Newbie looking for some advice!

Beginner Questions
1

Hi guys,

I am totally new to forex and currently educating myself with baby pips education etc. I will be looking to begin some demo trading to put things into practice in the near future. I understand that there are 100’s of brokers out there that offer demo trading but I was wondering if anyone would give me some tips on which brokers to go with and any recommendations would be much appreciated.

I am UK based if that matters.

TIA

2

learn from baby pips is very good , besides this you should keep practicing at all times.

3

Have you read the School yet? It covers your question and a millions others.

Here you go. “Search” is your friend.

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4

Hi,

I am also UK based(london)…I use IG as I like thier drawing tools and I think for a newbie its good as they love the customer support…Anthoer platform would be be FXPro its less user friendly but I think the spreads are a little tighter.

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5

I use OspreyFX’s demo account. Good option for you to consider!

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6

UK-regulated brokers are all required to offer as far as I know -

  • negative balance protection (so that you can never owe them more than you deposited)
  • restricted margin rates (you won’t see a UK broker offering 1:500 leverage I think)
  • segregated clients’ funds (your deposit is not added into their bank account to pay their lighting bills so if they go bust the electricity company cannot snaffle the lot)
  • client deposit protection (so that if the firm goes bust up to £85k of your deposited cash is protected and will be reimbursed)
  • no price-rigging against clients to hunt stops

To check if your broker is UK-regulated check to the register on the FCA website.

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7

by using demo account i think its not possible to predict brokers real performance.

8

for newcomers solution is very simple , just do baby pips course and trade in a micro account.

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9

its a very good summary about regulation , thanks for the nice post.

10

Are you talking about slippage? Good discussion about that and other newbie tips here (from season members and traders):

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11

But I started using their demo after talking to fellows that use their live account.

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