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6 Best Forex Brokers For Beginners – Start Trading Today

Explore the top 6 Forex brokers tailored for beginners in 2024. Our comprehensive comparison helps you make informed decisions in the world of forex trading.


Best Forex Brokers For Beginners

The primary characteristics that distinguish the best forex brokers for beginners are their reputation as reliable and well-regulated entities. Another important aspect is their user-friendly web-based platform, which is accompanied by a wide range of educational resources. 

Additionally, these brokers provide valuable market research insights to their clients. Our dedicated research team invests significant time and effort each year in this process. 

They create demo accounts, explore various forex platforms and mobile applications, conduct thorough market analyses, evaluate website usability, and immerse themselves in educational materials such as videos and webinars. 

As a result of this extensive research, we have compiled a list of the best forex brokers specifically aimed at beginners.


6 Best Forex Brokers for Beginners

  • IG – Best Forex Broker for Beginner Overall
  • eTORO – Best Copy Trading Platform
  • Plus500 – Best for Ease of Use
  • Interactive Brokers – Best for Active Multi-Asset Traders
  • CMC Markets – Best Web Trading Platform
  • XTB – Best Research and Education

IG – Best Forex Broker for Beginner Overall


IG Markets, a well-regulated CFD broker, is authorized to accept U.S.-based clients as it complies with the CFTC and NFA's oversight. Additionally, it adheres to strict regulations enforced by the Financial Conduct Authority (FCA) in the U.K.

With IG Markets, clients can access a wide range of trading options. They can trade CFDs on over 17,000 assets, such as forex currency pairs (including 80 different pairs), equities, commodities, indices, bonds, exchange-traded funds (ETFs), and short-term interest rates.


To get started with IG Markets, clients must make a minimum deposit of $250. U.S.-based clients can take advantage of a maximum leverage ratio of 50:1 offered by the broker.

Clients' funds are kept separate from those belonging to IG Markets, an important feature provided by reputable online forex brokers for beginners. Furthermore, IG Markets offers its own proprietary trading platform along with support for MT4 and ProRealTime platforms.

Automated trading is made possible through IG Market's application programming interface (API), giving clients greater convenience and flexibility in executing their trades.


  • Superb trading platforms and tools
  • Exceptional educational resources
  • A diverse selection of 19,000+ tradable assets


  • Delayed customer support responses
  • Restricted offerings with MT4

eToro – Best Copy Trading Platform


Copy trading is a strategy for choosing an experienced trader and automatically replicating their trades in your own trading account. eToro specializes in social trading and offers a CopyTrader tool that allows you to participate in this type of trading easily. 

This option is particularly attractive for beginners because it allows them to sit back and let proven expert traders make the decisions for their accounts.

eToro, as a multi-asset broker, provides access to over 2,000 different assets, including cryptocurrencies. With a minimum deposit requirement of only $50, it’s accessible even for those with limited funds. Additionally, eToro accepts clients from most U.S. states.


For beginners, eToro offers valuable educational resources to help them navigate the world of trading. The intuitive nature of its trading platforms and mobile apps makes it easy for novices to grasp the basics quickly.

However, one drawback worth noting is that eToro doesn’t support MetaQuotes' popular MT4/5 platforms, which may be disappointing for some traders who are accustomed to using these specific tools.


  • Abundant investors to copy
  • Broad market selection
  • User-friendly platforms and apps


  • Compulsory stops and limits
  • Elevated non-trading fees

Plus500 – Best for Ease of Use


Plus500 is a globally respected and trusted brand that offers individuals the opportunity to trade shares and access a wide range of Contract for Difference (CFD) instruments. 


What sets Plus500 apart from others is its focus on making trading straightforward and easy to understand. This dedication to user-friendliness has particularly appealed to newcomers exploring online trading for the first time.

In acknowledgment of its exceptional simplicity, Plus500 has been awarded the prestigious title of "Best in Class" in the 2023 Annual Awards. 

This recognition highlights the platform's intuitive nature and emphasizes its commitment to providing an accessible and seamless trading experience for individuals entering the financial markets. 

The continuous efforts made by Plus500 to improve user accessibility have played a significant role in earning this well-deserved recognition in the esteemed awards ceremony.



