In my opinion, the most part of the brokers would suit beginning traders, especially when it comes to demo account. Demo account conditions are of course exclusive, however they work on the same principle and everything you need are money, indicators and analytical things such as economic calendar for example. The rest doesn't really matter. To my mind, these days there are plenty of reliable brokers on the market and if you a newcomer, then choose thsoe ones where reviews are mostly positive and check everything on your own.
Before you give your funds to this broker check the work of customer support, ask various questions, check regulations and check processes of depositing and withdrawing money. Thus you will be able to make conclusions.
ElijahM posted: I currently trade with a demo account and will be live trading soon. When looking for a good broker, I came across CMC Markets and FP Markets.
The reviews and ratings are highly positive, and I would like to know if it is suitable for beginner traders.
CMC is better from the options you have selected for yourself. If you are open for suggestions, you can also checkout fxview because of their low cost trading conditions. Commissions are just $2 RT and spreads range between 0.1-0.3 pips. So I would suggest checking them too.
Did you open an account with either? I was just thinking, while both of those are good I think CedarFX may be better in some categories. I know CMC has customer support online during weekdays, but theirs is 24/7, for example. I also think the fees are slightly lower because they don't charge commission. Just throwing that out there just in case it helps!
I am not sure about CMC because I have not traded with them. I'm currently a trader with FP Markets and from my experience I can say it is suitable for beginner traders because they have an opening balance of $100 AUD with a commission cost of $6 per turn lot.
Their customer service is also quick in answering most of the clients' questions, even when you reach them through live chat or email.
I am not familiar with CMC, but I can say that FP Markets is a good choice even for beginner traders, as their opening balance is $100 AUD with free demo accounts, and they also provide educational materials such as e-books and video tutorials for traders who are new to forex.
I'm not aware of CMC Markets but I can say FP Markets is suitable for beginners as well because I've been trading with it from day one and it has been over a year.
The trading conditions are robust, the customer service is polite and quick in answering queries, the minimum opening balance is $100 AUD with 10,000+ different instruments to trade global stocks and commodities.
CMC and FP Markets are ASIC regulated with good trading conditions, they are suitable for beginners with lower costs. FP markets also has several educational materials for new traders venturing into forex for the first time.
I've been trading with FP Markets for close to two years, mainly for its good customer service, which is fast in answering queries and because it is one of the oldest brokers active since 2005.
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