10 Best Forex Brokers for Beginner Traders

Forex trading is done through a forex broker who facilitates the trade, offers competitive trading conditions, trading software, and a wide range of trading tools and technologies
that assist traders in making the right trading decisions that could earn them profits in forex trading.

However, when a beginner trader emerges in the market, it can be extremely intimidating because they do not yet have the knowledge or skills to navigate the financial markets strategically.

Therefore, beginner traders must select a forex broker that can be their partner in trading, providing them with the guidance, training, education, and support that they need to become
more advanced traders.

Hundreds of brokers cater for beginner traders, and these are the best 10 forex brokers for beginner traders.
Forex Brokers

IFX Brokers

Features

IFX Brokers is a well-established forex broker that offers beginner traders the perfect introduction into forex markets by offering a choice in retail investor accounts, educational materials, demo accounts, and more.

IFX Brokers caters for both retail traders as well as institutional clients, giving traders access to the popular MetaTrader 4 and MetaTrader 5 trading platforms through which trading activities can be carried out.

In addition to the competitive rates that IFX Brokers offer, traders can expect access to comprehensive technical analysis, fundamental analysis, market news, trading strategies, and several other tools that will help them in their trading journey towards becoming more experienced traders.

Pros and Cons

PROS

Wide range of financial instruments that are offered

Range of useful tools provided

Educational materials are provided for beginners

MetaTrader supported

Well-regulated by the FSCA

Variable spreads and commission-free trading

leading forex brokers in south africa

FP Markets

Features

Established in 2005, FP Markets is an online broker that is based in Australia, with strict regulation through ASIC, the Cyprus Securities and Exchange Commission (CySEC), and SVG FSA.

FP Markets is a reputable ECN, STP, and DMA trading broker that offers the perfect trading solutions to beginner traders by providing demo accounts, flexible forex trading platforms, an introduction to trading plans and trading strategies, transparent price movements on different markets, and a choice between different types of accounts.

In addition to catering for newbie traders, FP Markets also caters extensively for active traders by offering competitive trading costs, a range of complex instruments, and a competitive minimum deposit.

Pros and Cons

PROS

A wide range of tradable instruments offered

ECN Pricing model used

Inactivity fees are not charged

Commission-free trading offered

Social trading opportunities are offered

Fast and reliable trade execution guaranteed

CONS

Fixed spreads are not offered

AvaTrade

Features

Founded in 2006, AvaTrade is one of the best online brokers that cater specifically for beginners. AvaTrade offers demo accounts that can be used as practice accounts where newbies can trade using virtual funds before they risk real money in live markets.

AvaTrade has a low minimum deposit that allows traders access to a variety of instruments spread across several asset classes. AvaTrade helps traders stay within their trading plan by offering a series of advice and guidance tools on its website. With AvaTrade novice traders can easily trade a range of asset classes without worrying about inactivity fees or high trading fees.

AvaTrade offers the use of popular trading platforms that include MetaTrader and its proprietary trading platforms that can be used for desktop, web, and mobile trading purposes. 

Pros and Cons

PROS

Well-regulated by several entities

Commission-free trading

Social trading opportunities offered

Perfect for novice traders and experienced traders

Wide range of tradeable instruments

All trading strategies are welcome

CONS

No variable spreads

Spreads are not the tightest

Pepperstone

Features

Based in Australia and the United Kingdom, Pepperstone is a well-established and large online trading broker that has been in operation for more than a decade.

Pepperstone is well-regulated by several market regulators including the Financial Conduct Authority, the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC), and more.

Pepperstone is one of the largest trading brokers in the world and it offers comprehensive trading solutions to every beginner and professional trader that registers a trading account. The trading fees that Pepperstone charges are competitive, and the broker offers access to several popular trading platforms through which trades can be executed.

Pepperstone also offers comprehensive demo trading, support for each forex trading strategy, a wide range of trading instruments, and more. In addition to virtual trading, traders can choose between several investor trading accounts when they are ready to start using real money.

Pros and Cons

PROS

Negative balance protection is applied to retail investor accounts

Competitive spreads are offered

Social trading is supported

Educational materials and trading tools are offered

Low trading costs, competitive commissions, and reliable trade execution

Deposit fees are not charged

CONS

Fixed spreads are not offered

Admiral Markets

Features

Established in 2001, Admiral Markets is a well-regulated broker that has been offering competitive trading conditions and some of the best trading solutions for the past two decades.

Admiral Markets is well regulated by regulatory entities such as the ASIC, Financial Conduct Authority, Cyprus Securities and Exchange Commission, and the EFSA.

Admiral Markets offers a choice in trading accounts, user-friendly trading platforms, tight spreads, fast trade execution and demo trading where traders can practise their trading strategies before they trade in live market conditions.