  • User-friendly web trading platform for beginners
  • Extensive CFD options


  • Limited advanced tools for active traders
  • Inadequate research and educational resources

Interactive Brokers – Best for Active Multi-Asset Traders


If you're an active trader who wants to dabble in various markets and asset classes, Interactive Brokers is the perfect online forex broker for you. They offer incredibly low transaction costs, including commission-free trading for U.S.-listed equities and ETFs.

With access to 150 markets and up to 26 currencies (availability may vary by Interactive Brokers affiliate), IBKR ensures you have plenty of options. In addition, they don't charge any inactivity fees or require minimum deposits.


Their top-notch proprietary trading platforms, such as the Client Portal, Trader WorkStation (TWS), and mobile apps, set Interactive Brokers apart. These platforms have received rave reviews from customers due to their quality and usability.

If you're serious about actively trading across multiple markets and want a sophisticated broker to support your growth, choosing Interactive Brokers would be an excellent decision.


  • Affordable fees and low account minimums
  • Commission-free trading
  • Excellent research tools


  • Complex pricing system
  • Subpar customer service

CMC Markets – Best Web Trading Platform


CMC Markets is known for its exceptional user experience, extensive market research resources, and an impressive mobile app that allows traders to access the platform while on the move.


Additionally, CMC Markets distinguishes itself by providing a wealth of educational materials in various formats to support beginners in the trading industry. These educational resources include written articles, informative video updates, captivating podcasts, and interactive live webinars. 

By offering such a diverse range of learning tools, CMC Markets expands the knowledge base of novice traders and elevates the overall trading journey for all skill levels.

With its commitment to empowering traders through education and its emphasis on providing valuable learning experiences, CMC Markets is a top choice for those seeking both informative resources and an exceptional trading environment.


  • Competitive trading costs
  • Superb web and mobile platforms
  • Comprehensive research resources



  • Room for enhancement in educational offerings

XTB – Best Research and Education


XTB, a well-known broker that deals with multiple types of assets, stands out by prioritizing exceptional customer service. It offers a wide range of forex and CFD trading options, delivering an overall trading experience that exceeds industry norms. 

XTB's main offering is the user-friendly xStation 5 trading platform, which has an intuitive interface and advanced features. What distinguishesXTB from its competitors is its commitment to enriching the knowledge and skills of its clients. 

The broker provides an extensive collection of educational materials and market research resources that are invaluable for traders. 


Whether you want to enhance your trading expertise or gain insights into the market,XTB ensures you have access to the necessary tools and information to succeed in financial markets.


  • xStation 5 platform excels in the industry
  • Abundant trading tools
  • Outstanding customer service


  • Pricing is merely average

Our Ranking Methodology for the Best Forex Brokers for Beginners

In order to find the best forex brokers for beginners, we undertook a thorough assessment process that examined over 100 brokers. 

These evaluations were conducted from a trader's perspective and involved in-depth reviews spanning more than 2,000 words each. Our analysis lasted over ten hours, ensuring a meticulous and exhaustive approach to identifying the best options.


  • Regulation and Security: This factor assesses whether the broker operates under the oversight of respected regulatory authorities, ensuring the safety and security of traders' funds.
  • Trading Costs: This entails a thorough examination of spreads, commissions, and other fees associated with trading to determine the cost-effectiveness of the broker's services.
  • Asset Selection: This evaluates the diversity of available currency pairs and other financial instruments for trading, catering to a wide range of trading strategies.
  • Account Types: Various brokers offer a range of account types with differing features. We considered the suitability of these options, particularly for beginners.
  • Trading Platforms: We scrutinized the quality and functionality of trading platforms, including their user-friendliness, features, and reliability.
  • Unique Features: This encompasses any distinct tools, technology, or services that the broker provides to traders, enhancing their overall trading experience.
  • Research and Education: We assessed the broker's educational resources, such as articles, videos, webinars, and market research, designed to assist beginners in learning and making well-informed decisions.
  • Customer Support: We took into account the responsiveness and availability of customer support channels, including live chat, email, and phone.
  • Bonuses and Promotions: We examined any promotional offers or bonuses that brokers may offer to entice and retain traders.
  • Account Opening Process: We evaluated the simplicity and efficiency of the account opening process, including verification procedures.
  • Deposits & Withdrawals: This criterion investigates the methods and speed of deposits and withdrawals, a crucial aspect for traders' convenience.


