Best brokers for beginners
Once you have mastered the fine art of trading the currency market and you are prepared to launch in, you will need a broker. Since the capital you bring into the foreign exchange is so meagre compared to the overall amount being traded in the market, a broker will give you the platform upon which you will take your trade.
Choosing the right broker can be the fundamental difference between a beginner who will enjoy forex trading and go on to make a resilient forex trader and the beginner trader who will lose a lot of money and become frustrated with forex trading.
The place of choosing the right forex broker as a beginner can therefore not be overemphasized.
Here are the six most important parameters that every trader must pay attention to before making the choice of a forex broker.
- Security – You must be sure that your forex broker has a high level of security. This safeguards you and your transaction from falling into the hands of hackers and phishers.
- Transaction Costs. No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs. Your forex brokers are not charity organizations, they will charge you for using their services, directly or indirectly.
- Deposit and Withdrawal: The ease with which you can deposit with your forex broker and how fast withdrawal can be gotten is an important yardstick. If you read the review of some forex
brokers and you find out that they don’t allow people to withdraw their money, you should be wary of such forex brokers.
- Trading Platform: Your forex broker should be compatible with a
number of trading platforms. Apart from the broker’s own platform, you should be able to trade on the Meta trader platforms available without any stress at all. The availability of the forex broker
- Execution: When you are trading forex, time is of the essence.
What is the time lapse between taking a trade and your forex broker executing the trade? As a beginner forex trader, you
want to pick a forex trading broker that executes your trade in an
instant. This will allow you to get in positions in time and to react
swiftly to movement in the market.
- Customer Service: Experienced traders will tell you that customer
service is an important attribute in choosing a forex broker of choice.
There must be clear communication strategies by the forex brokers you will choose. If you have issues, can you reach out to them? Do they have
educational aids for newbie traders? These are things to consider.
Here are the best brokers that a beginner forex trader can pitch his or her tent with:
In its defense, AVATrade has a minimum deposit of $100. The broker
ticks all of the six important parameters that a forex broker must-have. AVATrade has the choicest markets that you can pick from as a forex trader. Coupled with a large collection of materials to help newbie forex traders, the broker prioritizes the trader and has clear communication lines. It has a dedicated
trading research portal that proves valuable to all forex traders, newbie or not.
The customer care lines and channels are available round the clock all
through the trading week. With immediate execution of trades and industry competitive transaction costs, forex traders can be sure that they have a trader who is on their side of the aisle.
can sign up for an AVATrade account here
In choosing a broker
the different forex broker is not enough to make a decision on a particular
broker. You can check out each of the brokers and create a demo account with a
few of the brokers. It is important to choose the right broker. As a forex
trader, you should read extensively the reviews of each broker before you
finally make a choice.