Finding the best forex brokers for beginners is one of the crucial steps in starting your forex trading journey. Just as much as your knowledge and trading experience, the broker you are using contributes to your success rate.
Your forex broker is your main point of entry into the foreign exchange market. But why can’t you just use any forex broker?
This is because different brokers are suited for traders with different knowledge levels — although this is not directly mentioned. So if you are starting out with a forex broker with many advanced tools and features, you might get overwhelmed easily.
In this article, we review some of the best forex brokers for beginners to help you find the best broker for your situation.
Table of Contents
What is a forex broker?
Forex brokers are companies that dedicate their services to providing a platform where traders can buy and sell foreign currencies. Moreover, they offer a platform with various benefits that traders can use to maximize the profits that they earn by forex trading.
The people who mostly use forex brokers tend to be retail currency traders or investors for large institutional clients. Furthermore, most of the forex transactions happen with the currency pairs made up of currencies from the nations under the G10. So, most forex brokers focus more on these G10 currencies while allowing traders to trade other currencies as well.
Anyone interested in forex trading can open a trading account under any broker that they prefer.
Each forex broker comes with different minimum deposits, fees, benefits, and drawbacks that the trader should weigh before making a decision. In addition, forex brokers make money by implementing additional charges and through the bid-ask spread of a currency pair.
Here is a list of our top 13 recommended forex brokers if you are not a beginner.
Why do you need a forex broker?
While it is true that you can do forex trading without a broker, making trades with a broker can be much easier and more profitable. Traders can expect a wide range of benefits when engaging in forex trading with the help of a forex broker.
Brokers provide traders with many features like high leverage, demo accounts, social trading, analytical tools, and graphs. Traders then can use these features to make better trades according to the trading signals provided by the broker. With the help of forex brokers, you will also have an insight into the highly volatile forex market.
IF YOU ARE NEW TO FX/CFD TRADING IF YOU ARE OR SIMPLY WANT TO TRIAL YOUR STRATEGIES, OPEN A DEMO ACCOUNT TODAY
On most brokers, you can also opt into trading with other assets rather than forex. If you are a trader that is not limited to forex, some brokers can help you with what you need. By using a beginner-friendly forex broker, you will have to face fewer risks, can earn more, and make better decisions.
Top 10 Best forex brokers for beginners
Icon FX – Best overall forex broker
When it comes to regulated, profitable, and beginner-friendly brokers, Icon FX has no real competition. High liquidity, fast transaction execution, and an easy-to-use platform are what you get when you start trading with Icon FX. The great thing about Icon FX is its beginner-friendly nature which allows old as well as new traders to trade with ease.
With Icon FX, you can trade instruments from five asset classes, including over 50 forex pairs. In addition, you can expect up to 500:1 leverage with no minimum deposit requirements. Low fees and 0.0 spreads on major pairs are also a signature of the broker.
What makes Icon FX one of the best forex brokers for beginners is the social trading and the availability of a large knowledge section. Furthermore, a good 24/5 multilingual support and features aid traders to make Icon FX a popular choice among newer traders.
- No minimum deposits
- Spreads starting at 0.0pip
- High leverage of 500:1
- No options to trade ETF or options
- Fairly new broker
IG Markets – Best forex broker for beginner CFD traders
As one of the highest-regulated forex brokers in the world, you can do no wrong with IG markets. Also, IG is a market maker that uses its high liquidity to meet the client’s trade orders. With IG markets, Traders also can trade up to 17 000 tradable assets, including over 90 forex pairs.
Furthermore, with IG Markets, you can expect 0.6pip spreads on MT4 and L2 trading platforms. To start an account with IG, you will need to deposit a minimum of $250. When it comes to beginners, IG dedicates an entire education section named IG Academy, which is also accessible via mobile devices.
- Best-in-class web trading platform
- Great educational materials
- Highly regulated
- High threshold of entry
- High forex fees
- Only offer the MT4 platform
Pepperstone – Best forex broker for global trades
This is an Australian broker who is widely known for the wide range of trading options on a global scale. Pepperstone was introduced as a solution to issues like high commissions, delayed execution of orders, and high spreads. Also, with Pepperstone, traders can trade CFDs on Forex, Index, Stocks, Currency Indices, Commodities, and ETFs.
With a minimum deposit of $250, traders also can experience a low spread starting at 0.0pips and high leverage of 400:1 with no commissions. Instead of the percentage-based commissions, Pepperstone charges $3 per traded lot.
- Very fast border execution
- Relatively low fees
- No fees for inactivity
- High minimum deposit
- Limited demo accounts
- No news and only a few analytical materials are available
eToro – Best forex broker with social trading for beginners
Social trading features and the simplicity eToro offers make it one of the best forex brokers for beginners. New traders can use this broker to copy the trades of more experienced traders and stand a chance to increase the profits that they earn.
With 0% commissions, low spreads starting from 0.1pips, and a minimum deposit of $50, eToro is also a prime choice for beginners. Furthermore, great 24/7 customer service and education sections are available here to make it much easier for traders who are easily in their forex journey.
- Availability of great social trading features
- Possibilities of passive investing
- Has regulation passed by independent monitors
- MT4/MT5 is not available in Europe
- Instances of technical failures in order execution
- No access to ECN systems
Saxo Bank – Best forex broker for seasoned traders
You are not going to stay a beginner trader forever. There will be a time when you realize that you need to move on to a more advanced broker. Saxo bank broker is a great option for this transfer. In addition, it offers a lot more advanced features to traders who know what they are doing.
