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Good Forex brokers for beginners will help their clients get started. The better brokers will assist with verifying a trading account, setting up and configuring a new trading platform, and making available the best learning material possible. This way, the trader has the best chance of finding and acting on profitable trading opportunities. 

To test these beginner brokers, we opened demo trading accounts to experiment with the important features for newcomers – always keeping an open line with customer service to assess their responsiveness. As part of our test, we verified the broker’s regulation, checked for well-structured Forex education and verified that the demo account never expires, so novices can practice without risking their money forever. These are the best Forex brokers for beginners in South Africa for 2021, according to our testing and our research.

English

Best Forex Brokers for Beginners 2021

Last updated on 20 May 2021
Updated 20 May 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
XM
Min. Deposit
USD 5
4.254.25
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/5
Overall Rating
11110.54.25/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
2
FXTM
Min. Deposit
USD 10
4.334.33
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/7
Overall Rating
11110.54.33/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/5
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, BaFin, the FSC, and the FSA-Seychelles.
4
AvaTrade
Min. Deposit
USD 100
4.484.48
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/5
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
5
Exness
Min. Deposit
USD 1
4.124.12
Demo Account
Beginner Friendly
Standard
Beginner Course
Support Hours
24/7
Overall Rating
11110.54.12/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
6
HotForex
Min. Deposit
ZAR 70
4.494.49
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/5
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
7
IC Markets
Min. Deposit
USD 200
4.464.46
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
24/7
Overall Rating
11110.54.46/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
8
Admirals
Min. Deposit
USD 25
4.244.24
Demo Account
Beginner Friendly
Excellent
Beginner Course
Support Hours
Business Hours
Overall Rating
11110.54.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Admirals is regulated by the FCA, ASIC, CySEC, and the JSC.
9
easyMarkets
Min. Deposit
USD 25
3.983.98
Demo Account
Beginner Friendly
Standard
Beginner Course
Support Hours
24/5
Overall Rating
1110.503.98/ 5
AlertAccepts South African Clients. Average spread EUR/USD 2 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

How do I choose a Forex broker for beginners?

When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.

After reading through this short guide you will:

  • Understand why regulation is crucial and how to check if your broker is regulated.
  • Understand how brokers make money from traders and how these trading costs can impact your profitability.
  • Understand which trading platforms brokers offer and how they work.
  • Understand the dangers of trading without education and how to educate yourself appropriately.
  • Understand how high-quality customer support can improve life for beginner traders.
  • Understand the importance of a demo account and how to choose the best one.

  • XM - Best Overall Education for Beginners
  • FXTM - Best Copytrading Platform for Beginners
  • BDSwiss - Best Market Research Provider for Beginners
  • AvaTrade - Best Mobile Trading Experience for Beginners
  • Exness - Best Trading Conditions for Beginners
  • HotForex - Best Customer Service for Beginners
  • IC Markets - Best ECN Broker for Beginners
  • Admirals - Best MetaTrader Tools for Beginners
  • easyMarkets - Best Risk Management Tools for Beginners

XM – Best Overall Education for Beginners

A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares.  Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second. 

XM also provides some of the best educational and market analysis materials in the industry.  Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

FXTM – Best Copytrading Platform for Beginners

A well-regulated market maker/ECN broker, FXTM offers a variety of account choices on both the MT4 and MT5 platforms.  FXTM also provides a powerful copy-trading system, which is helpful for beginner traders who lack the expertise and skill in CFD trading.  FXTM Invest allows traders to access trading opportunities without the technical know-how by copying the trades of more experienced traders, known as Strategy Managers.

FXTM also excels in its education and market analysis content, providing a good overview of Forex trading in its guides and tutorials, articles, webinars, seminars, e-books, trading glossary, and videos.   Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and provide an accurate analysis of the markets.  Overall, FXTM’s education and market analysis materials are among the best in the industry.  

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

BDSwiss – Best Market Research Provider for Beginners

BDSwiss is a European market maker with a wide range of tradable assets and three live account types.  BDSwiss offers full support for MT4, MT5, and its bespoke BDSwiss Webtrader application that features an extensive set of analysis tools and advanced charting.  The BDSwiss trading academy and market analysis are some of the best in the industry, winning it Best Market Research Provider of 2020

BDSwiss’ market analysis is curated by a team of renowned markets analysts and professional traders that provide 24/5 market news coverage and actionable financial commentary.  Recognised by the global industry community, its Research Team is frequently featured in world-leading publications and is viewed as a reliable, one-stop information hub of insightful market analyses.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, BaFin, the FSC, and the FSA-Seychelles.

Avatrade – Best Mobile Trading Experience for Beginners

A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options.  With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders. 

Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts.  It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system.  Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Exness – Best Trading Conditions for Beginners

Founded in 2008, Exness is a market maker that offers both market and instant execution accounts on both the MT4 and MT5 platforms.  Trading conditions at Exness are some of the best in the industry and include a low-cost Cent Account to help beginner traders get their footing. 

