What is a good broker to go with if you know nothing about forex am barely starting but serious about learning
Where do you live, may I ask?
Honestly, when just starting, I think any semi-reputable broker will work. You’re just learning the platforms and trade mechanics (entry, exit, stop loss, take profit, order types, etc). Charting could be a differentiator, but then again, many brokers are using one of either MT4/MT5, their own web based trading platform, or TradingView.
I’d say find a couple regulated in your country, register for them all, see if any are easier to use than another, maybe contact their support team if you’re super inclined, check out there charting and leverage options, minimum account balances, etc.
Go from there. Plenty of comments here in the Forums about who is and isn’t good. Have a read of a couple threads.
You’ll figure it out.
Hello! This lesson from the School of Pipsology is a great guide if you don’t know what you should be looking for in choosing a broker.
Not all brokers provide Demo Account. So you need to go with a broker that provides Demo accounts free of cost if you are just starting out. Few things to keep in mind while finalizing a broker:
a) The spreads should be good
b) Commission not very high
c) Fast execution
d) Reputed and been there for a long time
You can do Pipsology course from Babypips and at the same time start trying your hands on demo accounts to check your strategies. Once you are confident about your strategies, then you can move to a Live account with that broker.
It is also a good idea to open demo accounts with different brokers to compare their spreads and execution. If you need suggestions for broker names, we will be happy to help you with that.
Demo trade with the brokers you are considering to make the right choice.
Did you pick a broker?
First you must devise your trading plan, like what strategy are you gonna be using, the time frames, indicators, trading platform, and then accordingly go for a broker.
That’s right, not all brokers are compatible with the EAs you might want to use or might only offer their proprietary trading platforms, such things matter a lot while trading, so have to be very careful with this process.
@Daniel are there any brokers nowadays that restrict automated trading? Although I haven’t used many brokers, my experience has primarily been with turnkeyforex and I use their MT4 platform, but I would be surprised if a basic feature like algo trading is not available on a platform.
Yes, the usability and interface may differ, like I find it easier to trade on turnkeyforex than octafx, but if we talk of their flexibility in terms of trading, they are both not very different.
None shall work since you know nothing right? I’d rather suggest you go to the Pipsology School first and learn about forex trading a bit.
The concept of good broker would be different for every trader, based on their set of requirements. But general features of any good broker is low commissions, high leverages, tight spreads, rapid execution, choice of trading platforms and safety of funds. It is always better to get your hands on the demo account first to have a practical experience. Some of the available options are ■■■■■■■, CMC Markets &Saxo Market. You can look them up and sign up with them if they work for you.
I would suggest you go for a broker which offers low commission and accepts a lesser amount of deposit to start with. I am currently using Turnkey forex, eToro, and Swissquote. You can open a demo account with them to check their trading conditions
Agreed I use CedarFX for smaller accounts but IG for my main account. Best thing to do is demo with them and check how they operate.
Why are you using 3 brokers?
And why are so many traders here always using 3 brokers?
I would suggest browsing a bit so as to get a good idea of some brokers who seem reputable. It is important that the broker you choose is licensed as you want to make sure everything is done properly and according to the laws. The choice may also depend on where you reside to a certain extent. There are many good brokers, as well as some shady ones. So do take your time to research as well as check reviews.
Did you give this a go @Danielrhernann?
Starting out with fxview might be a good idea. They got good conditions and support is very helpful, as a beginner, you can count on them for the endless queries you may have.