Beginners are much different from professionals and experts, therefore, choosing the best forex brokers for beginners is also different for professionals or experts. There are common standards that are explained in the following brokers, which are:
XM reviews: 9/10
Exness reviews: 8.5/10
FBS reviews: 8/10
Demo accounts are not the best for beginners while they think conversely that it is the best to trade with demo accounts. Demo accounts even give the negative effects for new traders. Because the trading conditions are not the same as the real ones, traders cannot work in the real market right after trading with demo accounts. Therefore, beginners cannot learn anything from this account type.
ECN account is very volatile with many slippages and gaps, therefore, it is not for any types of traders but experts. Beginners are not adviced to use this account. They should also trade with a little amount of money at the early stage because most of them will lose all their money.
It is believed that traders should trade during the release time of the news, which is really wrong. All experts trade about 15 minutes before/ after the release time.
- Common standards:
It is believed that there are 3 common standards to choose the best forex brokers for beginners as below:
- Requirement for deposit should be low
- Requirement for trading lot should be low
- Local support service should be good
Requirement for deposit should be low
While experts are concerned much about the credit, trading cost and profit rate of brokers, beginners don’t have to care much about these. As they just deposit with a small amount, which is less than $10 for 3 months, they don’t have to consider about the trading cost as well as the reliability of a broker. Moreover, no brokers will cheat them with this little money deposited. The advice is to deposit as small as possible at this stage.
Requirement for trading lot should be low
As most beginners will lose in the end of this stage, they should prepare for the best trading strategies. They should open positions as small as possible. But how to open the small ones when the standard lot is $100,000. There are Cent and Micro accounts which allow traders to open the smallest positions such as 0.00001 Lot USD or 0.0001 Lot USD. According to this, XM, Exness and FBS all have Cent/Micro account. New traders just have to deposit $10 to practice for a whole month with the best brokers for beginners and also withdraw the winning money after that. There are not any minimum deposit required for beginners, which is really good.
Local support service should be good
We are talking about how to support local traders the best and most efficient way. Most beginners easily have some problems such as logging in, installing MT4, 3D security of Credit Card… They find it difficult without guide or help from the support team. Then, it would be better to help the customer in the native languages because they will understand clearly and fully. It is easier and faster, too.
- The best forex brokers for beginners
- com: 9/10
- com: 8.5/10
- com: 8/10
As above, XM and Exness are the top largest forex brokers, which are also reliable. But XM is a bit better as its positions are smaller (0.00001 lot USD) and it also has many training programs for the customers.
Exness is the biggest retail forex broker with Cent account offered which allows traders to open small position as 0.0001 USD. It is good at supporting and payment systems, too.
FBS is also good at supporting and payment systems. It has Cent account for beginners. However, it is only good in the countries where there are local offices of it such as Indonesia, Thailand, and Vietnam.