Every trader has to go through all of these stages before he/she can be an expert: beginner, professional, and expert. If you are beginners, then you are at the right place. This article will be showing some common standards to choose the best forex brokers for beginners. It is based on the own experience of the author and here is also the recommended list of the top forex brokers:
XM reviews: 9/10
Exness reviews: 8.5/10
FBS reviews: 8/10
- 1. Notices
An absolutely wrong idea of beginners is to believe that forex demo account is the best. In fact, demo account just does more negative effects since the trading conditions are not similar to the real ones in the market. They are much better than the real ones, which makes traders misunderstand and think they are good. Therefore, beginners cannot learn anything from demo account.
ECN account is for experts, not for beginners. Why so? Because it is very volatile with many slippages and gaps, which could make huge losses to new traders. Most beginners lose much money at the first stage, so they should not invest too much.
Trading within the release time of the news is the wrong idea. All experts do not trade in this way. Instead, they always execute a transaction just about 15 minutes before/after the release time of the news.
Because the main target at this stage is to minimize the losses and learn more about the forex market, these are the standards for the best brokers for beginners:
- Low deposit required.
- Small trading lot required.
- Excellent local support.
Low deposit required
While professionals care about the brokers’ credit and trading cost, beginners should not concentrate much in this term since they just deposit such a small amount of money that no one would cheat on them. Brokers will give them the best trading conditions at this stage and so, the adviced amount is less than $100 for 3 months. New traders don’t have to care about the trading cost.
Small trading lot required:
Please remember that most beginners will lose at the first stage, then you should open as small positions as possible. While the standards lot is $100,000, which is very much, XM could give you the lot with only $0.00001 because it has Micro account. Exness and FBS could also offer only 0.0001 Lot USD as they have Cent accounts, which are very suitable for beginners. Therefore, you have to deposit only $10 to practice for a whole month and could also withdraw the winning money. It has no minimum deposit required and then, you can deposit whichever amount you like.
Excellent local support:
A broker giving excellent local support should mainly help with the native languages. Because every trader gets trouble and difficulties with issues such as logging in, installing MT4, setting 3D security of Credit Card,…there needs to be support team who can help their clients effectively and instantly by the native languages.
- Top forex brokers for beginners
– XM.com: 9/10
– Exness.com: 8.5/10
– FBS.com: 8/10
Exness is the biggest retail forex broker and it means that it is reliable, too. They are good at supporting and payment systems. They also have Cent account, which is suitable for beginners as they can open the small positions as 0.0001 USD.
XM and Exness are on the top of biggest forex brokers, so they are also trustworthy and reliable. XM is slightly better since it has smaller positions (0.00001 lot USD) and many training programs for newbies.
FBS has Cent account, too. Its support and payment systems are great, but just in the countries where it has offices. Most of them are from South East Asia such as Indonesia, Thailand, and Vietnam.
For readers from Thailand, click here for โบรกเกอร์ forex ที่ดีที่สุด 2018.