Best forex brokers for beginners

Discussion in 'Forex' started by Merevez, Sep 20, 2022.

  1. Merevez


    A large influx of brokers has made things somewhat challenging for new traders. They have no idea about the features they should consider while selecting a broker. I was facing the same conundrum, but then, I outlined some parameters and I picked fxview, fxcm and fxpro as they met all these parameters adequately.

    The parameters I considered include the following:


    The motive behind choosing a regulated broker is to ensure fair and ethical trading. There are many regulatory bodies that regulate brokers from all around the world such as CySEC, FCA, ASIC, FSCA, HCMC, FSB, and many more.

    Minimum Deposit

    Traders should find a broker that allows them to trade with a deposit they are comfortable risking initially. Many brokers offer different accounts with different deposit requirements to meet the requirements of all traders.

    Spreads & Commission

    Choosing a low-spread broker is always beneficial for traders, as the smaller the difference between the bid and ask price of currency pairs, the more traders can make from their trades. Moreover, low spreads also indicate high liquidity and low volatility. Commission also plays a vital role as to how much traders would take home, so the lower the commission of brokers, the better it is for traders.

    Trading Platforms

    Trading platforms decide whether trading will be carried out smoothly or not. A good trading platform will be user-friendly and will have minimum latency. Almost all brokers offer demo accounts to allow traders to try out their trading platforms, so traders must check for the following things:
    1. How easy is it to enter and exit trades?
    2. Does it have advanced trading options like automated trading, web trading and mobile trading, strategy builders, and trading alerts?
    3. Does it offer fundamental and technical analysis and charting tools?
    Best Trading Platforms Right Now:
    1. MetaTrader 4
    2. MetaTrader 5
    3. ActTrader
    4. CTrader

    The amount of leverage offered by traders also varies from broker to broker, while some offer more leverage than others. But, traders should choose a broker that offers dynamic leverage along with good risk management features.

    Withdrawal processing speed

    Lastly, no trader likes waiting for their funds to arrive, so it is better for beginners to choose a broker that allows fast processing of withdrawals without charging any transaction fee.

    Another point to keep in mind while selecting a broker is customer service, whether they are quick to respond to traders’ queries or not. Since new traders have lots of questions and queries, it’ll be better to trade with a broker whose customer service is reliable and responsive.

    Make sure to take these parameters into account while selecting a broker and avoid those that didn’t fit the bill.
  2. can you prove that MT4 is better than MT5 ?
  3. Merevez


    I believe it's the opposite, mt5 is better as it's an upgrade to mt4 and has more features to cater CFD trading as well. Rest I think it depends on the trader which platform he/she wants to use.
  4. Jasper21


    If this is your first time in forex, I recommend opening a demo account with FP Markets. They have an informative education centre and a separate blog which will help beginners venturing into forex.
  5. by using demo account i think there is a chance to see the brokers real trading performance . happy trading
  6. i think both trading platform is good , which is more appropriate for you , it depends on your trading approach.
  7. which platform you have been using ?
  8. the beginners should choose the broker with more careful , because the broker can affects the result of our trading with certainly.
  9. FahadMd


    yes but this is not an easy task , because there are almost thousands broker in online and most of them are found to be scams.
  10. the broker we the traders should choose more carefully , because most of the broker we found in online as scam.
    #10     Oct 13, 2022