Which broker is the best forex broker in 2018?
Choosing the best forex broker is the key to successful trading.
Best forex brokersbest forex brokers for beginnersBRKV
BRKV I am happy for you because you are searching for the phrase best forex brokers for beginners, which means youve recognized that the best forex brokers might not be suitable for you. Youve also known that ECN brokers arent good for you either. This means you are serious about your trading career. You must have researched a lots about forex trading. In your trading path, youll have to change many brokers. For each stage of trading path, there is only one type of broker suitable for you!
Here is list of best forex brokers for beginners.
Wrong knowledge about the best forex brokers for beginners
Standards of the best forex brokers for beginners
Should beginners join demo contest for practicing?
Beginners believe that forex demo account is the best for them, but thats wrong. As Ive explained in the article Cent account is best account for beginners, Cent account is the best account for beginners. Demo account wont work for beginners and it even has negative effects.
ECN account is the best account for experts. If you are beginners, please keep away from ECN, because ECN is very volatile. There are a lot of slippages and gaps. Beginners like you should just look for the best forex broker for small accounts.
95% beginners will lose money, so dont invest too much at the early stage.
You can get 50% 100% profit. Yes, there are many traders win even up to 10,000%, but 99.9999999% of them will lose all later. I used to work for a big broker, and Im sure about this data. Most small traders will lose if they keep the profit rate over 10%. Actually, 3 to 5% monthly is a good profit rate.
Beginners think trading based on the news means that they should open positions within the news release time, but its wrong. All experts dont trade in news release time. They will close/open positions about 15 minutes before/after the release time.
When I first jumped into the forex trading world, I thought I must trade with the best forex brokers, but after some losses, I knew I was wrong. In the forex world, there isnt the definition of best. There is only the most suitable. Choosing a broker will depend on your trading strategies, your experiences, or your countries trading conditions 95% beginners will lose, so your target for this stage is learning and minimizing your loss.
BRKV As Ive just mentioned above, beginners targets for this stage are learning and minimizing their losses, so the standards for the best brokers for beginners are:
For experts, they strongly care about brokers credit, trading cost, and brokers quotes quality, but beginners are different, because they only deposit small funds so there are no brokers that want to cheat them. In this stage, brokers want to nurture them, so they give them the best trading conditions. I strongly advise you to deposit less than $100 for this stage (3 months), because you only trade a little amount of money, so you also dont need to care about the trading cost.
I am sorry to repeat the negative fact that 95% beginners will lose so many times, because I hope it will keep your feet on the ground. At the beginning, you should open positions as small as possible. The standard lot is 100,000 USD. Its too much, but some brokers have Micro accounts which you can open positions as small as 0.00001 Lot USD such as XM.Exnessand FBS also have Cent accounts whose minimum lot trade is only 0.0001 Lot USD.
When you trade with Micro and Cent accounts, you only have to deposit $10 for a whole month of practicing, and you also can withdraw your win money. Moreover, for these accounts, there are no minimum deposit requirements, so, you can deposit whatever amount you want.
Not only Forex itself is complicated but the trading system is also. Therefore, the good strategy for beginners is simplifying everything. Some brokers trading systems are very complex, so my advice for beginners are:
Choose the easiest brokers. They usually have the best trading system for beginners.
Trading by web trade/web terminal at the beginning. Trade MT4/MT5 later.
Deposit by Visa/Master at the beginning, because its much easier than other payment methods.
Local support means supporters must speak your native language. Forex trading is very complicated. For me, at the beginning, I also got some stupid problems such as: login, installing MT4, 3D security of Credit Card and I think you might get the same problems, so its much easier and faster if your supporters can speak your language.
For experts, trusted brokers is the most important, but for beginners, it ranks at that fifth position. Actually, we always must trade with trusted brokers only, but for beginners, they only deposit ten dollars top, so there isnt any brokers that want to cheat them, so, they can trade with any brokers as long as they are easy and convenient for those traders.
When you have enough experiences and knowledge, youll want to invest bigger amount of money. Then, lets change to other reliable brokers.
Some brokers have weekly or monthly training program for their clients. These brokers are the best for you. Most of them will ask you to deposit big amount of money, but dont do that if they arent in the list of trusted forex brokers 2019.
You can register account, deposit a little money, learn and then change to better brokers after the training courses.
XM and Exness are in the top biggest forex brokers, so they are trusted brokers. XM is a little bit better because XM allow you to open smaller positions (0.00001 lot USD). They also have many training programs.
Exness is the biggest retail forex broker. They have Cent account with which you can open as small position as 0.0001 USD. Their advantages are the support and payment systems.
FBS also have Cent account. Their support and payment systems are very good, but they only offer good services in countries where they have offices. Most of them are South East Asian countries such as: Indonesia, Thailand, and Vietnam.
Most of us think Demo contests are for beginners practicing, but all the demo contest winners are professional traders. I did a research about demo contest winners. Most of the winners are Chinese, Thai and Indonesian. Their profitable rate are over 10,000%. That means most of them are using robot trading to win demo contests.
Of course, beginners cannot get high profit rate like them, so dont dream that you can win demo contests. Theyll just waste your time. It may even affect to your trading strategy, because demo contest trading strategy is focusing on profit and ignoring risks, which is opposite to the normal trading strategy.
If your brokers offer welcome bonus, its good, but if your brokers dont offer that, its still good, because most welcome bonuses are not easy to get even when you win. Its easy to register welcome bonuses but its very difficult to withdraw. Brokers often have conditions to withdraw like you must deposit and trade enough number of Lots. These conditions often lead to your loss.
Trade Micro/Cent account. Find the best forex micro account brokers.
Dont deposit more than $100 for the first month.
If someone ask you to deposit tens of thousands of dollar and promise you very high percentage of profit. Dont fall for that. Its easy to get that profit rate but the higher the profit, the higher the risk. I used to work for a big broker and I know this. They might win in some months or even some years, but eventually, they will lose everything.
Dont use robot trading. If someone sell you a trading robot and promise you profit rate up to hundreds percent monthly. Dont trust them. Robot trading is only suitable for experts, because they will customize these robots to follow their trading strategies, and they have to adjust them frequently. There is no robot that can win forever. Lets trade manually until you recognize that you need some automation tools to help you with some parts of your trading processes.
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Hey, Im Fanara Filippo. Im a writer living in Vietnam. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Lets review brokers today.
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Disclaimer: All articles in this website are my personal perspective. I dont encourage you follow them. Because you can lost all your fund. I dont response for all your loss if you follow them.