Forex brokers for beginners

When you have enough experiences and knowledge, you’ll want to invest bigger amount of money.

Free forex bonuses

THE BEST FOREX BROKERS FOR BEGINNERS IN 2021, forex brokers for beginners.

Then, let’s change to other reliable brokers. 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.

THE BEST FOREX BROKERS FOR BEGINNERS IN 2021

BRKV - new traders are the ones who face the most difficulties so they really need the best forex brokers for beginners. To know whether a broker is suitable for starters, we have to understand what do traders need at the early stages. New traders would want low trading cost, good customer support, and reliablity. Those are the most important aspects of a suitable forex broker for beginners.

Here is list of best forex brokers for beginners:

XM: 9/10 learn more here.

Exness: 8.5/10 learn more here.

Hotforex: 8/10 learn more here.

Who are beginner forex traders?

There are two types of beginner forex traders: the no-idea and the know-a-little. The no-idea is people who heard of forex trading from their friends or acquaintants or people online. They heard of great profits and found this market really interesting. And they are ready to pour any amount of money they have into this office. On the other hand, the know-a-little is someone who actually know about this market and start learning about it. They just begin forex trading so they are really beginner forex traders.

Misunderstandings of beginners

Beginners believe that forex demo account is the best for them, but that’s wrong. As I’ve explained in the article cent account is best account for beginners, cent account is the best account for beginners. Demo account won’t 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 don’t 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% of them will lose all later. I used to work for a big broker, and I’m 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 it's wrong. All experts don't trade in news release time. They will close/open positions about 15 minutes before/after the release time.

Wrong knowledge about the best forex brokers for beginners

When I first jumped into the forex trading world, I thought I must trade with the best brokers, but after some losses, I knew I was wrong. In the forex world, there isn’t 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.

Standards of the best forex brokers for beginners

BRKV - as I’ve just mentioned above, beginners’ targets for this stage are learning and minimizing their losses, so the standards for the best brokers for beginners are:

Low deposit requirements.

Small trading lot requirements.

Easy.

Good local support.

Trusted brokers.

Good training and coaching programs.

Low deposit

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 don’t need to care about the trading cost.

Why small trading lot is important?

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. It’s too much, but some brokers have micro accounts which you can open positions as small as 0.00001 lot USD such as XM. Exness and hotforex 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. If you don't have any money, try demo account. It is a free way for you to practice trading forex.

Why “easy” is important for beginners?

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 it’s much easier than other payment methods.

Beginners need good local support brokers

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 it’s much easier and faster if your supporters can speak your language.

Trusted brokers

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 isn’t 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, you’ll want to invest bigger amount of money. Then, let’s change to other reliable brokers.

Good training and educational programs

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 don’t do that if they aren’t in the list of trusted forex brokers 2021 .

You can register account, deposit a little money, learn and then change to better brokers after the training courses.

List of 3 best forex brokers for beginners

XM.Com: 9/10 open account now

Exness.Com: 8.5/10 open account now

Hotforex.Com: 8/10 open account now

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.

Hotforex 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.

The best trading platforms for beginners

When you first enter the forex market, there are many different trading platforms for you to choose. From self-designed platforms to universal ones, it's obvious that traders do not lack of options. So, the question now is: what is the most suitable platform for beginners? Well, self-designed platforms of brokers are usually very simple, elegant, and easy to use. However, when a broker invests a great amount of money in designing its own platform, the trading fees of that broker are usually enormous. Beginners should not waste that much money to trade at early stages.

That brings us back to the common platform, like MT4 or MT5. These platforms are the most used in the market, so it is cheap to use. Although it may not seem as modern as other self-designed platforms, it is definitely not hard to learn how to use. All the 3 brokers we recommend use the metatrader platform:

XM: both MT4 and MT5 more details

Exness: both MT4 and MT5 more details

Hotforex: both MT4 and MT5 more details

Best trading apps for beginners

When everyone has a smartphone nowadays, trading app has become a common thing in the market. With the help of trading apps, traders can make their trades way easier and faster than before. Especially for beginners, trading apps can help them get more accurate signals, faster updates on the market, and better chart analysis. There are some common trading apps in the community of traders that we would like to introduce you to:

For chart analysis, you can try out netdania forex, trade optimizer, or FX360.

