The beginning stage for everything we do is especially important because it gives us the necessary experience and information and places a powerful base to the continuation of our goals.
This is why when you are a beginner trader you should very carefully choose the best forex broker for your specific trading needs.
The forex broker should have couple criteria to look for:
- Fully licensed and Regulated – Protect your assets!
- Has trading platforms which are well organized and easy to understand.
- Has an extensive range of risk management features, to help you manage trading risk effectively.
- The broker should have low trading costs.
- Easy methods for deposit and withdrawal
- Great educational and Market research tools
- Excellent customer support team
Based on detailed research and analyzing seven hundred plus criteria our team has provided you with the best forex brokers for beginner traders. Please note that these brokers have excellent demo accounts and educational resources for beginner traders, but they are also great for advanced traders as they provide great web trading platforms and tools.
- FxPro
- TRADE NATION
- SAXO BE INVESTED
- PLUS 500
- ETORO
- CMC Markets
5.0 Overall
Minimum Depostit $100
5 of 5 stars rating based on analyzing 300+ criteria, testing the brokers’ trading platforms and tools
FxPro serves clients at more than 170 countries worldwide and has more than 100 UK and International awards.
That makes FxPro and best overall broker to choose.
It has four trading platforms to choose from and 24/5 multilingual costumer support.
Pros
- Ultra-fast execution- orders are filled in under 13 milliseconds.
- Superb account opening process.
- Excellent trading platforms and tools
- Free deposit and withdrawal
Cons
- Inactivity fee – after 6 months of inactivity
4.90 Overall
Minimum Deposit $2000
4.9/5 stars rating based on analyzing 300+ criteria, testing the broker’s platforms and tools
Having superb trading platforms and excellent trading tools, make Saxo Bank one of the best forex brokers.
Saxo Bank is great choice for advanced traders with well-funded accounts.
Pros
- Trading platforms are top of the line.
- Over 40,000 tradeable instruments
- Excellent customer service
Cons
- High Minimum Deposit
- Recommended for Advanced traders. Beginners may find its platforms complicated to use
4.60 Overall
Minimum Deposit $0.00
4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s platforms and tools.
CMC Markets is fully licensed and regulated, worldwide trusted broker.
Pros
- Founded in 1989, CMC Markets is publicly traded and regulated in five tier-1 jurisdictions alongside two tier-2 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs;
- CMC markets has low trading cost;
- CMC MARKETS has excellent intuitive online trading platforms.
Cons
- Costumer support only 24/5;
- Inactivity fee $15 per month for inactivity over 1 year.
4.70 Overall
4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s trading platforms and tools
It is market-leading global investment community where traders have the ability to copy the trades of experienced investors and opportunity to get in touch with their investing strategies.
It has multi-assets trading platforms.
Pros
- Fully licensed and regulated.
- Multi – asset platforms
- User friendly platforms, make eToro great for beginner users
- Social trading- a community of over 30 million users
- Investing with experts – unique portfolios and ability to copy top traders
Cons
- Algorithmic trading strategies are not supported at eToro
- Stops-loss and take-profit mandatory on trades
4.70 Overall
Minimum Deposit $100
4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s trading platforms and tools.
It is secured and protected, licensed, and regulated by a variety of global regulators and has professional costumer service support.
The company is a rapidly growing CFD provider and currently offers its portfolio of over 2800 instruments.
Pros
- Founded in 2008, Plus500CY Ltd is authorized & regulated by CySEC (#250/14)
- User – friendly demo account, great for beginner traders and good web trading platforms for advanced traders
- Advanced trading tools
- Great educational materials for beginner traders
- Easy account opening process
Cons
- Withdrawal takes longer time
- May not attract advanced traders, because of narrow selection of market research
82% of retail CFD accounts lose money
4.90 Overall
Minimum Deposit $0
Platforms and tools 4.9 stars
Trade Nation is fully licensed and regulated by the following Tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
It has comparable low commission and fees.
Pros
- Trade Nation is fully regulated, making it a safe broker (low-risk) for forex and CFDs trading
- User friendly trading platforms and ultra fast order execution
- Low trading fees
- Professional costumer support team available 24/7
- No inactivity and withdrawal fees
Cons
- The Educational section need improvement
CFDs are complex instruments and come with a substantial risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the substantial risk of losing your money.