Pros and Cons

PROS

Commission-free trading provided

Low minimum deposit requirement

Islamic accounts are offered

Virtual trading provided for beginners

Wide range of tradeable instruments

Advanced trading tools and educational materials offered

CONS

Inactivity fees are charged

XM

Features

Established in 2009, XM is one of the best trading brokers in the industry that offers competitive trading conditions, a high maximum leverage ratio, and a choice between different types of accounts. XM also offers the benefit that all retail investor accounts have negative balance protection, the option for a demo account, and more.

When trading with XM, traders are free to use any forex trading strategy across different financial markets and trading instruments.

XM has a low minimum deposit requirement and offers excellent customer service in addition to low average spreads, commission-free trading and a safe trading environment regulated by the Cyprus Securities and Exchange Commission (CySEC), and several others.

Pros and Cons

PROS

Well-regulated by several entities

Allows a wide range of trading strategies and trading styles

Withdrawal fees and deposit fees are not charged

Low average spreads and competitive commission charges

Free VPS offered

Negative balance protection is offered

CONS

Fixed spreads are not offered

Inactivity fees are charged

FXTM

Features

Established in 2011, FXTM is a well-regulated and reputable ECN and STP broker with offices spread across the globe. FXTM is an award-winning broker that offers more than 250 tradable instruments that are spread across several asset classes.

FXTM offers beginner and experienced traders a choice in retail investor accounts, a range of educational materials, trading tools, and flexible funding options.

FXTM is renowned for its competitive trading conditions, multilingual excellent customer service, and low minimum deposit requirements.

Pros and Cons

PROS

A wide range of tradable instruments offered

Well-regulated and trusted online trading broker

Flexible trading accounts offered

Multilingual customer support

Commission-free trading offered

CONS

Inactivity fees are charged

FxPro

Features

Founded in 2006, FxPro is a No-dealing desk (NDD) broker based in the United Kingdom and regulated by several entities in different regions, offering traders a wide variety of trading tools, market analysis, and educational materials.

FxPro offers a choice between powerful trading platforms in addition to its proprietary trading platform. Traders can expect access to more than 260 financial instruments that are spread across several asset classes.

With more than 1.3 million traders in 173 countries and customer support in more than 25 languages, FxPro is a truly global entity.

Pros and Cons

PROS

Strict regulation through multiple entities

VPS provided by Beeksfx

No-dealing desk broker with competitive rates

Expert analysis offered by Trading Central

Premium trader tools offered along with educational materials

Access offered to a choice between powerful trading platforms

CONS

Spreads are not the tightest

Social trading is not offered

Managed accounts are not supported

RoboForex

Features

RoboForex is a Belize-based STP, ECN, and Market Maker broker that has been in operation since 2009. RoboForex offers more than 9,400 tradable instruments that are spread across different financial markets.

With RoboForex, traders can access competitive trading conditions spread across a choice in flexible trading accounts and powerful trading platforms.

RoboForex provides comprehensive trading solutions to each of its beginner and professional traders, with 2 million traders that are registered with the broker.

Pros and Cons

PROS

Segregated client funds guaranteed

A choice in trading platforms offered

Access provided to a comprehensive analytics centre

Flexible account types offered

Award-winning broker with strict regulation

Broker is a member of a Financial Commission

CONS

Fixed spreads are not offered

EU clients are restricted on leverage ratios

IC Markets

Features

IC Markets is a well-regulated ECN broker that has been in operation since 2007. IC Markets is the largest true ECN trading broker that offers a wide range of financial instruments, competitive spreads, a choice between trading accounts, and access to powerful trading software.

IC Markets is known for its rapid and reliable trade executions with prices aggregated from large, reputable liquidity providers from around the world.

Beginner traders are also provided with comprehensive educational tools and materials, trading tools, virtual trading, and more.

Pros and Cons

PROS

Well-regulated

Competitive fees are offered

Social trading is offered

Inactivity fees are not charged

All trading styles are welcome

Provides institutional-grade liquidity

CONS

Fixed spreads are not offered

US clients are not accepted

FREQUENTLY ASKED QUESTIONS

Forex brokers who cater for beginner traders tend to offer virtual trading, bonuses, and a plethora of educational materials while professional brokers focus more on trading tools and advanced trading platforms.

The forex market is extremely volatile, and traders can lose a significant amount of funds if they do not practice risk management. Other risks can threaten the trader’s funds and traders need to learn about risks and how to manage them.

Yes, you can. When you use the educational materials, tools, and resources that brokers offer and that can be found on the Internet, you can teach yourself how to trade forex.

The first step is to learn about forex trading by consulting trading videos, books, tutorials, guides, and other forms of education that will teach them how to trade.

Forex trading is ideal for beginners, but it is not suitable for everyone. Beginners must learn about forex risks and gain further knowledge on how to start trading and how to operate in the financial markets.