By assessing these criteria, our research aimed to present a comprehensive overview of each broker's strengths and weaknesses, empowering beginners to make informed decisions based on their individual preferences and requirements.

Best Forex Brokers for Beginners – Buyer’s Guide

What Is a Forex Broker?

Retail forex brokers are financial institutions that serve as a middleman between individual trader clients and the forex market. These brokers have an official website where they cater to smaller traders who want to participate in the forex market using margin trading.

Online forex brokers typically allow traders to carry out forex transactions primarily through their supported electronic trading platforms. 


Along with offering their own proprietary trading software, many online forex brokers also support popular third-party platforms like MetaTrader 4 and 5 (MT4/5) from MetaQuotes.

Furthermore, some forex brokers provide valuable educational resources for beginners, enabling them to enhance their understanding of trading concepts. 

They may also grant access to expert analysis of the forex market and financial news feeds, assisting traders in making informed decisions when it comes to their trades.

A Few Quick Terms for Beginners 

Upon initial inspection, the world of forex trading may appear complex and overwhelming with its abundance of unfamiliar terminology. 

However, fear not, as you can easily familiarize yourself with these terms in just 30 minutes. In the meantime, let's delve into some crucial terms you may encounter while engaging in trading activities.


Spot Forex

Engaging in the buying and selling of actual currency, also known as exchanges, is what this entails. 

To illustrate, you swap your USD for EUR subsequently, when the value of the dollar increases, you swap the EUR back to USD. This results in having more money at the conclusion of the transaction.


The variation between the purchase and sale prices for currency pairs is known as the spread. 

A key observation regarding commissions and spreads is that popular currency pairs such as USD/EUR typically have smaller price disparities, while more exotic pairs tend to exhibit higher differences. 


In order to generate a profit from a forex trade, it’s essential for your spread to exceed the commission you incurred on the specific currency pair.


A pip symbolizes a minuscule increment of 0.0001 in the value disparity between two currencies. To illustrate, when the EUR/USD rate shifts from 1.1811 to 1.1812, it signifies a solitary pip deviation.


CFD, short for "Contract For Difference," is essentially a wager. It involves making predictions about the direction of an asset or currency's price movement, and if those predictions prove correct, you receive payment.

The advantage of trading CFDs is that you don't actually have to purchase the underlying asset. This means traders can speculate on the price fluctuations of global stocks, ETFs, currencies, and more. 


However, it's important to note that approximately 70%-80% of CFD traders ultimately experience financial losses.

Spread Bet 

Spread betting, much like a CFD, doesn't attract taxes. While winning can result in higher profits, losing doesn't allow for tax deductions.


The broker holds onto the funds, known as the margin, until the transaction is finalized. Let's say you wager $100 on something and expect to receive profits at a later time - that $100 will remain in the broker's possession until the deal is completed.

How Do I Start Trading Forex?

To begin trading forex with a reliable broker, follow these 8 simple steps:


  1. Access free educational resources
  2. Utilize a no-cost demo account for practice
  3. Acquire proficiency in using the trading software
  4. Formulate a trading strategy
  5. Open a live account with a reputable, well-regulated forex broker
  6. Initiate trading with a modest amount of risk capital
  7. Emphasize managing percentage returns
  8. Consider scaling up only after establishing a consistent track record

Tips for beginners:

  • Prior to depositing real funds, use a free demo account to familiarize yourself with the broker's trading platform
  • Once you've mastered the software and gained experience through the demo account, transition to live forex trading with a trusted broker
  • Always start with capital you can afford to lose before considering larger investments


How Do I Choose a Forex Broker?

When it comes to selecting a forex broker, your first priority should be ensuring that they are licensed and regulated by reputable authorities. This is crucial in order to avoid falling victim to any potential scams in the forex market. 

Additionally, it’s wise to choose a financially stable and well-capitalized broker, as this reduces the risk of them going bankrupt and losing your deposit.

To find a suitable forex broker, begin by searching for those that are regulated within your country and offer consumer compensation funds as protection against bankruptcy. 

It would also be beneficial to read comprehensive reviews about different brokers thoroughly. Finally, compare your top two choices side by side before making a final decision on which one to go with.


Forex Trading vs Stock Trading

If you're exploring online trading as a new career path, you may have observed that two distinct markets are available: the forex market and the stock market. Both of these options offer lucrative opportunities, each with its own advantages and disadvantages.

