If you are reading this article, then the chances are good that you have become interested in forex trading and that as a beginner you want to know where you should start. You start with choosing a broker, and as a beginner, it is a good idea to look at a broker that makes it easy for beginners to start trading, like FXTM.
Here are a few features and strategies that you should be looking for in a broker that will make starting to trade in the foreign exchange market a breeze.
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User-Friendly Platforms
Brokers should provide intuitive and easy-to-navigate trading platforms. The interface should be clean, simple, and designed with beginners in mind. It should offer features like clear navigation menus, easy order placement, and access to educational resources.
With FXTM you can choose to trade with either MT4 or MT5. Both are popular trading platforms and are free to download on PC, Mac, mobile and tablet. You can trade via their mobile app, on your desktop, or via a browser anywhere you go. It only takes minutes to create an FXTM account and you are good to go.
Transparent Fee Structure and Low Minimum Deposit
Brokers should communicate their fee structure, including commissions, spreads, and any other charges associated with trading, this helps beginners understand the costs involved and make informed decisions.
By setting low minimum deposit requirements brokers allow beginners to start trading with a small amount of capital. This reduces the barrier to entry and enables individuals with limited funds to participate in the market.
FXTM maintains a transparent fee structure, clearly outlining the costs associated with trading, including spreads, commissions, and overnight fees. They do have low deposit amounts, dependent on your trading account and charge no deposit fees. You can read more about their fees, deposits, and withdrawals in this in-depth FXTM broker review.
Educational Resources
Brokers can offer comprehensive educational resources such as tutorials, webinars, articles, and videos to help beginners understand trading concepts, strategies, and market dynamics. These resources should cover topics like market analysis, risk management, and trading psychology.
FXTM provides a well-structured and in-depth variety of educational resources, including articles, tutorials, videos, and webinars. These resources cover topics such as forex basics, technical analysis, fundamental analysis, risk management, and trading psychology, catering to traders at different skill levels and are a perfect resource for beginners to learn everything they need to know about forex trading and the financial markets.
Customer Support
Offering responsive customer support is vital for beginners who may have questions or encounter issues while trading. Brokers should provide multiple channels of support, including live chat, email, and phone support, with knowledgeable representatives ready to assist users.
FXTM offers excellent customer support, with support 24 hours a day Monday to Friday and over the weekends they offer support during the afternoons (GMT+3 DST). You can get support in over 22 languages and can contact them via email, live chat, telephone, and messenger services like WhatsApp.
Other things to look at include demo accounts, risk management tools, mobile trading apps, and whether a broker is well-regulated.
Overall, FXTM strives to create a supportive environment for beginner traders by offering user-friendly platforms, educational resources, responsive customer support, and a range of trading tools and features designed to facilitate your trading journey. They are definitely worth investigating further as your broker of choice.