Trading

HOW TO CHOOSE THE BEST FOREX BROKERS FOR BEGINNERS

There are many great forex brokers in the world, but not all are the best for traders, especially beginners who are new to the market. Beginners have more difficulties when joining into the forex and so, the best forex brokers for them are also different. There are some common standards to choose the best forex brokers for beginners as the following parts of this article. Here are the best brokers for beginners for your consideration:

XM: 9/10

Exness: 8.5/10

FBS: 8/10

  1. Misunderstandings of beginners

There are several misunderstandings of beginners about the forex market, which are explained as below:

First, beginners believe that demo account is the best for them. The trading conditions are better than the real ones and this makes beginners win more than they can do. However, this also brings the negative effects since beginners will learn nothing about this after all.

Second, beginners think ECN account is great, but in fact, the best ECN brokers are just for experts. Why so? Because it is very volatile with many slippages or gaps. Most beginners will lose at the first stage, then please do not invest too much at this time.

Finally, beginners think that trading during the release time of the news is the best, which is really wrong. On the contrary, experts usually open/close their positions about 15 minutes before/ after the release time.

  1. Standards to choose the best forex brokers for beginners

As mentioned above, this article will be showing the most common standards for the best brokers that beginners should choose, here they are:

  • Requirements for deposit
  • Requirements for trading lot
  • Local customer service.

Low deposit required:

Most beginners will lose after all at the early stage, then this is the time to practice and have more experience. They should put in a little amount of money, too, which is less than $100 for 3 months. Because of this, beginners don’t have to worry about the credit or trading cost of a broker. They should care about the deposit amount, which is as small as possible.

Small trading lot required:

As mentioned above, most beginners will lose more than they gain, they should open as small positions as possible. However, the standard lot is $100,000, which is too high. There are Micro/ Cent account which is suitable for beginners since it allows the small positions such as 0.00001 Lot USD and 0.0001 Lot USD. All 3 top best forex brokers above have this account type and let beginners deposit only $10 to practice for a whole month and also withdraw the winning money. It has no minimum deposit required.

Local customer service

Because forex is complicated itself, there needs to be much help and guide from support team to the traders, especially new traders. They always find trouble in things such as logging in, installing MT4, 3D security of Credit Card… Therefore, it would be easier and faster if support team can help in the native languages of the clients. Moreover, the clients will understand it clearly and fully.

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

All these 3 forex brokers have Cent/ Micro account, which is very good for beginners as mentioned above. They are also trusted as they are on the top biggest forex brokers.

However, XM is a bit better than 2 others since its positions are smaller (0.00001 lot USD) and it also has many training programs for clients.

Exness, meanwhile, is the biggest retail forex broker. It has great support team with convenient payment systems.

FBS has many local offices in South East Asian countries such as Indonesia, Thailand, and Vietnam… where it has great services. Its supporting and payment systems are also better in those countries where it has local offices.

For traders from Thailand, click here for โบรกเกอร์ forex ที่ดีที่สุด 2018.