Forex trading is getting more and more popular with each passing year. Millions of traders already use the Forex market to make significant profits, and that’s especially convenient with all the platforms that allow you to earn passive income without large investments. However, you should know how to locate a reliable and user-friendly broker with low fees to be truly successful on the market. To help you out, we with the Traders Union experts are going to tell you about the top 4 best brokers for novices in this article.
How to choose a broker
Forex trading is pretty risky on its own, and there are also lots of scams on the market. You should be very careful to avoid scammers and choose a truly reliable broker. The best way to check whether the broker you’re using is legit is to check its license and find out how it’s regulated. Another great way to determine whether a broker should be trusted is to read reviews online: if common users say it’s legit, you can trust it. But there are also lots of different aspects you should consider: fees, conditions, copy trading features, bonuses, and so on. If you don’t want to spend too much time, we have made a brief list of simply the best brokers in the world you should definitely check out.
RoboForex is widely considered the best Forex broker for all kinds of traders. It allows you to use any trading strategies you like, and you can start trading with just $10 on your account. The leverage rates go up to 2000:1, and other trading conditions are favorable. The fees are pretty low, too.
With $10 trillion in annual trading volume, IC Markets is currently the largest Forex broker in the world, and it’s especially well-liked by professional traders who praise the high leverage rates, tight spreads, and relatively low fees. However, novice traders can also benefit from its favorable trading conditions.
Founded in 2017, this broker allows you to trade a wide range of assets, and it’s quite suitable for any novice trader: there are all kinds of educational materials, a demo account, and the minimum deposit is just $50.
Exness is a well-known international broker with tight spreads, extreme leverage rates, different kinds of accounts, and instant withdrawals. It also allows you to use a convenient copy trading platform that is very popular among novice traders, according to Traders Union surveys.