How Important is a Cheap Broker for a Beginner?

[exbryan 10]

I am a starter in online trading. I want to find a broker which has cheap broker. But how good are they?

[Ammeo 10]

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.

[primetrader 10]

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.

[caboratoryfx 10]

I know some brokers have bonus. you can search that

[elliot wave 10]

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.

[Liana 10]

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.

[CrazyCzarina 17]

If it was a beginner and not yet sufficiently extensive trading experience should wear Micro account first up was used. Micro account is best for new forex trader.

[aimhi 10]

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.

[JoelDarr 10]

I'd add my 2 cents. I believe that if you want to save money, you'd rather use demo account. And if you decide to trade normally, you'd better pay enough for a decent broker.

[fxeconomist 11]

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.

[JoelDarr 10]

The question was about a cheap broker, not "what broker to choose?"

[barako 10]

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.

[CrazyCzarina 17]

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.

[dbelov275 11]

Well, as a beginner, maybe you want to try out Robinhood. It is quite cheap or should I say free. But be sure to do a virtual trading before diving straight into the market.

[tradeforever 10]

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.

[LonieBoon 10]

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

 

Could you give more info about the process? I'm quite a noob now.

[CrazyCzarina 17]

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.

[CrazyCzarina 17]

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.

[tradeforever 10]

Cheap or expensive doesn't matter, good or not does matter.

[CrazyCzarina 17]

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.