Many forex brokers cater to various traders in the foreign exchange markets, and newcomers to the market usually require additional assistance. As a result, we decided to put together a separate list of the best brokers for beginners platforms for traders new to the foreign exchange market.
Top 10 Best Forex Broker For Beginners In Forex
A forex broker is a financial services company that provides traders access to a platform for buying and selling foreign currencies. but it can be confusing to choose the best forex broker as a beginner. Here are the top 10 best forex Broker For Beginners In Forex :
XTB is a multi-award-winning CFD platform that offers to trade in Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. In the Forex market, XTB offers low-cost spreads on 48 currency pairings. Customers of XTB can trade on either the xStation 5 or the MT4 platforms. For leveraged accounts, this brokerage offers up to 200:1 leverage.
A fixed commission of 0.08 per cent per lot applies to stock and ETF CFDs in both types of accounts.
XTB was founded in Warsaw in 2002 and has its headquarters there. The IFSC, FCA, KNF, and CySec all regulate it in European markets. XTB offers a free demo account as well as a set of Trading Academy courses for novice and intermediate traders.
- Choose between two excellent trading platforms (xStation 5 or MT4 platforms)
- A collection of 3000+ trading instruments across six asset classes
- Low spreads
- No 24/7 support
- Fewer Forex pairs than some top competitors
BDSwiss was established in 2012 and provides trading accounts regulated by the Financial Services Commission of Mauritius and the Cyprus Securities and Exchange Commission.
On the MetaTrader 4 and MetaTrader 5 trading platforms, as well as the broker’s own BDSwiss Web Trader and BDSwiss Mobile App, users can trade on more than 250+ financial CFD instruments covering Forex, Commodities, Cryptocurrencies, Indices, and Equities, on three account types called Classic, VIP, and Raw.
In addition, the broker offers live analysis, educational webinars and seminars, as well as beginner to advanced courses in its Trading Academy. Users can also use Telegram to access AutoChartist and live trading alerts depending on the account type. Customer service is available 24 hours a day, seven days a week.
- Multiple regulations.
- Commission-free trading is available.
- Access to raw spreads available.
- Can trade on MetaTrader 4 and MetaTrader 5.
- Best spread accounts require higher minimum deposits.
The Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) have both approved and regulated NAGA (FCA). Through its WebTrader platform and the globally recognized MetaTrader 4 and MetaTrader 5 trading platforms for Windows and MAC, the broker provides clients with access to more than 950 financial CFD instruments covering Forex, Indices, Commodities, Shares, Cryptocurrencies, and ETFs.
NAGA is a fintech firm that allows users to access, store, trade, and invest in financial markets, cryptocurrencies, and virtual goods. It was founded in 2015. The company is regulated and authorised by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA), and it is also listed on the Frankfurt Stock Exchange under the symbol N4G.
- CySEC and FCA regulated.
- Commission-free trading is available with competitive spreads.
- Great copy-trading features.
- 950+ financial CFD instruments.
- MT4/MT5 is available.
- Feature-rich web platform with NAGA Feed.
- No 24/7 customer support.
4. IC Markets
IC Markets was founded in Sydney, Australia, in 2007, and is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority. (FSA).
The broker’s three main trading accounts are Raw Spread (cTrader), Raw Spread (MetaTrader), and a Standard Account (MetaTrader).
Spreads start at zero pips on Raw Spread accounts with commission-payable spreads. You can trade commission-free with spreads as low as one pip with the Standard Account. The broker also offers demo trading accounts and Islamic swap-free accounts.
- Raw spread accounts are available, as well as institutional-grade liquidity.
- It is possible to trade without paying a commission.
- On the desktop, web, and mobile, MetaTrader and cTrader are available.
- A diverse range of tradable products is available, as well as customer service that is available 24 hours a day, seven days a week.
- A large library of educational materials and videos is available.
- Beginner traders may be overwhelmed by the choice of markets and platforms.
FlowBank is a Swiss online bank that offers a variety of financial services, including traditional banking, trading, and investing. Since its inception in 2020, the company has quickly established itself as a trustworthy partner for retail traders and value investors from Europe and beyond. Clients of FlowBank have access to an impressive selection of over 50 000 instruments at an above-average price.
Switzerland’s main regulatory body has granted the company a license to provide financial services, ensuring that customers are well-protected. Another significant benefit of working with FlowBank is the access to over 50,000 instruments for traders and investors. Its excellent custom-built platform and comprehensive research materials are also advantages.
