6 Forex Trading Lists For Beginners, How To Choose? Are you still a beginner forex trader? Curious about FX trading but not sure where to start? If so, you will usually be advised to start the learning stage of forex trading on a demo account. However, which demo account has a forex trading list?
Today, many forex brokers are scattered as forex trading lists. Almost all of them provide free demo accounts. It may not be necessary to register a sample account, as trading on a virtual account is risk-free and risk-free. But wouldn’t it be better to register a sample account with a broker that welcomes beginners?
This action will facilitate your forex trading education and pave the way for when you are ready to trade on a real account. As a beginner, what should you focus on when looking for the most suitable broker?
In addition to the basic requirements, such as a free demo account, rules, and excellent customer service, here are five additional factors to consider when choosing a forex trading list for beginners.
5 Ways to Choose a Forex Trading Lists for Beginners
1. Low Minimum Deposit
This function is necessary to meet the needs of users who have just completed the demo account learning process. After trading on a demo account for quite some time, you may have achieved steady profits and feel ready to switch to a real account.
However, regardless of how well you perform on the demo account, it cannot be used as a predictor of success on the real account.
Therefore, it is very risky to make a large initial deposit when you first start a live account. To prevent this danger, choosing an account with a low minimum deposit requirement is the best course of action.
After checking if the broker offers a demo account, you should also make sure that there is a live account type with a “safe” minimum deposit range.
2. About Leverage
A low minimum deposit amount sometimes requires a significant degree of leverage. This is not entirely wrong, given that high leverage can create additional opportunities for those with limited resources.
However, due to the double-edged nature of leverage, a high maximum limit is not always favorable for beginners. In reality, only those who understand the margin and risk of leverage can maximize leverage.
3. Low Minimum Lot
When choosing an account type with a broker, the trading volume should also be a major factor. Obviously, the greater the amount consumed, the greater the risk.
Beginners usually avoid trading with regular lots, as brokers now provide trading solutions with mini, micro, and even nano or cent lots.
What’s more, if you make a deposit that is not too large, the need to trade smaller sizes than regular lots will become more apparent.
4. Forex Learning Guide
Apart from showing the broker’s dedication to providing the best service to inexperienced traders, this feature can be a useful facility.
Forex learning aids provided by brokers don’t always have to take the form of forex schools, online courses, or personal instructions. Although many brokers provide trading education, webinars, forex seminars, and specialized trading publications and video tutorials are usually the most popular formats.
5. Simple But Meets Needs
This simplicity can be applied to specific elements, such as the appearance of a broker’s website, or to more general elements, such as brokerage services in general. There are times when a broker has a large number of additional features, neglecting the importance of simplicity and alienating beginners.
A broker is considered to have good quality for beginners if it meets the fundamental demands of traders, such as providing a trading platform (at least MT4), major forex pairs as trading instruments, deposit and withdrawal options, and so on.
Also read: How to Trade Forex with 100 Euros
6 Forex Trading Lists Suitable for Beginners to Consider
1. Octa Investama Futures
The first forex trading list for Indonesian brokers is Octa Investama Berjangka. This forex trading app offers a low minimum deposit of under $100.
This broker presents its trading services in a straightforward manner, so as not to confront beginners with difficult-to-understand offers.
Octa offers a maximum range of 1:500 for leverage. This CoFTRA regulated broker also offers a mobile forex trading platform that facilitates trading activities at any time and location.
Also Read: The best Forex trading strategies
As a licensed broker that has been operating since 2005, GKInvest has demonstrated its ability to meet the demands of traders from all walks of life, including beginners.
This broker not only offers a very low minimum deposit but also offers trading instructions in a variety of formats, including articles, videos, and ebooks.
GKInvest, as a trusted forex trading list, also offers traders the ease of trading with set spreads at a cost of $2. The broker also offers Autochartist alerts, Trading Central, and MT5 Booster for traders who want to experiment with analytical tools.
3. Finex Futures
Not wanting to be left behind with other local brokers, Finex Berjangka also offers beginner-friendly trading. This forex trading list takes a minimum deposit of $100 and provides traders with a schedule of regularly scheduled webinars.
Interestingly, Finex also offers a fixed exchange rate of IDR 10,000 to $1 to simplify deposit and withdrawal rates for users with USD accounts.
Also Read: The 10 best forex brokers
Currently, Maxco, as one of the forex trading lists, offers more than seventy assets as trading instruments. With a maximum leverage of 1:500, commission rates as low as $1 per lot, and spreads starting at 1.7 pips for trading forex pairs, this broker is an excellent choice for inexperienced traders.
In addition, Maxco has introduced a mobile application to perform market analysis and execute trades, enabling clients to trade at any time and from any location.
Through the Maxco forex trading application, traders have access to a choice of trading instruments, email and push notifications when there is news with significant impact, and safe deposit and withdrawal methods.
5. MetaTrader 4
MetaTrader 4 is a forex trading platform that can be used for forex trading. This application for forex trading, created by MetaQuotes Software Corp., is very popular among traders.
In addition to facilitating trading, this forex application makes it easy to connect with hundreds of trusted forex brokers. With the launch of its official website, MetaTrader 4 facilitates technical analysis and a flexible trading system for traders.
In addition, this forex trading application on Android allows you to get real-time quotes.
6. HSB Trader
This forex trading list application is also ideal for beginner forex traders. HSB Trader facilitates the user’s regular monitoring of market fluctuations.
According to the official website, the most important fact is that the HSB was approved by the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade of the Republic of Indonesia. Thus, you don’t have to worry about using this trusted forex trading application.
There are no certain elements that can be used as benchmarks in decision-making. For example, the broker with the lowest minimum deposit may be preferred by individuals with limited funds but not necessarily by those who are indifferent to the size of the initial investment.
Regardless of the forex trading list chosen, it is very important to match the specifications of the broker and its advantages and disadvantages to your trading demands. If you are looking to start trading forex, the reviews of the 6 forex trading lists listed above can be a useful source of recommendations.