When you have learned the basics of forex, know the market mechanism, what a broker is and so on, it’s time to register and choose the best type of Forex account for trading. Before choosing the best forex trading account for beginners, the following list of qualifications can be your guide to finding a soulmate. What are those? Check out the following explanation.
Check Forex Account Characteristics For Best Trading
In choosing a trading account, everyone has their preferences. But in general, these things deserve attention. When choosing a forex account to trade with a broker, make sure the following questions have been answered.
What is the Minimum Deposit Required?
Currently, many brokers accept deposits starting from 1 USD. However, with a deposit of 1 USD, your movements are certainly very limited. Instead of being able to profit, you will be easily hit by a Margin Call, curious, and then keep making deposits.
We recommend that you choose an account that accommodates a reasonable minimum deposit. For example, an account with a deposit requirement of 100 USD. With a capital of 100 USD, you can manage risk with 0.01 lots. Do not open too many positions, because rarely entering the market with high profitability is much better.
What Type of Execution Is Used?
For convenience and speed of execution, we recommend that you choose an account with STP (Straight-To-Process) characteristics. Straight Through Processing (STP) brokers are a type of No Dealing Desk (NDD) broker, so they are not market makers or create their markets.
This type of broker channels their clients’ orders to liquidity providers who have access to the interbank market. In terms of providing quotes, the STP broker will select several liquidity providers with the best prices to offer. Apart from that, STP brokers take pure advantage of the spreads.
Does the Account Support Automated Trading?
Don’t have time to keep an eye on the monitor and open the trading platform 24/7? This is no longer an obstacle for beginners because the best forex trading account on the market should provide the convenience of automated trading. With automatic trading features in the form of Expert Advisors or MetaQuotes Signals, beginners can follow professional traders without having to worry about time constraints.
Additional Features In Forex Accounts For Best Trading
If the standard features have been met, it never hurts to research whether the forex account for trading you choose has additional features. Several extra benefits that you can take advantage of include:
News Content and Analytics
The fundamental and technical analysis must go hand in hand. To find out more about the market outlook, we recommend choosing a forex account for trading that provides technical analysis signals and updates on the latest news as an additional reference. The best brokers usually complement their offered trading accounts with feeds from Dow Jones, Economic Calendar, and Trading Central.
MetaTrader Supreme Edition Add-On
MetaTrader Supreme Addition is a tool to maximize your trading activity. In MetaTrader Supreme Edition, there are 4 superior characteristics, namely: Helping to find opportunities, reading market direction, calculating profit and loss, increasing effectiveness, and developing strategies.
1-Click Trading
For traders who frequently enter and exit the market, the ability to analyze and trade in real-time is very much needed. The One-Click-Trading feature speeds up the trading process so you can respond to market events with the least delay possible.
Volatility Protection Settings
In addition to analytical skills, risk management is a science that must be mastered for safe and comfortable trading. Therefore, setting up volatility protection on a forex account for the best trading becomes a necessity. This volatility protection setting allows traders to manage slippage which can occur at any time and in any market. Both when price volatility is high or low.
Depth of Market (Price Level II)
For traders who want extra transparency, the In-Depth Markets feature is a must. The MetaTrader 5 trading platform can help you review current liquidity. By knowing the liquidity condition of an instrument, you can anticipate price movements that occur and arrange alternative strategies.
Where To Get The Best Forex Account For Trading?
After knowing the characteristics of the best forex trading account and additional features, you may need a more specific answer. The reason is, when reading broker reviews, there are hundreds of names that appear and you are still difficult to decide on which broker to open a trading account with.
By registering for a Trade.mt5 account, you can get the best forex trading account for traders. Not only presenting the main features that are profitable but the account is also equipped with additional features and Swap Free conditions.
