You are a new trader and there are a lot of brokers out there then which broker should you trust to create an account. We, at TraderMustRead, do understand all these difficulties hence we already consolidated and updated top most important facts that you can base on before making final decision.
Firstly, let us explain why we choose these facts. Please feel free to add in the comment part below if you have any other ideas as we always different ideas to create more values to our trader community.
Here are the top 5 most important facts. The order could be different a lit bit based on your own view of the importance of each element.
1. Trading volume
2. Welcome Bonus
3. Minimum deposits
4. Trading cost
5. Payment system
Now let us explain to you why these 5 facts are the most important.
1. Trading volume
At first, before we make decision on which broker, we should start with, we should look at how trustworthy that broker is. Simply, it will be reflected by the trading volume though there are a lot of other facts including regulation compliance, license…but to make our selection process simple, we look at the ultimate outcome of all these things – the trading volume. When a broker has very high trading volume, it means that is trusted and many forex traders are trading using it platform.
On the monthly basic, XM has the highest trading volume, approximately $402 Billion, following by Hot Forex ($345 Billion) & Exness ($323 Billion).
Note: if we look at the volume, there are other brokers such as IC Markets, Saxo Bank, IFC Markets, Ava Trade, FX Pro, Instaforex which are ranked heist and in the middle compared to the below brokers but as we based on the 5 facts to provide an objective view. Of course, you already know some of the brokers with high volume, they don’t offer attractive welcome bonus, low minimum deposits and low trading cost any more. We think this is a natural deal, when you get stronger, you will get a better stronghold.
2. Welcome bonus, minimum deposit and trading cost.
As a new trader, we all seek for attractive welcome bonus, lowest possible minimum deposit and trading cost to try out with low budget. Therefore, every dollar count.
Specially to welcome bonus, at first, if a new trader gets a good welcome bonus, it will get him somehow more confident and happier to start the trading journey. The welcome bonus will be varying from different account type, but about the best 3 brokers, Hot forex appears to be the most compelling one.
How about the minimum deposit? It’s all about the trader recruiting strategy of each broker. Now there are a lot of emerging brokers who can propose affordable minimum deposit to help traders really start their trading journey.
On the trading cost perspective, all these brokers are providing very low and affordable trading cost compared to the big ones who request trader to deposit a much bigger money.
Note: The minimum deposits and trading cost are based on the smallest accounts so you can find them different from the information according to your registered account.
3. Payment system
Of course, we all want to get the money in hand as soon as we want, when we want to enjoy the profits, or just simply, we want to invest our money in another thing and so on. In such cases, we will appreciate the broker who can provide instant transaction. Exness is appearing to be the fastest in such case, as it resolves within a second. XM and Hot Forex are following but also within some seconds.
In short, above is our view on the best brokers we see for new traders. They are not the largest ones but providing the best in the 5 facts we think that are extremely important for newbies.
The TraderMustRead team