In phase of trading forex, a trader will experience 3 steps: beginners, professionals, and experts. At each stage, it’s required to choose different brokers because you have different targets, strategies, and ways of thinking, so the best forex brokers may not be the best forex brokers for beginners. This article is written to review some brokers that are most suitable for beginners and what new traders should do when starting 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
Many beginners think that it’s good to trade in a forex demo account. It’s a wrong belief. Demo account can be a trap for you. With a demo account, brokers will offer you the best trading conditions for your winning in demo world of trading. As a result, you can’t learn anything and can’t apply it to the real trading.
As a beginner, you shouldn’t partner up with ECN because it is very volatile. This account is only for experts. There are a lot of slippages and gaps. About 90% of the beginners will lose money, so it’s wise to invest a little of money at the early stage.
Beginners hope to win a lot of money when there is a release of news. But it’s not true. 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, they should mainly focus on learning and minimizing their losses at this stage, so the standards for the best brokers for beginners are:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
The brokers’ credit, trading cost, and brokers’ quotes quality are factors attracted by experts. For beginners, they should only deposit small funds to practice trading. At this stage, traders are given the best trading conditions to help them develop their trading skills. I strongly advise you to deposit less than $100 for this stage (3 months). With a little amount of money, you also don’t need to pay attention to the trading cost.
Small trading lot required
The negative fact that 95% of the beginners will lose at the first time, so you should open positions as small as possible. The standard lot is 100,000 USD. Some of the best forex brokers for beginners can open positions as small as 0.00001 Lot USD such as XM with Micro accounts.
Exness and FBS also offer Cent accounts whose minimum lot trade is only 0.0001 Lot USD. You’re required to deposit $10 for a whole month of practicing with Micro and Cent accounts, and you also have every right to withdraw your winning money. In addition, there are no minimum deposit requirements, so you can deposit whatever amount of money you want.
Good local support
Many problems such as: login, installing MT4, 3D security of Credit Card… will be asked by traders, especially by beginners. Brokers need to solve those problems in native languages. A team of local customer service is available to help traders as soon as possible.
- 3 BEST FOREX BROKERS FOR BEGINNERS
- com: 9/10
- com: 8.5/10
- com: 8/10
XM and Exness which are trust-worthy are in the top biggest forex brokers. XM is a little bit better because you’re allowed to open smaller positions (0.00001 lot USD). Many training programs are held to develop beginner’s knowledge of trading.
Exness is the biggest retail forex broker. You can open as small position as 0.0001 USD with Cent account. Their support and payment systems are out of this world.
FBS also has Cent account. Their support and payment systems are very professional, but they only offer good services in some countries with local offices. Most of them are located in South East Asian countries such as: Indonesia, Thailand, and Vietnam.
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