Choosing Best Forex Broker for Beginner US
Forex is a word stands for foreign exchange. The Forex trading specifically refers to the activity of currency trade. The currency trade has practiced for many centuries but the nowadays practice is massive. In fact, forex trading is the biggest trading currency platform in the world.
In forex trading, it is a well-known knowledge that the risk for trading is high but the reward can be even higher. However, it is important to not start trading just because you want the high reward in short time because that is not how forex trading supposed to. If you want to start forex trading but still not sure which platform to choose, here are some categories to consider when choosing best forex broker for beginner US.
Lowest min deposit
Starting forex trading in beginner level means that there are lots of things to learn especially the possible risk you will encounter in every move. When choosing a trading platform for a beginner, it is better to choose the one with lowest minimal deposit. Forex trading platforms, in general, are classified based on the deposit amount from the highest, middle, and lowest amount. One forex trader platform with lowest minimal deposit is Oanda Corporation which allows brokers to join without a minimum deposit. Oanda is one of the old time Forex broker established since 1997.
When choosing broker platform especially for a beginner, make sure that you look for the one with a legal license. Choosing licensed broker is the only way you to protect your rights. This should be the first consideration for choosing broker platform before looking for other features. Also important to note that different country has different regulation related to licensing forex broker. That is why it is crucial to choose broker according to your domicile place.
Types trading platform
As forex trading gains more and more popularity, there are numerous trading platforms emerge. There are web-based and downloadable trading platforms as well as a mobile-based trading platform for a more convenient trading. In reverse, some mobile-supported trading platforms also provide web-based version.
Almost all trading platforms try to provide best research content as well as a tool for traders. Forex research is also crucial for traders because it allows them to analyze any investment opportunities. For research purpose, the Saxo Bank has the first rank in this category. While other broker platforms struggle to provide best research experience for the customers, the Saxo Bank does a fantastic job as it provides trading research across platforms.
Demo trading accounts
Forex trading is a serious thing, meaning that when you take the wrong move, you can possibly lose your money as well. Checking a demo trading accounts before committing serious time and money can never go wrong. The demo trading allows you to see how the trading works on the platform and you can also familiarize yourself with the platform.
Easy deposit/withdrawal methods
Forex trading includes real money and there is nothing better than choosing a platform which provides easy deposit and withdrawals. The common deposit or withdrawal methods are a credit card, PayPal, bank payments, and other electronic payments.