LUCKILY, I RECOGNIZED THE BEST FOREX BROKERS FOR BEGINNERS
In trading career, a trader will go through several stages: beginners, professionals, and experts. At each stage, they will trade with a different broker because they have different targets, strategies, and concepts. Hence, the best forex brokers may not be the best forex brokers for beginners. This article is designed to review some brokers that are most suitable for beginners and what new traders should do when starting trading forex.
- NOTICES FOR BEGINNERS
It’s wrong to believe that demo account is perfect for beginners. Demo account even has negative effects. With a demo account, traders will be offered the best trading conditions. If you win from demo account, you can’t learn anything from it because with real accounts, it’s a totally different story.
ECN account is the most suitable for experts. If you are a beginner, keep away from the volatile accounts such as ECN. There are a lot of slippages and gaps. The sad news is 95% beginners will lose money, so don’t invest too much at the early stage.
When there is a release of news, beginners are confident in winning a lot of money. But this goes 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, beginners are required to learn and minimize their losses, so the standards for the best brokers for them are:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
The brokers’ credit, trading cost, and brokers’ quotes quality are taken into careful consideration by experts. For beginners, they only deposit small funds. The best forex brokers in the world 2018 will supply the best trading conditions to beginners. I strongly advise you to deposit less than $100 for this stage (3 months), because you only trade a little amount of money, so you don’t need to put stress on the trading cost.
Small trading lot required
95% of the beginners will lose at the first time. In the beginning, you’re advised to open positions as small as possible. The standard lot is 100,000 USD. It’s too much, but some brokers have Micro accounts which 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.
It’s vital to deposit $10 for a whole month of practicing with Micro and Cent accounts. Luckily, you can withdraw your winning money apart from learning. With these accounts, there are no minimum deposit requirements, so you’re free to deposit any money you want to.
Good local support
Most of the traders are not good at English and not native to broker’s languages. Also, Forex trading is very complicated and vast. Many questions will be asked: login, installing MT4, 3D security of Credit Card… so it’s much easier and faster if your supporters can speak your language and help you as soon as possible.
- 3 BEST FOREX BROKERS FOR BEGINNERS
Here is list of the best forex brokers for beginners.
- com: 9/10
- com: 8.5/10
- com: 8/10
XM and Exness are in the top biggest forex brokers and of course they are very reliable. XM is a little bit better because you’re allowed you to open smaller positions (0.00001 lot USD). They also have many training programs to help brokers develop trading skills.
There is no doubt that Exness is the biggest retail forex broker. With Cent account, you can open as small position as 0.0001 USD. They are very good at the support and payment systems.
FBS also offers Cent account. Their support and payment systems are very impressive and professional, but they only offer good services in countries where they have local offices. Most of them are located in South East Asian countries: Indonesia, Thailand, and Vietnam.
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