Forex Brokers for Beginners

Enivid

Administrator
Staff member
Nov 30, 2008
18,535
1,355
144
Odesa
www.earnforex.com
Yeah searching for one especially for a beginner can be quite overwhelming. Been there and spent a few good months to finally settle for hankotrade. Firstly, it’s an ECN broker, something that I’ve always preferred and then the multiple financial instruments for MT4s mobile and desktop versions quite well diversified my portfolio and skills.
The commission free trading, tight spreads, fast execution speed, and super fast customer support team sealed the deal for me.
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.
 

RaviTeja

Banned
May 31, 2021
17
3
4
31
Currently, I trade using a demo account and looking for a reliable broker with a minimum opening balance of $200 or lower with micro-lots. Any good broker recommendations?
 

Glossy

Trader
Aug 2, 2021
63
11
24
34
Poland
I believe that for those who have come to forex, the best place to start is investing.
 

Morgan909

Newbie
Nov 4, 2021
1
0
1
32
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.
 

HeavenLeighGill

Active Trader
Aug 5, 2021
389
35
44
28
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.
 

SOLIDECN

Master Trader
Nov 16, 2021
3,116
22
54
39
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.
 

HeavenLeighGill

Active Trader
Aug 5, 2021
389
35
44
28
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.
 

sunar14

Banned
Jan 17, 2021
77
9
19
29
Currently, I trade using a demo account and looking for a reliable broker with a minimum opening balance of $200 or lower with micro-lots. Any good broker recommendations?
Exness, Tickmill, Hoforex. I think min deposit requirement is even low. The rule of thumb is to focus on broekrs with FCA license.
 

Oli_jackson

Trader
Mar 27, 2023
85
10
19
45
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 others ;) so 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.
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.