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There are a couple ways of making extra cash, and forex trading is at the top of the food chain, well, at least for some. As a beginner looking to grow their wealth in the forex market, you will be spoilt for choice, given the numerous forex brokers coming online.
It takes copious amounts of time to pick, test, and research the ocean of forex brokers, which is no fun. So, is there a way around it? Certainly, and that is the reason we are here.
To save you time, we have itemized some of the best forex trading platforms for beginners in the forex market. Your only task is to pick the ideal forex broker for your needs that is well-regulated and provides access to various educational resources and market research.
The right forex broker for you will be your main access point to foreign forex markets. And getting this right is the first step to successful trading.
What are Forex Brokers for Beginners
Forex brokers are a bridge between the individual trader and the forex market. The best forex brokers for beginners are typically designed to give beginner traders a soft landing. They are equipped with educational materials and quality research.
It also goes without saying that your ideal broker for beginners should be regulated. In addition, it should accept traders from your country. More importantly, you should go with a broker that has tight spreads and offers you a wide variety of trading instruments.
Here is a list of what we consider the best forex brokers for beginners.
Best Forex Brokers for Beginners
Your choice of online forex broker will determine your success in the forex market. It is imperative you choose wisely. Here are a few of the best forex brokers for beginners we’ve picked just for you.
How to Choose the Best Brokers
- Obviously, the best forex market brokers will depend on your goals, what you hope to achieve. At a minimum, the broker should be well-regulated in your country and by the top-tier regulators to safeguard against malpractices. Research the broker and identify any complaints against them. If they have been fined in the past for malpractice, it’s best to look elsewhere.
- The best forex broker for beginners should easily add funds and make withdrawals. Most platforms will show the time and method of making withdrawals on their website. Check this and compare with others, and choose the one that fits your needs most. Check how much the brokers will charge you for withdrawals. Some of them will charge you zero fees on deposits but exorbitantly on withdrawals.
- Track the fees that brokers charge through commission on trades, spreads, and rollover. Some brokers will charge extra for withdrawals and deposits, sometimes in the background.
- Order execution speed is critical in forex trading to avoid requotes and slippage. If you open and close a handful of positions daily, a forex trader with the best execution speed will come in handy. The best way to test a trader’s execution speed is to sign up for an account and place trades on the live platform. Some brokers will have different speeds on the live platform and the demo account. For some, the demo account is not the best representation of the live account. Sign on a low position and minimum funding and test the live account directly.
- It also helps if the trader has multi-device platforms. Most of the traders have a mobile and desktop app which makes trading convenient. If your preference is mobile trading, find out if the trader has an android version or the iOS version. Other great features that you should look out for include newsfeeds, alerts, and lightning-fast pick and close trades.
The forex market is well developed, and some become rich trading. However, forex trading is a risky business, especially if you don’t have the patience for market research and choosing the right brokers and trading. With skills, patience, good trading habits, and, of course, the best forex brokers for beginners, you can make good living trading forex and build your wealth.
How do online forex brokers work?
The main work of online forex brokers is buying and selling currencies on behalf of the client. They are an independent entity that organizes and execute transactions across different asset classes on your behalf, and of course, at a commission.
How do online forex brokers make money?
Some forex brokers make money through the bid/ask prices charges, and others through commissions from every trade. The primary way for most of them is through a set fee per round turn and keeping the spread. Some scrupulous forex brokers will have hidden charges after saying they have commission-free trades.
What are the best online forex brokers for beginners
The best online forex brokers for novices boast particular features such as ease of use, excellent research and education resources, and good customer service. Our picks, such as eToro, are the best for copy trading, where beginners can copy from the experts. Others include Exness, Oanda, and IG with a user-friendly platform and resources.
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