides, you must consider whether or not your broker gave you a localized phone number which you can call for free.
When starting trading forex, you will be in need to choose an account type from the selection of trading accounts provided by your broker. Each type of account has its own strengths and weaknesses and is differentiated by the benefits it gives traders.
Brokersguru, led by Mr. Fanara Filippo, a long-time forex trader and brokers reviewer, is one of the most well known broker-review site in Asia. Our reviews are 100% based on personal experiences and absolutely unbiased.
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