You forgot to mention that it's a completely new (no reputation) unregulated broker that doesn't even have contact phone number on their website. That's like a recipe for getting scammed in the online Forex industry.
Forex Brokers for Beginners
- Thread starter Hough Stafford
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- forex trader
Look for brokers who have been on the market for more than 10 years and you will not have any problems.
I have been trying several brokers since my initial days in the forex market. I tried Exness as its spreads are tight. The standard account has no commission charges, but the professional account comes with charges of $3.5. After a few months, I tried another regulated broker that is Nadex. It was their commission that attracted me which is $1 charged from entry and exit from trade. They do not have crypto trading on the live account. On my friend's recommendations, I tried Coinexx - an unregulated broker. The spreads were tighter and the commission charges were lower at $2 per standard lot round turn. They allow crypto trading, but with fewer crypto pairs.
I don't think there's any single broker that is best for beginners, but there are conditons that would be advantageous to beginners. For example, a low deposit requirement in case someone wants to start with a small deposit, easy to reach customer support in case they have a problem, quick withdrawals in case they are in a hurry to get their money (as many beginners may be tight on funds), and low costs so that they wind up with more profits in their pocket. These are just a few examples and are honestly conditions that I think we'd all look for.
Hello everybody,
As you are aware, the forex market comes with accounts verity. I suggest Micro and Cent account types for starters. With a standard or ECN account, the minimum trade size is 0.01 lots (1,000 of the base unit) which is considered aggressive if one has less than a thousand dollars on balance!
So first thing first, choose the right account type.
I'm new to this forum, and I'm not sure if I can name a broker.
As you are aware, the forex market comes with accounts verity. I suggest Micro and Cent account types for starters. With a standard or ECN account, the minimum trade size is 0.01 lots (1,000 of the base unit) which is considered aggressive if one has less than a thousand dollars on balance!
So first thing first, choose the right account type.
I'm new to this forum, and I'm not sure if I can name a broker.
I think the best advantage for beginners may differ than the best advantages for more experienced traders. For example, a beginner may benefit from a smaller deposit requirement and may not need as high leverage as someone that has been trading for a while. I'd also imagine that many beginners would need quick deposits if money is tight, but I think most of us prefer that anyways.
Hello! Can you please tell me where I can find a list of trusted brokers in South Africa?I am just starting out and want to find tips and recommendations. Thanks
Exness, Tickmill, Hoforex. I think min deposit requirement is even low. The rule of thumb is to focus on broekrs with FCA license.
As someone who's new at all of this, I agreed with what you said. Is there any broket that you suggest? I'm still newbie and learning and also searching for a broker to start with.In order to not burn your fingers, newbie traders should find a good balance. The brokers should have good trading conditions, fast execution of course and needs to be well regulated and secured. I always recommend EU brokers more than others.
trading conditions depend on the own trading needs but since newbies do not have a strategy at the beginning, since they need to find their way, just care for having smooth conditions and Spreads below 1 pip. ... it often SEEMS that all brokers have below 1 pip in eurusd, BUT real conditions while trading are mostly othersso do not look on what they publish on their page, but check out via Demo or small live as well as research on the Broker.
