19 Best Forex Brokers for Beginners

 

 

 

 

The best forex brokers and trading platforms best suited to beginners will offer three essential benefits. The first and most important of the three will be regulation by a trusted source.

 

 

Second, the broker will provide a strong variety of educational resources. And, last but not least, they should provide access to quality market research. With new forex brokers coming online each day, choosing the best forex broker for a trader’s specific trading wants and needs will require a lot of research and patience.

Here are our 10 Best Forex Brokers for Beginners

• ✔️eToro
• ✔️HotForex
• ✔️AvaTrade
• XTB
• Roboforex
• FXCM
• Admiral Markets
• CMC Markets
• FP Markets
• XM Group

 

Here is an overview of the 19 Best Forex Brokers and Trading Platforms best suited to Beginner Traders.

Let’s get started with the full breakdown of the Best Forex Brokers for Beginners.

 

 

eToro

 

 

eToro is a leading social trading platform for trading major financial markets including stocks, forex and cryptocurrencies. eToro is regulated by FCA, CySEC and ASIC.

eToro only offers one account type with over 1,083 different instruments to trade, including over 47 currency pairs. The minimum deposit for said account differs by country. eToro offers traders a proprietary trading platform which allows both individual and social trading.

eToro supports a wide range of languages including English, German, Spanish, French, and Italian via phone and support ticket.

 

HotForex

 

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading, and 80+ technical indicators plus an in-built economic calendar.

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Key features include:

• Supports:  MT4, MT5 for desktop, web & mobile
• Minimum deposit:  $5
• Max. Leverage:  1:1000
• Trading Instruments:  Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

 

Customer support is available via phone and email.

 

AvaTrade

 

 

AvaTrade is an online broker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

 

• Regulated by: Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
• Headquarters: The British Virgin Islands
• Foundation year: 2006
• Used: by over 200,000 traders

 

Across all markets, MetaTrader4 gives traders access to over 250 assets, 30 advanced charting tools, trading history, and other useful information. Customer support is available by email, phone, or live chat.

 

XTB

 

 

XTB is a European broker which was founded in 2002 and has offices in 13 countries across the globe. XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

XTB is a fintech company that combines financial services with innovative technology and it offers clients two platforms to choose from:

• xStation 5
• MT4

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Trading Features:	Accounts offered:	Funding methods:
Allows scalping	Demo account	Credit cards
Allows hedging	Micro account	Bank Transfer
Offers STP	Mini account	PayPal
Low min deposit	Standard account	Skrill
Guaranteed stop loss	Islamic account	Payoneer
Offers Negative Balance Protection		Neteller

 

XTB supports a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

Roboforex

 

 

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading. RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.

Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders. Roboforex also offer mobile apps for Android and iOS.

Roboforex Trading benefits:

• Allows scalping
• Allows hedging
• Offers STP
• Low min deposit

 

Roboforex Trading Accounts include – Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic.

Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.

 

FXCM

 

 

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade.

FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

Customer Support is available via Live Chat, Phone, Email and SMS.

 

Admiral Markets

 

 

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.

Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.

Admiral Markets is authorized and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Estonian Financial Supervision Authority (EFSA).

 

Admiral Markets Trading benefits include:

• Allows scalping
• Allows hedging
• Offers STP
• Low min deposit
• Offers Negative Balance Protection

 

Admiral Markets Trading Accounts Offered:

• Demo account
• Micro account
• Mini account
• Standard account
• ECN account
• STP account

 

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS. Admiral Markets offers multilingual customer support via Telephone, Live Chat and Email.

 

CMC Markets

 

 

CMC Markets is a multi-asset class spread betting and CFD broker which is regulated by the UK’s Financial Conduct Authority (FCA).

Clients have the ability to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares and Treasuries, all on the MetaTrader4 platform or the broker’s own proprietary, web-based Next Generation platform.

CMC Markets offers a wide range of instruments to trade on covering all major asset classes such as 300+ Forex instruments, 60+ Indices, 15 Cryptocurrencies, 90+ Commodities, 30+ Treasuries and 9,000+ Shares and ETFs and customer support is available 24/5 via Live Chat, Telephone, and Email.