Pros of Forex 

Ease of Buying and Selling – Given the inherently high liquidity of the forex market, participants can swiftly initiate or exit positions at any given time, offering remarkable convenience. 

In contrast, the stock market poses more challenges, often necessitating a wait for a suitable buyer to transact assets.

Accessibility – The global forex market operates around the clock, 24 hours a day, five days a week, granting universal access to worldwide markets from any location, irrespective of time zones.


Conversely, international stock traders often encounter waiting periods until their chosen markets open. 

For instance, European traders seeking to engage with the US market must patiently await the evening for the American stock market to commence, demanding precise time management from the trader.

Cons of Forex 

Risk and Leverage – Generating substantial profits in currency trading often necessitates substantial capital, as the potential gains are typically marginal. This is why forex brokers and banks provide leverage, enabling traders to conduct transactions with borrowed funds.

For instance, if a broker offers 100:1 leverage, it permits a trader to execute a $100,000 deal while utilizing only $1,000 of their own funds. 


Nevertheless, if a trade with high leverage goes awry, the trader may end up losing their entire investment while repaying the borrowed funds. 

Conversely, certain stocks offer the opportunity for significant returns with minimal investments, thereby requiring lower overall risk to execute a profitable trade.

Knowledge – Forex traders must possess expertise in analyzing macroeconomic trends and fundamentals, as currencies are highly responsive to national-level economic activities. 

In contrast, while comprehending macroeconomics is beneficial, stock traders can make accurate predictions by concentrating on a specific sector within the industry.

Best Forex Brokers for Beginners – Frequently Asked Questions

Can I Trade Forex Without a Broker?


Certainly! If you happen to be a high-net-worth individual or corporation, you can engage in forex trading within the over-the-counter (OTC) market. Major financial institutions offer this option by providing credit lines. 

Moreover, even local cambios allow for basic forex trading activities. However, if you’re a retail trader with a smaller amount of risk capital available as margin, utilizing an online forex broker becomes necessary in order to trade currency pairs efficiently.

Can I Get Rich by Trading Forex?

While it’s not common, achieving wealth through forex trading is possible but requires practice and skill. 

Traders who succeed aim to make trades that generate larger profits (winners) than losses (losers) over time. Throughout history, a number of hedge fund managers have become wealthy by trading forex.


One notable example is George Soros, who made more than £1 billion in profit by short-selling the British pound in 1992. This was considered an immense wager and has been referred to as Black Wednesday. Further information about this event can be found on Wikipedia.

Is Forex Trading Worth It? 

Certainly! If you possess the skills of a proficient and cautious trader, you can earn a living by engaging in forex trading. However, the realm of FX offers both lucrative opportunities and substantial risks that can be detrimental to novice traders' account balances and confidence.

For instance, CFDs (Contract for Difference) and spread betting are highly profitable strategies; nonetheless, approximately 70%-80% of traders end up losing money when employing these methods. 


It’s also crucial to note that making one poor trade while leveraging large amounts can completely deplete your trading funds. While high-risk trades with the potential for significant gains may be alluring, consistent progress and patience are paramount for achieving success in this field.

What Currency Pairs Are Best for Beginners?

For individuals who are new to the field, it’s recommended to concentrate on currency pairs that are widely traded and easily accessible. Some examples of such pairs include EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, and GBP/JPY. 

These particular pairs are favored by traders and come with various benefits for beginners. They offer high liquidity, which ensures that trades can be executed smoothly. 


Moreover, they usually have lower spreads, which help in reducing trading costs. Additionally, these currency pairs tend to display more stability compared to others in the market. This makes them easier for beginners to analyze and understand when it comes to market movements.

Bottom Line – Best Forex Brokers for Beginners 

Choosing the best forex broker is a crucial decision for beginners, as it can greatly influence their trading experience. After conducting extensive research and evaluating brokers based on eleven essential factors, IG emerges as the top contender for novices.

To ensure safety, it’s vital to opt for a regulated broker. Additionally, take into account trading costs, the variety of assets offered, and account types available that align with your personal trading style. 


In the ever-changing world of Forex trading, making an informed decision when selecting a broker is pivotal in achieving profitability and finding enjoyment in your trading journey.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.