The Best Forex Broker for Beginners, who is this broker? How can this broker help you become successful trading the Forex market, How are brokers important in the Forex market, in this write-up, we are going to take you through our personal experience with our brokers of choice and how best you can benefit from them.
We made these choices based on our personal experiences with these brokers over the last 10 years. There have been several horror stories about brokers denying their clients funds and refusing to allow them to withdraw their hard-earned money, that is an absolute trader’s nightmare, one you do not want to experience, ever.
- The Best Forex Broker for Beginners in Africa; JustMarkets
- The Best Forex Broker for Beginners in Europe; FXTM
Your journey as a Forex trader would be full of choices, to trade or not to trade, to take profits or not to, to take the loss or to expand the stop loss, but with all these, if you get the foundation wrong, your journey as a trader would be filled with frustrations for days on end. Your broker can wage war against you, can you believe that? This is why choosing the best forex broker is the best thing you can do as a new forex trader.
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The Best Forex Broker for Beginners in Ghana
JustMarkets started operating in 2012 and has since grown to become one of Africa’s most trusted forex brokers. The reason for choosing this broker is based on several important facts, while many others may have different opinions, being a trading mentor with over 1000 successful students under my Mentorship, some of whom across Africa can vouch for the efficacy and the usefulness of this broker for the African Forex Market.
Forex traders in Nigeria, Ghana, South Africa, Namibia, Somalia, etc. continue to benefit from the services of this broker and continue to sing its praises I will tell you why. There are many brokers serving Africa, but this broker has made its services especially cheaper and easier for the African continent and they indeed deserve every bit of praise they get.
- Easier Deposits and Withdrawals to Africa. This is a huge one, back in the days when we started trading it takes 5 to 7 working days for your withdrawal to reach your account. While that system still exists, they have added more African-centered payment options such that your withdrawals are nearly instant. You can deposit with most of the African Mobile Money platforms, and you can withdraw with the same.
- Prompt support even when it is no fault of theirs. I will tell you a story of a trader in Ghana. Now if you are in Ghana or follow the Ghanaian economy a bit, some Ghanaian banks collapsed, and several others merged. This trader had his Visa card with one of these collapsed banks and issued a withdrawal through it for some reason. The payment went through, but of course, it wasn’t reflected in the bank account of the new bank that had taken over. Now, this student of mine was going crazy, but this broker liaised with the payment services provider, the new bank in question, and these 3 coordinated behind the scenes to get the funds accredited to the trader. I am not saying that the biggest thing in the world, but I know of brokers who would have thrown up their hands and tell you it is no fault of theirs, the fact this broker came through positively, is a huge plus.
- You are properly leveraged, 1:3000. Now as a mentor, I speak a lot about the importance of leverage in trading. The fact is that leverage is a double-edged sword that harms many traders. I speak about this, the laws of large numbers, and why you should use as little leverage as possible when mastering a strategy. The truth remains though, most new trader’s come into the market to test the market with about $100. For such a trader, leverage is all he got, the best broker for beginners in Africa provides a lot of this leverage.
- Spreads from 0 pips; One thing that increases the cost of trading, and has proven to be extremely burdensome over long periods of trading remains the spread. The spread is the difference between the bid and ask price of a given currency. The wider the spread, the more you pay to trade the markets, and the more expensive your trading becomes, the best brokers in the world offer the lowest spreads.
Flee from any broker that charges high spreads
- 24 / 7 Customer support; Ready to assist you anytime you have an issue, we found wait time to be as low as 1 minute when using their online chat option.
- All strategies are allowed; This might not mean much to most new traders now but there are brokers who would change their terms and conditions to make your profitable strategy illegal once they realize you are making too many profits. Thankfully with the best Forex brokers, you would not see that.
- They offer instant execution of trades. Retail brokers are notorious for selling your orders to high-speed trading algorithmic firms before placing your order to you. Oftentimes, the algorithmic firms, would receive your order and resell it back to you at a much higher price, this is what often leads to slippage. a broker with high slippage, and not near instant trade execution is a terrible broker and must not be traded with.
- They are licensed by the Financial Conduct Authority
What are your experiences trading with the best forex broker for beginners in Africa? Let us know in the comments.
The Best Forex Broker for Beginners in Nigeria
The best Forex broker for beginners in Nigeria is FXTM popularly known as Forex Time
This broker started operation in 2011 and has proceeded to become one of the largest Forex brokers in the world with multiple licenses across the globe. They won the best education provider award in 2020 and are on course to take over the world, but these are general things, let us focus on why we chose FXTM as the best broker for beginners in Europe.
- A wild range of trading instruments; You get to trade Currencies, Precious Metals, Stock CFDs, Commodities (Spots), CFD Indices (Spot), and cryptocurrencies. This wide range of instruments is one reason traders love FXTM.
- A wild range of trading accounts to suit your needs, catering to the diversity in trading preferences. You can either have a standard account with tight floating spreads and instant execution, which you could choose from ( Standard Account, Cent Account, Stock CFDs), or an ECN account with instant market execution with no re-quotes, which you could choose from (Stocks Account, ECN Zero Account, ECN Account, FXTM Pro Account).
- Globally licensed and regulated by the FSC to operate the brokerage business.
- They offer client fund protection by segregating business accounts from clients’ accounts.
- What is more, if you are new to Forex trading, you can actually invest on the FXTM platform with a profitable account manager.
Dangers of Trading with a Terrible Forex Broker
- They would trade against you and make sure you lose.
- They could trigger your stop losses intentionally by widening spreads.
- They would constantly re-quote you making your trading unprofitable.
- Their high spreads and commissions mean essentially that you would pay more than necessary to trade.
- They would most likely not have regulatory oversight, thus when issues arise, you would be on your own against giant cooperation.
For this reason, I encourage you to choose one of the best forex brokers for beginners and avoid the pitfalls that terrible brokers present.
The Best Forex Broker for Beginners in Ghana
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