Choosing the best forex brokers for beginners is a little bit hard work because nowadays have different types of brokers and account types in the market.
Don’t be confused I will help you to find out the best broker for your trading step by step. First, let me explain what is forex and forex broker to get a better understanding.
What is Forex?
The foreign exchange market, also known as forex is the largest money market with financial transactions in the world. In this place powerful currencies such as EURO, USD, GBP, etc. are exchanged.
This process is consisting of banks, large corporations, and small members of various countries. The average traded value is about $3.8 trillion per day and also you can make small or large transactions using any currencies.
Nowadays a lot of people deal with the forex market and earn money. Also, you can interact with the forex market at any time of the weekdays from home or while at work.
Before starting forex trading you should know how to work with forex and need to practice it well. If you want to involve forex trading have to find a forex broker because you can’t directly trade in the forex market.
I will explain what is a forex broker, how they will help you in trading and who the best forex brokers for beginners are.
What is a Forex broker?
As before said we can’t directly deal with the forex market but forex brokers get involved that directly and act as an intermediary forex market and their clients. With the advancement of technology, Forex brokers provide access to electronic platforms that allow traders to buy and sell currencies.
How to find the best Forex broker as a beginner?
As a beginner, before starting forex trading you should find a suitable broker that fulfills your requirements. Basically, you need to consider about following things.
First, you better know about the company background such as the staring year, their experiences and customers feedback in the past years.
Then check the broker’s charges and commissions and conditions
Also definitely check the broker’s regulations before registering because you can confidently work with the broker in the future. Also, you should know about their trading platform and tools, currency pairs that can be traded, the quality of customer service and online courses about forex they have.
Knowing about all these things you can become a good forex trader and through it, you can succeed in the future.
According to the reviews following brokers are the best for beginners.
Best Forex Brokers for Beginners Review
- IG Group
- Forex.com
- Oanda
- Saxo Bank
- XTB
Company Background
IG group Founded in 1974 and it is a world-leading forex and CFD broker that regulated under the FCA in the U.K. and the ASIC in Australia. It also regulated by the FINMA, DFSA, MAS, and JFSA. It provides reliable services for their clients.
Platform, tools & currency pairs:
IG has a very user-friendly web-based trading platform with a neat user interface. Also, they provide trading through the MT4 platform, and experienced traders can use other advanced trading platforms for their trading. Also, IG is given a mobile trading app with the features of their own web-based trading platform.
They provide over 80 currency pairs and over 1700 tools for their clients for trading.
Commission & Fees:
IG does not charge any commission from money withdrawal. Also, the money deposit is free excluding card payments. IG charge fees through the spreads.
Customer service:
You can connect IG.com 24 hours a day from 9 pm Sunday to 10 pm Friday. You can connect online and require your problems with trading.
Education:
IG also offers a demo account for those who are not familiar with the basics. Updating daily with research tools and presenting educational videos for beginners.
| Pros | Cons |
| They have 46-year experience | High stock CFD fee |
| No withdrawal fee | Limited product |
| Low minimum deposit | Poor phone support |
| Live chat | No two step login |
Company Background:
Forex.com founded in 2001 and they have 19 years’ experience and also regulated under ASIC, FCA, IIROC, and CFTC. Forex.com accepts traders from worldwide, excluding New Zealand, Singapore, Iran, Belarus, Yemen and some other countries from the OFAC list.
Platform, tools & currency pairs:
They offer to you Meta Trade 4(MT4) and Meta Trade 5(MT5) platforms for trading.
Forex.com provide over 4500 CFD instrument. Approximately over 84 currency pairs available and charge low forex and stock index CFD fees. But automated trading is not available.
Commission & fees:
Forex.com charge low commission and fees any transactions you do. It doesn’t charge fees for withdrawal and deposit.
Customer service:
Forex.com available 24 hours a day from 10 am Sunday to 5 pm Friday.
Education:
They provide a demo account to beginners so you can practice and also you can watch the educational video. They provide a great service for forex and CFD traders and day by day held market research.
| Pros | Cons |
| No withdrawal fee | Limited product |
| No deposit fee | No negative balance protection |
| Low commission fee | Poor customer service |
| Best desktop and mobile functionality | Higher spreads |
According to my knowledge, the IG group and Forex.com are the best Forex brokers for beginners.
