Forex market is so complex especially for starters. There will be some concepts that make them confusing like the ECN accounts, demo contests, the bonuses….there are so many things for beginners to concern about. And once new traders still concern about these things, which means they are on the way to find out what the most appropriate brokers for them. And here I give some help for beginners to know how to start their business on the forex market.
First, take a look at the top three best forex brokers for beginners that according to surveys:
Some general advice for beginners:
– Make Cent or Micro accounts to make sure you will lose a little amount at the first trading
– Deposit the tiny amount, about less than 100$ is enough for learning and practicing
– Some brokers make offer big benefit and the number may reach 50%-100% of the profit but it is not safe to trade with them because they can trick starters to gain a huge amount in return.
– Robot trading is a good tool for experts not for beginners because beginners are fresh and know little about how to convert the robot with their trading plan to make more profit and still being safe for finance.
How can these three be ranked at top?
It is because they have features of the best brokers for beginners
Deposit and trading lot is small
Beginners need to gain more experience and it is certain that they lose at some first time so it is safe for them to just open an account with just 100$ for three month to trade.
For the same reason, they should also choose the brokers that allow them to trade with small trading lots, just 0.00001 like XM is offering or 0.0001 USD with FBS or Exness accounts. These brokers have this tiny amount for trading lots because they provide Cent and Micro accounts, which are most suitable for new traders to develop their skill. Even, these brokers let traders open with the little deposit, too.
Some plain steps to start
Everything too complicated about forex can discourage beginners to step into forex market. Therefore, the simpler the brokers’ service the better they are. For example, they want to start trading with MT4 or MT5, which is not simple at all. Web trade and web terminal are easier. To make deposit faster, Visa and Mastercard are both safer and more convenient.
Get support from local service
The perfect brokers for beginner are the brokers can help them solve with many of troubles that can occur like the language the login or installing MT4, 3D security of Credit Card… It is excellent if the brokers can serve their clients with their languages at their local.
Helpful courses for clients
That is good to attend at these courses when traders can learn more about trading forex and get more experience. Brokers can take advantages from these courses to have more clients opening accounts on these brokers. In case they are not reliable, traders should open a little account only and then change into other brokers to trade.
This is not the priority actually because for the beginners it is safe to trade very tiny amount about 10$ a month. Therefore, no brokers want to waste time cheating them but they will seduce them to invest more and more then to learn some experience and quit later it is totally fine to ignore the brokers’ reliability.
What do the three best brokers have?
Like I mentioned before, the list of three brokers are: XM, Exness and FBS
With XM, traders can open a very little Micro account trading lots, just 0.00001 USD, which is the most amazing one. Besides, they organize some training courses for beginners. About Exness, their Cent accounts are perfect for new traders and they serve very good local service and payment methods as well. Also, FBS has Cent accounts with only 0.0001 USD for one lot, the same number with Exness. FBS has good service too; however, they have the limited area for this service, which is just inside the countries where they have the local offices.
What problems can cause trouble for beginners at the first trading?
First, most of the beginners think that they should open the positions at the moment of news released or the release time. But that is because they do not know about the experience of the professional traders, which is that they just open positions after or before the release time about fifteen minutes.
Second, ECN is thought to be so beneficial when they offer the profit reaching 50-100%. Actually, that is the tricky thing because of that after traders win a lot they find the ways to win back your money. That means it is too risky to win too much at the first time, then new traders should trade to win 3%-5%.
Also, demo accounts are thought to be made for beginners to train themselves. As I mentioned on Cent account articles, Cen accounts is less and safer to trade then demo accounts because of that they can cause some effects on your trading plans.
Beginners need suitable not perfect brokers in the market
That is after losing amount of money some brokers know that they have to find the suitable brokers that fit their trading strategies and experience or the trading conditions in their countries. Because they should not care much about the benefit they should skip the perfect brokers but the brokers that can help them to limit their loss and richen their knowledge about trading first.
Demo contests are not for starters
Starters see how much the benefit could be from demo contests then they can be rushed to join in. That is a huge mistake because it not that easy for beginners to win from demo contests. These contests are took advantages by Chinese, Thai or Indonesian… with the tool of robot trading to gain profit
Welcome bonuses is not easy for beginners
Its name may sound tempting for beginners and they can think that they can gain profit from this these bonuses . There is the fact to be known that the bonuses are difficult to withdraw unless you qualify some conditions about trading lots or the amount of deposit.