How to Find the best Brokers for Beginners
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Forex trading can be very difficult at the beginning. Therefore, many people are looking for “the best brokers for beginners” when first starting out trading. In my opinion, the best brokers are those brokers that suit your experience and trading strategies. Picking the best broker can help you improve trading skills and gain profits. Here’s how to choose the best forex brokers for beginners.
- Consider brokers with good training programs
Beginners do not have much knowledge and experience about forex trading. For this reason, I suggest that they should choose brokers that offer training programs. These programs can be hold every week or month, depending on different brokers. They can help beginners learn to trade forex and improve their trading skills. In some brokers, they require deposit for these courses and training programs. If you want to join the beginner’s courses, you can open account, deposit and learn. After finishing these courses, you can change brokers if you want to. Currently, XM is one of the biggest brokers that have many training programs. You can consider attending these courses and programs if you’re interested in.
- Decide brokers with mini and micro accounts
I think that the best brokers for beginners should have small trading lot. A standard lot size is about 100,000 units of USD, which is too high for beginners. But, mini and micro accounts only require 10,000 and 1,000 units of USD respectively. So, to minimize risks of money losses, beginners should trade mini and micro accounts. ECN accounts are generally for professional traders who invest a large sum of money. Most of the time, their slippages are too high and their quotes are unstable. So, beginners are recommended not to trade the best ECN brokers.
Many people think that beginners should open demo accounts before starting their real trade. These accounts are believed to provide real conditions for practicing forex trading. But, that’s wrong because demo accounts are completely different from real accounts. Trading demo accounts is considered to be time consuming and ineffective. In addition, these accounts can have some negative effects on your trading strategies. For example, they make you ignore your trading risks and focus more on profit. This strategy is not suitable for beginners who are inexperienced in this market.
Personally, I think beginners should trade cent accounts for effective results. These accounts can provide real trade, offer small trading lots and require very low deposit. If you trade Exness cent accounts, you can deposit $1 or however much you want to. And during your practicing, if you win those accounts, you can get real money.
- Think about brokers with low minimum deposit
Professional traders are different from beginners. Because they often invest a large sum of money, they don’t care much about deposit. Beginners, on the other hand, do not have enough experience and are learning about forex trading. Experts found that 95 percent of these traders lose all money when starting trading. So in my opinion, the best brokers for beginners are those brokers who require low deposit. Personally, I think that $100 for 3-month trading or lower is the best amount for deposit in this stage. Beginners shouldn’t focus too much on transaction costs, such as spreads, commissions and leverage. Instead, they should learn to trade forex and improve their trading skills. Choosing brokers with low deposit can help them reduce their risks of losing all money.
- Look for brokers with good local support
From my experience, brokers with good local support are best brokers for beginners. When I was a beginner, I experienced many problems that required help from brokers. I knew that brokers with regional offices could support me better since they solved problems faster. Besides, foreign brokers with language assistance service could work better. These days, some brokers even provide online help and support their traders by phone and live chat. Certainly, they offer 24/7 support because new traders often need constant help and advice. So, check if your broker meets the above qualifications.
I have been trading with many brokers and saw that Exness is the best broker in this field. They open regional offices in most countries and assist their traders in 13 different languages. Specially, their local and online support is available 24/7, helping their clients save time and get good trading results.
- Seek brokers with simple and easy trading systems
Like forex trading, trading systems can be very complicated and confusing for beginners. Because these traders are inexperienced, they need brokers with easy and simple trading systems. This can offer many benefits, such as saving time, removing cognitive biases and achieving positive trading results.
It can be great that many brokers provide lots of different payment methods. In this stage, however, beginners should opt for the easiest and most simple trading methods. For example, instead of trading MT4/MT5, you should trade by web trade/ web terminal first. Besides, you should deposit by Visa/Master, which is considered the easiest payment method for beginner traders.
- Consult brokers with reliable regulations and high ratings
To determine the best brokers for beginners, check their regulations and ratings. In my opinion, the best broker should be reliable and have good ratings. Reliable brokers often have trusted regulations. These can be licensed by famous regulatory organizations, such as FSA (Japan), CySEC (Cyprus), NFA, CFTC (United States) and FCA (United Kingdom). If you trade with brokers that have these regulations, you can get many advantages in this market. For example: good trading conditions, good trading tools and regulated transaction costs. To avoid scams, you should also consider brokers with high transparency. Reliable brokers often show all their information on their websites. You can searching online or asking traders who have many years of experience in this market. Some reliable brokers with good ratings include Exness, XM, FxPro, Forex.com and Saxo Bank.
Usually, reliable brokers are large brokers which cannot be suitable for beginners. So during this stage, you can choose a broker that meets your trading strategies. Then, if you want to invest more money, you can consult these reliable brokers.
For forex traders in Thailand, these are โบรกเกอร์ forex ที่ดีที่สุด 2018.