The most important decision for beginner traders is choosing the right broker. Finding the right one will affect the profitability of your trades, and your level of skill. The best brokers for beginners have high-quality education material, competitive trading conditions, varied platform support, adequate account types, free market analysis and extended customer service hours.

The most important decision for beginner traders is choosing the right broker. Finding the right one will affect the profitability of your trades, and your level of skill. The best brokers for beginners have high-quality education material, competitive trading conditions, varied platform support, adequate account types, free market analysis and extended customer service hours.

The top Forex brokers for beginners explained

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By keeping the focus on beginners looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming environment for new traders. Additionally, FXTM is one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.

All five FXTM accounts are available as demo accounts and, for the absolute beginner, FXTM has a great deal of training material to help new traders get started. Once you are ready to trade, the Standard Account has a minimum deposit of 100 USD and spreads start at 1.3 pips. FXTM also offers a Cent Account where the minimum deposit if only 10 USD but the spreads will be wider.

Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

Tickmill offers low spreads and commission, fast STP execution on the MT4 platform and has an excellent reputation in the CFD trading industry.

Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally – and a regular winner of trade execution and trading conditions awards – Tickmill has the reputation, and the performance, traders should look for in a broker.

An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is world-class.

Listed as one the Top 100 Companies by World Finance Magazine and with an award for Business Excellence 2015 (World Confederation of Businesses), HotForex is not just celebrated by their industry peers, but also by the financial industry as a whole.

eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

eToros trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XMs operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstones award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you wont find a better broker than Pepperstone.

CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand and it understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

GO Markets was founded in 2006 and was the first Australian broker to use the MT4 platform. Though they only offer two account options, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive.

GO Markets impresses with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads – often as low as 0.6 pips – to match profitability with security.

Widely respected as one of the biggest names in the Forex CFD businesses, FXCM is a leading and well-regulated broker. Platform support is excellent with MT4, the proprietary Trading Station, Ninjatrader and Zulutrade all offered; beginners will also be pleased with the quality educational material, and 24/5 customer support – with freephone numbers in over 30 countries worldwide.

All clients also get access to FXCM Plus and with that, a large selection of bespoke trading tools, including signals and analytics. For traders looking for a big international brand with good regulation, local customers support and free trading tools, FXCM is your choice in a broker.

Please note that OctaFX is unable to offer services to residents of the EU or the United Kingdom

OctaFX is an STP broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered – but platforms are linked to account type and trading conditions.

Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

Additionally, most Admiral Markets customers have free access to Trading Central – providing independent market insight and technical analysis – and the company has one of the best cryptocurrency offerings on the market.

We pride ourselves on giving good advice, and we always put our readers first. When choosing partners, we do our research according to our review process which covers areas such as regulation, trading conditions, and the product offering.

We dont put just anyone up here. We put you first.

To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Now I want to take a more detailed look at the factors we assess when we are deciding on the best brokers for beginners in 2019. The main aspects we look at are Regulation, Spreads/Commission/Fees, Customer Support, Educational Material, Demo Accounts and the Platform. There are other aspects we look at too, but we believe that these are the most important for new traders.

The first thing you want to look for is whether and how regulated a broker is. There are multiple regulation agencies worldwide, some of them well respected and others less so. The best brokers will be regulated by at least one of the big three: The United KingdomFinancial Conduct Authority(FCA), theCyprus Securities and Exchange Commission(CySEC) and theAustralian Securities and Investment Commission(ASIC).

There are other regulatory bodies that you will see regularly, such as the South AfricanFinancial Services Conduct Authority(FSCA), the SeychellesFinancial Services Authority(FSA) or theCayman Islands Monetary Authority(CIMA), and, while these regulators are generally well-regarded, they are not held in such high esteem as the FCA, CySEC or ASIC.

So, if you are looking for a broker make sure you choose one that is regulated by at least one of the big three; or if you dont, make sure that you have a very good reason for doing so. Regulation isnt just a marketing ploy with good regulation comes a host of important consumer safeguards:

Segregated funds: Client funds are kept separate from broker funds, so in the case of broker bankruptcy all client funds are returned

Legal oversight: Brokers have to disclose the percentage of clients who lose money on their platform, they also have to give a clear and concise explanation of spreads, commission and other fees.

Lower leverage: In Europe, brokers are only allowed to offer a maximum of 50:1 leverage unless a customer can prove they are financially educated. This protects new traders from losing vast sums of money.

Negative balance protection: Meaning, clients can never lose more than what they have in their account. If a clients leveraged position deteriorates rapidly their account can end up in the negative under CySEC regulation, this loss is now automatically covered by the broker.

