Best Forex Brokers for Beginners for 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 Forex brokers for beginners based on our analysis:
- 1
IC Markets - Best Forex broker for beginners - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 4
- 5
ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 6
- 7
FXCM - Diverse methods for deposit and withdrawal. Wide range of markets and products for trading. A broad spectrum of trading platforms. - 8
HF Markets - Regulated by reputable financial authorities. Wide selection of trading assets. A variety of educational materials and analytical reviews. - 9
IFC Markets - A wide range of trading assets. Variety of trading platforms. Educational materials for traders of all experience levels. - 10
FBS - Regulated by major international organizations. Low spreads and commissions. Wide range of trading assets.
The brokers we selected stand out for their reliability, minimal commissions, and prompt support, making them the ideal choice for those taking their first steps in the currency market.
Top Forex Brokers for Beginners
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
3. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
4. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
5. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5 and TradingView platforms.
However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.
Pros and Cons of ActivTrades
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional Support Team.
Cons
- Lack of diversity in trading accounts.
6. OANDA
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of Oanda
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
7. FXCM
FXCM represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings.
However, it's essential to consider drawbacks such as fees for account inactivity and the limited variety of trading accounts. These factors may be particularly significant for traders who do not plan to trade actively or are looking for more options for customization.
The broker offers a good balance between high-quality services and reasonable rates, making it an attractive choice for a broad spectrum of traders.
Pros and Cons of FXCM
Pros
- Diverse methods for deposit and withdrawal.
- Wide range of markets and products for trading.
- A broad spectrum of trading platforms.
- Extensive and quality materials for making informed decisions.
- Quick and efficient help in solving emerging issues.
Cons
- Insufficient variety of trading accounts.
- Inactivity fees and commissions for bank transfer withdrawals.
- Protracted account opening and verification process.
8. HF Markets
HF Markets is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5. With its regulation and industry experience, the company has earned a reputation as a dependable partner for traders of varying experience levels.
HF Markets is recommended for those seeking a trustworthy and vetted broker with favorable trading conditions and customer support.
Pros and Cons of HF Markets
Pros
- Regulated by reputable financial authorities.
- Wide selection of trading assets.
- A variety of educational materials and analytical reviews.
Cons
- There is no alternative to MetaTrader.
- High swaps and wide spreads.
9. IFC Markets
IFC Markets is a reliable and licensed broker, offering a broad spectrum of trading instruments and platforms for investors of various experience levels. With multilingual support and extensive educational resources, the company aims to provide its clients with a comfortable and efficient trading environment.
IFC Markets could be a suitable choice for investors seeking a variety of trading instruments and platforms.
Pros and Cons of IFC Markets
Pros
- A wide range of trading assets.
- Variety of trading platforms.
- Educational materials for traders of all experience levels.
- Tools for creating synthetic tools are available.
Cons
- High swaps.
10. FBS
FBS is a reliable choice for traders who value a secure and regulated trading environment, complemented by a robust selection of educational resources and trading tools. It is particularly well-suited for those new to trading or looking to expand their knowledge and experienced traders focusing on a diverse range of assets. Despite its limitations in account types and currency options, FBS's strengths in providing competitive trading conditions and comprehensive support make it a commendable broker for a broad spectrum of traders.
Pros and Cons of FBS
Pros
- Regulated by major international organizations.
- Low spreads and commissions.
- Wide range of trading assets.
- Extensive database of educational materials and analytical tools.
- Support for various trading platforms.
Cons
- Limited choice of trading accounts.
- Limited choice of account currency.
How the List of the Best Forex Brokers for Beginners is Compiled
The ranking of Forex brokers for beginners was compiled based on strictly defined criteria:
The ranking of brokers is based on our overall Forex broker directory.
Broker ratings were assigned according to our developed methodology, including comprehensive service quality parameters and ease of use.
During the selection process, special attention was paid to the availability of quality educational materials, prompt customer support service, and a user-friendly interface for the personal account and trading platform, which is crucial for new Forex and CFD traders.
These standards ensure that every company included in our online Forex brokers list meets high-reliability requirements and provides all the conditions for comfortable and productive trading in the currency market.
FAQ
Which Forex trading platform is ideal for beginners?
MetaTrader 4 (MT4) is the best trading platform for beginners due to its user-friendly interface and comprehensive functionality, including charting tools, indicators, and support for automated trading systems.
What are the key features of a beginner-friendly Forex trading platform?
A beginner-friendly Forex trading platform or mobile trading app should offer an intuitive interface, comprehensive educational resources, straightforward navigation, access to reliable customer support, and basic risk management tools like stop-loss options. Additionally, demo accounts to practice trades without financial risk are crucial.
How much money do I need to start trading Forex?
The minimum amount needed to start trading Forex varies by broker. Some Forex brokers allow you to start trading with as little as $100. Still, ideally, a few hundred to a few thousand dollars is recommended to cover the margins and manage risk effectively sufficiently.
Are there Forex brokers that allow trading with no deposit?
Yes, some Forex brokers offer no-deposit bonuses that allow you to start trading today without making an initial deposit. These offers are typically aimed at attracting new clients and may come with certain conditions and trading volume requirements.
Can I start trading in Forex at $100?
Yes, you can start trading in Forex with $100, as some brokers offer low minimum deposit requirements and high leverage, which can increase your buying power. However, trading with such a small amount limits your ability to manage risks and can quickly deplete your funds due to market volatility.
What educational resources should a good Forex broker offer to beginners?
A good forex broker should provide a comprehensive range of educational resources for beginners, including tutorials, webinars, e-books, and articles on forex basics. Additionally, demo accounts for practice, glossaries of trading terms, and access to expert market analysis can significantly assist novice traders.
How can I identify if a Forex broker is regulated?
To identify if a forex broker is regulated, check their website for certifications or regulatory status from reputable financial authorities such as the U.S. Commodity Futures Trading Commission (CFTC), the UK’s Financial Conduct Authority (FCA), or the Australian Securities and Investments Commission (ASIC). Additionally, you can verify this information on the regulatory body’s website.
What are the typical fees and commissions for Forex trading?
Typical trading fees and commissions for Forex trading include spreads (the difference between the buying and selling price), transaction fees per trade, overnight or rollover fees for holding positions open past the market close, and inactivity fees. Some brokers also offer commission-free trading but may have wider spreads to compensate. Always review the fee structure before opening an account.
