What is the best broker to use as a newbie and why?

Broker Discussion
1

Hi all,

Im a newbie to the world of trading and just wanted peoples thoughts on best brokers etc. I want to avoid any scams and/or issues if I can! thanks

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2

Lots of them out there. I’d do a Google/Facebook search to see what people are recommending. Avoid any that offer bonuses though…

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3

XM is good one for newbie, fully regulated by FCA and ASIC Australia. I like this broker cause accept skrill payment and support MT5 trading platform.

https://fxdailyreport.com/pepperstone-vs-xm/

according above comparison, XM is better than peperstone with minimum deposit just $5.

4

Use the search feature of the forum.
There are numerous threads with recommendations and tips on how to choose…

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5

There are numerous brokers available to you so used the forums here and in other forex communities.
I personally use multiple , Oanda and Hugosway my main brokers as I’m big on Crypto trading .
However use due diligence when choosing

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6

Your biggest enemy is your psychology. Unseasoned and mentally unprepared trader faces with the greatest challenge in his trading career - lack of discipline. Eliminate emotions from your trading and with decent effort and patience you will succeed. But it may take up years.

Regarding brokers use any for demo but when it comes to the choice of broker for live trading, use brokers which are located in strict jurisdictions and read carefully their ToS

7

Google is a good place to start and read all the reviews etc. Stay away from any broker that offers a bonus. Good luck :blush:

8

thanks guys :slight_smile: I will be taking all the comments on board

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9

Definitely avoid broker bonuses

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10

Hope they’ve helped! Any questions just ask

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11

Yes definitely avoid them!

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12

thanks I will do :slight_smile: I have heard alot of people say stay away from bonus’s

13

Lots of broker recommendations can be found on Facebook too

14

From what I’ve seen FB is a breedingground for scam artists and referal hunters. Wouldn’t trust any of them with my cash.

15

have to admit I agree. I thinkI will stay away from Facebook!

16

I have been working with a regulated and credible broker ForexChief since 2016. And I have started my trading journey with it as a new baby. What I simply love about this broker is: it is providing me complete customized services of narrowest spread, competitively lower commission rate and yes, 24/5 trading facilities with full time expert assistance. I can talk with the expert any time and yes I am enjoying moderate leverage of 1:400.

17

It certainly is but you can easily pick the genuine recommendations by ignoring anything with links or “inbox me” in the posts

18

I trade in the currency market, before choosing a forex broker, I always check these 7 criteria to find the best forex brokers for a good trading environment.

World class customer service

Competitive spreads and pricing

Trading platform

ASIC and FCA regulated (UK)

High speed execution of order

Set stops and limits

Trade Multiple accounts

I hope that these tips will be helpful in choosing a better broker for you.

19

Just sign up with the biggest and oldest firm operating in your area which is not regulated by some tiny island republic. Even if its not the right provider for you, you will learn enough to know how to identify the right one and you probably won’t be scammed.

Of course, some will say don’t go with them, they are arrogant and their customer service is terrible. So you could sign up with a tiny firm run by someone with a made up eastern European surname that set up last week in Vanuatu with sub offices in Cyprus and Belize to trade binary…

20

Of course one broker may simply be not enough.
Some may be restricted in certain areas and may be restricted on certain asset classes.
I personally would rather use 2 brokers just to keep my options open.