- Strong licensing by FINMA
- Over 50 000 instruments
- Comprehensive technical analyses
- Excellent trading platform
- 24/6 customer support
- Educational materials not particularly suitable for beginners
- Only two deposit and withdrawal options
- Above-average fees
- No negative balance protection
OctaFX was established in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals, and Cryptocurrencies, on the MetaTrader and cTrader trading platforms for Windows Desktop, Web (Windows and Mac), and Mobile (Android and iOS), as well as their own OctaFX Trading App.
OctaFX.eu is an approved domain registered under Octa Markets Cyprus Ltd with the Cyprus Securities and Exchange Commission (CySEC). This allows users to trade with a broker who is regulated in Europe. OctaFX.com, the broker’s website, is registered in St. Vincent and the Grenadines and is unrestricted by European regulators, allowing users to benefit from higher leverage and bonus promotions.
OctaFX’s services and features cater to both novice and experienced traders, with Micro, Pro, and ECN accounts available, as well as the OctaFX Copy Trading program and a comprehensive set of education and trading research tools, including AutoChartist.
- Beginners and advanced traders can choose from a variety of trading accounts (Micro, ECN, Pro, Sharia).
- With a leverage of 1:500, you can trade Forex ECN.
- Access copy trading, bonus promotions and a wide range of research tools
- Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile
- Decided between OctaFX.eu, which is regulated by CySEC, and OctaFX.com, which is registered in St. Vincent and the Grenadines.
- Limited commodity markets, no individual stock CFDs
- Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin
Plus500 is a publicly-traded company that was founded in 2008 and is the official sponsor of the Atlético Madrid football club. Plus500 UK Ltd, a subsidiary of Plus500 Ltd, a publicly-traded company listed on the London Stock Exchange, provides the Plus500 trading platform. Plus500 UK Ltd is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd, a publicly-traded company listed on the London Stock Exchange.
The broker’s trading platform is available in over 50 countries and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS), and the Israel Securities Authority (ISA).
- Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
- More than 2,500+ CFDs to trade on, covering multiple asset classes.
- Commission-free trading.
- Simple to use proprietary trading platform.
- Multilingual customer support 24/7.
- No phone support is offered.
- Lack of market news and trader education.
8. FP Markets
FP Markets was established in 2005 and is governed by the Australian Securities and Investments Commission (ASIC), which ensures client funds are segregated and top-tier liquidity is available. The FP Markets group of companies includes First Prudential Markets Ltd, which is regulated and authorised by the Cyprus Securities and Exchange Commission.
Traders can trade over 10,000 financial instruments, including Forex, stocks, metals, commodities, indices, and cryptocurrency CFDs, with the broker.
Users of MetaTrader can choose from a number of accounts, including the Standard Account (commission-free) and the Raw Account (commission-based), both of which offer ECN pricing and maximum leverage of 500:1. Users can also open Iress Accounts, which are commission-based.
Note: FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
- ASIC regulated.
- ECN pricing and DMA trading are available.
- 10,000+ tradable financial instruments.
- Wide range of trading platforms and trading tools are available.
- Excellent customer support and education tools.
- The volume of choice of markets and accounts may be overwhelming for beginner traders.
eToro is excellent for copy trading and is one of the best forex brokers. Moreover, it was award-winning this year for offering easy-to-use copy trading services. The experienced trader here at eToro can copy the trades of other users through more than 1900 trading instruments. This wide variety of instruments includes CFDs on famous cryptocurrencies. The only point where eToro lacks is pricing.
- Trading forex, stocks, and cryptocurrencies.
- Earn crypto by holding it.
- Take a monthly percentage.
- There are many membership levels.
- The management fee for stake service.
This is another one of the best forex trading user-friendly platforms. It is an online broker with a MarketsX(Proprietary Platform) trading place. Compared to other trading platforms
Markets.com is a bit expensive and does not have some trading features, spreads products, and dozens of drawing tools other than the basic ones.Regulated by: FCA, CySEC, ASIC, FSCA, FSC.
• Free and fast deposit and withdrawal
• Easy and fast account opening
• Great tools for learning and research
• High forex fees
• Platforms lack some common features
• Limited product portfolio
Finding the perfect broker is not always easy, especially when you are a beginner trader and don’t really know what to look for. In order to help you out, we have compiled a list of the Best Forex Broker For Beginners In Forex, we hope it’s useful!