The income of the best forex brokers for beginners comes from the spreads and commissions that they charge their traders. For the trades based on commission, the commission is often a fixed amount for each lot traded or a percentage of the total volume traded. For the trades based on spread, the spread can be either fixed or floating amount. There are generally a few pips marked up in the difference between Ask price and Bid price. One notable thing here is that you may meet more difficulties in making profit in case the spread is wider. However, you should not worry too much as frequently traded currency pairs like EUR/USD and USD/JPY usually have tighter spread than others.
Different brokers will have different policies to handle deposits and withdrawals. For some brokers, their traders must use direct bank deposit to fund their trading accounts. For some others, they have a wide range of payment methods for their clients to choose. Here you need to take note that no matter what payment methods are supported, you should choose a broker that can offer a convenient and inexpensive way of payment.
In a nutshell, considering which broker is good and suitable to trade with is a hard task for traders, especially for beginners who have less knowledge and experience. However, with all necessary details we have already showed you, we hope you can easily find a perfect broker that can help you on your way to achieve success in trading forex.
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.
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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