 

FP Markets

 

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia.

When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.

 

FP Markets Trading benefits include:

• Allows scalping
• Allows hedging
• Offers STP
• Low min deposit
• Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

XM Group

 

 

XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).

There are four account types on offer – Micro, Ultra-Low, Standard and Zero which all allow for up to 200 open/pending positions per client.

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs.

Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.

Customer Service is available via live chat, Phone and email support.

 

IC Markets

 

 

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

 

Feature	IC Markets
Forex: Spot Trading	Yes
Currency Pairs (Total Forex pairs)	63
CFDs – Total Offered	41
Social Trading / Copy-Trading	Yes
Cryptocurrency traded as actual	No
Cryptocurrency traded as CFD	Yes

 

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

Customer Support is available via Phone, Live Chat and Email.

 

EasyMarkets

 

 

EasyMarkets is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner and established forex traders:

• Enhanced risk management tools as standard
• Fixed spreads on all forex pairings
• An easy-to-use forex trading platform

 

Risk Management Tools on offer include:

• Guaranteed Stop Loss Orders
• Negative Balance Protection

 

EasyMarkets offer traders a choice of 4 Account types, Standard, Premium, VIP and SuperVIP. Their minimum opening deposits are $100, $1 000, $2 500, $50 000 respectively.

 

A demo account is also on offer. The trading platforms on offer are the MT4 and the easyMarkets web platform.

• Minimum account size:  $10,000
• Minimum position size:  1 lot
• Spread type:  Fixed
• Spread on EUR/USD, pips:  0.9

 

EasyMarkets offers award-winning customer service during market hours via live chat, email, fax or telephone. EasyMarkets customer service is available in four languages – including English, Polish, Chinese, and Arabic.

 

OANDA

 

 

OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion.

Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4.

OANDA is the most Regulated Forex Broker and operates across six of the most credible authorities including:

 

• Australia AISC (Australian Securities and Investments Commission)
• United States CFTD (Commodity Futures Trading Commission)
• Europe and UK FCA (Financial Conduct Authority)
• Japan IFFA (Institute Financial Futures Association)
• Singapore MAS (Monetary Authority Of Singapore)
• Canada IIROC (Investment Industry Regulatory Organization of Canada)

 

OANDA has 2 accounts on offer: a Standard Account and Premium Account. Each account comes with their own unique features and benefits. A free demo trading account is also on offer.

• Minimum account size:  $1
• Minimum position size:  0.00001 lot
• Spread type:  Fixed
• Spread on EUR/USD, pips:  1.2

 

Customer support is available via a FAQ section, an OANDA Virtual Assistant and phone.

 

Pepperstone

 

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA). Pepperstone offers traders a variety of trading accounts to choose from including Razor, Standard and Swap-Free, and –

Boasts three top forex trading platforms:

• MetaTrader 4: Most Popular for Forex Trading
• MetaTrader 5: Most Popular CFDs Trading Platform
• cTrader: Best Automated Trading Platform

 

All three FX trading platforms come with a free demo account which will allow Nigerian traders to test out the forex broker and platform for 30 days.

 

Platform enhancements available for Pepperstone include:

• MetaTrader 4 smart trader tools
• cTrader Automate
• Autochartist and
• API trading

 

A range of options for depositing funds are available, including Bank wire transfer, MasterCard, Visa credit card, PayPal, Neteller, Skrill and QIWI.

• Minimum account size:   $200
• Minimum position size:   0.01 lot
• Spread type:   Variable
• Typical spread on EUR/USD, pips: 1.3
• Minimum spread on EUR/USD, pips: 1

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

 

FBS

 

 

FBS is a Forex and CFD broker which is authorized and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).

FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies on the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms for PC, Mac, Web, Android and iOS with a maximum 1:3000 leverage, copy trading services and a range of bonus promotions.

Five different trading accounts are available – Cent, Micro, Standard, Zero Spread and ECN. Each account offers different features and benefits respectively. A demo trading and swap-free accounts are also available.

 

Pip Spread on Majors: 1.1

Min Position Size: 0.01

Spread Type: Fixed, Variable

Max Leverage: 3000

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.

