Best Forex Brokers for Beginners

Best For Earning Cashback on Trades

FOREX.com

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Best For Forex and CFD Trading for Mobile Users

Plus500

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Best For Funding Bonus

tastyfx (formerly IG)

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Best For Non U.S. Forex & CFD Traders

AvaTrade

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Best For Copy Trading

eToro

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FOREX.com is our pick for the best forex broker for beginners for its user-friendly platform, educational resources, and excellent customer support. They offer a wide range of tools and tutorials to help beginners understand the complexities of forex trading.

A solid online forex broker can help you get started as a forex trader. Your broker will serve as your primary access point for the foreign exchange market. All the forex brokers on this list are regulated, offer user-friendly platforms, demo accounts, transparent costs and great customer support.

Best Forex Brokers for Beginners

Your ideal choice for a forex broker should be well-regulated in its local jurisdiction, accept clients from your country, have tight dealing spreads and a sufficient variety of currency pairs and other assets to suit your trading needs. 

Best for Overall for Beginners: FOREX.com

FOREX.com ranks No. 1 as our choice for the best forex broker for beginners in the U.S. The broker is strictly regulated by the NFA and CFTC, while its subsidiaries are overseen by 6 other major regulators around the world. 

Why We Picked It: FOREX.com is widely regarded as the top forex broker for beginners due to its user-friendly platform, comprehensive educational resources, and 24/7 customer support. They offer a variety of tools and tutorials to help newcomers grasp the complexities of forex trading along with a 5% cashback deal for new account openings by U.S. residents. The round-the-clock customer service is especially valuable for beginners who might feel overwhelmed by the forex market.

Best for Leveraged Trading: Plus500

Plus500 has a user-friendly platform that is easy to navigate and understand, making it great for those who are new to trading in the forex market. Plus500 offers a demo account option so you can practice trading with virtual money before risking your own capital. Plus500 is not a direct forex broker but allows you to trade forex futures.

Why We Picked It: Plus500 Futures is an excellent choice for beginners due to its intuitive platform, low costs, and educational support. The proprietary trading platform is easy to navigate, accessible via both web and mobile, making it simple for new traders to get started. Transparent pricing, with spreads starting from 0.5 pips and low commissions between $0.49 and $0.89 per side per contract, ensures affordability for those just entering the market. Additionally, Plus500’s Futures Academy provides valuable educational resources, helping beginners understand forex futures trading and develop their skills with confidence.

Best for No Commissions: tastyfx

tastyfx (formerly IG Markets) is a forex and CFD broker overseen by the CFTC and NFA, so it can accept U.S.-based clients. It’s also strictly regulated in the U.K. by the Financial Conduct Authority (FCA).  

Why We Picked It: tastyfx provides an extensive range of educational materials in various formats, along with a dedicated mobile app for learning, called IG Academy. They are considered a highly trusted broker and take a heavy focus on ensuring a seamless trading experience for its users.

Best for a Educational Resources: AvaTrade

AvaTrade is a forex trading platform that offers various features and tools for traders of all levels. The platform is recognized for its user-friendly interface and intuitive design, making it simple for beginners to navigate and execute trades. Unfortunately, AvaTrade does not accept U.S. forex traders.

Why We Picked It: When it comes to educational resources AvaTrade leads the way. They offer basic and advanced educational tool and resources helping international forex traders learn the ins and outs of the forex market.

Best for Copy Trading: eToro

eToro is a social trading platform and multi-asset investment broker. They lead the way in copy trading, which involves selecting an experienced trader whose trades you copy automatically in your own account. Keep in mind, eToro does not accept U.S. forex traders.

Why We Picked It: eToro specializes in social trading accessed via its CopyTrader tool and offers an excellent social trading network. This trading option seems ideal for beginners since you can sit back and let expert traders with a proven track record direct the trades in your account. 

How to Choose a Forex Broker as a Beginner

Here’s a some guidelines to help you choose a forex broker as a new trader:

Regulation and Security

• Check broker regulation: Ensure the broker is regulated by a reputable financial authority such as the U.S. Commodity Futures Trading Commission (CFTC), the UK’s Financial Conduct Authority (FCA), or the Australian Securities and Investments Commission (ASIC). Regulation provides a level of security and oversight, protecting you from fraudulent practices.
• Verify credentials: Cross-check the broker’s regulatory credentials on the regulator’s official website that corresponds to the country you are trading from to confirm their authenticity.

Account Types and Minimum Deposits

• Account options: Look for brokers that offer a variety of account types to accommodate different trading styles and budgets, including demo accounts for practice and learning.
• Minimum deposit requirements: Choose a broker with a minimum deposit requirement that aligns with your budget. Many brokers offer accounts with low or no minimum deposit requirements, which is ideal for beginners.

Trading Platform and Tools

• Platform usability: The trading platform should be user-friendly, intuitive, and compatible with your preferred device (desktop, web, or mobile). Popular platforms like MetaTrader 4/5 or cTrader are widely recommended.
• Technical tools and features: Ensure the platform provides essential tools for technical analysis, charting capabilities, and automated trading options.

Costs and Fees

• Spreads and commissions: Compare the spreads (difference between bid and ask prices) and commission structures. Lower costs mean higher profitability, especially for beginners with smaller capital.
• Additional fees: Be aware of other potential fees such as withdrawal charges, inactivity fees, and overnight financing rates (swap rates).

Leverage and Margin Requirements

• Leverage options: Understand the leverage options offered by the broker and how they align with your risk tolerance. Higher leverage allows for larger trades with a smaller capital but increases the risk for loss.
• Margin requirements: Check the margin requirements to ensure you understand how much capital is needed to maintain your positions.

Customer Service and Support

• Availability and accessibility: Look for brokers that offer great customer support available through various channels (phone, chat, email) and during trading hours.
• Language and response time: Ensure customer support is available in your preferred language and check reviews for their response time and helpfulness.

Educational Resources

• Learning materials: A good broker for beginners should offer educational resources such as webinars, tutorials, articles, and demo accounts to help you learn and practice trading.
• Market analysis: Access to daily market analysis and insights can be beneficial for understanding market trends and making informed trading decisions.

Deposit and Withdrawal Options

• Convenience and flexibility: Check the deposit and withdrawal methods to ensure they are convenient and flexible for you. Look for options that are secure, low-cost, and easy to use.
• Processing time: Consider the processing time for deposits and withdrawals to avoid delays in funding your account or accessing your money.

Reputation and Reviews

• Broker reputation: Research the broker’s reputation through online reviews, forums, and trader communities. Look for consistent positive feedback and check for any major complaints or issues.
• Time in the market: Brokers with a longer track record in the market often have more reliability and stability.

Trading Instruments and Market Access

• Range of instruments: Ensure the broker offers a wide range of trading instruments, including major, minor, and exotic currency pairs, as well as other assets like commodities, indices, and cryptocurrencies if you plan to diversify.
• Market access: Confirm that the broker provides access to the markets you are interested in trading.

Additional Resources

• Demo trading: Before committing real money, use a demo account to practice trading and understand how the broker operates.
• Seek recommendations: Talk with experienced traders or financial advisors to get recommendations based on your needs and goals.
• Join forex communities: Engage with online forex communities and forums to learn from other traders’ experiences and insights.

With these guidelines in mind, you’ll be well-equipped to choose a forex broker that aligns with your trading goals and provides a solid foundation for your trading strategy.

Frequently Asked Questions