There are numerous brokers to choose from in the Forex trading world with each of these brokers having distinct attributes or benefits to offer their customers. However, this does not make every Forex broker suitable for beginners.
Selecting the best Forex broker requires extensive research and adequate knowledge of Forex market. Thus, a good Forex broker for beginners should provide educational resources to enlighten beginners on Forex.
As a beginner, you need to trade with regulated and reputable brokers that offer a user-friendly trading platform as well as a variety of educational resources.
This article would discuss factors to consider when choosing the best Forex brokers for beginners as well as top ten brokers beginners can choose from.
We highly recommend looking at the comparison table below, where we highlighted the key features of each product.
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
We highly recommend looking at the comparison table below, where we highlighted the key features of each product.
Here is a brief guide line to choose top forex brokers for beginners
It is very important for you to check if a broker is regulated by the regulating body in the country which it is domicile. For US based brokers they are regulated by the NFA (National Futures Association) as well as the CFTC (Commodity & Futures Trading Commission). There are other regulatory bodies such as CySec (Cyprus Securities & Exchange Commission) in Cyprus, FCA (Financial Conduct Authority) in the UK. Note that there are different regulatory bodies for different countries.
The Forex market is a large one, and that has given opportunities to mischievous individuals to try to cheat traders off their hard earned moneey. This is why we recommend regulated brokers to ensure your money is in safe hands. However, we can’t rule out the fact that there are brokers who are not regulated but have existed so faron good reputation.
Beginners need Forex brokers that will help them better at Forex trading. Hence, Forex brokers should give access to the best Forex market information, and provide beginners with tutorials that let them learn the basics of Forex.
Consequently, becoming a profitable Forex trader requires learning. Therefore, it is important for brokers to offer educational resources that are accurate. A beginner should be able to access information on fundamental analysis, technical analysis, trading strategies and training videos.
One of the factors to consider in choosing a Forex broker is the fees charged by the broker. As a beginner, it is advisable to choose a broker with low commission rate.
A broker with low fees would also offer such options as fixed spread to help protect beginners from the instability of the market.
Also, it is equally important to consider fees charged on deposit and withdrawal. There are several brokers that do not charge a fee on deposit and withdrawal. Such brokers are advisable to be considered by beginners.
Setting up account, navigating through trading platform, making deposits and withdrawals, etc. usually can be difficult for beginners and which is why superb customer support should be provided for beginners. In fact, some Forex brokers have provided tutorials that can help guide a beginner through some basic things on the platform. However, live support is important because even the experienced traders sometimes need customer support to help resolve issues.
An excellent customer support should have an accurate and timely response. Most traders love their complaints to be attended to almost immediately and this makes live chat important for any brokerplatform for prompt issue resolution.In addition, offshore broker’s support services should also support multiple languages for their customers.
For beginners, it is important to use brokers who have trading platforms that are easy to navigate. This implies that they must be able to trade conveniently without any complications.Also, the trading platform should have good trading tools because beginners do need to access charts and indicators to help guide their trade activities.
Consequently, it is important for Forex brokers to provide a trading platform that has a variety of software or apps to select from for the convenience of the beginners. The forex broker also needs to ensure they add new platform features such as social trading as this helps beginners interact with experienced traders and learn from them.
NOTE: There are other minor factors to consider when selecting the best forex brokers for beginners and this includes:
Top Ten Forex Brokers Lists
Oanda is well known for its standard trading platforms and below-average trading costs. The company ensures to differentiate itself from other Forex brokers with its topnotch execution quality and accountability. It was one of the first companies that offered inclusive currency exchange information online. OANDA is considered safe because it has a long track record, discloses its financials regularly and is also one of the brokers regulated by top-tier authorities. This implies that your money is safe with OANDA.
Oanda offers low fees and a great easy to-use web trading platform. Oanda also has an easy account opening method that requires no minimum balance.Additionally, Oanda charges no withdrawal fees for the first transfer in a month while using debit cards then subsequent withdrawals with debit cards in a month costs $15.With Oanda, you have access to great charting tools with over 70 technical indicators.
Pros
Low fees are charged
Accounts can be opened with as little as one dollar
Its web trading platform is convenient to use.
