You must be overwhelmed about what is happening in this forex market. Too many brokers, unlimited bonuses, and diversity of regulations, so you are confused about what you need for first steps. As an experienced trader in the field, I would like to share with you key points what the best forex brokers for beginners should have.
- Low deposits
The first to think when you start with any brokers is your loss. How much would you lose for first transactions, no one knows. However, to minimize damage, deposit as little as possible.
Thus, brokers with low deposits are at the top of the list. Many brokers launch best trading conditions for beginners to support them at the first stage, usually three months.
I recommend maximum $100 for the first deposit. The less you deposit, the fewer chances they want to cheat you. However, you are not losing too much at $100.
- Easy payment and operation system
I mean both the brokers’ procedures and its system. Because the forex market is complicated itself, you should start with brokers with a simplified system. All of your transactions should be done easily first, and then you can learn others. The policy should be easy, too. You should think of the trading window, Web trade or web terminal is the easiest, because you do on your internet devices. MT4 and MT5 are more complex, and you can save later. Even the payment system must be easy to proceed, either. Think of what you are used to such as Visa cards or Master deposit at first.
- Small lot requirements
What happens to 95% of beginners is the loss. They lose a bunch at first so, besides low deposit, small lot requirement is another point to think of. While actual standard lot requires 100,000 USD, XM offers 0.00001 USD lot with its Micro account. Exness cent accounts ask for 0.0001 USD lots only. Of course, you couldn’t win much from such small transactions, but you should give you enough time to learn and lose.
Usually, deposit for those accounts is low or almost as traders’ wish.
- Best customer assistance
No matter how many pages you read about forex when you step into this field for the first time, you need help. Brokers offer you customer service, but not all are the same. Some brokers like Exness, they modify their websites into many languages to approach as much as people as possible and in the most comprehensive way. Moreover, they provide live assistance in local languages. They are brokers you should trade with for the first time.
What accounts they provide does matter, too. Many brokers offer demo accounts, and new traders think it’s great. However, demo accounts do not give you practical lessons about what is happening in the market.
Some brokers provide Cent accounts which illustration what is waiting for you but in a smaller scale. That means you invest just a tiny investment, do small transaction. What you lose or gain is little, too.
- Excellent training program
First, I want to warn you that demo contests are not for beginners. The winners are usually experts using robot trading. Chances you can win over them is almost zero.
Some brokers introduce training programs for their traders. Of course, you have to trade with the first and become their clients. Let’s think it’s a little tuition fee.
- Trustworthy profile
Because you start with a bit of money, brokers are not interested in cheating you. In case you can find the top forex brokers who provide you with everything you need: low deposit, small trading lot requirements, appropriate accounts, …and they are reliable. There are no reasons for not choosing them.
- Bonuses and others
Welcome bonuses are accessible to beginners. That means you can open a position without a deposit and can start trading with brokers with at least 50 USD at first. However, even you win several lots with bonuses, they are not easy to withdraw. There are supposed bunches of terms for you to get it.
Therefore, no welcome bonuses are exceptional for you. But, it’s also good if brokers offer you bonuses in case you prefer to practice for free.
=>>> Base on above criteria, I concluded three best forex brokers for beginners
- com: 9/10
- com: 8.5/10
- com: 8/10
XM offers 0.00001 USD lot and welcome bonuses for beginners. Exness offers us 0.0001 USD lot, that’s why I rate it 8.5. However, in customer service, XM and Exness are both doing great with multilingual websites and offices all around the world.
FBS also has Cent accounts. FBS is highly recommended for Asian because its offices are around Asian countries such as Indonesia, Vietnam…
In conclusion, I suggest you pick a broker to trade with an order:
- 1st, think of your cost, low deposit and small trading lot requirements are the priority
- 2nd, consider how much assistance you could get for the first step, its customer service and location of office should relate to your conditions
- 3rd, mind what can simplify your trading. A secure broker is advantages.
- 4th, others bonuses such as reputation, welcome bonuses, training courses.
Besides, do not come close to demo trading contests and robot trading. You are wasting your time. Those are for experts who know well the market and strategies.
For Thai readers, these are ฟอเร็กซ์ โบรกเกอร์.