For forex learning and signals, you can try out babypips or FX trader magazine.

For technical indicators, the most common ones are FX trend radar, FX breakout radar, or radar retracement FX.

For forex trading time, you can try forex hours or ieconcal.

Should beginners join demo contest for practicing?

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 don’t dream that you can win demo contests. They’ll 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.

Should beginners get welcome bonus?

If your brokers offer welcome bonus, it’s good, but if your brokers don’t offer that, it’s still good, because most welcome bonuses are not easy to get even when you win. It’s easy to register welcome bonuses but it’s 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.

Check out the best welcome bonus now.

Trading strategies for beginners

As the market begins to trend up, this trend is expected to continue. And vice versa, when a downward trend is established, prices will continue to be expected to decline in the next session.

As such, the trading strategy will stem from "buy when prices rise and sell when prices fall." this is the opposite of normal, buy low sell high.

Investors following this strategy will find a way to buy when they find prices rising and retain assets in the hope that prices will continue to rise even higher. On the contrary, investors will attempt to short-sell this type of asset if the price has decreased and hope the price will continue to decline in the future.

Advices for beginners in forex market

Trade micro/cent account.

Don’t deposit more than $100 for the first month.

Learn risk management.

If someone ask you to deposit tens of thousands of dollar and promise you very high percentage of profit. Don’t fall for that. It’s 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.

Don’t use robot trading. If someone sells you a trading robot and promises you profit rate up to hundreds percent monthly. Don’t 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. Let’s trade manually until you recognize that you need some automation tools to help you with some parts of your trading processes.

Forex learning sites for beginners

Forexfactory: this is the largest forum of forex investment today, here you not only consider the share from the great traders but also update a lot of information, economic calendar, hot news. About financial markets.

Tradingview: already a trader, it is impossible not to know tradingview. These not only provide you with trading tools similar to MT4, but also contain lots of other useful information. Especially, tradingview supports 18 different languages.

Myfxbook: is simply a free trading diary page for trader. This is the largest trading diary in the world where everyone can read it, so it is extremely helpful for traders.

MQL5: a community service of metaquotes (the father of MT4 and MT5 software), which is considered as a provider of countless trading signals you can refer to in two forms: free signals and signals. Paid sign. Even if you can afford it, you can come up here to sell signals to other investors.

Investing: this is one of the major financial websites worldwide providing readers with a lot of news about different fields. In addition, there are expert analytics to help you better understand the current financial situation.

BRKV forex: the site provides a lot of useful knowledge about forex. If you are good at english, thai, chinese, vietnamese, or arabic, you probably don't need to study anywhere far. Make BRKV forex your "teacher".

Conclusion

Forex trading may seem terrifying at the start, but if you stick to the right brokers like we said, and follow the advices we gave, you are good to go. Remember, just have discipline, follow the rules, and choose the best forex brokers for beginners, you will soon succeed in forex trading.

Fanara filippo

Hey, I’m fanara filippo. I’m the founder of this site. I'm currently living in bangkok, thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

Top best forex trading brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

Related articles of best forex broker for beginners

Best forex broker for beginners

Luke jacobi

Contributor, benzinga

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.Com

A solid online forex broker can help you get started as a retail forex trader. Your broker will serve as your primary access point for the foreign exchange market, so it’s to make sure it offers the services and currency pairs you require, as well as dealing spreads competitive enough for your trading strategy.

Ready to start trading forex? Learn more about which forex brokers are best for beginners.

What is a forex broker?

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the forex market. These forex brokers have an online presence in the form of an official website, and they target smaller traders who wish to operate in the forex market on a margin basis.

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like metatrader 4 and 5 (MT4/5) from metaquotes.

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

Best forex brokers for beginners

Since your online forex broker will likely be your main interface with the forex market, make sure you choose wisely.

Your ideal choice for a forex broker should be well-regulated in its local jurisdiction, accept clients from your country, have tight dealing spreads and a sufficient variety of currency pairs and other assets to suit your trading needs.

Benzinga has reviewed the field of available online forex brokers to come up with a short list of the best forex brokers for beginners. Take your pick, open a funded account and you’re ready to trade currencies.