10 Tips for the Beginner Trader

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Choosing the best forex broker for you often takes a lot of research and patience, especially with the new Forex brokers entering online daily. 

To save time and help novice traders, we have identified some of the main things every trader should evaluate when choosing a broker, and we have compiled a list of the best forex brokers in the market.

Read Also: What is forex trading? All about forex trading

Below we have compiled a definitive list of the Best Brokers for Beginner Forex Traders. We have looked at all the points below.

1. To verify the broker’s regulatory status, we check the website of the regulatory body that authorized the broker to operate in a particular jurisdiction.

2. Sometimes, a Forex broker can be regulated in many jurisdictions. The more jurisdictions a broker is regulated in, the more committed a broker is is to earn the trust of potential clients.

3. On trading platforms, the more options for trading platforms a broker provides, the better for you as a trader. If you are the type of constantly on-the-go trader and don't like being tied to the desk, consider a broker that can support mobile trading as well.

4. To evaluate how the trading platform is performing, always try the demo account provided by the broker. This will help give you an idea of the performance of the trading platform.

5. Some brokers offer a demo account that works for a limited time only, while some brokers offer an unlimited demo account. Of course, the unlimited demo account is better because you will still be able to use the demo account to retest your trading strategies.

6. For trading costs, we check to see if the broker offers a discount on the commissions you pay. 

As a way to reward the loyalty of their clients, some brokers offer discounts on the commission their clients pay. In other words, the more a trader trades, the more he will recover in terms of discounts.

7. Regarding the issue of withdrawals, we check to see if the broker has any specific restrictions or requirements. Some brokers require a minimum withdrawal amount before processing the withdrawal request. Additionally, some brokers may also charge their clients a fee for every withdrawal made.

8. In customer support, we check to see if the support services can also be accessed through social media or via internet phone. The more ways a broker can support it, the better for you as a client.

9. We check the quality of their training academy. This is important for novice traders as you want to learn as much as possible before venturing into risking your money in the forex market.

10. Some brokers, in their efforts to distinguish their services from other brokers, also offer value-added services such as free-market signals. These free mentions can be useful to you as a business assistant as well as an educational aid.

Summary

Finding the ideal agent isn't in every case simple, particularly when you are an amateur broker and don't actually have a clue what to search for.