With hundreds of forex brokers to choose from, it can be overwhelming for beginners looking to get started.
Novices should always strive to select a trading platform that’s well-established and safe, as well as easy to use. While fees and spreads are important to consider, these should be secondary to finding a broker that is reputable and easy to trade with.
While there aren’t really any forex brokers designed for beginners, many brokers do offer free demo accounts and education programs that are suitable for those looking to learn the ropes. Below are a range of forex brokers that offer these.
If you’re looking for something more professional, ETX Capital are a very reputable broker regulated by the Financial Conduct Authority in the UK. Having been in business for over 10 years, ETX Capital are well-established and provide great support for their clients.
Their platform is very easy to use, however it’s not quite as modern or ‘social’ as eToro’s. If you’re looking for something a bit closer to what a professional trader might use, ETX Capital are a good option to consider and they offer a free demo account that you can practice with.
eToro is an excellent platform for those who are just entering into the fluid Forex markets. Their “no-frills” concept attracts traders of all skill levels and three different trading systems can be used. However, a distinctive feature of eToro is known as their “OpenBook” system.
This is much like a social media site embedded within the portal itself. Beginners have the possibility to follow professionals in a real-time scenario. By understanding when certain trades should be executed (and when they should be avoided), a great deal of second-hand knowledge can be gained. There are few other brokers which offer this level of feedback. Finally, the customer services which are supplied are quite robust. These include live chat support, email and a series of dedicated phone numbers. Multilingual representatives are available (19 different languages are currently offered).
For more information on eToro, see our review here.
As the name suggests, this is an excellent all-around trading resource for those who are learning the intricacies of the Forex market.
Commodities, indices and stocks can all be accessed while an impressive number of currency pairs are available. However, one of the most interesting windfalls of Markets.com is that a wide variety of information is always updated. This includes market analyses, current news, how-to videos and commentaries from professionals in the industry. This is quite beneficial, for the trader would otherwise be forced to follow multiple news sources (potentially missing out on a winning position). Customer support is provided in more than 15 languages and as there are office located around the world, this service operates 24 hours a day and seven days a week.
AVATrade was established in 2006 and is thought to be one of the largest online Forex brokers in the world today. Forex, CFDs and stocks are all available to trade. AVATrade is regulated by MiFID and the Central Bank of Ireland (as well as other governmental bodies). A distinct feature of this broker is that a selection of venerable trading platforms is offered (including Meta Trader 4). Thus, the beginner will be able to determine which is the most appropriate for his or her unique needs. It should also be noted that all of these platforms are available; the type or size of the account is not relevant. A truly massive educational centre is also found directly within the site. This section will include helpful tools such as:
- Video tutorials
- Trading guides
- Live market updates
- Economic calendars
In many ways, this section is ideal for those who require an in-depth look at the industry before committing to any single position. The levels of customer support are also excellent. Live chat, telephone and email are provided and AVATrade caters to nearly 20 different languages. This support is available 24 hours a day.
First-time deposit bonuses of up to €1,200 euros are possible (depending upon the size of the initial funds placed within an account). Monthly prizes such as valuable electronic gifts have likewise enabled AVATrade to be a popular choice for beginners and professionals alike.
One of the primary benefits of XM.com is that its “Micro” trading account is perfectly suited for those who are making a foray into this changeable marketplace. A minimum deposit of only five dollars is necessary to begin trading. Also, a software package known as Meta Trader 4 is utilised with XM. This is one of the most user-friendly and accurate systems currently available; a valuable asset to be enjoyed by the novice.
Should one first wish to try XM out before making a financial commitment, a demo account can be opened which will contain $100,000 dollars of “virtual” money. XM is regulated by BaFIN, the Financial Conduct Authority and CySEC (the Cyprus financial authorities). Therefore, security and transparency are never issues. For more information on XM, see our review of their platform here.
These are a handful of what many consider to be the best Forex brokers for those who are just entering into the industry. Each will provide the clarity and insight which are necessary to make the best decisions at the most appropriate times. With the addition of valuable educational materials and even social media systems, beginners are now able to take advantage of the wide range of services which are offered. Indeed, becoming a lucrative Forex trader has never been easier.