Once the new traders step into the forex market, there are some important things that they should be aware of. If a starter knows that they have to find out the perfect brokers for their trading not the best or the ECN brokers, they probably follow the right way as they know that there are different stages of trading forex so they have to seek for the suitable brokers on the long way.
Some facts to be understood clearly
First, the Demo account may not perfect for traders as it seem to. Even though they are just demon accounts they can cause some disadvantages for traders. Therefore, to start trading beginners should choose the Cent account. Or for some traders, they think that ECN brokers are the best. It is the truth; however, they are unstable quote providers and traders need to be master on forex brokers to deal with this kind of brokers. Although ECN brokers can bring for traders the profit of 10 % each month but the number that they lose latter is even bigger than this profit. So, ECN are good but the majority of new traders will lose if they try to gain the big benefit with these brokers; just 3-5% is safe enough. There are one matter that traders should be care for is release time for open the lots. It is not quite appropriate to open the position at the moment of release time but the moment before or after that about fifteen minutes.
One more problem that new traders usually face with is that the choice between the best forex brokers and suitable brokers. They usually believe in the best brokers and forget to consider their trading strategies, experience or their countries’ trading conditions…And the result is that most of them will fail for the first trading.
What elements beginners should check before starting trading?
Low deposit: With the low deposit, starters do not need to worry about other problems like trading cost or quotes because their trading amount is little and brokers will make it easier for them to trade more and more. Starting with just 100$ for deposit in three months is perfect and safer.
Trading lots are little required: with the reason that beginners are supposed to learn and get experience with trading, beginner should try to limit their trading investment as the lowest level. XM or Exness are the perfect brokers with Micro accounts that ask for only 0.00001 lot USD or FBS with Cent accounts with 0.0001 Lot USD. Although starting trading with the little amount, new traders can still gain profit from that and deposit with only 10$ a month or even less.
Simple process: This matter is mostly related to the trading system like payment systems or deposit methods. To make it simpler and less complicated, traders first try web trade and web terminal then change to MT4 or MT5 after they are professional. Or, to make deposit, Visa or Master is more convenient and quicker for beginning.
Local support: traders are from everywhere in the world , especially the new traders needing more help from broker’ service that gives them a hand with the problems of login, installing MT4, 3D security of Credit Card… Through their own countries’ languages
Reliability of brokers: This matter is important for big traders because they trade a very huge amount; however, for the beginners, this issue is not worried much for they trade a little bit of deposit to gain experience. After this learning stage, they can make a wiser decision with the more reliable brokers.
Provide training sessions: some brokers may hold some training courses to gain more traders by convincing them to open an account. This is a chance for starters to learn more about trading and if they do not trust the brokers enough to open an account they trade just a little bit and change the brokers after that
Top three most suitable brokers for starters
XM, Exness or FBS are three biggest trusted brokers. XM provide the little amount of trading lot with 0.00001 USD and Exness with 0.0001 USD. Exness is even the biggest retail broker. FBS serves good payment service and support tools; they also have Cent account too.
Demo contests are not good for starting traders
These contests are for the Chinese or Thailand traders to gain benefit by using robot to trade. It is not for starters to practice or test their trading plans. Even, the contest may cause some bad influence into their trading sites because new traders are not familiar with robot trading yet. So it is quite risky for them.
Welcome bonuses are harmful
Welcome bonuses are used to seduce more clients for brokers and beginners can be the victims. Because they are attracted at the first place by little profit but actually, the profit can be owned by traders easily when brokers require some conditions for profit can be withdrawn.
From all the aspects given above, here I summarize for all the beginners some guides to have more confidence to start investing:
– Registry Micro or Cent account only
– Deposit just 100$ or less for one month
– Do not believe on easily profitable brokers because they can trap you into the early profit to get you invest more and more then they will find the ways to gain back an amount even bigger.
– Remember the beginners are too fresh for robot trading because this tool is for professionals who have the ability to convert this tool to help their strategies blossom and gain more profit. Beginners should wait until the right stage when they are skilled and can manage the robot tool perfectly.
Here, I give you the list of three most rated forex brokers that are both trustful and the best for beginners: