Online Forex trading is a rapidly growing industry and becoming a forex trader can be an exciting endeavor. But there are always more experienced traders who want to help newbies succeed. There are a number of resources online that provide comprehensive guides for beginners and tell us what to look for when choosing the best forex broker for beginners.
Are you a beginner in Forex and wonder which broker is best for you? There are numerous questions you should be asking yourself before trusting a company with your hard-earned money. To help you find the answer, I’ve prepared this exclusive list of the five best forex brokers for beginners.
Forex trading is highly regarded as the best investment option for people who want to work from home, either part-time or full-time. However, you first need to choose the best Forex broker that can assist you and help you generate a good income.
Factors To Consider While Choosing A Broker
Forex trading can be a challenging activity, especially for beginners. There are several aspects that you should consider when selecting a forex broker. If you’re thinking about trading foreign exchange and want to choose the best forex broker for beginners, here are some tips to help you along the way.
- Authorization and regulation
It’s very important to always choose a forex broker who is authorized and regulated. You must make sure that it has been approved by the authorities that regulate it. You can search the web to find out if it is authorized or not if you have doubts about any broker.
- Trading Accounts
Most of the brokers offer several types of accounts, including micro and mini accounts, which are great for beginners. These accounts allow you to learn how to trade with smaller amounts of money, before entering larger contracts. This will help you build your confidence as you go along.
- Customer Support
Before choosing your broker, you should evaluate its customer support services. Make sure they provide 24-hour customer support via phone, live chat, and email because the market is constantly changing 24 hours throughout the 5 days of the week, so it is important that your broker offers customer support at all times.
- Trade Commissions
You want to buy and sell stocks and ETFs as cheaply as possible, so that means keeping commissions low. You’ll pay a commission every time you buy or sell the stock, so you want to make it count. Trade commission is the fee you pay your broker when you place a trade. Most brokers charge between $5 to $10 per trade. If you’re investing in regular intervals each month, the cost of trading will be less important than it is for casual investors who might make several trades each month.
- Customer Service
Investors can run into problems at any point in the process of buying and selling stocks, so having someone to call for help is important. A good broker should have plenty of educational resources for beginners, in addition to easy-to-reach customer support representatives by phone and email.
- Minimum Deposit
This is how much money you must deposit in order to open an account with a given broker. While some brokers offer accounts with no minimum deposit, many require anywhere from $100 to $2,000 or more. The brokers with low deposits are ideal ones such as IC Markets. IC Markets Minimum Deposit is $200 to start trading.
- Fees And Commissions
Most brokers charge fees for each transaction, and some even charge annual account fees or monthly maintenance fees on top of that. Trade carefully and avoid high-fee brokers until you’re actually making money trading stock.
- Accessibility And Reliability
Your broker should be available when you need them — during market hours — and should have knowledgeable representatives who can answer your stock trading questions quickly and accurately. Using a broker can mean getting help with your investment decisions, so don’t skimp too much here.
When you are new to fx trading, we strongly recommend that you start out by demo trading for at least six months. This allows you to build up a good understanding of the different types of trading software and trading strategies.
After you have spent some time demo trading, you will know which types of indicators work best for you and which ones don’t. You will also have developed a good feel for the types of market conditions where your strategy works best.
Top 5 Forex Brokers For Beginners
You can then choose a forex broker based on the features that matter most to you. If you’re a beginner in the foreign exchange market, you have to be careful about choosing the right forex broker for your trading needs. There are a lot of brokers out there; some good and some bad. Choosing the wrong broker can have a negative impact on your profits and cause you to lose money quickly.
To help you avoid this mistake, we’ve put together this list of the top five forex brokers for beginners.
Here are the top 5 forex brokers for beginners:
- Admiral Markets UK
- XM Broker
If you are a novice in forex trading, the 5 brokers are the places to start trading forex. There is a lot of risks involved and this most definitely outweighs the returns for those who jump the gun and start trading without being fully prepared.