I agree. Avoid brokers wich give you incentives to open an account with them. You will never know if you loose your money because of your lack of experience or because the broker cheated you.
I say DYOR, there are no shortcuts. I did an extensive research before signing up with finprotrading.
Online reviews are very helpful to a lot of newbies and I think traders should be more responsible towards their choice of brokers .
Fxview and fxcm are good to start with, trading begins at $50, both are regulated brokers with good trading conditions.
Yes choosing right payment system is important if you want to get fast withdrawals. I use Skrill with Hotforex and usually receive my withdrawals within 24 hrs
There are many brokers that will allow you to trade with the amount of money you have. You should choose a broker that fulfils your trading requirements and have decent trading costs.
I’d suggest you try their demo account and check the responsiveness of the customer support before start trading live with the broker.
The term best i subjective. You need to outline your trading needs to find a suitable broker and also check the reputation of the broker on various credible sources.
For beginners, I would recommend Avatrade or FP Markets since their demo accounts also provide educational materials such as e-books, webinars, and video tutorials for beginners to learn and develop new skills or strategies.
Best approach is to go for brokers that offer micro accounts, so you can practice what you learn without risking big. AAAFx and FXTM are two brokers I know that have a low min deposit requirement of $10, and even I found their spreads to be quite tight and the commission is also low, so I’d say good for beginners.
Totally depends where you are located really? If you are in the EU - ICMarkets are a good option.
If you are based in the US, AUS etc - you will struggle to get any decent leverage, so you are best looking at an offshore option.
Choosing a broker can be a tedious job is very crucial. You should check the online reviews to shortlist the preferred broker’s list. Then you can try their demo accounts to have a clearer picture of the trading conditions offered by the broker.
Consider regulations. As a beginner you might not have a clear idea of what broker to rely on, it is best that you choose a regulated broker to be on the safer side.
Beginners must choose a broker that has low minimum deposit and competitive trading conditions.
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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.