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The Best Forex Broker for Beginners

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:

  1. IG
  2. PLUS 500
  3. XTB
  4. ETORO
  5. CMC Markets
The Best Forex Broker for Beginners

5.0 Overall

Excellent Fully Regulated Broker

Minimum Deposit $250

5/5 stars rating based on analyzing 300+ criteria, testing the broker’s trading platforms and tools.

IG’s parent company was founded in 1974.

IG is fully regulated and dedicated to serving over 313,000 clients worldwide, across 16 countries and 5 continents.

IG offers excellent trading package, featuring excellent trading and research tools and great educational resources.

Pros

  • IG is fully regulated, making it a safe broker (low-risk) for forex and CFDs trading
  • Easy to use trading platforms
  • Excellent educational Resources
  • Low trading and non-trading fees

Cons

  • The web trading platform needs some manual configuration
  • Inactivity fee – after 24 consecutive months of inactivity

The Best Forex Broker for Beginners

4.70 Overall

Good Broker/Excellent for Beginner Traders

Minimum Deposit  $100

4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s trading platforms and tools.

Plus 500 is trusted global brand, which is great for beginner traders because it offers user friendly trading platforms and good educational materials.

It is secured and protected, licensed, and regulated by 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, Plus500 is regulated in four tier-1 jurisdictions and four tier-2 jurisdictions.
  • User – friendly web trading platforms, great for beginner traders
  • Advanced trading tools
  • Easy account opening process

Cons

  • Withdrawal takes longer time
  • May not attract advanced traders, because of narrow selection of market research

The Best Forex Broker for Beginners

4.60 Overall

Great broker/ Excellent educational materials

Minimum deposit 0$

4.6/5 stars rating based on analyzing 300+ criteria and testing the broker’s platforms and tools.

XTB has almost 20 years of excellent work, delivering to its costumers best possible trading experience.

XTB has great trading platforms, excellent market research tools and experienced costumer service team.

XTB is one of the largest FX & CFD brokers in the world.

XTB is regulated by some of the world’s biggest supervision authorities: FCA, KNF, CySEC, and FSC.

Pros

  • XTB is fully licensed and regulated one tier-1 jurisdiction, making it a safe broker (low-risk) for trading forex and CFDs
  • XTB has great trading platforms and market research tools
  • Great customer service

Cons

  • Inactivity fees $10.00 per month, after 1 year of inactivity

4.70 Overall

Minimum deposit $10

4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s trading  platforms and tools

Etoro was founded in 2007.

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

4.60 Overall

Great Broker

Minimum Deposit  $0.00

4.7/5 stars rating based on analyzing 300+ criteria and testing the broker’s platforms and tools.

CMC Markets provide its clients with ultimate trading experience by their excellent trading platforms, dynamic charting capabilities and excellent execution control. They have an extensive range of risk management features.

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.