We found 11 online brokers that are appropriate for Trading Beginner Forex Brokers.
The best Forex brokers that are perfect for newbies should provide at least three main benefits. The essential thing being that they are a trusted and licensed brand, providing an amiable, web-based platform. Another benefit that they should offer is a large variety of educational materials. Lastly, they should offer access to quality market research.
'Foreign Exchange Trading' is the act of exchanging one currency for another. This means, selling or buying of currency pairs, depending on the winning exchange rates from the foreign exchange market. The Forex market is the largest world market, with about $6.59 trillion in currency traded every day.
When talking about foreign currency trading, you can make use of a currency trading broker, popularly known as a 'Forex Broker' to carry out your trades. When you trade in the Forex market, you sell or buy in currency pairs. You register an account and deposit capital, after which, you make use of the broker's trading platform to sell and buy currency margins.
On trading networks, the more options of trading platforms to choose from that the broker offers, the better it is for you as a trader. If you are a trader who does not like to sit behind a desk, or prefers to move around, then you should choose a good broker in mobile trading.
To confirm a broker's regulated status, you must check the site to see if a regulatory body provides the license for that broker to work in a certain region.
At times, a Forex broker can be licensed in many regions. The more regions the broker is licensed in, the more dedicated the broker is in gaining possible customers' trust.
Many brokers provide a demo account that operates for an unlimited time, while some only provide a limited demo account. An unlimited demo account is the best option, since you will be able to use it for backtesting your trading schemes.
You should check the value of their training resources. This is necessary for new traders because you need to learn as much as possible before taking the risk of starting to trade with real money in the market.
Check to see if the Forex broker provides a reduction in commissions for trading costs. Meaning, the more the trader trades, the more reduction in commission he/she gets.
In the bid to distinguish their services from other Forex brokers, they should provide value-added services, like free-market signals, which can be used as an educational, or trading, aid.
In the case of withdrawals, you should search to see if the broker has certain requirements or restrictions. Some brokers charge a fee on every withdrawal made. While some need a minimum amount to be withdrawn for the withdrawal request to be processed.
To estimate how a trading platform operates, constantly practice with the demo account offered by the broker.
Check to see if the customer support services can be accessed via the Internet, telephone, or social media.
The Forex market is the planet's biggest market, with a turnover of more than six trillion dollars every day. Nonetheless, though it is known as the biggest market globally, it does not have a central exchange. Additionally, Forex traders need to depend on Forex Brokers to aid them in carrying out a trade. Below are some of the criteria in choosing the best Forex brokers for beginners.
One of the criteria for estimating a Forex broker for beginners is their trading software, or platform. The trading platform must possess a broad range of trading tools that can aid in analyzing the Forex market. Several trading tools beneficial for beginners are: an economic calendar that provides information about future economic events, clear charts, and a streaming news source. Consequently, it would be best to make sure that the trade exits and entries can be done easily. This implies that a trading platform's interface should be well structured for all operations, strategically placed, and neatly marked.
A trading platform interface that is not well designed can hinder trading, resulting in serious mistakes. Ensure the trading platform offered by the broker is dependable, like the 'Sirix WebTrader', or the 'MT4'.
One other criterion to consider when appraising the various kinds of trading accounts is the withdrawal and depositing methods offered by the broker. All Forex brokers in the industry possess their own policies on how they manage withdrawals and deposits. A few Forex brokers may support their customers using various payments to fund their accounts, while allowing direct bank deposits as well.
The foreign exchange industry is a twenty-four-hour-a-day market where trading activities are continuously occurring. It is likely for Forex traders to be constantly trading on the market. This implies that you could encounter an issue that needs the customer support group's help at any time. Therefore, the customer support team must always be available 24/7 during the whole trading week. There is nothing more disappointing than not being able to get in touch with someone when you need their help.
Check the methods available to get in touch with customer support services like email, live chat, and localized phone numbers. Consequently, you should also evaluate the response time of the representatives in the support team. Traders often tend to overlook whether a broker offer a toll-free, or localized, telephone support number when examining their support services.
We've collected thousands of datapoints and written a guide to help you find the best Best Forex Brokers For Beginners for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Beginner Forex Brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Beginner Forex Brokers trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Beginner Forex Brokers.
Compare Beginner Forex Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Beginner Forex Brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Beginner Forex Brokers that accept Beginner Forex Brokers clients
Broker |
eToro
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IC Markets
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XTB
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FP Markets
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Trading212
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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SpreadEx
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Rating | |||||||||||
Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) | Financial Conduct Authority (FCA) |
Min Deposit | 200 | 200 | No minimum deposit | 100 | 1 | 100 | 200 | 100 | 5 | 100 | 1 |
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Used By | 17,000,000+ | 60,000+ | 250,000+ | 10,000+ | 14,000,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ | 10,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with etoro |
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Up with icmarkets |
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Up with xtb |
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Up with fpmarkets |
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Up with trading212 |
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Up with plus500 |
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Up with pepperstone |
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Up with easymarkets |
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Up with xm |
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Up with fxprimus |
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Up with spreadex |
Risk Warning | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% 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. | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. | 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 | Your capital is at risk | Your capital is at risk | Losses can exceed deposits | Losses can exceed deposits |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
SpreadEx Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | US, JP, NZ | US | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. | US, TR |
You can compare Beginner Forex Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Beginner Forex Brokers for 2021 article further below. You can see it now by clicking here
We have listed top Beginner Forex Brokers below.