Best Forex Brokers for Beginners

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 (forex) market. When starting out with forex make sure you work with a regulated brokers that offer user-friendly platforms, transparent costs and good customer support. Take advantage of demo accounts to test the platform and familiarize yourself with trading without risking real money.

Ready to start trading forex? Learn more about which forex brokers are best for beginners. 

Quick Look: Best Forex Brokers for Beginners

• Best for Ease-of-Use: Plus500
• Best for U.S. Traders: FOREX.com
• Best for Simplified Trading Platform: Trading.com
• Best for Educational Resources: AvaTrade
• Best for Copy Trading: eToro
• Best for CFD Trading: IG Markets
• Best for All Forex and CFD Traders: Deriv

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Best Forex Brokers for Beginners

Since your online forex broker will likely be your main interface with the forex market, make sure you choose wisely. 

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. 

1. Best for Ease-of-Use: Plus500

Plus500 is a top choice for beginners due to its user-friendly platform that is easy to navigate and understand, making it ideal 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.

The broker has a wide range of educational resources and tools available for beginners, including tutorials, guides, and market analysis, to help you learn the basics of forex trading and make informed decisions. Plus500 has a low minimum deposit requirement and provides a variety of trading options, including forex, cryptocurrencies, commodities, stocks, futures and indices.

2. Best for U.S. Traders: FOREX.com

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

You need just $100 to open a trading account that allows you to start taking positions in 80 currency pairs. All traders can use FOREX.com’s proprietary Advanced Trading Platform along with the MetaTrader suite that includes a mobile trading option. The platform is easy to navigate and very beginner friendly.

3. Best for Simplified Trading Platform: Trading.com

Trading.com is becoming the go-to choice for traders seeking a straightforward yet effective trading platform. Tailored for modern traders, it has a user-friendly interface that streamlines trade executions, especially for those who prioritize simplicity over complex features. What distinguishes Trading.com amidst the competitive broker landscape is its highly competitive spreads, ensuring cost efficiency for users. The platform has an attractive design, easy navigation and provides a seamless trading experience.

Additionally, Trading.com is a registered Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA #0516820), ensuring confidence for traders using the platform. While advanced traders may find the platform's features somewhat limited, Trading.com offers a balanced blend of functionality and user-friendliness, making it a compelling option for traders of all levels.

4. 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. They also are one of the best brokers for access to top notch educational resources.

AvaTrade operates under 7 regulations in 6 continents, including Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa. The platform offers a wide range of assets, leading platforms, and favorable trading conditions, including leverage of up to 400:1.

5. Best for Copy Trading: eToro

Copy trading involves selecting an experienced trader whose trades you copy automatically in your own account. 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. 

eToro provides excellent educational resources beginners will find useful, and its highly intuitive trading platforms and apps can be quickly picked up by a trading novice.

It’s registered as a Money Services Business with the U.S. Financial Crimes Enforcement Network (FinCEN), instead of as an online broker regulated by the National Futures Association (NFA) and Commodities Futures Trading Commission (CFTC). The company also submits to regulation in the U.K., Australia and Cyprus.

6. Best for CFD Trading: IG Markets

IG Markets is a top contract for differences (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).  

IG Markets lets clients trade CFDs on over 17,000 different assets, including 80 forex currency pairs, as well as equities, commodities, indices, bonds, exchange traded funds (ETFs) and short-term interest rates. The broker requires a minimum deposit of $250 to get started and allows U.S. clients to use a maximum leverage ratio of 50:1. 

Like any good online forex broker, IG Markets keeps clients’ money in accounts segregated from its own. IG Markets has a proprietary trading platform and also supports MT4 and ProRealTime. It lets clients automate their trading via its application programming interface (API).

7. Best for All Forex and CFD Brokers: Deriv

Deriv is a multi-asset investment platform with millions of users that offers you access to CFDs that are based on forex, synthetic indices, stocks, crypto, commodities and ETFs. There are also multipliers that you can use to trade on forex and derived indices. 

Multipliers are offered to blend leverage with the limited risk that comes from options. The platform is also one of the leaders in the synthetic index space, but it is designed for beginners, too. This means that you can learn and also use advanced charting makes research easier.

***Unavailable for traders in the U.S., Alderney, Belarus, Canada, the Cayman Islands, Hong Kong, Israel, Jersey, Jordan, Malaysia, Malta, Rwanda, Paraguay, Singapore and the United Arab Emirates and any country that has been identified by the Financial Action Task Force (FATF) as subject to a call for action.

What is a Forex Broker?

Retail forex brokers are financial institutions that act as an intermediary between individual trader clients and the forex market. These forex brokers have an online presence in the form of an official website, and they target smaller traders who wish to operate in the forex market on a margin basis. 

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5)  from MetaQuotes.

Some forex brokers also offer very useful educational information for beginners you can use to increase your knowledge about trading. They might also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

How to Choose a Forex Broker as a Beginner

Choosing a forex broker as a beginner can be a daunting task given the amount of options available. However, focusing on a few key factors can simplify the process and help you select a broker that suits your needs. Here’s a some guidelines to help you make an informed decision:

1. 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.

2. 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.

3. 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.

4. 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).

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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