It’s not easy to identify the best forex brokers among hundreds of brokers, especially for newbie traders. I have many years of trading with a lot of forex brokers everywhere such as: the best forex brokers in Thailand and the best ECN brokers and so on. Besides, many reviews were conducted, like Excess reviews to point out the best forex brokers. This article is written to help you recognize the best forex brokers. Some of the following criteria are the bottom lines to determine them.
They should have suitable account types for traders
There are two types of account that almost all brokers offer, which are demo and real account. When you’re still new to the trading market, brokers often recommend forex demo account to you by saying this is the most suitable account type for your needs. The reason for this is mainly because demo account is designed especially for beginners. Therefore, the trading conditions are easier. Then the beginners are familiar and have gain a fair amount of knowledge of forex trading, they should move on to real accounts.
Real accounts can be categorized into two types: regular accounts and ECN account. Regular accounts are for traders who have a fair share of knowledge about forex trading. For traders who pass the beginning level in forex trading but not that good, there are Cent or Micro accounts from some big brokers that are suitable for them. The other regular accounts are Standard account or Mini account. The trading conditions of these accounts are a little different from Cent account but the difference fits traders at this stage. Then comes the ECN account, which is created for experts who trade huge amount of money. A good forex brokers should have many types of account with various features so that all kinds of forex traders can work with them.
Top 3 brokers with the best forex accounts:
- Exness
- HotForex
- FBS
Plus, the best forex brokers for beginners:
Professional traders and experts really care about the broker’s credibility, trading cost, and quotes quality. That’s not the case for beginners, since they only deposit a small amount of money so brokers don’t need to cheat them. At the beginning, the brokers only want you to stay with them as long as possible so they give you the best trading conditions. The things you should pay attention to is deposit/withdrawing system, Cent/Micro account, and the support team.
Forex is very complicated so you should stick to the simple and basic. Work with the brokers who make it easy for you to deposit and withdraw your money. It’s best to find those who cooperate with local banks in your country.
Cent account is the best trading account for beginners because, firstly, it is a real account. Therefore, you are trading in real-life trading conditions with real spread, real quotes, real volatility, or slippage… If you win with Cent account, you will start to win with other real account types. Moreover , trading Cent account will give your discipline. Because if you don’t follow risk management, you will lose all of your fund instantly. What is a better way to teach you about discipline than that? Lastly, Cent account doesn’t require much to open. With a little money like $10, you can practice trading forex for months in real-life conditions.
Finally, a great broker for beginners must have a good customer service. New traders will need help all the times so the best forex brokers for beginners should be always available, be able to assist customers in your mother languages and have local offices in traders’ countries.
Top 3 best forex brokers for beginners:
- XM
- Exness
- FBS
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