A wise forex trader will choose a suitable broker in each stage of trading. Because you have different targets, strategies, and ways of thinking, so a different broker for each stage is obvious. The best forex brokers may not be the best forex brokers for beginners. The article is written to review some brokers who are most suitable for beginners and what new traders should deal with when starting trading forex.
- NOTICES FOR BEGINNERS
Many beginners suppose that demo account is the best solution for them but this idea can go wrong. The fact that demo account can be a trap. With demo account, brokers will offer you the best trading conditions to help you win a lot in demo trading. But if you win with demo accounts, you actually learn nothing from it.
Experts prefer to trade with ECN account. If you are beginners, please don’t be involved in ECN trading because it’s very volatile. There are a lot of slippages and gaps. 95% of beginners will lose at the first time, I advise that you shouldn’t invest too much money at this stage.
If there is a release of news and beginners are in a hurry to trade in the hope of winning money, 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
At this stage, the beginners should trade for the purpose of learning and minimizing their losses, so the standards for the best brokers for beginners are:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
Experts will focus on brokers’ credit, trading cost, and brokers’ quotes quality. On the contrary, beginners should focus on practicing with affordable cost and trading provided by brokers. They need to deposit small funds, so there are no brokers that want to cheat them. I strongly advise you to deposit less than $100 for this stage (3 months) with the best forex brokers in the world 2018, because you only trade a little amount of money, so you also don’t need to put stress on the trading cost.
Small trading lot required
The negative fact is 95% beginners will lose in the beginning. Don’t worry too much about this fact. I strongly recommend you to open positions as small as possible. The standard lot is 100,000 USD. Some brokers have Micro accounts which you can open positions as small as 0.00001 Lot USD such as XM.
Luckily, Exness and FBS also have Cent accounts whose minimum lot trade is only 0.0001 Lot USD. If you use Micro and Cent accounts, it’s just required to deposit $10 for a whole month of practicing, and you also can withdraw your winning money. In addition, no minimum deposit is required, so you can deposit any money you want.
Good local support
Trading forex spreads globally and many traders from several countries will be in. The language barrier is unavoidable, so it’s better if brokers can support in native languages. Also, many problems will arise such as: login, installing MT4, 3D security of Credit Card… This would necessitate a prompt and professional support from brokers.
- 3 BEST FOREX BROKERS FOR BEGINNERS
- XM reviews: 9/10
- Exness reviews: 8.5/10
- FBS reviews: 8/10
XM and Exness which are trust-worthy deserve to be listed in the top biggest forex brokers. XM seems a little bit better because you can open smaller positions (0.00001 lot USD). Besides, many training programs are held to help more traders.
Exness is the biggest retail forex broker. They offer Cent account, so you can open as small position as 0.0001 USD. Their support and payment systems are out of this world.
FBS also offers Cent account. They only offer good services in countries with local offices. Most of them are located in South East Asian countries: Indonesia, Thailand, and Vietnam.
For Thai forex traders, click here for โบรกเกอร์ forex ที่ดีที่สุด 2018.