Every trader has to go through all of these stages before he/she can be an expert: beginner, professional, and expert. If you are beginners, then you are at the right place. Today I’ll show you what makes the best forex brokers for beginners.
1. Notices
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.
2. Standards
Because the main target at this stage is to minimize the losses and learn more about the forex market, these are the standards for the best brokers for beginners:
• Low deposit required.
• Small trading lot required.
• Excellent local support.
Low deposit required
While professionals care about the brokers’ credit and trading cost, beginners should not concentrate much in this term since they just deposit such a small amount of money that no one would cheat on them. Brokers will give them the best trading conditions at this stage and so, the recommended amount is less than $100 for 3 months. New traders don’t have to care about the trading cost.
Small trading lot required:
Please remember that most beginners will lose at the first stage, then you should open as small positions as possible. While the standards lot is $100,000, which is very much, XM could give you the lot with only $0.00001 because it has Micro account. Exness and FBS could also offer only 0.0001 Lot USD as they have Cent accounts, which are very suitable for beginners. Therefore, you have to deposit only $10 to practice for a whole month and could also withdraw the winning money. It has no minimum deposit required and then, you can deposit whichever amount you like.
Excellent local support:
A broker giving excellent local support should mainly help with the native languages. Because every trader gets trouble and difficulties with issues such as logging in, installing MT4, setting 3D security of Credit Card… there needs to be support team who can help their clients effectively and instantly by the native languages.
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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