You have learned what forex is all about and now it is time to start trading for real. Among hundreds of forex brokers available online, which one is the right one for you? What forex broker is the best for a forex beginner and why?
Finding a good broker is entirely up to you. Be prepared to send at least couple of days reading reviews, going though terms and conditions, contacting broker’s customer support, visit forums etc. The reason for all this is that a broker that suits one trader may be not a good choice for another. Choosing a broker depends on your trading preferences and expectations, available investment capital and overall knowledge of forex.
When searching for the right forex broker, figure out what kind of trader you are first. The faster you understand yourself, the easier it will be to find the best suitable broker. Here are some things to consider when choosing forex broker:
- What kind of trading platform is offered? (If you don’t have any experience with metatrader 4, it might be a good idea to start with more user-friendly interface)
- What are the minimum deposit requirements?
- Are there any hidden fees? (for withdrawals, for overnight, for an non-active account etc.)
- Is customer support efficient and professional? (email, phone, online chat)
- Is there a demo account for practice?
- What do others say about this broker?
- Is the broker regulated and certified? (Regulated forex broker is generally more reliable than non-regulated brokers. It is important to protect yourself and your money, because once you start earning big, things can turn nasty if you are not with a good broker).
- What are the spreads for the currency pairs you are planning to trade? (some brokers offer fixed price instead of spreads. Decide what is more suitable for you)
- What is the maximum leverage available? (make sure you understand all the risk involved with the use of leverage).
- What are the payment methods available? What is your preferred payment/withdrawal method?
- What kind of services will you get – daily updates, recommendations, mobile trading, live news, daily analysis, free advisor… etc.
- What kind of bonuses are available for new traders?
Mini Accounts - I Have $10 to Invest
If you want to start trading with no more than $10, you are searching for brokers like LiteForex or InstaForex. Both brokers offer metatrader 4 platform and mini forex accounts with small minimum deposits.
Professional Forex Brokers with Metatrader 4
If you are more advanced in forex trading, have at least $100 to invest and looking for something more professional, I would say Instaforex, XM, Liteforex are your best choices.
Easiest Trading Platforms
If you are looking for easiest trading platform ever with cool buttons and user-friendly interface, try eToro and Avatrade.
The only way to figure out what forex broker is best for beginners is by trial and error. Start trading with several brokers and see which one you prefer. Over all, risk is involved in everything you do in this life. Don’t let fear stop you from forex trading. The trick is to learn and understand the risks involved and then take the right decisions.