Formal complaints procedure: Well-regulated brokers will have a formal complaints procedure that is overseen by the regulator this will include the option to escalate the complaint to the national ombudsman.

So, as you can see, making sure your broker is well-regulated should be your first step.

Once you have decided on a few well-regulated brokers, the next thing you want to look at is the spreads or other fees/commission that your short-list of brokers will charge you.

A spread is thedifferencein the bid and the ask price or the buy and the sell price hence the catch-all nameContract for Difference (CFD)that describes this type of trading, i.e. when the asset traded is not actually being purchased or sold. The spread is how most brokers make money (but not all we will get to that in a moment): Every time you place a trade most brokers will be taking the opposite side they are assuming that your analysis of the market will prove incorrect and that you will either lose your position or hit your stop-loss before the asset value changes enough to cover the spread.

Spreads are measured in pips (0.01 of the base currency) and all good brokers will advertise their spreads on at least the major currency pairs. Good brokers should have very tight spreads on major currency pairs, for example, FXCM is offering a spread of 0.8 pips on the AUD/USD pair; for the same pair, AvaTrade is offering a spread of 1.8 and XTB, while it has a floating spread, has a minimum of 1.7.

So, the tighter the spread the better chance you have of taking a profit from your trade. But, as I mentioned above, not all brokers make their money from spreads. Those that do are calledmarket makersordealing desks and rather than putting your trade directly to the market they ARE the market. The othertype is ECN/STP(Electronic Communication Network/Straight Through Processing) brokers these dont take the other side of your trade, rather they post your trade directly to the market. In this case, rather than profiting from the spread, they will take a small commission on each trade. Many traders prefer this as it removes any question of bias; because the broker is not actively profiting from your loss, they are much less likely to tilt the tables. Additionally, because ECN/STPs are taking a commission on your trades their spreads are generally much tighter than market makers, it is not uncommon to find spreads as low as 0 pips at a good ECN/STP broker.

Apart from spreads and commissions, you should be aware of any other fees brokers may charge. Usually, these come in the form of deposit or withdrawal fees especially with credit card deposits or when withdrawals or deposits are made in a different currency than the currency traded. Read the small print carefully and you will avoid nasty surprises.

So, we have looked at regulation and spreads, commissions and fees, now its time to look at customer support. Most brokers will advertise excellent customer support but there are some important things to look for. First off, you will want to check on opening hours, most good brokers will be open 24/5 (24 hours a day, Monday-Friday) though some are also open over the weekend. If you work a day job during the week, weekend support can be invaluable. You will also want to check what type of support is available the usual options are live chat, email and telephone so you can make sure that your preferred form of support is available. Be aware that some brokers, such as eToro, have a ticket system due to the large volume of support requests they receive.

All that said, it is difficult to tell what kind of support you will receive from just reading a website. You will want to check our reviews and cross-check with other online commenters and see what customers are saying about the service they receive.

As a beginner trader, you will also be very interested in the educational materials on offer. Most brokers will offer some form of education but a select few really make an effort to educate their customers.

Better brokers will offer structured multimedia courses that start with the basics of Forex trading, continue on to terms and concepts with real-world examples and finish up with technical and fundamental analysis and the use of indicators and strategies. As a new trader, this is really what you want most people find it easier to learn with mixed media video and reading and the more material the better.

Some brokers will also offer webinars and even real-world seminars and my advice is to consume as much as you can. With Forex trading, you can never be educated enough and there will always be something new to discover.

Closely linked to the point above, if you are just starting out you will want a broker that offers an unlimited demo account that mirrors their live account offering as closely as possible. What you are really looking for in a good demo account is an educational experience. In an ideal world, this would work perfectly in tandem with a structured educational course so a new trader could learn concepts and then test them on the demo account before spending any real money. Demo accounts are also a great opportunity to learn how a platform works; unless you are using MetaTrader (more on that below) every platform is slightly different and will take some getting used to.A full list of the best demo accounts is here.

Last, but certainly not least, you have to think about what platform you want to use for trading. Most brokers have their own proprietary platforms but many also support MetaTrader 4 (see here for our breakdown of the best MetaTrader 4 brokers and a look at the platform itself), MetaTrader 4 still being the industry standard despite the uptake of MetaTrader 5. Agood platformshould be clear and concise and allow for charting to be used simultaneously while trading. You should also be able to use third-party signals and other algorithms to refine your trading strategy.

Thanks for reading through this roundup of the best brokers for beginners and our thoughts on the factors that we think should apply when making this decision.

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Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

It is really important that you do not trade any money that you cant afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.


Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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