by Demarco Gonzalez | December 6, 2018 6:17 am
There are many stages for a trader: beginner, professional and expert. Each stage requires different trading targets, strategies, ideas and methods,… This article will be focusing on the first stage: beginners and also showing some common standards to choose the best forex brokers for beginners. Below is the list of top 3 best forex brokers for your consideration:
XM reviews: 9/10
Exness reviews: 8.5/10
FBS reviews: 8/10
It is believed that forex demo account is the best for beginners, which is really wrong! On the contrary, it brings bad effects to new traders. The trading conditions that you think they are very perfect, are not in the real market. It is just for demo account and you will even learn nothing from it.
Besides, beginners should not trade with ECN account as this is for experts and it is very volatile. There are also many slippages and gaps that could lead to many losses for beginners. The advice for new traders is to invest a reasonable amount of money.
One more mistaken idea is that trading within the release time of the news. All experts do not trade within the release time since they often open/close positions 15 minutes before/ after the release time.
There are 3 common standards for the best brokers of beginners:
– Low deposit requirements.
– Small trading lot requirements.
– Good local support.
Because beginners just trade with a little amount of money, it is no use in cheating them and therefore, beginners should not care much about the reliability of the brokers. Instead, they should care about how much they have to deposit at minimum. It is adviced to deposit less than $100 for this stage of 3 months.
Small trading lot
Because traders will lose much at this stage, they should open positions as small as possible. The standard lot is $100,000, which is very high. There are some brokers offering Micro accounts such as XM, Exness and FBS. Their trading lots required are 0.00001 lot USD and 0.0001 lot USD relatively. When trading with Micro and Cent accounts, you have to deposit only $10 to practice for a month and winning money can be withdrawn from the best brokers for beginners. Besides, there are no minimum deposit requirements, which allows you to deposit whatever amount you want.
Good local support
It is the most important to support in native languages when a broker has local support. Because beginners need to be guided from the first stage such as logging in, installing MT4, setting up 3D security of credit card,… there should be much support of native languages for the best and easiest understanding.
– XM.com: 9/10
– Exness.com: 8.5/10
– FBS.com: 8/10
XM and Exness are all on the top biggest forex brokers, which means they are reliable. XM is a bit better since it has the smallest position required (0.00001 lot USD) with many training programs for beginners.
Exness is also trusted since it is one of the largest forex brokers. It also has Cent account which allows you to open small position as 0.0001 lot USD. It is the best with support and payment systems.
FBS is good, too. It has Cent account, good support and payment systems. However, it is only good in the countries with its local offices. Most of these are South East Asian countries such as Indonesia, Thailand, and Vietnam
Read more best forex brokers in Thailand (For Thai forex traders, click here for ฟอเร็กซ์ โบรกเกอร์)
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