This guide will help you choose and decide which FOREX broker is best for you. Before you start comparing brokers you will first of all need to know what you should be looking for in order to determine which broker is the most ideal for you.
As a beginner you may find it difficult to choose which broker you should open an account with. There are many brokers to choose from and they are not all the same. You can have more than one trading account at different brokers and chose the ones you like. The following conditions are important things to look for and take in consideration when selecting FOREX brokers:
• Low Spreads
• No Re-quotes
• Trading Instruments
• Leverage Options
• Account Types they offer
• Tools (Trading Platforms)
• Quality Institution
• Honest Brokers with good reputation
• Regulated FOREX Brokers (Important) – Brokers who are bound to abide by the rules and regulations implied by government financial institutions that control the FOREX market. CFTC, FSA, FSP, NFA, etc. This ensures safety for your deposited funds and trading operations.
Whilst most brokers do not have a minimum required money deposit, other brokers do impose a certain amount of money to be deposited in order for you to open an account with them.
However, most brokers do not require you to deposit any money into your account. This means you can open an account right away and start practicing for free (no deposit required) by creating a demo account. A demo account does not use real money so there is no risk involved for beginner traders.
The list below is a selection of online FOREX brokers which do not require any money to be deposited, and they allow you to create free demo accounts. Demo accounts are exactly the same as real accounts except that real money is not used, so it is safe for beginners.
Important reminder: Never open a real account and start trading with real money until you FIRST practice with a Demo, Cent, or Micro account!
I recommend you to practice on a demo account for at least 2 months before you deposit money into the account. Then after plenty of practice deposit a small amount of money to your trading account. Maybe about $20, and start with small lot size volume of 0.01 Standard Lot. It is always better to be safe than sorry.
Advice: When opening a trading account with the broker of your choice, check if they have the option to open Micro Trading Account. With a Micro trading account you can safely start trading with as low as only $5 and low lot size.
Get started now for free and start practicing. Try it out and see if trading FOREX is something you like to do. I am trading FOREX since 2015 and it is something I truly enjoy. To me FOREX is not just a way of making money – it is also one of my favorite hobbies.
Take a look at the FOREX Brokers below and check out their trading conditions and see what they have to offer.
By now I presume that you have selected at least one FOREX Broker and opened an account with. The next thing you will need to do is download and install MetaTrader 4 or MetaTrader 5. You will find an option “open free demo account” at the broker’s website.
Select Demo account or Real account. I recommend starting with a demo account or a Cent/Micro trading account. For any questions you may have you can send a message on Live Chat support – These days almost every broker has the Live Chat feature on their website. The broker is more than happy to answer all your questions.
For a step by step guide on how to install, and most importantly how to use the trading platform and start trading with your demo account. Please read the MetaTrader 4 Basic Tutorial.
Written by Accura FX