A good Forex brokers for beginners who will assist their clients in getting started. A good broker will certainly assist in verifying trading accounts, installing and configuring new trading platforms, and providing the most comprehensive learning resources. As a result, traders have the best chance of identifying and exploiting highly profitable trading opportunities.
For the purpose of evaluating this novice broker, one should set up a demo trading account to test the most important features for beginners and maintain contact with customer support to evaluate their response.
As part of testing to validate broker regulations, ensure that the Forex education area is well structured. It is also ensured that the demo account never expires, so beginners can learn without permanently risking their money.
Here are the best forex brokers for beginners in 2022, as determined by testing by various professional traders.
How to choose a forex broker for beginners
When choosing a Forex broker, beginners should focus more on broker regulation, educational support, customer service support, and the availability of a demo account. To better understand why these factors are so important, it is necessary to study them in detail below.
After reading this quick guide, you will:
- Understand why regulation is so important and know how to check if your broker is properly regulated.
- Understand how brokers make money from traders and how these trading fees can affect your profitability.
- Understand which trading platforms the broker offers and how they work.
- Understand the dangers of trading without proper education and how to properly educate yourself.
- Understand how high-quality customer support can improve the trading experience for novice traders.
- Understand the importance of a demo account and how to choose the best one.
List of Alternative Forex Brokers for Beginners with Various Facilities
There are various alternative brokers that offer convenience for novice traders. But among all that, choose the best one with a variety of features and advantages.
1. FBS Forex
FBS, or Finance Broker Success, is a company that specializes in providing financial services in the form of trading Forex, CFDs, and precious stones. Indonesians often use this type because of its many advantages, one of which is the guaranteed level of security.
Not only that, information related to FBS traders is quite easy to find on the internet. There is even the support of experienced instructors scattered in various big cities. It tries to help traders be able to compete with the seniors.
This forex broker for beginners has been established since 2006 with the main goal of offering a suitable foreign exchange trading environment. For those of you who are new users, it is highly recommended to understand the ins and outs first through a sample account that can be accessed for free.
AVAtrade provides more than 250 trading products ranging from commodities, indices, and equities. Consumers have nothing to fear as the company also provides Islamic accounts, with a 256-bit SSL security guard built into the site to prevent hackers.
The company, founded in 2017 in Russia, offers repurposed products that are very different from other varieties, especially in retail. Its reach has reached about 260 companies worldwide and across Europe in the regulation of trusted financial institutions.
The licenses used by InstaForex are different because traders can choose between two alternatives, namely the BVI FSC (British Virgin Islands) regulation and the CySEC (European Union) regulation. The advantage of InstaForex itself is that the client’s money deposit system is separate from the broker’s money in the top tier 1 banks.
The organization, launched in 2016, is a global type of broker and has earned more than 60 awards for supplying CFDs in 6 classes. Since its founding until now, the forex broker for beginners, FxPro, has grown to serve more than 170 countries, both retail and institutional clients.
The company provides traders with more than 250 instruments to trade. This earned him a trusted brand label by Global Brands Magazine and had 370,000,000 orders executed. FxPro itself is regulated by the greatest level of security.
5. Olymp Trade
Forex broker for beginners Olymp Trade has more than a quarter million active clients who use the multiplier method, which allows receiving 5000 times the leverage of the investment. One of the great features to make it easier for novice traders is the analytics, and it contains thorough lessons on the function of each menu.
The capital used to make a deposit is minimal, which is USD 10. To make it easier for traders, analytical tools and Metatrader 4 are available to make it easier for clients to trade. Beginners should deepen their familiarity with webinars.
Pepperstone, a major broker in Australia founded in 2010 by Own Kerr and Joe, offers a variety of trades, including Forex.To make things easier for its clients, the organization cooperates with 22 banks that provide liquidity.
Therefore, choose a good forex broker for beginners here with the following account types:
Edge Razor accounts allow their clients to access genuine mark-up free quotes from Pepperstone-linked banks. The Edge Standard account is the traditional type, with commission-free benefits and trading facilities using the Metatrader 4 platform. The Edge Active Traders account allows traders to earn daily rebates on their trading volume. The Edge Swap-Free account features spreads of 1.0 pips and is commission-free.
7. Admiral Markets
A trading company that has been around for a long time, circa 2001. One of the advantages is that clients have free access to the trading center. The organization will provide unbiased market insights and technical analysis. They even offer the biggest crypto on the market.
Admiral Markets itself has a close relationship with the MetaQuotes software, which is currently better known as MetaTrader. Traders will have free access to Trading Central features to get market information, technical analysis, and facilitate cryptocurrency trading.
8. Vantage FX
This company was founded in 2009 to meet the needs of its consumers. Forex broker for beginners Vantage FX is headquartered at 29.31 Market Street Level, Sydney, Australia, and accepts traders from almost every country. The security of this trade is guaranteed by the official license.
The level of security itself is claimed to be strong enough to be not only regulated by Australian regulator ASIC and the Cayman Islands financial authority, but also audited by KPMG. There is additional insurance of up to 20,000,000,000 USD to reduce losses in case of problems in the future.
9. FP Markets
This type is incorporated into the main ECN broker, whose security is guaranteed to be ASIC. For beginners, it is highly recommended to use FP Markets as it offers various advantages, such as low spreads, a large variety of platforms, and great customer support.
To make it easier for newcomers to FP Markets’ forex broker trading platform for beginners, below is an overview of the important trading elements, including margin calls, commissions, and leverage. To become a competent trader, try to study the instructions carefully so that they are easy to implement.
Apart from providing access to the market, this forex broker for beginners should also play an important role in the education process for novice traders. Beginner forex traders must be observant in using the parameters above to determine whether the broker they are going to use is really the best forex broker or not.
A good beginner forex broker should be well regulated, provide quality forex education, complete and unlimited free demo accounts, and very adequate customer support.