“The perfect brokers for beginners” can be a phrase that many people who concern about Forex market have been searching for.”
As you know, it take many times for you to find the top forex brokers. For each stage of your trading path, there can be only one type of broker which meets your demand.
- Misapprehensions of beginners
Some beginners think that forex demo account is the best choice for them, but it’s not true. Demo account won’t work for the new traders and it even has depressing effects.
Cent account is considered as the perfect account for beginners.
What type of account the beginners should avoid?
If you are beginners, please avoid from ECN account since it is very volatile. There are a lot of gaps and sippages. This type of account is suitable for experts. 95% beginners will lose their money, hence, at the early stage, you shouldn’t invest too much money.
- Incorrect knowledge about the perfect brokers for beginners
When I first join the forex trading world, I suppose that I must trade with the best forex brokers, but I think differently after some losses. In fact, there is not no concrete definition of “best” in the forex world. There is only “the most suitable”. Choosing a broker depends on many factors such as your trading strategies, your experiences, your target and also your countries trading conditions.
- Standards of the perfect brokers for beginners
The people who first join the forex trading world can minimize their losses. The perfect brokers need to have some following standards.
3.1. Low deposit requirements
If the experts strongly concern about brokers’ credit, trading cost, and brokers’ quotes quality, the beginners aren’t too much worry about them. As the beginners only deposit small funds, instead of cheating them, in this stage, the brokers want to nurture them, so they give them the best trading conditions. For this stage, I strongly advise you to deposit less than $100 (3 months), when you only trade a little amount of money, you also don’t need to care about the trading cost.
3.2. Small trading lot requirements
It is very significant. I am sorry to keep saying that “95% beginners will lose”, because I wish it will keep your feet on the ground. At first, you should open positions as small as possible. The standard lot is 100,000 USD. This amount is too much. Nevertheless, some brokers who have Micro accounts which you can open positions as small as 0.00001 Lot USD such as XM. Exness and FBS also have Cent accounts whose minimum lot trade is only 0.0001 Lot USD.
You only have to deposit $10 for a whole month of practicing when you trade with Micro and Cent accounts. You also can withdraw your win money. Furthermore, there are no minimum deposit requirements for these accounts, so, you can deposit whatever amount you want.
Trading system in general and Forex itself in particular is complex. For beginners, “easy” is essential. Consequently, the effective strategy for beginners is simplifying everything. Some brokers trading systems are very complicated. In my opinion, the beginners should:
– Choose the easiest brokers.
– Trading by web trade/web terminal at first. Trade MT4/MT5 later.
– Deposit by Visa/Master at the beginning, it is much easier than other payment methods.
3.4. Good local support.
The people who first participate in the forex trading world need good local support brokers. Local support means supporters must speak their native language.
For me, at the beginning, I got some stupid problems such as: login, installing MT4, 3D security of Credit Card…If you get the same problems, it’s much easier and faster when you and your supporters speak the same language.
3.5. Trusted brokers.
For experts, trusted brokers is the most critical, but for beginners, it ranks at that fifth position. In reality, we always must trade with trusted brokers only, but for beginners, they only deposit ten dollars top, there isn’t any brokers want to cheat them. The beginners can trade with any brokers as long as they are convenient for those traders.
When you have enough knowledge and experiences, you’ll want to invest bigger amount of money, you must change to other reliable brokers.
3.6. Effective training and coaching programs
Some brokers which have weekly or monthly training program for their clients may be the most suitable for you. Most of them will ask you to deposit big amount of money, but don’t do that if they aren’t in the list of trusted forex brokers 2018.
You can register an account, deposit a little money, learn and after finishing the training course, you change to better brokers.
- List of 3 best forex brokers for beginners
- com: 9/10
- com: 8.5/10
- com: 8/10
XM and Exness are in the top biggest forex brokers, so they are trusted brokers. XM is a little bit better because XM allow you to open smaller positions (0.00001 lot USD). They also have many training programs for clients.
Exness is the biggest retail forex broker. Exness accounts are variety. You can open as small position as 0.0001 USD with Exness Cent account. Their advantages are the support and payment systems.
FBS also have Cent account. Their support and payment systems are very good, but they only offer good services in the countries where they have offices. Most of them are South East Asian countries such as: Indonesia, Thailand and Vietnam.
- Should beginners join demo contest for practicing?
Many people suppose that Demo contests are for beginners practicing, but all the demo contest winners are professional traders. As I know, most of the winners are Chinese, Thai and Indonesian. Their profitable rate are up to over 10,000%. It means that most of them are using robot trading to win demo contests.
Beginners cannot get high profit rate like them, of course. So don’t hope that you can win the demo contests. They will just waste your time. Your trading strategy may be influenced because demo contest trading strategy focuses on profit and ignores risks, which is different from the normal trading strategy.
- Should beginners get welcome bonus?
If your brokers offer welcome bonus, it’s good, but if your brokers don’t offer that, don’t worry. Because even if you win, most welcome bonuses are not easy to get. It’s simple to register welcome bonuses but it’s very difficult for you to withdraw. Brokers who often have conditions to withdraw like you must deposit and trade enough number of Lots. These conditions often lead to your loss.
- Is there any advice for beginners?
- Trade Micro/Cent account.
- Learn risk management.
- Don’t deposit more than $100 for the first month. Don’t believe if someone ask you to deposit tens of thousands of dollar and promise you very high percentage of profit. The higher the profit, the higher the risk. The traders might win in some months or even some years, but in the end, they will lose everything.
- Don’t use robot trading. Don’t trust if someone sell you a trading robot and promise you profit rate up to hundreds percent monthly. Robot trading is only suitable for experts who will customize these robots to follow their trading strategies. And there is no robot that can win forever. Let’s trade manually until you see that you need some automation tools to assist you with some parts of your trading processes.
For traders in Thailand, these are โบรกเกอร์ forex ที่ดีที่สุด 2018 .