75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Not all beginner traders want the same thing from their broker. Some want 24/7 customer support and a user-friendly mobile app, others will need a detailed trading course and a low-risk trading environment, and some want the lowest possible costs or a copy-trading platform. We have chosen the best Forex brokers for beginners based on their appeal to the widest range of beginner traders, so whatever your exact needs as you start out trading, you will find a broker that suits you.
According to our testing and our research, these are the best Forex brokers for beginners in India for 2023.
When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.
After reading through this short guide you will:
Understand why regulation is crucial and how to check if your broker is regulated.
Understand how brokers make money from traders and how these trading costs can impact your profitability.
Understand which trading platforms brokers offer and how they work.
Understand the dangers of trading without education and how to educate yourself appropriately.
Understand how high-quality customer support can improve life for beginner traders.
Understand the importance of a demo account and how to choose the best one.
OctaFX – Best Platform Options for Beginners
Founded in 2011, OctaFX offers three different trading platforms catering to beginner and experienced traders. The MT4 platform is the most popular trading platform in the world and is a great starting point for many beginners. The MT5 platform has more features but also allows trading on stocks. At OctaFX, both platforms have very lost trading costs: The MT4 account offers floating spreads starting at 0.6 pips on the EUR/USD and requires a minimum deposit of 100 USD. The MT5 Account offers a floating spread starting at 0.6 pips on the EUR/USD and requires a minimum deposit of 100 USD.Â
OctaFX also recently launched its own OctaTrader platform, also available as a mobile app on iOS and Android devices. This platform features a modern, intuitive design and is best for those with no previous trading experience. All three platforms have demo accounts that never expire, an excellent option for beginners who want a risk-free introduction to trading. The educational material offered at OctaFX is designed specifically for beginner traders, with an online trading academy also available in Hindi.Â
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
XM – Best Overall Education for Beginners
A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second.Â
XM also provides some of the best educational and market analysis materials in the industry. Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway.Â
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
IC Markets – Best ECN Broker for Beginners
IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders. Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material. IC Markets’ extensive education hub is free to all visitors of the website and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others. Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone, helping beginner traders to set up accounts on the weekend. Â
IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms. The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Accepts Indian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.
HFM (formerly known as HotForex) – Best Customer Service for Beginners
A global CFD broker, HFM offers trading on a number of instruments, including Forex, cryptocurrencies metals, energies, indices, shares, commodities, bonds, and ETFs. Traders have the choice of four account types, with tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD on its entry-level account. HFM’ award-winning customer support is available 24/5 in over 27 languages via email, live chat, and telephone. Its goal is to provide the best customer service by maintaining a client-focused culture.Â
HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis. Traders who open a demo or live account will also gain access to the HFM e-Course, which outlines the basics of Forex theory and trading, reading and interpreting the charts, trading psychology, and technical analysis. Â
Accepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Exness – Best Trading Conditions for Beginners
Founded in 2008, Exness is a market maker that offers both market and instant execution accounts on both the MT4 and MT5 platforms. Trading conditions at Exness are some of the best in the industry and include a low-cost Cent Account to help beginner traders get their footing.Â
Exness offers two standard trading accounts and three professional accounts with a range of options for traders of all experience levels. Its beginner-friendly Standard Cent MT4 Account has a minimum deposit requirement of 1 USD and offers spreads starting at 0.3 pips on the EUR/USD. This is a great account for new Forex traders who want to learn the ins and outs of trading without too much risk. Customer support is also available 24/7 to help beginner traders set up accounts and assist with any technical queries. Â
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
Pepperstone – Lowest Cost Beginner ECN broker
Pepperstone (ASFL: 414530) offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos. It hosts regular webinars, and archives of previous webinars are available for free on its website. Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries.Â
Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution. Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade. Most trades are executed within 30 milliseconds, which is ideal for scalpers and traders who use expert advisors.Â
Accepts Indian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.
