“best brokers for beginners” is a common phrase that many people are searching for these days. If you’re looking for this phrase, it means that you’re serious about your trading career. When I was a beginner trader, I sought the top 5 forex brokers in the world and changed many of them. Then, I realized that there are no best brokers in the world. There are only brokers that suit my trading needs and strategies. I call them best brokers. Here I will suggest several factors that help define the best brokers for beginners. I hope that my knowledge and experience can be useful for you.
- Positive reputation
This is the first and most important factor to consider before choosing a best broker. No one wants to trade with a broker that cheats their customers. Professional traders, who invest a large amount of money, pay high attention to this factor. Beginning traders, on the other hand, deposit very low money. No brokers want to scam them, so they can trade with any broker they like. Then, if they want to invest more money, they can change brokers. But personally, I think beginners can choose brokers with high reputation in this stage if they meet their trading strategies. This can help them experience forex trading better.
To check the broker’s reputation, you can consider their ratings by using the Internet. Besides, you can check their regulations. Reliable brokers usually have famous and trusted regulations, such as FSA, CySEC, NFA, CFTC and FCA.
- Low minimum deposit
The best brokers for beginners should have low deposit requirements. In this stage, beginners are often inexperienced and they just need to practice trading skills. So, I think they shouldn’t put too much money in their accounts. Besides, it’s estimated that 95 percent of beginners lose all money when starting trading. So, I recommend you choose brokers with low deposit if you’re just starting out as a trader. The best amount for deposit for traders in this stage is less than $100 for 3 months.
Because professional traders invest a large sum of money, they do not care about deposit. Instead, they highly focus on trading costs, such as spreads, commissions and leverage. Beginners are different. In this stage, they don’t necessarily care about those costs, but trading experience and skills.
- Small trading lot
A standard size for a trading lot is 100,000 units of USD. It’s too high for those who just start trading. But, there are also smaller trading lots that can be suitable for beginners. For example, nano, micro and mini lots that only require 100, 1,000 and 10,000 units respectively. To reduce risks, you should trade micro lots and keep their positions as small as possible. Cent account is also the best option for beginners. It has a low minimum trading lot of about 10 units which is around 0.0001 lot USD. FBS and Exness are the 2 best forex brokers for beginners and they offer cent accounts. If you trade Exness cent accounts, you can deposit as low as $1 or however much you want to. Besides, you can get real money if you win these accounts. Other types of forex accounts include classic accounts and ECN accounts. However, these accounts are only for professional traders. Their trading quotes are unstable and their slippages are high, which are not suitable for beginners.
- Easy trading system
Beginners do not have much experience about forex trading. So, I recommend they choose brokers with the simplest and easiest trading systems. This can help them save time and achieve good trading results. Some brokers offer a wide range of different payment methods. But, you should opt for depositing by Visa/Master. This is the easiest method for beginner traders. In this stage, you should also trade by web terminal or by web trade. These ways are much more simple and convenient than MT4/MT5.
- Good training programs
If you don’t know anything about forex trading and want to try it, consider brokers that offer training programs. These programs are very beneficial for beginners, but can require deposit. They are often hold weekly or monthly, depending on different brokers. If you’re interested in these programs, register accounts, deposit and learn. But, remember to choose only reliable brokers. XM is one of the most reliable brokers that have many training programs. You can consider choosing this broker if you want to learn more about forex trading.
- Excellent customer support
Finally, the best brokers for beginners should have excellent customer support. When I was a beginner, I experienced many problems that only brokers could solve them. These problems might include security and login faults and MT4 installation problems. I think that new traders may get the same problems at the beginning. So, I highly recommend choosing brokers that meet the following qualifications.
Regional offices. These can help you solve trading problems faster. And if you’re scammed, the law in your country can protect you.
Language assistance services. Some brokers support their traders by many different languages. These brokers are the best choice for beginners.
24/7 customer service. Beginners really need constant help and advice from brokers. So, they need to choose brokers whose customer service is available for 24/7. This can minimize their trading risks and improve their trading results.
Exness is one of the biggest brokers that have great customer service. They have regional offices in most of countries in the world, especially in Asia. Plus, they support their traders by 13 different languages, such as Tamil, Thai, Arabic, Indonesian and Vietnamese. Specially, they provide 24/7 support and help their traders through phone and live chat.
The above are six factors that determine the best brokers for beginners. If you’re considering choosing any broker, check these factors carefully. You can also ask a professional trader for help and advice. I hope that you can pick the best broker and succeed in this industry.
For readers in Thailand, these are ฟอเร็กซ์ โบรกเกอร์.