Do you still lay with forex? Interested in forex trading but do not know where to start? If yes, then usually you will be advised to start studying in demo account. But the problem is, which brokerage demo account? There are so many forex brokers scattered today. Almost all offer free demo accounts. There may be no requirement that you should open a demo account, because once again, trading on that virtual account is free and at zero risk. But is not it better to open a demo account at a beginner friendly broker?
This step will facilitate you in studying forex trading, as well as opening the way early if later you are ready to trade in a real account. Well, what should be considered in finding the most suitable broker if you are still a newcomer? In addition to mandatory requirements such as free and unlimited demo accounts, good regulation and customer service, here’s 5 important things when choosing a forex broker for beginners:
1. Minimal Low Deposit
This feature is important to meet the needs of your newly completed learning process on a demo account. Maybe after a long trading on a demo account, you’ve managed to profit consistently and feel ready to step into a real account. But as good as any performance in your demo account, certainly can not be used as a benchmark to predict success in real accounts. For that, it would be very dangerous if you immediately invest a high deposit when you first open a real account. Choosing an account with a low minimum deposit capacity is the right solution to avoid those risks.
2. About Leverage
Low minimum deposit rates sometimes also provoke the need for high leverage levels. This is not entirely wrong, given that high leverage can provide more opportunities if you have low capital. But because the real nature of leverage is like a double-edged sword, then the maximum limit is not always useful for beginners. In fact, high leverage can only be maximized by those who already understand the margins and risk of leverage.
3. Minimal Low Lot
Trading size also needs to be an important consideration when you choose the type of account in a broker. The bigger the lot used, of course the higher the risk also. Size of trading with standard lot is usually not favored by beginners, because brokers now offer trading solutions with types of lots that are considered more suitable for beginners, such as micro, nano, or sen.
4. Forex Learning Guide
This feature can be various forms, and can be a useful facility in addition to showing the broker’s commitment in providing the best service for beginner traders. The forex broker learning guide does not always have to be in the form of forex schools, online courses, or personal guidance. Although there are some brokers who offer it, but the form of educational trading is more rife offered is usually a webinar program, forex seminars, as well as exclusive ebook and video tutorial trading.
5. Simple But Meets Needs
Simple here can apply to more specific things such as web broker look, or more general components such as broker service as a whole. There are times when a broker has many extra perks, so ignore the element of simplicity and keep it away from beginner’s interest. No need to offer many tools or additional indicators, a broker has been said to qualify for beginners as long as it can meet the basic needs of traders, such as trading platform (minimum MT4), forex major pair as a trading instrument, deposit options and withdrawal, and so forth.
By looking at the above five features, here are 10 forex brokers recommended for beginners:
InstaForex brokers have long been the primary choice of newcomer traders. Brokers who have been operating since 2009 is indeed known quite novice friendly. Not only provide convenience InstaForex deposit from 1 USD only, the minimum lot at this broker also greatly accommodate the needs of the beginners. It can be found in a variation of InstaForex cents accounts allowing traders to trade with minimum lots as low as 0.0001.
For study guides, InstaForex provides many forex education programs and media. There are special websites instafxecucation.com, courses in learning video formats, exclusive paid learning programs, as well as forex trainers, trading simulators for beginners. In addition to being conducive to newcomers, InstaForex also offers various bonuses, such as InstaForex deposit bonus and intermediate pairs thanks to cooperation with Sentraegold, ie InstaForex rebate up to 1 pip in each trading.
Instead of InstaForex, XM deposit is higher, ie 5 USD for Micro and Standard accounts. However, this broker is no less competitive in terms of facilities to learn trading. XM provides forex webinars that are held for traders in more than 10 countries, including Indonesia. In addition, there are also various educational videos, as well as seminars in various cities in the world.
XM Brokers also include concise and efficient in presenting its services. This certainly facilitates the navigation of beginners who are often confused to look for certain aspects of the broker. Regarding the minimal lot, XM chose to apply 0.01 as the smallest trading size limit. Not only focus on trading conditions, XM also offers first deposit promo to ease the new clients. More information about the promo can be listened here.
In addition to providing a free demo account, another aspect that makes FBS brokers suitable for beginners is the presence of cents and micro accounts whose initial deposit and lot minimum is low. FBS has also recently redesigned its web design to be more instructive, which can certainly guide new traders more effectively.
It’s just that, FBS not too emphasized its service on the trading guide. In fact, the education feature is placed separately on another site, fxbazooka.com. On a website that is actually intended to accommodate the news and analysis, there is a corner “Study Forex” which contains general information about the basics of forex trading.
FBS has many bonus programs that are mostly seasonal. One interesting promo from this broker is rebate up to 60% which can give bonus in every your trading. Want to know more about the bonus? Please review the information on the FBS rebate guide page.
