October 22, 2021

The Best Forex Broker for Beginners in 2020

5 min read
The Best Forex Broker for Beginners in 2020

The Best Forex Broker for Beginners in 2020

There is a sea of Forex brokers with countless promotions and features nowadays, making it hard for beginner traders to pick one. So, how to choose a good broker to start with? Today, we will introduce to you a reliable FX broker which is especially suitable for newcomers – FinmaxFX.

Summary

Launched in 2015, FinmaxFXis operated by Max Capital Limited with Registration Number 41072, authorized and regulated by the Vanuatu Securities and Exchange Commission (VFSC). For 5 years of development, Finmax is now a top-notch trading service provider with 500+ tradable asset in 8 categories:

● Forex ● Spot metals
● Stocks ● Share indexes
● Cryptocurrency ● Commodity futures
● Energy carriers ● Bonds

The number of active traders of this broker crosses 370,000 traders from over 120 countries. Finmax is also a pioneer in using the advanced MetaTrader 5 as the trading platform.

Why FinmaxFX?

Regulation

The new traders must be meticulous with this first step as your money needs to be handed to a safe and responsible entity. With registration in Vanuatu, FinmaxFX is licensed by Vanuatu Securities and Exchange Commission (VFSC).

As an international trading service provider, this broker also complies with other reliable regulators like:

● BaFIN (Germany);
● CySec (Cyprus);
● MFSA (Malta).

These regulators always require a big enough initial capital of at least 100,000 euros, along with monthly and annual activities reports to guarantee the right of investors. Under the regulations, 50,000 USD is the maximum amount that a trader can claim in case the broker is bankrupt. Thus, you can rest assured that there are strong organisations back you up.

Safety and privacy

Finmax is aware of the importance of this issue, they use a cryptographic cypher during the transfer of data – Secure Sockets Layer (SSL). The information is always kept in secret and only provided if being requested by the authority.

Regarding the funds of clients, they are segregated from the account of the broker to guarantee that the money is only used for trading of clients. Negative balance protection is also applied to keep the traders away from debt in bad scenarios.

Trading instruments

Plenty of assets attracts more traders with more trading opportunities. At this point, Finmax can be proud as they offer full types of tradable assets.

  • Forex: The basic trading category for every trading service provider. You can find all popular currency pairs you need like EUR/USD, GBP/USD, USD/JPY with the leverage of up to 1:200;
  • Stock: The stock sector of Finmax is even bigger with over 300 companies shares. Apple, Amazon, GE, Coca Cola, Visa and others are all available with leverage of 1:20;
  • Crypto: Finmax also offers trading this new type of asset with leverage of 1:10;
  • Energy carriers: Traders who love to track fluctuation of oil price can satisfy trading WTI Oil, Brent Oil and Natural Gas;
  • Spot metals: Precious metals were once the quoted currency for every trading, now they are tradable assets. At FinmaxFX, they offer up of 1:200 of leverage for trading Gold while the number for others are up to 1:100;
  • Shares indexes: For traders who are bored of going through endless reports of particular companies, trying representative indexes like S&P 500 or DJ 30 can be an interesting challenge;
  • Commodity futures: Commodities have a long history of trading before the rise of civilisation. There are tradable crops at FinmaxFX such as Corn, Wheat, Rice and others;
  • Bonds: You want to invest in the development of a country then you cannot forget about bonds, the asset issued by banks and governments. FinmaxFX offers 5 bonds to trade, namely, TBOND-30Y (US30YBond), TNOTE-10Y (US10YNote), EURO-BUND-10Y EU, GILT-LONG UK (Gilt10Y), Japan G. Bonds.

More attractively, there is no commission fee for trading any of these above assets at FinmaxFX.

Trading platform

As aforementioned, MetaTrader 5 (MT5) is the choice of FinmaxFX. Some conservative traders familiar with MT4 for a long time may say MT5 is too complex to handle but trust me, MT5 is everything you need for a trading terminal. And if you are a beginner, it’s even easier since you have a totally fresh start.

Some advanced features of MT5 are:

  • Supported in over 30 languages;
  • MT5 has 21 time-frames while the number of MT4 is only 9. More viewpoints are provided and multiple time-frame tactics can be more precise and efficient;
  • There are 38 technical indicators and 44 analytical objects;
  • 6 pending order types;
  • Netting and hedging position accounting;
  • Community chat and financial news are built-in.

Trading accounts

There are 5 types of trading accounts, each of which has a minimum deposit requirement and offers different benefits level:

  1. Micro.
  2. Mini.
  3. Standard.
  4. Premium.
  5. VIP.

Specifically, traders who hold a VIP account can enjoy unlimited Webinars with personal experts and up to 100% of bonuses.

In terms of payment, besides classic methodslike credit card and bank transfer, you have various choices via e-payment, Skrill, Vload, Yandex Money, QiWi Wallet, Webmoney and Neteller. The corresponding withdrawal fees are different for these methods and you can read further in Withdrawal Information and General Fees

Education

Luck has nothing to do with trading, what a successful trader needsis knowledge and it is only gained through training and experience. A new trader can take advantage of rich education at FinmaxFX website to seek all essential base:

  1. Glossary: Where you see all terms and their definitions.
  2. E-Books: Summarised by expert traders, these materials will equip you with logical knowledge on investment and Forex.
  3. Video lessons: A more visual approach for what you have learned from the books.
  4. Webinar: It’s more like a workshop where experts share new opportunities and tips for trading to discuss.

Customer service

FinmaxFX’s hotline is +44 (208) 089-25-75. You can also contact their specialiststhrough their support email address: support@finmaxfx.com. For technical support, the working time is 08:00 – 20:00 (GMT+3).

You can also have a live chat on its website. Moreover, FinmaxFX has a policy for complaint and dispute resolution with the mailbox at compliance@finmaxfx.com. All of the staff are friendly and you can count on them in need.

Conclusion

FinmaxFX is a comprehensive broker meeting all of your demands for a broker that is:

  1. Safety and reliability.
  2. Wide range of tradableinstruments.
  3. Various payment methods.
  4. Rich education.
  5. Dedicated support team.

Especially for beginner traders, who lack experience, FinmaxFX is the right choice that you shouldn’t miss.