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The Best Forex Brokers for Beginners
The Best Forex Brokers for Beginners are the forex brokers who are suitable for newbies in forex trading since they have unique features makes starting forex trading with them easier than other brokers.
How to Select The Best Forex Brokers for Beginners:
There are some factors which will help you decide which forex broker as the best for you as a beginner including:
The regulation of the best forex brokers for beginners:
Trusted forex brokers are regulated by an authority which monitors them and regulated their abidance of the financial norms. In Australia, we always recommend ASIC regulated forex brokers since ASIC is the only authorised organisation to regulate forex and online trading brokers. Other regulations which you might also consider include NFA and CTFC from the USA, FCA from the Uk.
The spreads and commissions in the best forex brokers for beginners:
For beginners in forex trading, it is crucial to find a low fee broker since you are just starting trading and you do not want to lose much money for forex brokers. We always recommend low commissions and tight spreads forex brokers.
The min deposit in the best forex brokers for beginners:
With some forex brokers, you can start from $5 such as XM. Some other brokers need more to start online trading, for instance, with Pepperstone you will need $200 to start online trading, with ThinkMarkets you will need $250 to open an online trading account. What is best trading account for beginners? It is recommended to start with a mini trading account or with $200-$400 capital.
The trading platforms in the best forex brokers for beginners:
Although most of the online trading platforms are similar, it is convenient to make sure your broker has the best forex trading platform for beginners. I would recommend MetaTrader 4 or MetaTrader 5 as the best forex trading platforms for beginners for some reasons including they are user-friendly so they are easy to use and the other thing there are many online tutorials which might help you learn using them efficiently.
The customer’s support of the best forex brokers for beginners:
It is important to have a supportive customer care who can help forex trading beginners to start trading since forex trading needs long-term support.
The forex learning in the best forex brokers for beginners:
Some forex brokers offer online tutorials for forex beginners which can help them to understand many of the technical terms in forex and teach them how trade using the online trading platforms.
Forex glossary for forex beginners:
Spread the difference between the selling and buying prices.
Pips: the smallest decimal change in an asset price quote.
Lot: trading volume unit. One standard lot = 100k pips.
Trading platform: the computer/mobile software which you will be using for online trading.
Short/Long positions: short is a selling position, and long is a buying position.
Levarge/Margin: leverage is the gain which amplifies your capital. Example, your capital is $200 with leverage 100:1 you can open position with $20k. The margin is the min amount of money required to open a position. It is 1/levearge. For our example the leverage was 1:100 so the margin is 1%. Leverage is double-edged sword which can increase your profit and at the same time increase your loss, so choose your leverage wisely. The best forex leverage for beginners should not exceed 1:10.
If you have any question please leave your comments below.
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