Unquestionably, the ultimate goal of forex traders when coming to the forex market is to earn as many profits as possible. That’s why they should opt for best forex brokers because of their safety and good trading conditions. Basically, forex traders have to overcome different stages of their trading career, which requires them to trade with different forex brokers. As a result, best forex brokers may not be suitable for them. It is advisable that they should go for suited forex brokers in order to make profits. To be more specific, I will make a list of what to notice about forex brokers for beginners. The reason for choosing these brokers because I have been trading with them for almost three years. I definitely reckon that they are profitable for forex beginners.
- XM: 9/10
- Exness: 8.5/10
- FBS: 8/10
Forex beginners should pay attention to some following things
It is widely believed that demo account is the best account for traders at the beginning. However, it would be better for beginners not to choose this account because it sometimes has some negative aspects. Brokers always provide their new traders with good trading conditions if traders choose demo account. You, in fact, cannot learn anything from this account because it is not realistic. If you win money from this account, you cannot withdraw your money.
If you are a beginner, you should not go for ECN account because it is very volatile. For experts, they prefer to trade with ECN account because of its perks.
When you first come to the forex market, you should not invest a lot of money into your brokers.
Criteria of the perfect brokers for beginners
In reality, traders should learn and try to accumulate their experience when they first break into forex market. Forex market is regarded to be one of the best forex markets that people can make a lot of profit from. However, traders should have a deeper insight into their brokers. Here are some criteria that traders should focus on when they choose their brokers at the beginning.
- Low deposit requirements.
- Small trading lot requirements.
- Good local support.
Obviously, brokers normally do not want to cheat on new traders because those traders will not deposit a lot of money. Therefore, brokers always find some ways to nurture their new forex traders by giving them some good trading conditions. From my perspective, you had better deposit around $100 or less when you trade with brokers at the beginning.
Small trading lot required
When traders first trade with brokers, they should open as many small positions as possible because they hardly win at the beginning. According to some statistics, more than 95% of new forex traders lose their money when they first enter forex market. In the forex market, some brokers offer their traders Micro account, which enables their traders to open small positions, which are around 0.00001 Lot USD such as XM. FBS and Exness also offer their traders Cent account, which does not require a big deposit amount. What you need to do is to deposit only $10 for one month of practicing.
Good local support
What to notice about forex brokers is that traders should get support from their brokers at the beginning. It is because the forex market is very complicated, which requires traders to have enough experience to win the profits. Brokers should offer their traders different languages in order to help traders fully understand the forex market. Offering native language can be a big advantage for traders to win benefits easily in the forex market.