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2 Responses to “Where can I find a good website to trade currency for beginners? Forex site with no minimum deposit?”
Most brokers offer forex services to all clients, without delimiting it’s services into forex for beginners and forex for professionals. The trading tools provided by the brokers can, however, be very useful when trying to learn forex – calculators, definitions etc.
A broker that does not setup a minimum deposit is very rare in this field. At this point, it is good to take some financial aspects into consideration, to calculate the minimum amount you are prepared to invest in forex trading.
Since there is a required margin for placing a trade on the market, you need to have at least that margin in your account,the fee charged for trading, along with some margin to keep the trade on the market.
Depending on the leverage you will be choosing, this required margin will vary.
Due to the fact that all money transfers are done via a variety of payment providers, each of them charges a commission. Your broker can also charge a commission for processing the payments.
Also, try to think of how much % of your balance you are ready to risk, for example, a 2% risk of a 500 USD account is 10 USD.
Taking all the above aspects into consideration, will give you an idea about how much you can afford to invest and how much you are prepared to lose if the market goes against you.
If you are a beginner, my honest advice to you is to register a demo account, become familiar with the trading conditions provided by either checking that broker’s web site or by contacting the customer services, before thinking of investing any money in forex, this only to avoid losses.
The majority of brokers offer free demo accounts and customer services to assist you with any inquiries you might have, so you should not have a problem becoming familiar with that trading environment.
January 22nd, 2012 at 9:28 am
Hi,
Most brokers offer forex services to all clients, without delimiting it’s services into forex for beginners and forex for professionals. The trading tools provided by the brokers can, however, be very useful when trying to learn forex – calculators, definitions etc.
A broker that does not setup a minimum deposit is very rare in this field. At this point, it is good to take some financial aspects into consideration, to calculate the minimum amount you are prepared to invest in forex trading.
Since there is a required margin for placing a trade on the market, you need to have at least that margin in your account,the fee charged for trading, along with some margin to keep the trade on the market.
Depending on the leverage you will be choosing, this required margin will vary.
Due to the fact that all money transfers are done via a variety of payment providers, each of them charges a commission. Your broker can also charge a commission for processing the payments.
Also, try to think of how much % of your balance you are ready to risk, for example, a 2% risk of a 500 USD account is 10 USD.
Taking all the above aspects into consideration, will give you an idea about how much you can afford to invest and how much you are prepared to lose if the market goes against you.
If you are a beginner, my honest advice to you is to register a demo account, become familiar with the trading conditions provided by either checking that broker’s web site or by contacting the customer services, before thinking of investing any money in forex, this only to avoid losses.
The majority of brokers offer free demo accounts and customer services to assist you with any inquiries you might have, so you should not have a problem becoming familiar with that trading environment.
FXCC Representative
January 22nd, 2012 at 9:52 am
The lowest deposit I could find was 50 USD. Alternatively, you can open a trial account with virutal 50K USD to get some experience.