Searching the phrase “best forex brokers for beginners” shows that you are serious about your trading career because you’ve realized that the best forex brokers might not be appropriate for you. However, there are many different details about this category in the internet, which may make you confused. Thus, in order to help you get more knowledge about perfect forex brokers, I write this article covering six points relating to them.
- MISUNDERSTANDINGS OF BEGINNERS:
- They think that forex demo account is the best one. In fact, this account doesn’t work for them and even has negative effects.
- ECN account is the best account for experts. Thus, if you are beginners, please keep away from it as it is very volatile. That means there will be a lot of slippages and gaps.
- Some of them believe trading based on the news means that they should open positions within the news release time. 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 perfect brokers 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, brokers 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 big amount of money. You shouldn’t do that if they are not in the list of RELIABLE FOREX BROKERS IN 2018.
In this case, you can register account, deposit a little money, learn and then change to better brokers after the training courses.
- Small trading lot requirements:
At the beginning, just open small positions. You can consult 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 recommend you these accounts because of their advantages as follow:
- You only have to deposit $10 for a whole month of practicing, and you also can withdraw your win money.
- There are no minimum deposit requirements, thus, you can deposit whatever you want.
- Good local support:
Local support means supporters are able to speak your native language. For me, I got some problems such as login, installing MT4 and 3D security of Credit Card, etc. at the beginning. And I think you might get the same problems. As a result, it will be much easier and faster if your supporters can speak your language.
- SHOULD BEGINNERS GET WELCOME BONUSES?
That your brokers offer welcome bonuses is very good. However, if they don’t offer, it’s still good. You have to note that it’s easy to register welcome bonuses, but it’s very difficult to withdraw as you must deposit and trade certain number of Lots, which often leads to your loss.
- 3 BEST FOREX BROKERS FOR BEGINNERS
This broker allows you to open smaller positions (0.00001 lot USD) in comparison with Exness. Also, it has many training programs.
This is the biggest retail forex broker providing Cent account which you can open as small position as 0.0001 USD. The advantages of Exness are the support and payment systems.
Its support and payment systems are very good; however, it only offers good services in countries where it has offices 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 profitable rates are over 10,000%, which means most of them are using robot trading to win demo contests.
As beginners, you cannot get such high profitable rates. They will waste your time, and may even affect your trading strategy.
That’s all information I would like to share with you. Before my article comes to an end, let me show some advices for beginners when choosing perfect brokers.
- Trade Micro/Cent account.
- Deposit less than $100 for the first month.
- Learn risk management.
- Don’t fall if someone asks you to deposit thousands of dollars and promises you very high percentage of profit.
- Don’t use robot trading as it is only suitable for experts as they know how to customize these robots to follow their trading strategies.