OANDA is also regulated by major governmental regulatory bodies
It has a fully digital account opening process
Cons
OANDA has restricted leverage
It also has no fixed spread accounts
High withdrawal fees when conducting bank transfers
FOREX.com is popularly known for its robust trading platform for both the beginner and the professional. It delivers a superb trading experience for Forex and CFDs traders in the US. Pricing at FOREX.com is convenient to understand and also offers tight spreads on cryptocurrency CFDs.
As a beginner, FOREX.com is an outstanding choice as it offers traders access to over 80 currency pairswith competitive spreads. The extensive education and research tools that provides a free and informative forex trading courses at multiple skill levels is another reason for beginners and professional traders to love FOREX.com.
Pros
Impressive and easy to navigate platform.
Provides a wide range of education and research tools
FOREX.com delivers a great experience to forex traders of all experience levels.
Trading View charts are also built into platform
Cons
FOREX.com has high stock CDS fees
FOREX.com has no guaranteed stop losses for US clients
Traders cannot buy or sell other securities (i.e. stocks and bonds)
Fxchoice is an offshore broker that accepts US clients. It is popularly known for allowing best practices in their dealings which is why it is the best for US traders who would want to trade with offshore brokers. Fxchoice is a MetaTrader-only broker regulated by the International Financial Services Commission (IFSC) of Belize. It offers the popular MetaTrader 4 (MT4) and MetaTrader5 (MT5) platforms. FXchoice offers 50 instruments, which include 38 forex pairs, and CFDs on seven indices, two energy contracts, two metals, and bitcoin.
FxChoice also offers flexible leverage, fast execution, competitive spreads, and excellent customer service. They execute a trade every 4 seconds on average with daily transactions totaling over 15,000. Their dedicated support team who readily assist customers in their inquiries and proper solutions in technical issues has earned them awards for their friendly, efficient, and multi-lingual customer service.
Pros
mpressive and easy to navigate platform.
Provides MQL5 trading signals to help beginners make profit conveniently.
They offer commission discounts for active traders
Fxchoice.com offers numerous rewards for increased volumes of trading
They offer a wide range of deposit methods which include: Skrill, Neteller, Bitcoins, Fasapay, Perfect Money, ePayments and Qiwi.
Fxchoice.com is regulated by the Local IFSC(International Financial Services Commission)
Cons
Fxchoice.com has high stock CDS fees
They only boast of three trading platforms which are Metatrader 4, 5 and webtrader
Pepperstone is one of the few brokers that offer CFDs. It is an offshore broker established in 2010. It is regulated by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). They offer the MetaTrader 4, MetaTrader 5, MT Mobile, and cTrader trading currency top platform. They offer more than 60 currency pairs, cryptocurrencies, cfds, gold, silver and other commodities for either personal investment or trading options.
Pepperstone offers good leverage and two account types which offer competitive spreads. This broker provides for copy trading and has been identified to be the best in social copy trading.In addition, Pepperstone also has a range of research tools such as quality content videos to help guide traders who are new to Forex and other research tools for even the expert traders.
KEY FEATURES
Pros
Excellent trading conditions
Great customer service
Fast Execution and low cost trading
Free deposit and withdrawal
They offer a wide range of educational tools and courses for both beginners and professionals.
Cons
Pepperstone does not have investor protection for non-EU traders
It has no guaranteed negative balance protection.
No options to purchase stocksand bonds.
Founded in 2007 in Australia, this broker is regulated by the Australian Securities and Investments Commission (ASIC), the Seychelles Financial Services Authority (FSA) and the Cyprus Securities and Exchange Commission (CySEC).
ICmarket.com offers three primary types of trading account, with easy and quick account opening process.
Additionally, ICmarket offers the MT4 and MT5 and cTrader trading platforms. It offers over currency pairs, cryptocurrencies, stocks, futues, gold, silver, commodities and cfds for personal investment or trading options. The broker is designed for both beginners and expert traders. They offer additional trading features such as social trading integration with MYFXbook.
Pros
Commission free trading
Wide range of tradable product
High execution speed and low cost trading
Fast and fully digital account opening process
They offer a wide range of educational materials and videos for both beginners and professionals.