Since its launch last 2014, broker FirewoodFX has brought the concept of novice friendly. This broker is not much neko-neko in offering services. Starting from the web interface to the forex learning section, all presented simply. For beginners looking for deposit and low minimum lot in FirewoodFX, Standard account can be the best choice.
Not much different from forex brokers in general, FirewoodFX also provides a free demo account. The forex learning section is available in the form of general articles to provide basic knowledge about forex trading. When viewed at a glance, FirewoodFX does not seem to provide a unique feature that can make it stand out as a forex broker for beginners. But actually, these brokers have offered a fixed rate fix service that is still rare among brokers. Unmitigated, this fix rate is also available exclusively for Indonesian traders. This feature can be obtained only by depositing FirewoodFX and withdrawal FirewoodFX via local exchanger like Sentraegold or FasaPay.
FXOptimax brokers may be considered by beginners. Although the choice of the account seems a little confusing, this broker can offer deposit conditions starting at 10 USD and a minimum of 0.01. The range is relatively low and still within normal range for newcomers. Besides the free demo account that is mandatory, FXOptimax also looks simple and informative.
However, FXOptimax adopted a study guide model similar to FirewoodFX. Educational program at this broker looks not equipped with attractive media such as video or ebook. Basic information about forex trading is only featured in a short article in “Forex Trading” section.
FXOptimax does not miss an attractive bonus as part of its efforts to attract new clients. Counted already there are some seasonal bonuses offered at this broker. One of them is a deposit bonus that is held consistently from time to time. Most recently, the broker is upgrading his 20% deposit bonus to a 50% deposit bonus.
If discussing the best forex broker for beginners, then it is incomplete if not mention Agea. Brokers that have been established since the early 2000s is indeed known to facilitate newcomers, both with low deposit and lot conditions are low, or the concept of simple services. Not only that, Agea is also a provider of Streamster, a non-MT4 platform that pretty much favored traders and support the needs of beginners.
The Beginners trading guide guide is in the “Resource” section. There are many articles on the basics of forex and the ways of trading that can be used by newbie to learn. Coupled with his proven experience over the years, Agea’s services as a beginner-friendly broker certainly can not be underestimated.
LiteForex’s reputation as one of the pioneer cent accounts can be considered to be enough to place it in the best forex broker ranks for beginners. But in addition to providing first needs trading with a lot of cents, LiteForex was also equipped with other features that complement the needs of newcomer traders.
In LiteForex penny account, you can open an account with deposit starting at 10 USD, and trading with lot of cents as low as 0.1 (100 units). There are also special features for learning forex that not only provides articles for beginners, but also a simulator trading that can be directly tried to facilitate understanding of traders will be forex trading.
8. Hirose UK
Visiting Hirose UK’s website may not initially give a promising impression. But behind the shortcomings, stored the advantages that rarely exist in other brokers. As a broker who has got FCA UK regulation, trading conditions at this broker seems quite accommodating for beginners.
In addition to providing a free demo account, Hirose UK also set an initial deposit in the affordable range, just 20 USD only. Traders are also facilitated with a lot of micro, as well as the choice of MT4 platform and LION Trader (typical platform Hirose UK itself). Interestingly, Hirose UK does not provide a large selection of trading instruments. Conditions that do not necessarily become the shortage of brokers, because for beginners, the variation of the pair is too much is not necessary. In addition, Hirose UK also provides trading learning guides in the “Education” section.
Through its micro account, FXOpen provides convenience deposit starting 1 USD and minimum lot 0.1 microlot. In addition to micro accounts, this broker also has another type of account that is still conducive for beginners, namely STP. In this account, the initial deposit is set to a minimum range of 10 USD, and the lowest trading size is only 0.01 lots. Although not much to provide extra facilities for trading purposes, but this broker has a web concept and a simple but complete service.
Alpari has a special education for novice traders. Not only provide articles about introduction of forex, this broker also put video tutorials, and open online learning courses with professional teachers. Alpari also offers a nano.mt4 account that is very suitable for the beginner’s needs. The reason, there is no minimum deposit in this account, and traders can also trade with a lot of nano is very low.
To simplify your observations in recognizing the conditions of the above brokers, here is the comparison table:
*list of best forex brokers for beginnersClick image to enlarge table
In determining the choice, there is no certain element that can be a definite benchmark. For example, a broker with the lowest minimum deposit can be a preference for those with capital, but not necessarily favored by those who do not mind the size of the initial deposit. Whatever the choice of broker, it is important to adjust the broker specifications, the following advantages and disadvantages with your trading needs. In this case, a review of the above 10 brokers can be a good reference for you who want to start trading forex.