Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

exbryan

How Important is a Cheap Broker for a Beginner?

Recommended Posts

If you want to trade stocks then Interactive Brokers, Just2trade and speedtrader have very competitive commisions.

 

If u want to trade forex then i'll say go with either Oanda, Armada Markets or Pepperstone. They are regulated as well as cheap.

Share this post


Link to post
Share on other sites
I am a starter in online trading. I want to find a broker which has cheap broker. But how good are they?

 

You can try primetradefx, they have very small spreads. You can try their demo accounts and their demo account have no expiry even after you open live account.

Share this post


Link to post
Share on other sites

I wouldn't go with brokers offering bonuses personally, I think it's a sign of a broker trying to lock customer deposits in with all the baroque trading volume withdrawal requirements they tend to operate. I trade with FxPro, haven't used cTrader yet but on MT4 there are no comissions and the spreads are competitive, I think 1.2 pips on EUR/USD. Overall very happy with the service.

Share this post


Link to post
Share on other sites
I am a starter in online trading. I want to find a broker which has cheap broker. But how good are they?

 

You can try Weltrade broker. You can start a micro account with $ 25 only. It's easy and anyway you won't lose much.

Share this post


Link to post
Share on other sites

I guess trading a demo account is ok for a totally new traders however trading micro account can also be worthwhile and lets the new trader to trade safely.

Share this post


Link to post
Share on other sites

I think any broker is suitable for broker, unless its complete scam market maker that rips off even newbies with their 40-50$ of deposit. My first choice was Hotforex I still hold account there and place some swing trades, its a perfect broker for FX with good liquidity, excels exchange regulated brokers in some points. As I'm futures trader and Hotforex supports only CFD I use exchange accredited brokers, but as I said Hotforex is a great pick for currency traders.

Share this post


Link to post
Share on other sites

we cant classify brokers as cheap anymore i mean atleast have the broker in the market offer a decent low min deposit usually used for testing, like this broker im using lmfx the mind deposit for premium is a mere 50 i dont think its bad, but always keep in mind presonal research is the key not all brokers are good, so test them, know about them and learn from it. its an experience.

Share this post


Link to post
Share on other sites

I think if one is new in market then he should start with bonus account which are given by few brokers so that you dont need money to invest in Forex. Without any investment you can start trading with Forum posting bonus also.

Share this post


Link to post
Share on other sites

Cheap broker is quite important, I define cheap broker requires small deposit and if new trader lost it for their mistakes, it doesn't cost too much. With tier-1 broker, you have to deposit up to 3k$ at first and actually better trading conditions don't really help new trader.

Share this post


Link to post
Share on other sites

I guess new traders should better make some research before finalizing any broker, they first short list a few reputed brokers. Check their repute over internet, trade demo account with them, compare the processes and once a broker is finalized.

Share this post


Link to post
Share on other sites

Yes, its important to select a forex broker, start by looking for brokers that are regulated in your country. Next, read full length forex reviews to assess the trading costs, tools, research capabilities, customer service, and other features of each forex broker. Finally, compare your top two choices side-by-side to decide on a winner.

Share this post


Link to post
Share on other sites

I would say why to hire a broker at the beginning itself. First, you yourself learn to trade, understand the market, trade on a demo account then when you feel so things are not going well and you have the capacity to invest you can hire a good broker instead of cheap. I would recommend LMFX.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Yes trading can give as freedom but it has relatively high prices if you don't want to study learn from trading mistakes or fall into gambling. Trading success isn't something you can achieve quickly same as in other businesses. 
    • Date : 21st January 2022. Market Update – January 21 – Stocks Sink – Netflix & Peloton Crash. Stock markets sank again (Nasdaq -1.3%) Tech companies led the slide, (Peloton -24%, Netflix -18% post results. USD firmed as Yields & Oil dipped, Gold held onto to gains. Markets are nervous and risk aversion has picked up as investors eye shaky earnings, and waning confidence, with mounting tensions over Ukraine adding to geopolitical tensions. US Weekly claims hit a 3-mth high, EZ Inflation was an ATH and North Korea said it may resume testing its nuclear arsenal. Asian markets and AUD & NZD lower (AUDJPY -0.62%) ASX 200 (-1.2%), Nikkei 225 (-1.8%).   USD (USDIndex 95.65) ticks higher slips as Yields decline . US Yields 10-yr moved closed at 1.83% & trades at 1.785%. Equities – USA500 -50 (-1.1%) 4482 – USA500 FUTS lower again at 4467. USOil – Fell below $82.00 afrom highs at 87.95 on Wednesday, Inventories increased by 0.5m vs 2.3m drawdown. Gold – held on to gains topped at $1848 and holds $1838 now, holding the key 1830 support. Bitcoin under $40,000 back to test $39,000, FX markets – EURUSD back to test 1.1300 – 1.1322, USDJPY now 113.80 & Cable back to 1.3570, the week’s low. Overnight – UK Retail Sales plunged -3.7%, Consumer confidence slipped 4 whole points to -19 and Japanese core inflation was inline at 0.5%. European Open – The 10 US Treasury yield is up from overnight lows, Bunds are also finding buyers in opening trade, and the 10-year continues to shy away from turning positive, as ECB officials continue to push back against speculation of an early rate hike at the end of the year and market sentiment generally turns cautious. DAX and FTSE 100 future are posting losses of -1.4% and -1.1% respectively. Today – EZ Consumer Confidence, BoE’s Mann; ECB’s Lagarde, BoJ’s Kuroda Biggest FX Mover @ (07:30 GMT) EURNZD (+0.66%) Rallied from 1.6675 yesterday to breach 1.6800 now. MAs aligned higher, MACD signal line & histogram higher. RSI 73 OB but still rising, H1 ATR 0.0026 Daily ATR 0.0100. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Best way to make money is forex trading however it still requires a lot of hard work needed to build necessary skills which are required to earn money from forex.
    • I bet he was referring to acquire all the basic necessary skills needed to start earning money from the forex trading.
    • Yes agreed we can do forex trading as part time in the start and when we learn trading we can switch to full time trading.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.