Hello everyone.
I am thinking of opening a Forex demo account first and then when I am ready I will open a live account. I also started the school of pipsology!
What broker do you recommend for a beginner with low budget? (I live in Greece, EU).
Thank you in advance.
yes demo account is really good for beginners level , no doubt and at the same time to continue psychology of school is really a great decision.
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demo is good but the knowledge we take from demo actually not works in a real account. this is the main problem.
yes i am 100% agree with your message.
I would suggest to opt for a broker which has Mifid and FCA license like Hotforex or Tickmill.
You can start with fxview for $5 and they’re regulated by CySEC, so covering the reliability part as well.
Decide what might be important to you regarding conditions, availability (if an issue), regulation (if at all) etc and have a look into the reviews of brokers on this site and others as well.
Demo accounts are same everywhere one of their main drawbacks is much faster execution speed compared to live accounts which falsely boosts performance of some speed-sensitive trading systems. I would suggest to try any demo account and then switch to reliable trusted brokers like Hotforex or Exness.
I would definitely recommend CedarFX, especially since you mentioned having a low budget. You can open an account with as little as $10 there. I get that isn’t much, but I actually started with a low deposit there and later started to add more to it. Another big help for beginners is that they don’t charge commissions or any extra fees, so you only have to keep track of the spreads.
Most important point of a broker is price discovery NOT spreads. Your B-book brokers can manipulate price therefore price discovery will be different from them to a regulated broker. You want a broker with a strong regulator framework and STP type setup.
I’d recommend turnkey forex. You can create a demo account using MT4 or MT5. When you’re done practicing in a demo account, you can create a live account with a deposit of $10. Their trading conditions are good and withdrawals are also processed on the same day.
Try a demo account first. I’d recommend CedarFX personally for you to try
I would recommend EagleFX there a solid broker $10 min deposit , fast withdraws 24/7 support they also have a demo account . I’ve been with them for a while and never had any issues maybe check them out
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Lots of choices out there these days, but I recommend that you also do your own research and look at reviews online. Always go for a broker that is well established and has good reviews.
Also always start on demo and test things out, start off small too.
Here are some broker choices that I find are reputable: ICMarkets, CedarFX and Fusion Markets.
Good luck with your trading.
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yeah from a new trader point of view all of these would work, just need to set up and test them to see what works for a new trader and the way they trade, there are loads out there but as you mentioned always start with a demo and test them out.
if you are new then pick one that allows low deposit and offers a micro/cent account like aximtrade so you aren’t committing a lot of money. Also either go to education tab on babypips or pick a forex course online to start learning cause trading without knowledge or plan is pure gambling.
Learning using demo account is a smart decision but just bear in mind that a live account can be very different in terms of speed of trade executions. As for which broker just do some research and choose a broker with lots of recommendations and look for things like low deposits and high leverage and small lot sizes to start with.
You can give AAAFx a try, they’re regulated by HCMC.The spreads and commission are quite low and might fit what you are looking for. Plus you can open an account with just ten bucks.
This is key to succeeding as a newbie, always start with small amount no matter how much you have. This helps you get the handle on the market without much risk. I remember loosing so much in my first days because of greed.
I started picking back up when I registered with Forexchief and read an article about starting small on their library, and they have a very good start up minimum account of $10, so I just went with that and am glad I did.
Good recommendation. 
I`m also with them for more than 3 years already.