Company background:
Between 1990 and 2020 they work as a fantastic broker because they have 30 years’ experience and it is a long time. They regulated by the USA, UK, Australia, Canada, Singapore, and Japan.
Platform, tools & currency pairs:
Web trading, Desktop Trading, and Meta trade 4(MT4) platforms are provided by Oanda. In addition, own mobile trading app is offered through the Apple AppStore and Google play store.
They provide over 100 instruments and over 71 currency pairs available in Oanda.
Commission & fees:
You can open the account and the deposit price is little as one dollar. In addition, No deposit fee is charged and free of charge PayPal and withdrawal. There is a charge for transferring high bank withdrawal fee.
Education:
Oanda offers a demo account for those who have no basic knowledge and they present great educational videos about forex for beginners. Although the teachings are good.
Customer service:
Poor customer service, they don’t provide their service 24 hours a day. Live chat is non-available. As well as slow delay in opening accounts due to problems with identity card verification.
| Pros | Cons |
| No deposit fee | Poor customer service |
| No withdrawal fee | High bank withdrawal fee |
| User friendly | No negative balance or slippage protection |
| Good educational videos | – |
Company background:
This broker helps to traders since 1992 and accept clients from worldwide. Saxo bank is a regulated broker and they have 28 years’ experience. Company regulated under Australian (Securities and Investments Commission) ASIC, FCA, FINMA and DFSA
Platform, tools & currency pairs:
Saxo Bank offers its own web-based trading platform called SaxoTraderGo. It supported for any device and has a user-friendly interface.
Facilities for trading with 42000 equipment, over 19000 stocks, over 1200 listed options, and over 3000 ETFs. You can use multi-currency accounts and trade to over 182 currency pairs.
Education:
The demo account can use for beginners and you can learn about forex with Webinar and educational videos. Their searches are very organized and hold good research in day by day.
Customer service:
Saxo bank safe their clients. They support 24 hours a day on weekdays and you can get quick responses from them. If you want to contact customer support you can submit a support ticket.
| Pros | Cons |
| Low withdrawal fee | Delays in responding |
| Great education | High minimum deposit |
| Good research | Fees, spreads, and commissions lack transparency |
Company background:
XTB founded in 2002 and they have 18 years’ experience. XTB accepts worldwide clients excluding Canada and the USA. It is a trusted company and regulated by the world’s biggest supervision authorities including the financial conduct authority.
Platform, tools & currency pairs:
They offer to you xStation5 and Meta Trade 4(MT4) platforms for trading. Both MT4 and xStation5 which has user-friendly interface are available in mobile and desktop versions.
XTB provides to you trade over 1500 instruments and 45+ currency pairs for online trading.
Commission & fees:
Overall XTB has low fees and commission. Based on the bank policies, fees may be charged for bank transfers.
Education:
They have excellent education and more than 1000 articles, quizzes and educational videos. Also, you can practice with demo accounts.
Customer service:
Great customer service, XTB support is available 24/7 and they respond to your questions very quickly. You can also connect live with XTB.
| Pros | Cons |
| Fast account opening | The initial investment is $250 |
| Competitive offers | Only basic account type has guaranteed stop loss |
| Best customer service | |
| Great education |
Top 5 Forex Brokers for Beginners
| | ASIC, FCA, IIROC, CFTC | $50 | 1:200 | MT4, FOREX.com Platforms | Click Here |
| FCA, ASIC, MAS, JFSA, DIFC, CFTC, FINMA | GBP 250 | 1:30 | MT4, IG Proprietary | Click Here |
| FSA,FCA | $600 | 1:200 | Web, mobile, desktop | Click Here |
| FCA, MAS, ASIC, CFTC, NFA, IIROC | N/A | 1:50 | MT4, fxTrade | Click Here |
| FCA, IFSC, KNF, CNMV | $250 | 1:200 | MT4, xStation5 | Click Here |
