3 BEST FOREX BROKERS FOR BEGINNERS
Best Forex Brokers
At a certain point, you have to pick various brokers since you have many targets, plans, and perceptions.
What is a forex demo account?
Almost all forex brokers have demo account and real account. Demo account is a free account for traders to check the features of the brokers before really trading there. Yes. Trading forex demo account is free.
Notices for beginners:
Novices think that forex demo account is the must-have, but it is wrong. That account won’t help them and in contrast, it has some unfavorable effects. Through this kind of account, brokers provide you better trading status that is in some ways, unrealistic. Assuming you win with it, you don’t get any experience in fact. Reality is far more than you imagine.
ECN account surely the greatest for experts. However, if you are a beginner, I advise you to stay away from it due to the instability. I must say there are diverse slippages and gaps which lead to the consequence that ninety-five percent of apprentices lose their money. Thus, don’t put much money at the very first place.
Keep in mind that you shouldn’t make a trade when hearing the news. As my view, all specialists don’t do that. They will check positions about fifteen minutes around the release time.
Standards of the perfect brokers for beginners:
The goals of learners for this step are studying and lowering their disadvantages, so the criteria for the best brokers are:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
Let me explain:
Experienced traders focus on brokers’ credit, trading cost, and quotes quality. Nevertheless, amateurs are distinct since they merely put small funds. As a result, no brokers would lie to them. In this phase, brokers will make beginners to give them a reasonable trading conditions. It is better for you to place no more than a hundred dollar in this time (three months), by reason of transaction fee. The lower you set, the lower cost is.
Small trading lot required
I would like to remind you of the truth that “ninety-five percent of apprentices lose their money” in order to keep you stay sensibly. At the start, you should open small positions only. There are some brokers with Micro accounts that allow little positions as 0.00001 lot USD like XM. Exness and FBS provide Cent accounts and with it, the lot trade is only 0.0001 Lot USD. When working with these two account types, you just need to deposit ten dollars for one month of study, and you could take your gain. Furthermore, no minimum deposit is required, that means you can set any amount that is good for you.
Good local support
What is the meaning of it? It means helpers are able to speak your language. Forex trading is complex, and I also made some issues when commencing this occupation. You could get into these matters, and that the reason why assistants need to know it.
- XM.com: 9/10
- Exness.com: 8.5/10
- FBS.com: 8/10
Cent account appears in FBS too. Just like Exness, their assistance and payment forms are nice. Yet, they only assure the excellent services in nations that they have a bureau. Majority of them are in South East Asian, for instance: Indonesia, Thailand, and Vietnam.