PERFECT FOREX BROKERS FOR BEGINNERS AND THINGS WE SHOULD KNOW
October 19, 2018
I saw many traders search the phrase “perfect brokers for beginners”. I guess they’ve recognized that the best forex brokers might not be suitable for them. That means that they are serious about their trading career. However, they may be confused as there is much different information about that in the Internet. That’s why I write this article covering six points relating perfect brokers for traders to consult.
WHAT DO TRADERS MISUNDERSTAND ABOUT PERFECT BROKERS FOR BEGINNERS?
They usually believe that forex demo account is the best for them. However, demo account not only is inappropriate for them but also have negative effects.
Also, they think ECN account is good. Of course this account is very good but only for experts. For beginners, I advise you should keep away from it because it is volatile, which means there will be a lot of slippages and gaps.
Additionally, they suppose that trading on the news means they have to open positions within the news release time, but that’s not true. The best time for opening positions is about 15 minutes before or after the release time.
WHAT ARE THE STANDARDS OF PERFECT BROKERS FOR BEGINNERS?
There are six standards of perfect brokers for beginners as followings:
Small trading lot requirements:
Just open small positions at first as you don’t have much experience. I recommend some brokers for your reference: Exness, FBS and XM. Their minimum trading lot is only 0.0001 lot USD, and they don’t require minimum deposit.
Good local support:
At the beginning, you may face some problems relating to login, installing MT4 and 3D security of Credit Card, etc. As a result, it will be much easier for you if your brokers can speak your native languages.
Good trading and coaching programs:
For some brokers, they offer weekly or monthly training programs for their customers and ask them to deposit big amount of money. In this category, you should not do that if you are not sure that they are listed in TRUSTED FOREX BROKERS IN 2018.
For beginners, they don’t care much about that as they don’t deposit much money. However, if they get more knowledge and experience and would like to invest large amount of money, then this criterion will become important to them.
Here are some advices you can refer when some brokers offer complex trading systems.
Choosing the easiest brokers
Trading by web trade or web terminal before changing into MT4 or MT5
Depositing by Visa or Master at first
Low deposit requirements:
Beginners only deposit small funds, so no brokers want to cheat them. Instead, they will nurture them by giving them the best trading conditions. So if you are beginners, don’t deposit more than $100 as you only trade a small amount of money. You don’t need to care much about the trading cost.
Between XM and Exness, XM is a little bit better as it allows traders to open small positions (0.00001 lot USD) and offers many training programs.
Exness advantages are the support and payment systems. Also, it has Cent account that lets traders open as small position as 0.0001 USD.
For FBS, it has very good support and payment systems. However, it only provides best services for the countries it has offices in such as Indonesia, Thailand and Vietnam.
SHOULD BEGINNERS GET WELCOME BONUSES?
It is good if brokers offer welcome bonuses. However, it is still good of they do not offer. Registering welcome bonuses is easy, but withdrawing them is very difficult. There are many conditions to withdraw like you must deposit and trade a certain number of lots. These conditions can easily lead to your loss.
WHAT ARE SOME ADVICES FOR BEGINNERS?
Trade with Micro or cent account.
Try to learn risk management.
Don’t use robot trading.
Don’t fall when someone asks you to deposit thousands of dollars and promises you very high percentage of profit.
Deposit less than $100 for the first month.
This is the end of my article. Hope it will be useful for you. Also, hope you enjoy it.