Posted by john wayne on December 6th, 2018

For beginners, a suitable broke is the very first thing that you should be looking for when you first started trading. After years of trading, I’m confident that I have enough experience to offer you some of my insights on choosing brokers, trading as well as to offer you my review of some of the top brokers.

To start with, here’s my best forex brokers for beginners that I’ve personally ranked: 9/10 9/10 8/10

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1. A perfect broker for everyone

First off, I’d have to say that there really isn’t a perfect broker for every single one trader out there. However, there can be a perfect broker for you, one that is suitable for your trading needs and tactics as well as your location and trading style. For beginners, it’s in my professional opinion that you should choose a broker that has good service in your location and good trading conditions to help minimize your loss because obviously you’re going to lose a lot before gaining any profit.


2. Common misunderstandings and mistakes among beginners

The very first common misunderstanding among beginners that I’d like to address is demo account type. Most beginners who follow popular trading guides and tips were told to practice trading with demo account. While this might sound like a good idea at first, but in the long run, it’s a time-wasting method and even a counter-productive one at that.

Another misunderstanding that I’d like to address is about the trading profit. Beginners are known to be aiming for high percentages of profit, and let me stop you by saying that the key to success in forex trading is not by taking big risks, but by being stable. It’s recommended for regular trader to have a monthly profit from 3% to 5% in order to have a stable profit.

3. Standards for choosing the perfect broker for you

As I have mentioned above, here’s some of my standards when it comes to choosing a broker:

-     Low deposit requirements.

-     Small trading lot requirements.

-     Good local support.

-     Trustworthy

-     Good training and coaching programs.

Low deposit requirements.

This is one of the key factors for beginners since all beginners want to start small and deposit as little money as possible.

Small trading lot requirements

As beginners, you’d want to open as many trading lots as possible to gain more trading experience, that’s why you’d need the small trading lot requirement from the broker. As far as I know, with Micro or Cent account, you can open your trading position with a value as low as 0.0001 or 0.00001 USD. This is especially convenient for beginners since with these benefits, a can last them for a whole month of practicing under the real trading costs.

Good local support

The beginner traders are always in need of personal assistant and support since they’re usually filled with unanswered questions. It’s best that you should choose a broker who can offer support in your native language in order to learn more efficiently.


This criterion might not be that important for beginners since they might not stick with the broker that long and most of them aren’t investing that much money, however, trustworthy or reliability is still the main standard that you should go for when choosing a broker.

Good training and coaching programs

Obviously, as a beginner, you’re going to lose and learn along the way but there’s a better way of learning and that’s by being coached by other professional from the broker. Most big brokers offer this kind of service, including the three brokers that I’ve mentioned above.

4. List of 3 best forex brokers for beginners 9/10 8.5/10 8/10

As mentioned in the beginning of the article, here’s the top forex brokers for beginners. Their perks and benefits are as follow:

XM has the lowest requirement for opening positions (0.00001 lot USD). They also offer exclusive coaching service and other added benefits.

Exness has Cent account with the requirement for opening positions being 0.0001 USD. Exness is also known for their advanced payment system and overall excellent customer service.

FBS offers relatively the same service as the other two but for customers who’re in SEA countries such as Indonesia, Laos, Thailand and Vietnam only.

5. Should beginners get welcome bonus?

Without any doubt, you should always get welcome bonus. However, there isn’t any guarantee that you could withdraw the bonus immediately after creating the account because most brokers have very strict policies regarding bonuses. For example, for welcome bonuses, you’d need to have at least 10 lots traded in order to withdraw the profit. But still, you could always trade using the bonus money and gain more profit this way.

6. My personal advice

Use Micro/Cent account to trade

Deposit no more than 0 for the first month

Learn about risk management

I’ve already gone over Micro/Cent account above so there’s no need to explain this again. However, my personal advice for beginners would be that you shouldn’t deposit more than 0 in your first month because you need to start low, learn slowly and efficiently about the market and how to make a stable profit.

Also, I’d like for you to know that you shouldn’t be relying on the robots to do your trading. Some people may advertise the trading robots with big and certain profit rate but there’s only a handful of people who actually knows how to customize their trading robots to their own trading styles in order to gain stable profit. Otherwise it’s not worth it at all to invest in the trading robots so it’s best that you should learn to trade by yourself and only consider trading robots later on when you already have enough trading experiences.

For Thai forex traders, this is ฟอเร็กซ์ โบรกเกอร์.

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john wayne

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john wayne
Joined: April 21st, 2018
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