Beginner traders can also use Saxo bank to experience spreads starting from 0.7 and leverage up to 30:1. Here trades will have to deposit $2000 as their initial deposit to start trading with Saxo Bank. This highly regulated broker has also received many awards for the quality of the service that they provide.
- Over 40 000 tradable assets
- Reliable and regulated
- Availability of ready-to-use long-term portfolios
- High minimum deposit
- No online chat support is available
- No access to the MT4 and MT5 terminals
AvaTrade – Best forex broker for beginners outside of the US
With over 200 000 registered users and more than 2 million monthly transactions, AvaTrade is one of the most reliable and trusted brokers in the world. With over 1260 tradable assets at your disposal, this market maker also allows for spread-only accounts.
You can start trading here with 0.9pip spreads on over 55 forex pairs with a minimum deposit of $100. Moreover, what makes AvaTrade a good option for beginners is the availability of a wide variety of social trading features.
- No restrictions on trading and scalping
- Availability of social trading features
- Wide range of trading instruments and trading platforms
- Not the most user-friendly interface
- Customer service s below average
CMC Markets – Broker with the widest range of offerings
The range of tradable assets with CMC Markets is pretty impressive. The broker offers 9500 financial trading instruments, also including over 330 forex currency pairs. In addition, this broker is famous in the field for offering profitable trading conditions and providing high-level protection of investments to its traders.
CMC Markets charges no minimum deposit or commissions and provides you with spreads starting at 0.7pips. Further, good customers and a great educational section make CMC Markets one of the best forex brokers for beginners.
- Wide range of assets to trade
- Great security and highly regulated
- High leverage
- A new account is needed for each category of trading asset
- Withdrawal and deposits are limited to bank transfers and Visa cards or MasterCard.
Capital.com – Great forex education and an innovative educational app
Learning as much as possible about forex is the best way to make educated trades and maximize profits. With Capital.com, traders also have the freedom to learn as they trade with access to a wide range of educational materials, including courses, articles, and even an app, ranking Capital.com top of the list of best forex brokers for beginners.
A minimum deposit of $20 is necessary to access the services of Capital.com, and it also offers floating spreads to clients. Additionally, a large number of tradable instruments and high leverage with instances of even 1000:1 are available to traders.
- The fast and optimized registration process
- Funds are held on segregated accounts
- A large number of trading instruments and educational material
- High stock and CFD fees
- Smaller account currencies are unavailable
- Does not offer investment program for clients
PocketOption – Innovative broker with flexible and beginner-friendly services
Launched in 2017 with a team of IT experts and professional traders, PocketOption is also one of the highest-rated forex brokers for beginners at the moment. In addition, PocketOption offers over 100 global trading assets for over 95 countries worldwide.
With a minimum deposit of $50, you can experience spreads starting from 0.0 with a leverage of 1:1. Moreover, PocketOption places a heavy emphasis on high-quality customer service and financial innovations, making it a great broker for starters.
- Availability of social trading features
- Availability of affiliate and bonus reward programs
- Comes with its own telegram bot
- Minimum withdrawals of $10
- Withdrawal can take a long time
RoboForex – Best trading platform for beginners
RoboForex is a forex broker that provides services for over a 3.5million worldwide users with 36 forex pairs. As one of the leading software providers in the financial markets, the quality of offered RoboForex platforms is also at the highest level.
This highly regulated broker also offers spreads starting at 0.0pips and leverages up to 2000:1 just for a minimum deposit of $10. The quality of services that RoboForex provides enabled the broker to be named the best forex broker in 2022. Great client support with low fees and a good trading platform also makes RoboForex one of the best forex brokers for beginners and experienced trades alike.
- Instant withdrawal of funds
- Tights spreads
- High leverage and highest affiliate payments
- A smaller number of tradable currency pairs
- Lack of crypto tools in the R Trader platform
What is the best forex broker for beginners?
Selecting just one broker is impossible as the needs of traders vary from one to another. So when deciding on the best forex brokers for beginners, traders will have to consider many factors. They can be,
- The minimum deposit
- Reliability and being regulated
- Offered educational content
- Customer support
- Mobile application support
- Currency pairs supported
- Trading platform
- Area of operation
- And even the supported languages
Any of the above factors can change the experience you get with a broker.
Important: Although these are our genuine thoughts about each broker, we advise you to do thorough research on your own before making your decision.
Icon FX, eToro, and PocketOption are some of the best brokers for beginners. Easy access to trading, demo accounts, and social trading make them better than other brokers for new traders.
According to Traders Union, RoboForex is the best broker in 2022. In addition, RoboForex has over 3.5 million users in over 169 countries.
EUR/USD is the best currency pair for beginners to trade. The high liquidity is the main reason behind the EUR/USD pair being the best and most profitable pair.
An online forex broker can assist you in getting started as a forex trader. Apart from the services and currency pairs they offer, security, minimum deposit, and the broker’s reputation are a few of the areas that you must consider when selecting a broker. You also need to pay attention to whether they accept users from your country and how the broker is regulated in its local jurisdictions. The final decision should be made based on your requirements and trading strategy and how much the broker can fulfill your requirements.