If you are new to Forex, the ideal start would be to use 1:10 leverage. This would be more reasonable, since using a higher leverage might be dangerous.
choosing the right leverage will depend on your budget but generally, i don't suggest high leverage for beginners, 1:100 or less will be ideal if you are still learning.
Exactly, one needs to be balanced with using leverage in the market especially for newbies. When I saw that Forexchief offered 1:1000 max leverage I was tempted, but a friend advised I be careful and should maybe look for other means to top up my funds. Fortunately they had trading credits with zero interests for clients, that came in handy.
You can opt for high leverage that's not a problem it just will lock less margin on your position, however given same lot size and stop loss, the amount you risk is the same for 1:30 and 1:1000 leverage. However if you hold positions overnight, then rollover costs will be higher, this is the only difference I see.
which leverage is more appropriate for you it depends on your trading plan. right now i am using 500:1 , this is risky but sounds good still.
when using high leverage make sure good trading plan , otherwise the result of trading could be more dangerous.
Beginners should not exceed the leverage of 1:100 and should not trade without a strict risk management strategy.
when i was a new in trading i used only 1:50 even in a demo account. this supported me al lot to avoid using high leverage, because high leverage can make you profitable and at the same time it can make you loser overnight.