April 18, 2024

Business Bib

Business & Finance Blog

HOW CAN NEW TRADERS FIND PERFECT FOREX BROKERS?

6 min read

The idea of finding perfect forex brokers has fascinated the multitude of traders in recent times. Despite the number of difficulties, people are still looking for impeccable forex brokers so that they can rely heavily on. Nonetheless, in order to choose these brokers, new traders need to pay closer attention to different aspects which allow them to have a fully comprehensive view. In reality, you can know that ECN brokers are not really compatible with new traders. In my opinion, it is a must-do asks for new traders to consider carefully before choosing future brokers, and we need to have a good understanding about them. For example, it would be pretty valuable for traders to search for some related information about upcoming forex brokers. As a result, we can know whether or not those brokers are good. If you are completely interested in trading path, you need to alter different forex brokers. By doing this, you will have more opportunities to experience the top forex brokers 2018, and can choose suitable one. From my perspective, you had better opt for one kind of forex broker that you can benefit from.

To make it clearer, I will show you a list of three greatest forex brokers for beginners.

XM.com: 9/10

Exness.com: 9/10

FBS.com: 8/10

 I believe that knowing some certain factors before trading is really essential. In order to make sure that we all understand about these sides, I will provide you some valuable information.

 

  1. Misunderstandings of new traders:

New traders tend to think that forex demo account will be really helpful for them, which is a serious concept. From my own experience, Cent account is the one that forex beginners can benefit a lot from. In addition, it is also the perfect account for new traders. If we choose demo accounts, it can be a serious mistake. It is because you might be able to struggle with a wide range of perplexed problems. Moreover, if you are experts, ECN account is the best option. On the other hand, you should stay away from this type of account, if you are new traders. In fact, this sort of account is really volatile because it has a lot of slippages and gaps. Due to the fact that I am a former staff of brokers in the past, I thus understand these matters. It is estimated that 95% new traders will lose their money at the beginning. Therefore, you should not pour a great deal of money at your first trading. Indeed, the majority of small traders often lose their money when they keep profit with the rate of over 10%. To my mind, it is good for them to keep the profit around 3 or 5% monthly. The number of traders opens many positions within the new release time because of the misunderstanding about trading and news. In one word, this idea is totally wrong because experienced forex traders will never trade in new release time.

  1. Wrong perception about the perfect brokers for new traders.

At the beginning of breaking into forex market, there was a misconception that I should opt for best forex brokers. In reality, when I came to these brokers, my money seems to be evaporated in a short time. Therefore, I escaped those brokers, and choose other suited ones. It is hard for people to know the definition of best forex brokers. In order to go for suitable forex brokers, you should determine exactly your trading methods, experiences, and country trading conditions. In my point of view, this is an initial step which can help you to shape your trading strategies. In one word, you maybe lose your money at any times. As a great result, you should have a through insight into knowing some basic things about brokers, and learn a lot of things from your own mistakes.

 

  1. Some certain criteria of the perfect brokers for beginners in forex market.

Admittedly, choosing impeccable brokers is sometimes difficult. When you trade with forex brokers at the beginning. We need to know that this is a good step for you at the beginning. In my opinion, it is considered as an essential step because it enables you to have a good understanding about brokers. Therefore, what we need to prepare something beforehand is to grasp some basic standards of perfect forex brokers.

Here are some important criteria of perfect forex brokers that we all should focus on.

–     Low deposit requirements.

–     Small trading lot requirements.

–     Easy.

–     Good local support.

–     Trusted brokers.

–     Good training and coaching programs.

Low deposit:

For experienced traders, they have an inclination to care about some aspects of brokers such as credit, trading cost, and quotes quality. On the other hand, new traders are not regarded as good victims of some scam brokers. In fact, brokers will lay down some strategies to allure these new traders. For example, they will rear these traders by supporting them a variety of good trading conditions. Therefore, I am sure that you should not deposit more than $100 in this phase of trading (3 months) because you trade a little money.

Click here for the best South Africa brokers.

Why is small trading lot important?

A vitally important step that you should know is to open positions as small as possible at the beginning. Normally, the standard lot is around 100,000 US. This is a big disadvantage for traders because of its big value. However, many brokers, who offer Micro accounts, are suitable for traders because traders will be able to open positions as small as 0.00001 Lot USD. They are XM, Exness and FBS who also offer Cent accounts that minimum lot trade is only 0.0001 Lot USD.

In fact, if you trade with Micro or Cent accounts, you must deposit $10 for your entire month. More importantly, if you win your money, you can withdraw it immediately.

Why “Easy” is vitally important for new traders?

At the first step of trading, I am sure that forex beginners have to struggle with many tough times because of the complexity of forex market. What you need to do is to prepare good schemes which allow new traders to understand easily about this market. As a result, I will give some tips that are helpful for all new traders when trading at the beginning.

  • Choosing easiest brokers is always a good choice for traders because they can capture some information and trading strategies easily.
  • At the beginning, we should trade by web trade/web terminal and then MT4/MT5.
  • At the beginning, it is advisable for new traders to deposit by Visa/Master.

Why do new traders need to have good local supports?

To my mind, choosing brokers who are always willing to help us in some urgent situations is a smart option. As aforementioned information, forex market is really complicated; traders thus need to receive supports from their broker at any time. Most importantly, at my first trade, I had to deal with many different problems such as login, installing MT4, 3D security of Credit Card. Hence, a good option is to opt for local supporters who can help you to tackle these problems.

Reliable brokers

It is evident that the majority of experienced traders always go for reliable brokers. On the other hand, it is good for new traders to have a transaction with trustworthy broker, but it is not an essential thing. In reality, forex beginners only deposit ten dollars; brokers thus do not aim at these traders. From my viewpoint, new traders should choose brokers that they feel comfortable and easy. This is only the first step that you can make use of with a view to accumulating your experience and knowledge-related matters.

Good training and coaching programs are two important factors.

It is widely perceived that we should learn as many good things as possible at the beginning. Hence, you should not deposit a big amount of your money at the beginning when brokers are not listed in the top of trusted forex brokers in 2018. You can also register accounts and deposit a little.

 

  1. The list of 3 best forex brokers for new traders.

XM reviews: 9/10

Exness reviews: 8.5/10

FBS reviews: 8/10

I hope that through this article you can grasp some important details that you can determine exactly what you need to do before trading with any broker. In order to opt for appropriate brokers, we must pay careful attention to many different aspects.