Trading the financial markets is more accessible than it has ever been. You can fund an account with as little as $10 and access a massive range of instruments—from forex to global stocks, commodities, indices, and crypto. Demand is soaring for beginner-friendly brokers that can provide new traders with the tools and support to give them a solid foundation for success.
Inexperienced traders have a distinct set of needs. To find the best forex brokers for beginners, we looked for those with:
FX Empire is an industry leader with over ten years of experience reviewing forex brokers. Considering the different needs of traders, we broke down this list into a few major categories.
We thought hard about the needs of beginners in the forex markets and focused on the points which benefit this group of traders the most.
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s go through the selected brokers.
Sydney, Australia-based FP Markets was founded in 2005 and has entities regulated by top-tier CySEC and ASIC. With over 10,000 instruments across stocks, indices, forex, commodities, and cryptocurrencies, traders can experiment across a broad range of markets.
Opening an account with FP Markets is fast and very simple. There are two main accounts available – the Standard Account, which is commission-free, and the Raw Account, which is commission-based, but with tighter spreads. Live chat support is on hand to help prospective traders through the account opening process.
FP Markets has an extensive range of educational materials that are great for beginner traders. These include educational videos, platform tutorials, and live webinars. A user-friendly app rounds out a solid offering for newcomers to the markets.
BDSwiss was established in 2012 and has grown to provide services for over a million clients worldwide. The Cyprus-based broker offers trading in a wide range of CFD assets via its beginner-friendly web and mobile platforms and the popular MetaTrader platform.
BDSwiss has focused intensely on education with the development of its Trading Academy. Clients can access in-depth and frequently updated materials, including its forex basics lessons, live webinars, educational video courses, ebooks, seminars, and one-on-one coaching. We judged the materials to be better than average for the industry and an excellent resource for new and experienced traders.
Award-winning research from Trading Central and market analysis from Autochartist is also available to BDSwiss clients. These third-party tools complement the strong educational material with actionable trading ideas.
NAGA has created an innovative and exciting platform for traders. Being intuitive and easy to navigate also makes it a good starting point for beginners. The CySEC-regulated broker offers trading in various instruments, including forex and CFDs on commodities, indices, cryptocurrencies, and shares.
Our test showed NAGA’s web and mobile apps are intuitive and offer cutting-edge copy trading capabilities. Traders can either trade at their discretion or automatically copy successful traders on the platform. A leaderboard shows the top-performing traders, with statistics such as the total profit, win ratio, and the number of auto copiers. Clients can copy their choice among the best traders with a single click and participate in any future gains (or losses). The platform also has an Instagram-style feed, which allows traders to share ideas and interact.
We found out that NAGA can cater well to beginners, and its educational offering reflects this. Webinars, courses, and even one-on-one tutoring are available to help traders get up and going in the markets. Clients are assigned a dedicated account manager which makes a big difference in terms of a personalized experience. If you’re a beginner with limited time to trade, NAGA could be a good fit.
Sydney, Australia-based IC Markets is licensed by multiple regulators globally, including the top-tier CySEC and ASIC. This broker has blazed a trail with fees that beat the industry average.
Our tests showed spreads as low as 0.6 pips in EUR/USD and 0.5 in the Dax 40. Tight spreads can make all the difference, especially for highly active traders. In addition, IC Markets keeps costs to a minimum by not charging an inactivity fee or any fees for deposits and withdrawals. In these areas, IC Markets is undoubtedly better than the industry average.
IC Markets delivers in education and scored full marks for this category. From our in-depth research, there is a wealth of beginner-friendly content covering technical and fundamental analysis. Regular webinars allow clients to learn from experienced traders in a live environment.
The broker provides access to the widely-used Metatrader 4 and 5 platforms, which includes a demo account option for new traders to gain experience. IC Markets could be a good match if you’re a beginner but have aspirations to develop into an advanced or professional trader.
TMGM is an impressive all-around broker that scored high in all major categories. The Sydney-based ECN (Electronic Communication Network) broker emphasizes tight spreads and provides optimal conditions for traders to succeed.
From our testing, the chat support at TMGM was superior and gave us a personalized type of service, contrasting what you get at massive brokerage firms with support agents in call centers. Operators were fast to respond and trading industry savvy. TMGM also offers the convenience of being reachable via popular mobile chat platforms such as Whatsapp and Facebook messenger.
Assessing education materials, we found them suitable to help beginners via the TMGM Academy. The Beginner Stage introduces topics such as spreads, margins, and basic market analysis. TMGM would be a suitable broker for beginners who eventually aspire to become serious, active traders.
FBS is a beginner-friendly broker offering a broad range of markets and competitive fees. The company was founded in 2009 and is licensed by top-tier regulators CySEC and ASIC.
We tested FBS’ proprietary trading app, which has a well-designed, intuitive, and minimalistic interface allowing users to trade various instruments on the move. A chat feature is available within the app, so customer support is readily available. Basic order types such as market orders, limit orders, and stop loss orders are available. An economic calendar, a calendar covering earnings, and dividends for stocks are also conveniently built into the app.
FBS also went the extra mile with its educational offerings. New traders can immerse themselves in a five-week long ‘forex intensive’ course in video format. With materials ranging from the forex market basics to complex trading strategies, there is something for all levels of traders to learn.
