Here Is My Top 3 Brokers For Beginners
Traders will have three important phases in their careers to overcome which are beginner, professional and expert. You will have to pick different brokers in each of these phases because you may have different strategies, targets and also ways of thinkings. Therefore, the best brokers in the world are not always the best choices for beginners. Therefore, I want to write this article to review several notable brokers that I think beginners should choose and also some suggestions that they should do when they just started their careers.
These brokers are the best brokers for beginners:
- Several important notices for new traders
New traders should get rid of the false assumption that starting with a demo account is the best for them. I say that because it is not true and sometimes it is even worse for you. Demo accounts usually get much better or even unrealistic trading conditions from brokers that will not be available in the real trading world. Therefore, you are not going to learn anything valuable from it even if you win very big.
You should also avoid trading with ECN account if you are new traders, it is the best account for experts only because the account is very volatile. There are lots of gaps and slippages. And 95% of new traders will lose their money in the early phase of their careers, so starting with just a little money with the best forex brokers in the world 2018 is a wise choice.
Many new traders believe that the best time to trade is when there is news but that is wrong. No experts recommend to trade when the news is released. They always close and open position 15 minutes after and before releasing the news.
- Standards beginners should use to find perfect brokers
I believe that beginners’ targets should be learning more and losing less money, so the brokers they should look for must have these standards:
- Low deposit requirements.
- Good local support.
- Small trading lot requirements.
While experts care a lot about brokers’ quotes quality, brokers’ credit and trading cost as well, beginners do not because they only invest just a little amount of money so there is no broker that will cheat them. They only want to nurture those new traders with the best trading conditions. I would say you should only deposit $100 or less than that in the beginner stage for like 3 months because you can throw the trading cost away when you only trade with just a small amount of money.
Small trading lot required
I hate to remind you that “95% of traders will lose at their beginner stage”, but I had to because I want you to keep your feet on the ground. At the beginner stage, I recommend you to open positions as small as possible. The standard lot is 100,000 and it is just too much but you can still trade with Micro account as it allows you to open position as low as 0.00001 Lot USD such as XM. Cent accounts of Exness and FBS also have minimum lot trade of only 0.0001 Lot USD. $10 is what you should deposit when trading with Micro and Cent accounts and you can even withdraw your winning money. Moreover, brokers remove the minimum deposit requirements for this account so don’t worry about depositing too little money.
Good local support
Local support means that brokers’ support team can communicate with you in your native languages as forex trading can be complicated for new traders. For me, I also had some stupid questions like how to login, install MT4 or questions about Credit Card’s 3D security so I think you may face the same problems as I did, so if the support team can communicate with you in your native languages, it should be much faster and easier.
- 3 best forex brokers for beginners
- com: 9/10
- com: 8.5/10
- com: 8/10
XM and Exness are the top forex brokers in size so you can trust them. By allowing traders to open the lowest smaller positions of 0.00001 Lot USD, I rank XM a little bit higher than the other two. Along with that, XM also provides a lot of training programs as well.
Exness is ranked as the biggest retail broker. They also allow traders to open very low positions of 0.0001 USD. Their advantages are their payment systems and support.
Cent account is also available in FBS. The broker offers good payment systems and support but only in countries where they locate their offices. And those offices are mostly located in countries in the South East Asian like Vietnam, Thailand and Indonesia.
For readers in Thailand, click here for the best forex brokers in Thailand.