I know that you will be a serious trader when you are looking for the phrase “perfect forex brokers for beginners“. But in my opinion whether the perfect forex brokers exist or not and those brokers bring much money for you. Actually, this is a difficult problem. However, I have traded a variety of brokers all over the world, I draw many experiences. In order to know how to deal with this situations, please follow this article. Here are some useful information for you, you will get many things from the article. Indeed, I want to share that there will be not the definition “perfect”. In your trading path, you’ll have to choose a good broker. For each stage of trading path, there is only one type of broker suitable for you!
Here is list of best forex brokers for beginners.
- Lack of knowledge and skills of beginners:
– Most beginners are recommended that they should use forex demo account to familiarize with the business job. I don’t deny that but personal Cent account is best account for beginners and I’ve explained clearly in the article before. Demo account not only make you waste of time but also have negative affect on your strategies.
– If you select ECN account for trading, it will a stupid idea. Because ECN has a lot of slippages and gaps experts can solve this problem.
– Don’t invest too much at the early stage. About 95% beginners will lose money due to misunderstandings. You can get 50% – 100% profit but this figure bring you safe. I affirm that your opportunity even up to 10,000%, but 99.9999999% of them will lose all later. 3 to 5% monthly is a good profit rate in the first stage.
– You depending on the news to trade is wrong. Before announced news they had closed positions about 15 minutes. So news release time is not value. However, you can consult those results to guess forex market situation.
- What do beginners need to select the perfect brokers?
- a) Good training and coaching programs
I am interested in the training courses of brokers. I can open account, deposit a little money, learn and then change to better brokers. This is a factor helping to minimize risks and waste of money. You should choose brokers supporting these training program.
- b) Low deposit:
For experts, they strongly care about brokers’ credit, trading cost, and brokers’ quotes quality, but beginners are different, because they only deposit small funds so there are no brokers that want to cheat them. In this stage, brokers want to nurture them, so they give them the best trading conditions. I strongly advise you to deposit less than $100 for this stage (3 months), because you only trade a little amount of money, so you also don’t need to care about the trading cost.
- c) Small trading lot requirements:
I mention you several times that “95% beginners will lose” so many times. I am sorry about that but my purpose is to hope it will keep your feet on the ground. At the beginning, you should open positions as small as possible. The standard lot is 100,000 USD. It’s too much, but some brokers have Micro accounts which you can open positions as small as 0.00001 Lot USD such as XM. Exness and FBS also have Cent accounts whose minimum lot trade is only 0.0001 Lot USD.
When you trade with Micro and Cent accounts, you only have to deposit $10 for a whole month of practicing, and you also can withdraw your win money. Moreover, for these accounts, there are no minimum deposit requirements, so, you can deposit whatever amount you want.
- d) Trusted brokers:
In fact, we always must trade with trusted brokers only to guarantee safe completely, but for beginners, they only deposit ten dollars top, so there isn’t any brokers that want to cheat them mean that they can trade with any brokers as long as they are easy and convenient for those traders. But you choosing a reliable brokers is better.
When you have enough experiences and knowledge, you can change any brokers you want. It is your right.
- e) Beginners need good local support brokers.
Whatever you do any jobs you always have a trouble at the first stage. So does trading. I think you might get the problems such as login, installing MT4, 3D security of Credit Card. Who will help you? Nobody else has to local support brokers. Particularly, it’s much easier and faster if your supporters can speak your language.
- Some advantages of top 3 best forex brokers for beginners:
* FBS.com: 8/10
– You can practicing by Cent account of FBS.
– Good support and payment systems
– Offering good services in some places where they have offices. South East Asian countries is typical such as: Indonesia, Thailand, and Vietnam.
* XM.com: 9/10
* Exness.com: 8.5/10
– XM and Exness are two of best forex brokers in 2018.
– They are also trusted brokers.
– XM is more favored than Exness because you can open smaller positions (0.00001 lot USD). Especially, many training programs is founded to support their clients.
– Exness is the biggest retail forex broker. They have Cent account with which you can open as small position as 0.0001 USD. About aspect of the support and payment systems no brokers can keep trace with Exness.
- Getting welcome bonus:
In my view, no matter your brokers suggest welcome bonus or not, it’s still good. Why I say so? Due to the fact that it is difficult for traders enjoy welcome bonuses. The aim of offering welcome bonuses is to attract clients. Traders have to overcome some conditions which brokers provide like you must deposit and trade enough number of Lots. In some cases, you can lose all when you withdraw welcome bonuses. I think that having welcome bonuses or not is not vital.
- Advices for Beginners:
- Don’t use robot trading. It is suitable for experts. At first stage, if you trade normally, you will win. Robot trading can earn much money for you, but it creates a series of risks.
- Trade Micro/Cent account.
- Invest small sum of money about under $100 for the first trading times.
- Guess some risks and ways to solve.