Beginners must choose a broker that has low minimum deposit and competitive trading conditions.
1 Like
Agreed! Always start small and trade small lot sizes.
Which regulation is the best in you view? I have experience with FCA regulated brokers like Hotforex, however I haven’t tried ASIC brokers, maybe they also deserve our attention.
Agreed! Started with coinexx because of thin spreads and low commission fee plus minimum deposit is only $10, so went live right away.
Great choice however Hotforex allows to trade with same small amount of money but offers more trading instruments including bonds and stocks that pay dividends.
Choosing a broker is not easy, especially for beginners, but I found this thread, which might give them a clear perspective as to what things to look when choosing a broker. Here’s the link to it - How much do you factor in other trading costs, beside low spreads and low commission, before you select a broker?
Many traders underestimate the last one on your list, customer support. It’s very important you check well if they have good customer support system because it’s going to make things easy for you. Probably among the first things tried out while considering forexchief, I can say they do well in this regard with different language options.
@flok Absolutely, customer support is an important feature. Beginners will have all sorts of problems initially, and if customer support is not prompt and reliable, there will be a lot of chaos, which will be hard to sort out.
In this matter, I would like to add that it’s vital to consider deposit and withdrawal methods as well to be sure it will function the way you expect to have your money. There are some regional limitations to take into account, don’t forget to do this research as well.
My point exactly, that has to be something every newbie looks at. Forex has really done well in this regard, kudos to them.
That’s solid advice! Deposit & withdrawals need to be smooth and fast. In the past, I faced some issues regarding withdrawal processing with a broker. It didn’t end up well. So, I can’t stress enough how important it is to check these aspects before finalising on a broker. Now I am trading on fxview & xm only. Glad that they both provide a number of options for funding and withdrawals.
Agree many things related to trading are quite specific and difficult to troubleshoot using broker FAQ that’s why don’t hesitate to get in touch with support and ask questions you have.
I think we should always start with demo trading when choosing a broker or even while switching or trying out a different broker. Make sure the platform they provide is functional and their trading conditions are suitable for your trading style. Checking reviews of the broker is a good practice too!
It’s not that hard to find a good broker. But becoming a good trader is quite hard and unfortunately many quit before they reach that point. You need to be thick skinned to withstand the test of time.
Basically, you need to pick 2-3 brokers based on your requirements. Then start demo trading with them and see which one would be most ideal for you as a trader. Different type of traders prefer different types of brokers. So, you need to find the perfect match yourself.
Can be annoying when you have a query and then there is bot replying 
And if you are not happy with their reply, they will redirect you to actual support which takes a bit longer. Sometimes we really need a person to clarify the doubts, someone who can provide a quick reply… So, we should always check that while opting for a broker. I have accounts with 2 brokers: fxview & fxtm. They are very responsive and it helps me out.
There are many good brokers for beginners basically their conditions would look the same until you mature and start to look under hood comparing execution inefficiencies measured in fraction of seconds. But for now it shouldn’t matter for you. You can try Hotforex, Tickmill or any other FCA regulated broker. Make sure you start with low leverage.
- Charles Schwab.
- Interactive Brokers.
- Robinhood.
- E-Trade Financial.
- TD Ameritrade.
- Webull.
- Ally Invest.
- Merrill Edge.
Adding to your list aaafx,
fxtm,
Tickmill,
Avatrade, and
BDSwiss.
Is HotForex now HFM? All brokers you suggested seem veterans in this industry.