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Forex News are updated by Thomas Johnson - a trader from USA

21.09.2018.

THE PERFECT FOREX BROKERS FOR BEGINNERS

BRKV - I feel very happy when I heard that some traders are looking for the perfect forex brokers for beginners because they don’t find that the best forex brokers are not good enough for them. As many previous articles, it shows that ECN accounts not good for you either. If you are thing of searching for a perfect broker, it means that you are very serious with your trading career. There are many different stages in your trading path, each stage inquires the best brokers for you. When you develop into a higher level, you will be willing to find another broker who are suitable with your trading strategies.

THE PERFECT FOREX BROKERS FOR BEGINNERS

I list down below three best forex brokers for your reference:

XM.com:    9/10

Exness.com:    9/10

FBS.com:    8/10

  1. Beginners’ misunderstandings

When writing about Cent account, I have mentioned about the forex demo account which is very best in beginners’ perspective. But actually it is not right at all, demo account is not good enough for beginners and has negative effects as well. Instead Cent account is the best suitable one for beginners.

If you are a trading beginner, don’t sign in any ECN account because it is just suitable with experts or professional traders and unstable as well. There are many slippages and gaps if you trade with this account. In addition, you should not invest too much money at the beginning point because 95% of beginners lose their money at that time. Beginners can win 50% -100% profit or even up to 10,000% however 99.9999999% of them will lose all later. With many years of working with big brokers and researching their data, most beginners lose their money if they have the profit rate over 10%. Instead they should only keep it at 3 – 5% monthly.

All experts don’t often trade within the news release time, but they will close/ open about 15 minutes before/ after the release time. It is also an experience for beginners.

  1. Wrong knowledge about the perfect brokers for beginners

When I just begin my first trading, I thought that I should trade with best forex brokers which is much helpful for me but I lose much money at that time. So I got a thing that there is no definition of “best”. In the forex xafs, there is only “the most suitable broker”. So if you want to choose you most suitable broker, you should clarify your trading strategies, your experiences or your country’s trading conditions. So you are a beginner, you must spend time learning as much as possible and minimizing your loss.

  1. Standards of the perfect brokers for beginners

  • Low deposit: not like experts who care about brokers’ credit, trading cost and brokers’ quotes, beginners only deposit a small number of deposit so there is no brokers wanting to cheat you. Brokers want to attract more traders so they offer traders the best trading conditions. So I highly recommend you to deposit less than $100 for this stage (3 months) because you just trade a little money so you don’t need to care about the trading cost.

  • Small trading lot requirements: As I mentioned before many beginners have lost much money at the beginning point, so they should deposit as small as possible to avoid any big loss. Many brokers offer Micro accounts which you can open positions as small as 0.00001 Lot USD such as XM while Exness and FBS also have Cent accounts whose minimum lot trade is only 0.0001 USD. Moreover, when you trade with Cent and Micro accounts, you only deposit $10 for practicing and you are able to withdraw the money if you win.

  • Easy: both forex and trading system are very complicated. So what beginners should do is to simplify everything. And  below is my advices:

  • Choose the easiest brokers.

  • Trading by web trade/ web terminal at the beginning. Trade MT4/MT5 later.

  • Deposit by Visa/ Master at the beginning because it is much easier than other payment methods.

  • Good local support: Local support here means that the supporter must use traders’ native language. As you know that beginner would meet some difficulties during process of login, installing MT4, 3D security of Credit Card, etc. It would be easier and faster if brokers have their own local supports using each country’s official language.

  • Trusted brokers: actually trusted brokers is just the most important factor for expert and professional traders only. This factor is ranked fifth for beginners. Because they only deposit ten dollars top so there is no brokers who want to cheat their small money so they don’t need to care about brokers’ prestige. They just need to trade with any brokers as long as they are easy and convenient for those traders. And then when beginners have enough knowledge and qualification, they want to invest more money so at that time, they should change to more reliable broker.

CLICK HERE TO LEARN MORE ABOUT BEST FOREX BROKERS

  • Good training and coaching programs: Some brokers have weekly and monthly training courses and programs, which provides much benefits for beginners. Most of them will ask you to invest a bigger amount of money, but you should not do that. If these brokers are not listed in trusted forex brokers in 2018. In contrast, you should sign in an account to trade and just invest a small of money, learn and then change better broker after the training courses.

  1. Top 3 best forex brokers for beginners

XM.com:     9/10

Exness.com:     8.5/10

FBS.com:     8/10

XM and Exness are in the top biggest forex brokers so they are reliable for beginners. But XM is much better than Exness because they allow traders open smaller positions (0.00001 lot USD) and provide many helpful training courses.

CLICK HERE TO LEARN MORE ABOUT EXNESS REGULATIONS

Instead Exness is the biggest retail forex broker and offers Cent account for beginners. With this account, traders can open positions as small as possible 0.0001 USD. Moreover, Exness also provide the best local support service and payment systems. CLICK HERE TO KNOW ABOUT EXNESS CENT ACCOUNT.

FBS also offer Cent account and provide local support and good payment systems. However they only provide good services in some countries in Southeast Asian countries where they have local offices such as Indonesia, Thailand and Vietnam.

  1. Should beginners join demo contest for practicing?

We think that demo contest is organized for beginners, however winners of these contests are professional traders. Most of them who are Chinese, Thai and Indonesia are using robot to trade in demo contest. Their profitable rate is up to 10,000%. In contrast, beginners won’t have the same win rate as expert so don’t waste of time to trade with demo contest trading strategy. Because its demo strategy is focusing on profit and ignoring risks which is opposite to the normal trading strategy.

  1. Whether beginners should get welcome bonus?

Welcome bonus is good for traders at all but brokers without welcome bonus is still good for traders. Because it is very difficult to withdraw bonus and profit. This bonus is very little but some brokers inquire some conditions to withdraw like you must deposit and complete enough number of Lots which leads to your loss.

  1. Advices for Beginners

If you are a beginner, you should begin to:

  • Trade Micro/ Cent account.

  • Don’t deposit more than $100 for the first month.

  • Learn risk management.

If someone ask you to deposit more tens of thousands of dollars and give you high percentage of profit. I recommend you not to do that because I experienced it many times with many different brokers already. The higher profit, the higher risk. You will win several months or some years but eventually they will lose all.

If someone promise to give you robot for trading. It is not good to receive because robot is just suitable with experts because they set up robot to follow their trading strategy and must be adjusted frequently. So you just manually trade until you have enough qualification to use automatic tools to help you in some parts of your trading.

Read more : ALL THE BEST FOREX WELCOME BONUSES

Hey there, this is Fanara Filippo. I'm the author of this article and I'm currently collaborating with Brokerreview.net, or BRKV in short. My articles are mainly for forex traders from Thailand, Indonesia, India, Bangladesh, and South Africa.
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