THE 3 BEST FOREX BROKERS FOR BEGINNERS

THE 3 BEST FOREX BROKERS FOR BEGINNERS

There are three very important trading stages that you have to overcome in your trading career. In each stage, you will need to choose different forex brokers because you will change your targets, strategies and also ways of thinking. Hence, the best brokers overall are not always the best options for new traders. Therefore, my article will mostly focus on reviewing some most suitable brokers for new traders and also what they should follow in their early stage of trading careers.

Below are some brokers that I believe that new traders should choose:

XM reviews: 9/10

Exness reviews: 8.5/10

FBS reviews: 8/10

  1. What should new traders notice:

Firstly, they should avoid trading with demo account because it is not the best choice or sometimes even the bad ones because brokers always offer much better trading conditions when it comes to the demo account. Therefore, even if you win big, you are not going to learn a lot or even nothing from it.

Don’t trade with ECN account until you are an expert in trading because it is very volatile and there are many slippages and gaps as well. 95% of beginners will most likely lose all of their money, so don’t put too much money when you just start trading.

Many new traders are wrong to believe that trading at the news releasing time can win them money. No expert trade at that time but they choose 15 minutes before/after the news release time to open/close positions.

  1. Beginners should use these standards to choose their perfect brokers

Because they are just in the beginner stage, they should aim for minimizing the losses along with maximizing what they can learn. Therefore, these standards are very important standards that they should look for in a broker:

  • Low deposit requirements.
  • Good local support.
  • Small trading lot requirements.

Low deposit:

Experts may care about trading cost, brokers’ quotes quality and trading cost, but it is not the case for beginners. It is because their deposit amount is very low so brokers would not want to cheat them. They actually want to nurture those brokers with the best trading condition. My advice for you is to deposit an amount of less than $100 with the best forex brokers for beginners just for this beginner stage of 3 months because you will only trade with a very low fund, you won’t need to bother the trading cost.

Small trading lot required

I don’t want to remind you that “most of traders in the beginner stage will lose”, but I gotta do that because I hope that it can keep your feet on the ground. At the early stage, I would say it is better for you to open as small positions as possible. The standard lot is 100,000 USD which is a huge amount but you still can choose Micro account of brokers like XM which allows 0.00001 Lot USD. 0.0001 Lot USD is also available for Cent accounts of Exness and FBS. When you trade with those two types of account, just deposit around $10 to practice for a whole month, and you are also allowed to withdraw the money you win. Moreover, those accounts don’t have minimum deposit requirements so you can freely deposit the amount you want.

Good local support

Brokers with god local support are the one that can support new traders in many local languages. I highly value this standard because forex trading is such a complex matter that traders will face a lot of problems during trading. When I started trading, I even got some stupidly simple problems like installing MT4, 3D security of Credit Card or login … and I think that you will likely face these problems as well, so with support in your native languages, you access to support faster and also easier.

  1. 3 best forex brokers for beginners
  • com: 9/10
  • com: 8.5/10
  • com: 8/10

Exness and XM are currently ranked at the top of the forex broker list in terms of size so they are really reliable. I think XM is just a little bit better due to the fact that they allow you to open really small positions of 0.00001 Lot USD. They also have another strength which is providing many training programs.

Exness, the biggest retail forex brokers, has Cent account which allows traders to open positions as low as 0.0001 USD. They are better in the support and payment system aspects.

Traders can also trade with Cent account in FBS. The broker provides its trader with a good payment system and support as well, but that will be limited to countries where XM puts its local offices and countries in SouthEast Asian like Vietnam, Thailand, and Indonesia are usually the countries that have XM offices.

For traders in Thailand, click here for ฟอเร็กซ์ โบรกเกอร์ .

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