 

IQ Option

 

 

IQ Option is a forex & binary options broker with offices based in the UK, Cyprus, and the Seychelles, and regulated by the FCA and CySEC. IQ Option offers traders three trading account to choose from, Retail, Professional and Demo.

IQ Option offers the following underlying assets for FX trading.

 

90+ Currency Pairs	Based on major and minor world currencies.
17 Crypto Pairs	Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Zcash, Qtum, Cardano, OmiseGo, Stellar, EOS, IOTA, NEO, NEM, TRON.
5 Indices CFDs	Based on baskets of different blue-chip stocks.
3 Metal CFDs	Based on Gold, Silver and Platinum.
2 Energy CFDs	Based on Crude Oil (WTI, Brent).
1 Soft CFD	Based on Wheat.
130+ Stock CFDs	Based on shares of US, UK and EU companies.
28+ ETF CFDs	Based on exchange-traded funds containing various tradable assets.

 

IQ Option offers the following underlying assets for Binary Options trading (unfortunately, not available for EU residents).

 

30+ Currency Pairs	Based on major and minor world currencies.
2 Indices BOs	Based on DFMGI, TelAviv-25.
2 Metal BOs	Based on Gold and Silver.
20+ Stock BOs	Based on shares of US companies.

 

Payment methods accepted include all the usual options like VISA, MasterCard, Skrill and Neteller, plus a range of other online money transfer services, including AstroPay, Qiwi, and WebMoney.

IQ Option’s trading platform is web-based and supports both binary options and forex & CFD trading within the same user interface.

• Minimum account size:  $1
• Minimum position size:  0.01 lot
• Spread type:  Variable
• Typical spread on EUR/USD, pips:  0.8
• Minimum spread on EUR/USD, pips:  0.5

Customer support is available 24/7 via email and local phone numbers in 13 countries.

 

IG

 

 

• Leverage: up to 1:200 (1:30 for EU and some non-EU clients)
• Deposit: from 300 USD

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.

The country of a traders residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs and options.

Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.

 

IG offers the following education resources:

• Demo account
• Platform tutorial videos
• General educational videos
• Webinars
• Live sessions

 

Customer Service is available 24/7 via Phone, Live Chat and Email.

 

Markets.com

 

 

Markets.com is an online forex and CFD broker which was founded in 2008 and is regulated by the FCA, CySEC, ASIC, FSCA and FSC.

 

The account types available at Markets.com are:

• Retail
• Professional
• Demo

 

With the following range of assets and markets available:

• 67 forex major, minor and exotic currency pairs
• 2,000+ shares on major global companies
• 43 major stock indices
• 6 cryptocurrency, including Bitcoin, Litecoin, Ethereum and Ripple
• 26 commodities, including metals and energies
• 21 stock blends of large companies
• 59 ETFs
• 4 bonds
• Spread betting (UK residents only)

 

Traders must take note that futures and binary options are not available.

Markets.com offers traders its own proprietary trading platform – Marketsx plus the Marketsi platform which enables shares dealing on thousands of stocks. Both MetaTrader 4 and 5 trading platforms are also made available.

Customer support is available in over 25 languages, 24/5 via email, telephone, live chat and an online query form.

 

BDSwiss

 

 

BDSwiss is a Forex and CFD broker which offers over 250 instruments to trade on covering Forex, Commodities, Cryptocurrencies, Indices and Equities, from 3 account types on the MetaTrader 4 and MetaTrader 5 platform.

BDSwiss is well regulated by CySEC and offers traders 3 types of accounts – Basic, Raw, and Black VIP.

These accounts come with a minimum deposit of $100 accept the Raw account which has a monthly subscription fee of between $1 and $79.

BDSwiss offers both full demo and Islamic accounts are available and traders can fund their account through wire transfer deposits as well as through credit card and deposits which are fee-free in most cases.

BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram and an FAQ section.

 

In Conclusion

Finding the perfect broker will not always be an easy task, especially for beginner traders who won’t know what to look for.

Before starting off in the Financial Markets, traders will need to learn how the Forex market works and gain experience without risking any money.

Only then, will the task of choosing a Broker to become one step easier.