Choosing a reliable forex broker can be tricky, especially for beginners. However, with some help, it can be made easier. I’ve listed some parameters on various forums that all beginners should keep in mind while choosing a broker -
- Regulations - For transparent pricing & safety of funds
- Multiple Deposit/Withdrawal Methods - Just in case, one method isn’t working, you have the option to choose another
- Trading cost - It includes spreads and commission. The lower their value is, the better. Swap is also there, but only for overnight trades
- Trading conditions - These consist of leverage, margin call & stop-out level, scalping & hedging strategies
- Bonuses - For trading higher positions with a limited capital
- Copy trading - To copy trades of experienced traders
- Customer support - In case you come across any issue while placing/exiting positions or processing funds
Here’s the list of brokers which are good for beginners and their details:
Links of Forex brokers discussed in the table:
- Avatrade & Forex.com are the only Market Makers, rest all are ECN Brokers
- All brokers listed on the table offer decent customer support via live chat, email or telephonic support. You can choose the method according to your convenience.
Links of Copy trading platforms discussed in the table:
Feel free to suggest any advice/tips for beginner from your experience or anything I’ve missed in the thread. Thanks!