Avatrade – Best Mobile Trading Experience for Beginners
A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options. With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders.Â
Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts. It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system. Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels.Â
Accepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
XTB – Best Proprietary Platform
A well-regulated STP broker, XTB is the creator of the award-winning xStation 5 platform. With a user-friendly and intuitive design, it allows traders to accurately track market movements. It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator.Â
XTB provides some of the best training materials available for beginners. Its Trading Academy is comprehensive, clear and concise, and structured like a course. It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders.Â
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC
FP Markets – Best Customer Support for Beginners
A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception, including Best Customer Support 2019 (LiveHelpNow Challenge).  Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms, and any other technical queries.
FP Markets offers competitive trading conditions on two live accounts on the MT4 and MT5 platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded. It also offers three accounts on its IRESS platform, which is an active trader platform with advanced functionality.Â
Accepts Indian Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
Tickmill – Lowest Commission ECN/STP Broker for Beginners
Tickmill is an ECN/STP broker offering trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds. With three live accounts, Tickmill has won numerous awards for its excellent trading conditions, including its low commissions. Spreads start at 1.6 pips (EUR/USD) on its commission-free Classic Account, which is wider than other similar brokers, but tighten to an average of 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 2 USD per side per lot traded.
In addition to its attractive trading conditions, beginners will find Tickmill’s education section a welcoming experience. Tickmill offers a free 46-page ebook titled The Majors – Insights & Strategies, a well-illustrated resource explaining Forex Trading Basics and how Forex trading works. It also runs frequent webinars in four languages and runs seminars around the world. Overall, Tickmill is a good choice for beginner traders looking for good trading conditions and educational support.Â
Accepts Indian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
Admiral Markets – Best MetaTrader Tools for Beginners
Founded in 2001, Admirals is an STP broker offering trading on a wide range of assets and broad platform support. Renowned for its trading tools, including its proprietary MetaTrader Supreme Edition for MT4 and MT5, Admirals has created a range of practical tools to enhance the base platforms and assist beginner traders in their trading decisions. Â
The MetaTrader Supreme Edition features indicators from Trading Central which provides pattern recognition and technical analysis for all financial instruments. It also features the Global Opinion Toolset which scans and contextualises millions of financial news stories and social media posts on a daily basis, providing traders with a dynamic view of market sentiment. Lastly, Admirals provides an extensive and varied education section including courses, articles, tutorials, and frequent webinars to get new traders started.Â
Accepts Indian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admirals is regulated by ASIC, CySEC, and the FCA.
What is Forex Trading?
Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).
Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.
Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.
What is a Forex Broker?
Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market. To connect to the Forex market with a broker, traders need to open a trading account, which requires funding.
Comparing Forex Brokers for Beginners
When comparing Forex brokers consider the following broker and account components.
Regulation
Regulation is the single most important aspect of judging a Forex broker. Unregulated brokers cannot be trusted with your money and have no legal requirement to provide a fair trading environment. Having a regulated broker is not optional. Regulation ensures the security of your funds and offers protection against broker bankruptcy and also ensures that Forex traders have a complaint channel and access to investor insurance.
Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a certain way to know that a broker should not be trusted, and broker regulation should always be verified independently.
All brokers will expect a trader to make a minimum deposit when opening an account and will then charge a spread on each trade. Another common cost is the swap-fee paid for holding trading positions overnight. Some broker will also charge a commission or other types of fees. A good understanding of these costs is important for beginner traders as some brokers charge more than others.
Minimum Deposit
The first cost that beginner traders will come across is the minimum deposit requirement. Though not really a fee – as this is the money you will be trading with – this is an important cost for beginners to consider. Some brokers have relatively high minimum deposit requirements, often 1000 USD or more, which may put their trading accounts out of reach of beginners. Generally speaking, the higher a minimum deposit on an account the better trading conditions will be available on the account. Brokers will sometimes offer free access to advanced trading tools, one-on-one training, VPS services or personalised customer support with higher minimum deposits.
Spread
The most common fee that brokers charge is the spread. This is the difference between the buy and sell price of a trading asset and is measured in pips (the 5th decimal place of an asset’s price). Brokers will artificially widen the spread from the original market price of an asset. This means that when you are buying or selling an asset on the spread, you are buying it below or above the true market price – therefore requiring a larger fluctuation in the market for the trade to make a profit.