Founded in 1999, FXCM was one of the first brokers to bring the forex market to retail traders. It is currently owned by financial services giant Jefferies Financial Group (NYSE: JEF). Being regulated by the top-tier FCA, CySEC, and ASIC, we rate FXCM as an overall trustworthy broker.
From our hands-on testing, beginner traders can quickly master the Trading Station platform, which is well-designed, customizable, and easy to navigate. Popular features such as watchlists, alerts, 1-click trading, and trading from the chart are all available. Solid charting and a broad range of order types give traders everything they need in this well-rounded web platform. Trading Station is available via both desktop and web browsers.
Research and education are two other vital areas where, from our research, FXCM is genuinely an industry leader. News coverage from in-house analysts is top-notch. Beginner traders can take advantage of daily webinars covering trader sentiment and market highlights. A rich library of educational articles is also available.
Launched in 2001, the company is registered with the Commodity Futures Trading Commission (CFTC) and a National Futures Association (NFA) member, helping it earn a high trust score in our tests. It is also owned by NASDAQ-listed StoneX (SNEX), reflecting a high level of stability.
We rated FOREX.com as an excellent choice for beginners to forex in the United States due to its strong support staff, educational resources, and user-friendly platform. Highly trained customer support agents are available 24 hours a day, five days a week. In addition, experienced market strategists provide one-on-one support for new traders in developing a trading plan. The FOREX.com Academy has well-crafted interactive courses with material tailored for new traders. The Foundations of Forex Trading live webinar series addresses practical topics like trading with ABC patterns.
The FOREX.com Web Trader platform is intuitive and features performance analytics, Reuters news feeds, market commentary, trading signals from Trading Central, and TradingView charts. The demo account provides 90 days of risk-free trading with $50,000 in virtual funds.
In selecting the best forex brokers for beginners, we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.
FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level—with over 250 data points in our analysis of each broker—so you can feel confident in selecting the right platform. To provide the most comprehensive view, we break down the brokers according to nine different categories:
In our broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed. All our winning brokers listed above have at least one entity licensed by a top-tier regulator.
Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.
Our side-by-side analysis reveals whether a broker is competitive in relation to the industry. Trading platforms take time to master, but we have already done the legwork for you, and our evaluations highlight their essential features and usability.
FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so individual preferences or biases cannot sway our reviews. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Learn more about our methodology here.
For this best brokers page, we selected the best forex brokers for beginners. As traders have different needs, we separated the brokers into categories where they stood out as winners.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Defiantly the coolest dude you will ever meet
Bob Mason has been an author with FX Empire since December 2016 and has had works published for publications including, but not limited to The Jerusalem Post, KITCO and The Huffington Post.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Mr.Hyerczyk is a technical analyst, market researcher, educator and trader. Jim is an expert in the area of patterns, price and time analysis, Forex and stocks.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Kate Leaman is a graduate of the University of Westminster and has been writing for FX Empire since its inception. She was a Broadcast Journalist specializing in finance and a journalist at Sky News. She has headed content teams for various brokerage firms and was the Head of Content at Investing.com. She has hosted various news shows and webcasts on the financial markets.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
Personal: Name: Svetlana Ni Professional Achievements: Regular author of columns and analytical articles in well-known financial publications. Participant
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
When looking for a beginner-friendly broker, you should pay special attention to the following points.
Take into account the regulatory status of the broker. Forex brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency. Tip: you can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.
We are aware that understanding the regulation and assessment of CFD brokers can be a complicated task for a beginner trader. That’s why we conduct thorough research on the regulation and transparency of each broker. We strongly recommend before trading read our reviews to ensure that you are trading with a reputable and regulated broker.
An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface.
The MetaTrader 4 and 5 platforms have advanced features like backtesting, automated trading, and a wide range of order types but are less user-friendly. Also, check on the availability of a good, broker-designed (proprietary) mobile app. This is especially important as MetaTrader is no longer available on iOS.
Take advantage of the brokers’ demo account. Most of the brokers offer free demo accounts that provide beginners with a risk-free environment to practice and gain experience, familiarize themselves with the platform, test strategies, and improve trading skills.
Check out our dedicated guides on best forex platforms and best MT4 brokers.
Working with a broker that keeps costs such as the spread and overnight swap fees to a minimum can make the difference between profit and loss at the end of the day. For example, a spread of 1 pip or less in EUR/USD is competitive and makes it much less expensive to enter and exit positions in the market. This is a crucial point for day traders. Inactivity fees and fees for withdrawing funds are other areas to keep an eye on when considering a broker.
Demo accounts allow newbies to test their strategies in a risk-free environment. The only difference is that the money is not real – demo accounts have the same trading conditions and available assets to trade as live accounts.
Read our guide on best forex demo accounts.
Cent accounts measure balances in cents instead of dollars. They allow new traders to take the important step of trading live with small positions and minimal risk.
Find out the minimum initial deposit so you won’t be taken by surprise when it’s time to trade live.
Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a high risk of losing money. Accounts can get wiped out in seconds.
As a beginner, having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.
Strong educational materials can provide the guidance needed to succeed in the markets. Look for beginner-friendly materials beyond articles, such as video tutorials, live webinars, and courses.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.