A fact that the best forex brokers in the world may not be the best forex brokers for beginners because with different brokers at each stage, they have different targets, trading strategies, and conception. If you’re a beginner, this article is for you. I will make a review of some brokers who are most suitable for beginners and what a new trader should deal with when jumping in trading forex.Here is list of the best forex brokers for beginners.
XM reviews: 9/10
Exness reviews: 8.5/10
FBS reviews: 8/10
- NOTICES FOR BEGINNERS
It seems wrong to think that demo account is perfect for beginners to trade. On the contrary, Demo account has also negative effects. In greater detail, demo accounts are offered the best trading conditions which are not even true in real trading. If you win demo accounts, you will learn nothing, while a real account is totally different.
Remember that ECN account is the best account for experts. As a beginner, you should keep away from ECN trading because it’s very volatile. Also, there are a lot of slippages and gaps, so you will lose money if you try to invest a lot of money at this stage.
If a trader relies on news to make trading decision, it’s wrong. All experts don’t trade in news releasing time. They will close/open positions about 15 minutes before/after the release time.
- STANDARDS OF THE PERFECT BROKERS FOR BEGINNERS
As beginners, you should focus on learning and minimizing losses, so the standards for the best brokers for beginners are:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
Experts pay attention to brokers’ credit, trading cost, and brokers’ quotes quality. For beginners, it is different, because they only deposit small funds, hence, no brokers want to cheat them. Traders will be nurtured by brokers, so they’re offered the best trading conditions. The money for deposit in this stage should be about $100 (3 months of trading), because you only trade a little amount of money, so you also don’t need to care about the trading cost.
Small trading lot required
The negative fact that 95% beginners will lose at the first stage. So, you should open positions as small as possible. The standard lot is 100,000 USD. You can open positions as small as 0.00001 Lot USD such as XM. Exness and FBS also have Cent accounts whose minimum lot trade is only 0.0001 Lot USD. When trading with Micro and Cent accounts, you’re only required to deposit $10 for a whole month of practicing with the best forex brokers for beginners, and you can also withdraw your winning money. Thus, there are no minimum deposit requirements for those accounts, so you can deposit as low as possible as you wish.
Good local support
Most of the traders aren’t good at foreign languages, so brokers need to help them in native languages. In a matrix of forex, many problems will arise such as: login, installing MT4, 3D security of Credit Card…and it’s wonderful if they get the prompt and direct support 24/7.
- 3 BEST FOREX BROKERS FOR BEGINNERS
- com: 9/10
- com: 8.5/10
- com: 8/10
There is no doubt that XM and Exness are in the top biggest forex brokers and very reliable. XM is a little bit better because with XM broker, you can easily open smaller positions (0.00001 lot USD). Many training programs are hosted to help traders improve and develop trading skills.
Exness deserves to be the biggest retail forex broker. You can open as small position as 0.0001 USD with Cent account. Also, they support very well and have good payment systems.
FBS also has Cent account. Their support and payment systems are very high-performance, but keep in mind that they only offer good services in countries with their local offices: South East Asian countries such as: Indonesia, Thailand, and Vietnam.
For forex traders in Thailand, click here for โบรกเกอร์ forex ที่ดีที่สุด 2018.