Beginners, professionals, and experts are the three main trading phases in the trading careers of new traders. In each of these phases, you need to choose different forex brokers because you will have different targets, strategies as well as ways of thinking. Therefore, picking the best global brokers for beginners is not always the best option. Therefore, the main purpose of this article is reviewing some most suitable brokers for beginners and what they should do when they start their careers.
The brokers I think fit beginners the most are as follows:
- Some things beginners should notice
Firstly, forget the assumption that you should start with a demo account first because it is bad for you if you are new traders. Brokers always offer an unrealistic trading conditions that is totally not available in the real trading world. Therefore, you will learn nothing from it even if you win a lot.
ECN account is the best choice, but only for trading experts. So stay away from the top 5 ECN brokers if you are just new to forex trading because it is very volatile. There are plenty of gaps and slippages. Most of the beginners are likely to lose in their early stage of trading so just put a small amount of money to trade and practice first.
Beginners believe that they can win lots of money by trading in the news release time but that is wrong. Trading experts don’t trade at that time but before and after 15 minutes the release time, they will close/open positions.
- What standards beginners should consider when choosing the perfect brokers
Because in the early stage, new traders should only focus on learning more and minimizing the losses, so these standards in a broker are really important:
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
While trading experts pay lots of attention to trading cost, brokers’ quotes quality and brokers’ credit, beginners do not really care about that because they only deposit very small funds so they are not likely to be cheated by brokers. Brokers want to nurture traders that are in the beginner stage with the best trading conditions. I would say the best amount you should deposit is less than $100 with the best brokers for beginners for the first stage (3 months) because you will not have to bother about the trading cost if you only trade with small funds.
Small trading lot required
I hate to repeat the fact that “in the beginner stages, 95% of traders will lose their money”, but I want to do that to keep your own feet on the ground. At the start of your trading career, I recommend you to open as small positions as possible. 100,000 USD is the standard lot which is just too much for you but don’t worry as you still can trade with Micro account which let you open the lowest position of 0.00001 Lot USD such as XM. You can also open 0.0001 Lot USD with Cent accounts of Exness and FBS. When you trade with those two Micro and Cent accounts, $10 is the amount that you should put into brokers for a whole month of practice and you are also able to withdraw the money you win. Moreover, there is no minimum deposit requirement for these accounts so deposit as low as you want.
Good local support
Good local support means that brokers have to be able to support you in your local languages as forex trading is really complex. I did once got some stupid problems like login, 3D security of Credit Card or installing MT4 and I think you might face similar problems as well, so with local support, it will be much faster and easier.
- 3 best forex brokers for beginners
- com: 9/10
- com: 8.5/10
- com: 8/10
Exnes and XM are currently two of the biggest forex brokers so they have very high credibilities. XM is just slightly better because it allows traders to open very low positions of 0.00001 Lot USD. Providing a lot of training programs is also a strength of XM.
Exness is the largest retail forex broker. They not only allow their traders to open 0.0001 USD lot USD but also offers those traders excellent payment systems along with top-notch support.
Cent account is also offered by FBS as well. They also offer very good payment systems and support. But they only limit those things within the countries that they put their local offices. And they mostly put offices in SouthEast Asian countries like Thailand, Indonesia and Vietnam.
For traders from Thailand, click here for ฟอเร็กซ์ โบรกเกอร์ .