If you’re a forex trading novice, it may well be worth spending some time learning the fundamentals of trading to start you on a solid footing.
But basic trading knowledge alone isn’t all there is to gear you up to become a successful trader. You’ll also need your best ally in trading. Yes, we’re talking about your broker!
So, what are some key attributes of the best forex brokers for beginners? Here are 5 you should know:
Reliable and Secure
The key purpose of trading is to earn money, and making money is as important as making sure that you get it back. For that, you’ll need to carefully choose an established broker that is trusted by the trading community at large. Do your homework and get into Facebook communities or groups, or online trading forums, to read what others have to say about different brokers and make your own judgment. The ideal broker should be established for more than 10 years, duly regulated by a country regulatory authority, stringently audited annually by a reputable accounting firm, and segregate their clients’ funds in top-tier banks apart from their operational funds. Of course, the platform on which you trade should also be well secured by top-notch software technology to ensure that there is zero possibility of your personal and transactional data leaking out to the crooks out there.
User-Friendly Trading System
A user-friendly trading system goes a long way to saving you unnecessary time and heartaches to finding your way within the system, from placing your orders to seeking information. The best forex broker for beginners should always have a user-friendly trading system that’s smooth to navigate, comes with video tutorials, and available on various platforms such as desktop, mobile and tablet.
Instant Deposits & Withdrawals
It is important that you trade with a broker that allows you to capitalize on opportunities quickly as they arise and get your earnings in the shortest possible time after you’ve closed a positioned. That’s why choosing a broker that offers instant deposits and withdrawals is key. It’s your money and you have the right to take charge of it with the highest flexibility.
High Leverage
Part of the magic that builds the success of many forex traders comes from something known as “leverage”, otherwise known as “margin trading”. With leverage, traders get to trade more with less, culminating in bigger profits if the market moves in your favor. Best of all, these additional funds you borrow from your broker is interest-free!
To give an example, if you are buying USD/JPY at a leverage of 1:2000 and your capital outlay is only USD50, you’ll essentially be able to trade up to a base currency sum of USD100,000. At a spread of 1 pip, if USD/JPY runs up by 5 pips, you would get a profit of USD40. This means that you would have earned USD40 for pumping in just USD50!
Click here for the forex broker that offers up to 1:2000 leverage – one of the highest among brokers.
Swap-Free Accounts
There are times when some traders would see a market trend and need to keep their trading positions open overnight, sometimes for a few nights. Forex brokers typically charge or pay such traders an overnight fee known as a “swap fee” or “rollover fee”, which is the interest rate differential between the two currencies of the pair they are trading. That’s why it makes sense to trade with a Shariah-compliant broker that offers swap-free accounts to traders in Malaysia, so that you pay zero swap fee when you buy a currency pair and have to hold your position overnight. Be sure to also choose a broker that does not charge you a fee for any hedged positions for the currency pair that you’re holding overnight.
Free Learning & Analytics Tools
Of course, to ace your trading game, you’ll have to learn as much as you can, as you trade. That’s why it’s important that you trade with a broker that provides free learning opportunities, such as educational articles, proprietary news relevant to trading, and exclusive webinars and seminars, among others. It is also necessary that your broker offers analytics tools on their trading platform, so that you can learn the technical aspects of trading. Trading is, after all, very much technical analysis-oriented, apart from applying fundamental analysis.
24/7 Real-Time Customer Support
Every trader will need some help at some point in time. And it’s useful to know that at any point in time, you’ll be able to connect to your broker. This is especially important because the forex market is a 24-hour international exchange for most of the week, and weekends may be the time for some traders to strategize for the week ahead. So, choose a broker that supports you 24/7, whenever you need them around.
Your Best Ally in Trading
Trade with the best forex brokers for beginners in Malaysia, and nothing less. Start your trading journey with a reliable broker that is trusted by many in the trading community and offers all the 5 qualities above, and more. Trade with confidence with the best broker in Malaysia by clicking here.
Forex Trading involves significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.