Cons
High financing rate for CFDs
No two step factor for safer login
FBS stands for Financial Brokerage services. It is an Asian broker that has its offices around countries in Asia.FBS is regulated by the IFSC in Belize. It also operates in Europe and it is regulated by the Cyprus Securities and Exchange Commission (CySec). FBS is a broker that has received several awards and recognitions for their services. The broker also offers five different accounts that come with unique features and these accounts include: Cent, Micro, Standard, Zero Spread and ECN.
FBS offers 35 major, minor and exotic pairs and over 75 financial CFD instruments. The Cent and Micro accounts are available for beginners and they require a minimum deposit of $1. FBS also gives traders access to a wide range of research and educational tools via articles, Webinars and TV.
Pros
Provides a good range of deposit methods
Copytrade is available for traders.
They offer negative balance protection to all traders
FBS offers a low minimum deposit which helps beginners get started
Cons
Limited tradeable assets
FBS has limited trading platforms and tools
Traders cannot buy or sell other securities (i.e. stocks and bonds)
Overview
This is a regulatedbroker that was established in 2010. Thinkmarkets offers the MT4 and MT5 trading currency platforms. They offer over 35 currency pairs, gold, silver, shares, commodities, indices, cfds and cryptocurrencies for personal investment and trading options.Similarly, Thinkmarkets offers competitive conditions of trading, fast execution, scalping and hedging.
Thinkmarkets is regulated by FSP (Financial Services Providers) as well as the FSCLP(Financial Complaints Limited). Thus, they provide a secure trading opportunity to numerous traders all over the world.
KEY FEATURES
Pros
Thinkmarkets offers commission free accounts
Segregated client funds
They offer advanced trading platforms
They offer low and tight spreads
Cons
It has a limited range of instruments
Thinkmarkets does not accept US clients
They have noweb based trading platform
Overview
This is a global broker that offers trading in Forex, shares, indices and commodities. The broker is an online trading brokerage based in the UK but has offices in other regions of the world. It is a No Dealing Desk Execution (NDD) model and it offers trading in a variety of instruments coupled with an easy trading experience.
Equiti offers two types of accounts with a demo account available on each of the account types. They also give a maximum leverage of 1:500 as well as charge a minimum deposit fee of $500. This broker offers over 60 forex currency pairs, shares, indices, commodities, oil, gold and cfds for personal investment and trading options.
KEY FEATURES
Pros
Equiti is safe and secure
It offers spreads and commissions that are competitive
It offers a client fund Insurance coverage
Equiti has an easy to use and user friendly trading platform
Cons
It does not offer PAMM services
It has a narrow range of tradable assets
Overview
Hycm which stands for Henyep Capital markets was established in 1977. It is regulated by the Financial Conduct Authority (FCA) in the UK, The Cayman Islands Monetary Authority (CIMA) and Dubai Financial Services Authority (DFSA). Hycm offers a total of about 347 tradable markets and the available markets vary according to account type. The broker also provides over 60 cryptocurrency CFD pairs. Hycm.com offers three account types which are Fixed, Raw and Classic accounts.
KEY FEATURES
Pros
Impressive educational content
Easy account opening process
Fixed spread account
Segregated client funds
Cons
Limited trading platforms
They charge inactivity fees
They do not accept US clients
Overview
This broker was founded in 2010 and is well known for having a superb customer service which has made it receive numerous awards. Hotforex.com is regulated by the St Vincent & the Grenadines regulatory authority, CySec in Cyprus as well as the FSC of the Republic of Mauritius.
Hotforex offers a maximum leverage of 1:1000 and requires a minimum deposit of $5. It also has six different account types available for traders and pricing varies from one account type to the other. Hotforex offers over 45 currency pairs, cryptocurrencies including bitcoin, shares, bonds, indices, gold, silver, energies, commodities and cfds which is available on the MT4 and MT5 trading platforms.
KEY FEATURES
Pros
Competitive spreads
Offers tools and indicators such as Autochartlist
Hotforex offers bonuses & promotions
Fully digital and fast account opening process
Cons
Has only 56 shares available
Offers only Forex and CFD products
The 24/7 markets make it difficult to regularly monitor prices and volatility
Does not offer Forex calendar
CONCLUSION
For Forex beginners who are just starting their Forex journey, one of the factors to ensure a smooth Forex trading experience is choosing the right Forex broker. It is important among many other factors to consider the reputation of the broker, as most Forex brokers thrive on reputation.
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