The FX market is the world’s biggest market, with a daily turnover that easily surpasses $4 trillion. However, even though it is the biggest market globally, there is no central exchange for it. Consequently, forex traders have to depend on a forex broker’s services to assist them in executing a deal.
Do you know who the beginner is in the forex trading industry?
The term “beginner” refers to somebody just beginning to learn about the foreign exchange market. The brokers that understand the need to make minor deposits are in high demand.
Beginners should begin trading with low to moderate risk because of the more significant likelihood of losing money. New traders should be aware of the benefits of working with a registered brokerage firm/platform.
In recent years, the forex trading industry has increased, and if you want to participate, you must locate a reputable broker. According to Independent Trader Analyst, Contributor, the finest forex brokers provide novices with three significant benefits.
- A well-managed brand with a solid online presence
- Wide selection of useful materials they provide for students
- Easy access to high-quality information on the industry
If you’re just getting started in forex trading, it could be a good idea to spend some time understanding the basics. Here are a few important features of a forex trading platform that make it the best forex trading platform for beginners:
· Trading platform must be user friendly:
The trading platform serves as the trader’s entry point into the forex market, so a trading platform must be both dependable and simple to use. It should also feature a wide choice of trading tools for market analysis. This implies the trading platform’s interface must be well-designed, with all functions properly labeled and located. A trading platform with a bad user interface might hinder trade and cause expensive errors. For newcomers, clear charts, live news, and an economic calendar are essential. You must also guarantee that trade entrances and departures are seamless. As a new trader, you should know that most brokers provide mobile versions of their platforms. This is perfect for traders who are always on the go.
· A platform with analytical tools and free learning:
To become a master trader, you must learn as you trade. That’s why it’s critical to trade with a broker that offers free instructional resources, exclusive trading news, and special webinars and seminars. To grasp the technical elements of trading, your broker must also include analytical tools on their trading platform. Besides employing fundamental research, trading is heavily reliant on technical analysis.
Beginners should also look at any lessons that the firm provides before getting started. They can observe the platform in action via video training. Using this method, they may assess the trading platform’s complexity and evaluate whether or not it is something they can work with.
· Account type is also considerable:
A variety of trading accounts to choose from is one of the major factors to consider for beginners. About all major forex brokers provide their customers with this facility. The perks that these accounts provide the account user vary amongst brokers.
Experienced traders often use ECN accounts, which provide them access to the raw spreads given by liquidity providers. In contrast, a micro or mini account, for example, enables traders to trade in amounts smaller than a conventional lot and generally has a minimal minimum deposit. For novice traders, these accounts provide larger leverage. But they usually have greater spreads. A trader’s micro or small account may be limited in the currency pairings they may trade.
· Do care about bonuses:
Most forex trading platforms provide a first deposit bonus, but a newbie should remember that this incentive generally only applies to the first investment. They won’t earn the same benefit in the future. As a beginner, one must read the bonus terms and conditions carefully. There are several regulations imposed in different circumstances. For example, one may need to deposit and trade a particular amount before requesting a withdrawal. This might hinder their ability to withdraw revenue from their profile. At the same time, they may profit from your bonus.
· A passive income option:
What an inspiration it is to make money from a trading platform. Several functionalities might help you earn passive revenue. It is important to understand your alternatives and choose those that best fit your requirements and tastes.
Copy trading is one of the most acceptable ways to earn passive money. This trading approach duplicates other people’s deals. Traders can easily follow and see profiles on particular sites. This helps to discover more experienced traders and winners on the site.
According to the trusted reviews from professionals, OANDA is one of the best forex trading platforms for beginners. OANDA has a competitive advantage with licenses in the tightest major financial hubs and thorough market analysis.
OANDA offers a well-organized website with a declared purpose of openness, a focus on customer education and research, different user interfaces, and worldwide regulatory monitoring.