Some brokers will offer a fixed spread, meaning the difference between the buy and sell price of an asset never changes. Others will offer a floating or variable spread, meaning that the spread will get wider or tighter depending on demand and volatility. Many beginners prefer to trade with a fixed spread as this makes trading costs easier to calculate.
Swap-fee
Another common fee is the swap-fee. Forex trading is leveraged trading, this means that traders borrow money from their broker to artificially enlarge their trading position. As in life, borrowing money requires paying interest on the loan. When a trading position is held overnight, the leverage borrowed from the broker is also held overnight and will incur an interest charge – this is called the swap-fee. The cost of the swap-fee will depend on the asset traded, the amount of leverage used and the size of the trade itself.
Commission
Some brokers will also charge a commission. Commissions are generally charged by DMA (direct market access) brokers. Direct market access brokers generally do not widen the spread artificially (or only slightly) and instead will charge a flat commission as a fee for providing the direct market access service. Direct market access brokers do not generally target beginner traders and often have higher minimum deposits.
Brokers will also charge other fees, though these are not directly involved in trading costs. Brokers may also charge deposit and withdrawal fees, inactivity fees or VPS hosting fees. Most Islamic trading accounts (swap-free accounts) will also have additional fees to cover the cost of the removal of the overnight interest charge.
Trading Platforms
Trading platforms are the software that connect traders, via their broker, to the Forex market and allows them to open and close traders. Beginner traders will often be happier on a simple platform, and many brokers offer their own, easy-to-use, web-based platforms. Most traders, however, use third-party trading platforms that need to be downloaded to their computer.
The most important consideration for beginners when choosing a trading platform is whether it is reliable and easy to understand. Trading platforms with large, detailed charts and labelled functions will help beginners make fewer errors. Beginner traders also benefit from trading platforms with integrated news feeds and market analysis, to better help them understand the Forex market’s movements.
The most reliable and popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader. These are all third-party applications that can be downloaded to a computer. While not as simple as many broker-owned platforms, they do have the advantage of being tied to your personal account rather to any particular broker. This means that if you decide to switch broker your trading platform, with any customisations you may have made, can move with you.
Education
Most beginner Forex traders will need some form of Forex education, and the best Forex brokers for beginners provide quality educational material in a range of formats.
This is not entirely selfless behaviour on the broker’s part. Educated Forex traders become successful and profitable traders, and the more successful traders a broker has on its books, the more successful the broker will be.
Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading, and market analysis and research. Forex brokers sometimes hire third-party analysis companies to produce and deliver market analysis to their customers. Market analysis and research are especially helpful once a trader has a firm grasp of Forex trading basics, including terminology and common themes.
Education and Structured Courses
Better Forex brokers for beginners are good at created structured Forex trading courses. These are the brokers with the highest quality structured courses in the industry.Â
Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:
Forex Terminology: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?
Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. This is particularly useful from a beginner’s standpoint, as these detailed learning experiences are all available free of charge and without registration.
Market Analysis and Research
Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading. These are the brokers with the best research and market analysis teams in the industry.
These brokers offer market news with deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.
Some Forex brokers, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.
Demo Accounts for Trading Practice
All Forex brokers will offer free demo accounts to all clients. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money. Demo accounts provide an exact simulation of real market conditions
Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. These are best Forex brokers for beginners that provide free and unlimited Forex demo accounts.
IG Markets, one of our highest ranked brokers, provides unlimited demo accounts on two different platforms with 20,000 USD of virtual funds.
Demo accounts are so important because they are the only way for beginners Forex traders gain experience without risking money.
Customer Support
Beginners need good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.
Customer support should also be multi-lingual. It is helpful to have a customer support agent who speaks your language and understands the local needs of a beginner in India are not the same as the needs of a beginner Forex trader in Europe or Australia. The best beginner Forex brokers understand this and set up their customer support desks to accommodate the needs of their clients.
How much money do you need to trade Forex?
Most brokers require a minimum deposit to start trading. This varies from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening.
Can you get rich by trading Forex?
It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme and while large profits are possible, so are large losses. Most successful Forex traders have developed a strategy that allows them a steady stream of income.
The Bottom Line
As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.
Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.Â
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the result of extensive research on over 180 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 200 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.Â
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.Â
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
