Hi all! I am starting off my forex journey with $200, wouldn’t mind going even lower if there are any such brokers. From what I have gathered till now, spreads matter! Would love to get some references of brokers that offer low spreads. Looking at trading these pairs - eur/aud, chf/eur, gbp/eur, or even usd/eur
IMO, $200 should be the minimum amount to give you a chance to build up your capital. Even then you’ll be trading small lot sizes. I’ve found that Pepperstone (a safe broker) offers very tight spreads, which are comparable to practically any other broker.
Worth looking them up.
If you are looking for a broker then go for a regulated broker. Though you will get low leverages with a regulated broker, but your funds will be secured and on the top of it, you will get low spreads.
It’s good to start with small. But before that try to develop your strategy and trading routines. What to do and what not to do in a certain market situation is very important. Try to note down those.
I think the fact youre new. A broker with a demo account will be best first
Thanks Steve, the only reason I am planning on putting less money at stake is because I am PETRIFIED to say the least to enter the financial market. At the same time I have seen my friends make good money here so thought I’ll also give it a shot.
Sure I’ll keep that in mind
Thanks for the advice Stephan.
Forexcom - $50 deposit requirement
FXTM - $10
Oanda - $1
Finpro - $5
You will find a big option of brokers who will let you open an account for free. But ask yourself - what are you going to gain out of such small amounts. At least start with $500.
Why would you say that? I started with $200 and after losing such amount many times over finally got into triple digits. It is always better to start small than lose big amount in the beginning and lose all your confidence. See, losing is definite. It’s something that has to happen only after which a trader learns and develops winning strategies. If confidence is lost in the beginning no trader can go far.
Google list of brokers that give low spreads and you will find lots!
Thanks but no thanks. I feel it’s better to know personal preferences of people for better insight than look for a random list online.
I am on that route
Another broker I’d add to the list is XM, and also Turnkeyforex. Both have very less min deposit requirement. But like I said before, try to increase your trading capital amount. Anyway commission and spread costs with most of these brokers is negligible. So you can really afford to do so.
Go markets is giving 0.2 spreads on EURUSD and 0.5 on GBPUSD.
I would say concentrate on only 1 pair to begin with. Analyse it well, keep an eye on the news related to the countries of whose currencies you are trading. Fundamental analysis will take you a long way in trading.
Certainly that’s a good way to go about it. I started with USD/CAD on turnkeyforex last year and within a year got enough confidence to trade minor pairs as well and to handle 3 different accounts including Forex.com and Pepperstone besides Turnkeyforex. From a thousand USD to touching 30 in a year I think I have done good for myself
Maybe look at an IC Markets Raw Spread account. Works well for me.
I have been using pepperstone myself since long now to call them reliable in all aspects - favourable spreads, withdrawals, order execution. If only their cost for holding positions overnight was lesser.
Are the spreads fixed? And how is the overall trading platform?