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Forex Brokers for Beginners and Newbies

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Every successful product owner will tell you that market segmentation is one of the best ways to achieve business success. The ability of a company to differentiate customer A from customer B based on special market needs helps to create products that address these needs from the clients' perspective. Apart from market segmentation, there is a need to get feedback from the target market on how best to improve the solutions to meet their needs. Being able to respond to customers and be communicative is also an essential part of a business relationship.

This preamble sums up why it is essential to have forex brokers suitable for beginners and newbies. Beginners and newbies in the forex space have special needs if they are to become successful at trading. This article will introduce the forex brokers suitable for beginners and newbies.

This article will first identify the needs of beginners and newbies in forex and then introduce the forex brokers with the tools and resources to fill these traders' needs.

What are the Needs of Beginners and Newbies in the Forex Market?

Unlike traders with experience in forex trading, beginners and newbies have special needs when trading currencies for a profit. Their requirements fall under the following categories:

  1. Education
  2. Trading platform guides
  3. Demo account
  4. Customer Support
  5. Value-added services

Education

Trader education is at the very heart of the successful onboarding of beginners and newbies on a forex platform. Trader education comes in various formats: articles, videos, blogs, vlogs, etc. Trader education is essential to ensure that the new client coming on to a forex platform gets to know the basics of starting trading and navigating around the trading portals and members' areas. Forex brokers suitable for beginners and newbies must incorporate trader education into their product offerings. As a beginner or newbie trader, going for a broker that provides trading education puts you on the ground running. It shortens the time it takes you to get going after opening and funding your trading account.

Trading Platform Guides

Many forex brokers used to incorporate trading platform guides into the trading education portals on their platforms. However, forex brokers suitable for beginners and newbies are starting to see that separating this product from the regular material on trader education makes more sense. Even institutional firms have separate sessions where they take their new traders on sessions to explain the components of an institutional trading platform. This is principally to stop the "fat finger" syndrome.

Platform guides cover a range of topics. Traders can learn how to use keyboard shortcuts. They will also learn to access the various functions for setting orders, lot sizes, and entry/exit prices. Using a platform requires you to know how to access the various time frames and indicators. You should also know how to select an asset from the Symbols tab and make it available for trading. All these things are what is shown in a trading platforms guide. A forex broker suitable for beginners and newbies will have all these functions ready.

Demo Account

There is no way a newbie trader can progress without using a demo account. The demo account is where strategies are tested and optimized. The demo account allows the newbie trader to simulate the trading process like airline pilots conducting training for different scenarios in a simulator. The beginner trader should be able to have access to a demo account that is free and unlimited. Where the demo account is not unlimited, the trader should be able to open another one quickly.

Customer Support

New traders usually have many questions and would love clarifications on several issues. For this reason, newbie traders will need a lot of customer support. It is always frustrating trying to get answers, some of which are urgent, and there is no one on the other end to help you out. A customer support staff that speaks your language and is always available will make the trading experience more enjoyable and productive.

Value-added Services

Value-added services refer to the provisions made by forex brokers to provide an additional edge in the trading experience. These value-added services include virtual private servers enabling 24-hour FX trading with expert advisors and tools such as Autochartist. Beginners will find that access to such tools shortens the learning curve and can help improve trading outcomes.

Forex Brokers Suitable for Beginners and Newbies

Forex brokers suitable for beginners and newbies are the ones that have provided the tools and resources required to satisfy the unique needs of beginners and newbies in the forex market. What do these forex brokers provide, and what do newbies stand to gain by using these brokers?

A) These brokers provide newbie traders with comprehensive trader education.

The forex brokers' trading education is available in different formats and covers many topics that span all aspects of trading. These trading education materials are prepared to enable the trader to become more educated and informed about the trading process. The resources available in a broker's trading education suite will differ from one broker to another, so what is provided here is a general guide. For specifics, visit the list of forex brokers suitable for beginners and newbies to get the details of each broker's offers.

B) Trading platform guides on how to use the MT4, MT5 and cTrader platforms.

These are the mainstays of forex trading in today's markets. The platform guides provide the following information:

  • Order types: market orders (buy or sell) and pending orders (buy limit, sell limit, buy stop and sell stop orders)
  • How to set these orders
  • Choosing a lot size
  • How to use indicators
  • How to select assets from the Symbols tab to trade
  • How to perform one-click trading
  • Choosing time frames
  • Strategies to use in trading (fundamentals)
  • How to use expert advisors and custom indicators

Again, the specifics of each trading platform guide are unique to each broker.

C) Beginner and newbie traders can open MT4, MT5 and cTrader demo accounts.

There is no requirement to make a prior commitment in terms of funding a live account to get access to the demo account. These demo accounts are free but are not usually unlimited. This means that the demo login details will expire after some time, and the trader will need to open a new demo account. However, the demo account provides all the elements that are found in a live account and so provides a good pedestal on which the trader can practice various aspects of trading.

  1. Customer support is provided to all newbie and beginner traders. The forex brokers suitable for beginners and newbies provide multi-lingual customer support using various channels. The advent of new social media has made it possible to use channels such as Twitter, Facebook, Telegram, Discord and others to get immediate responses to requests. Of course, the live chat function gives you instant access to a customer service representative who will be available to answer any questions the trader may have.
  2. The forex brokers suitable for beginners and newbies also provide value-added services. The marketplaces for the MT4 and MT5 are great resource points which provide resources such as expert advisors, custom indicators, scripts and libraries which newbies can incorporate into their trading suites. There are also a host of plug-ins available to newbie traders on these forex broker platforms. Trading Central is a resource tool for technical analysis and market insight.

Conclusion

The forex brokers suitable for beginners and newbies are served up on this website, and the list is prepared to give you a complete package of brokers you can choose from. This list has been curated to ensure that only those forex brokers that are newbie-friendly are featured.