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AuthorBy Chris Cammack
Updated: September 29, 2022

Good Forex brokers for beginners will help their clients get started. The better brokers will assist with verifying a trading account, setting up and configuring a new trading platform, and making available the best learning material possible. This way, the trader has the best chance of finding and acting on profitable trading opportunities. 

To test these beginner brokers, we opened demo trading accounts to experiment with the important features for newcomers – always keeping an open line with customer service to assess their responsiveness. As part of our test, we verified the broker’s regulation, checked for well-structured Forex education and verified that the demo account never expires, so novices can practice without risking their money forever. These are the best Forex brokers for beginners in India for 2022, according to our testing and our research.

  • XM - Best Overall Education for Beginners
  • IC Markets - Best ECN Broker for Beginners
  • HFM (HotForex) - Best Customer Service for Beginners
  • Exness - Best Trading Conditions for Beginners
  • Pepperstone - Lowest Cost Beginner ECN broker
  • AvaTrade - Best Mobile Trading Experience for Beginners
  • XTB - Best Proprietary Platform
  • FP Markets - Best Customer Support for Beginners
  • Tickmill - Lowest Commission ECN/STP Broker for Beginners
  • Admirals - Best MetaTrader Tools for Beginners

Best Forex Brokers for Beginners 2022

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Broker
Overall Rating
Official Site
Beginner Friendly
Min. Deposit
Beginner Course
Beginner Videos
Downloadable Ebook
Unlimited Demo
Support Hours
Total CFDs
Currency Pairs
Trading Cost
Platforms
Regulated
Website Language: English
Support Language: English
Compare
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 5
24/5
1510
57
USD 16
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
International Financial Services Commission
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 200
24/7
1744
64
USD 8
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
HFM (HotForex)
4.43 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 5
24/5
1169
53
USD 10
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
Standard
USD 3
24/7
221
100
USD 7
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 0
24/7
0
70
USD 6
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
AvaTrade
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 100
24/5
872
55
USD 9
Avatrade Social
AvaOptions
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Financial Services Agency
Central Bank of Ireland
XTB
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 0
24/5
4211
57
USD 7
xStation5
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
Komisja Nadzoru Finansowego
FP Markets
4.22 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 100
24/5
10162
70
USD 7
IRESS
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 100
24/5
209
62
USD 4
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Admirals
4.18 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 100
Business Hours
3830
50
USD 8
MT Supreme
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Jordan Securities Commission

How do I choose a Forex broker for beginners?

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.

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. 

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. 

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Indian Clients. Average spread EUR/USD 1.60 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.  

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.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts 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. 

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.  

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts 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. 

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.   

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts 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. 

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. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts 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. 

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. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts 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. 

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. 

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts 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. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts 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. 

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts 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.   

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. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts 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.

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Overall Rating
Regulators
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
4.69 /5
Read Review
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
Excellent
24/5
USD 0
Visit Broker >
Your capital is at risk
4.58 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.43 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
Excellent
24/5
USD 5
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Central Bank of Ireland
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.29 /5
Read Review
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Excellent
24/7
USD 100
Visit Broker >
Your capital is at risk
4.27 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
Capital Markets Authority
Excellent
24/7
USD 10
Visit Broker >
Your capital is at risk

Trading Costs

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. 

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Overall Rating
Regulators
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
4.18 /5
Read Review
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Excellent
Business Hours
USD 100
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Central Bank of Ireland
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
Financial Services Commission
The Seychelles Financial Services Authority
Excellent
24/5
USD 10
Visit Broker >
Your capital is at risk
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Excellent
24/7
USD 20
Visit Broker >
Your capital is at risk
4.53 /5
Read Review
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
Excellent
24/5
USD 5
Visit Broker >
Your capital is at risk
4.27 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
Capital Markets Authority
Excellent
24/7
USD 10
Visit Broker >
Your capital is at risk
3.93 /5
Read Review
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Excellent
24/7
USD 5
Visit Broker >
Your capital is at risk

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.

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Overall Rating
Official Site
Regulators
Autochartist
Trading Central
Trading View
Research Update
Research Team
Webinars
Research Rating
Min. Deposit
Compare
Official Site
4.18 /5
Read Review
Visit Broker >
Your capital is at risk
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Frequent
In House
5/5
USD 100
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Central Bank of Ireland
Frequent
In House
5/5
USD 100
Visit Broker >
Your capital is at risk
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Frequent
In House
5/5
USD 0
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
Visit Broker >
Your capital is at risk
Financial Services Commission
The Seychelles Financial Services Authority
Frequent
In House
5/5
USD 10
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Your capital is at risk
3.69 /5
Read Review
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Your capital is at risk
FSCA Regulated Forex Brokers
Frequent
In House
5/5
USD 5
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Your capital is at risk
3.65 /5
Read Review
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Your capital is at risk
Financial Markets Authority of New Zealand
The Seychelles Financial Services Authority
Frequent
In House
5/5
USD 200
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Your capital is at risk
4.68 /5
Read Review
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Your capital is at risk
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Frequent
In House
5/5
USD 20
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Your capital is at risk

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.

Admiral Markets Trading Central

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.

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Overall Rating
Official Site
Unlimited Demo
Education & Research
Regulators
Min. Deposit
Compare
Official Site
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 0
Visit Broker >
Your capital is at risk
4.68 /5
Read Review
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Your capital is at risk
111115/ 5
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
Visit Broker >
Your capital is at risk
4.61 /5
Read Review
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Your capital is at risk
11110.54.5/ 5
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 0
Visit Broker >
Your capital is at risk
4.58 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
USD 100
Visit Broker >
Your capital is at risk
4.53 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 5
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
USD 100
Visit Broker >
Your capital is at risk
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 200
Visit Broker >
Your capital is at risk

IG Markets, one of our highest ranked brokers, provides unlimited demo accounts on two different platforms with 20,000 USD of virtual funds.

IG Markets DEMO

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. 

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 100 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 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

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

References

  1. Foreign exchange turnover in April 2019
 

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