Exness offers two standard trading accounts and three professional accounts with a range of options for traders of all experience levels.  Its beginner-friendly Standard Cent MT4 Account has a minimum deposit requirement of 1 USD and offers spreads starting at 0.3 pips on the EUR/USD.  This is a great account for new Forex traders who want to learn the ins and outs of trading without too much risk.  Customer support is also available 24/7 to help beginner traders set up accounts and assist with any technical queries.   

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Hotforex – Best Customer Service for Beginners

A global CFD broker, Hotforex offers trading on a number of instruments, including Forex, metals, energies, indices, shares, commodities, bonds, and ETFs.  Traders have the choice of five account types, with tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD on its entry-level account.  Hotforex’ award-winning customer support is available 24/5 in over 27 languages via email, live chat, and telephone.  Its goal is to provide the best customer service by maintaining a client-focused culture. 

Hotforex also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis.  Traders who open a demo or live account will also gain access to the Hotforex e-Course, which outlines the basics of Forex theory and trading, reading and interpreting the charts, trading psychology, and technical analysis.  

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

IC Markets – Best ECN Broker for Beginners

IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders.  Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material.  IC Markets’ extensive education hub is free to all visitors of the website and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others.  Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone, helping beginner traders to set up accounts on the weekend.  

IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms.  The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

Admiral Markets – Best MetaTrader Tools for Beginners

Founded in 2001, Admirals is an STP broker offering trading on a wide range of assets and broad platform support.  Renowned for its trading tools, including its proprietary MetaTrader Supreme Edition for MT4 and MT5, Admirals has created a range of practical tools to enhance the base platforms and assist beginner traders in their trading decisions.   

The MetaTrader Supreme Edition features indicators from Trading Central which provides pattern recognition and technical analysis for all financial instruments.  It also features the Global Opinion Toolset which scans and contextualises millions of financial news stories and social media posts on a daily basis, providing traders with a dynamic view of market sentiment.  Lastly, Admirals provides an extensive and varied education section including courses, articles, tutorials, and frequent webinars to get new traders started. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts South African Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Admirals is regulated by the FCA, ASIC, CySEC, and the JSC.

easyMarkets – Best Risk Management Tools for Beginners

easyMarkets is a well-regulated market maker offering trading on shares, cryptocurrencies, metals, commodities, indices, and over 103 Forex pairs.  Founded in 2001, easyMarkets was the first broker to introduce negative balance protection and guaranteed stop-loss.  Since then it has introduced other innovative risk management tools, including dealCancellation, which allows traders to cancel a losing trade within a specific period of time, easyTrade, allowing traders to set the maximum amount they are comfortable risking, and Freeze Rate, a unique tool which allows traders to freeze the prices they see. 

Trading conditions are comparatively poor at easyMarkets, with spreads starting at 1.90 pips on the EUR/USD on its commission-free entry-level account.  Spreads tighten slightly on its Premium account, down to 1.40 pips on the EUR/USD in exchange for a high minimum deposit of 2000 USD.  VIP account-holders can access spreads as tight as 0.9 pips on the EUR/USD, but the minimum deposit on this account is 10,000 USD. 

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
AlertAccepts South African Clients. Average spread EUR/USD 2 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

What is Forex Trading?

Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).

Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.

Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.

What is a Forex Broker?

Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.  To connect to the Forex market with a broker, traders need to open a trading account, which requires funding.

Comparing Forex Brokers for Beginners

When comparing Forex brokers consider the following broker and account components.

Regulation

Regulation is the single most important aspect of judging a Forex broker. Unregulated brokers cannot be trusted with your money and have no legal requirement to provide a fair trading environment. Having a regulated broker is not optional. Regulation ensures the security of your funds and offers protection against broker bankruptcy and also ensures that Forex traders have a complaint channel and access to investor insurance.

Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a certain way to know that a broker should not be trusted, and broker regulation should always be verified independently.

The FSCA is South Africa’s regulatory authority. South African clients may prefer to trade with an FSCA regulated broker, but this is not a legal requirement. Locally based FSCA-regulated brokers will keep your trading capital segregated in local bank accounts but are not required to offer negative balance protection, which is standard with most other major international regulators.  That said, there are the best FSCA regulated Forex broker ordered by overall score. 

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Overall Rating
Regulators
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
4.49 /5
Read Review
Excellent
24/5
ZAR 70
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
Excellent
24/5
ZAR 2500
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
Excellent
24/5
ZAR 1000
Visit Broker >
Your capital is at risk
4.33 /5
Read Review
Excellent
24/7
USD 10
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Your capital is at risk
4.24 /5
Read Review
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.19 /5
Read Review
Excellent
24/7
USD 50
Visit Broker >
Your capital is at risk

Trading Costs

All brokers will expect a trader to make a minimum deposit when opening an account and will then charge a spread on each trade. Another common cost is the swap-fee paid for holding trading positions overnight. Some broker will also charge a commission or other types of fees. A good understanding of these costs is important for beginner traders as some brokers charge more than others.

Minimum Deposit

The first cost that beginner traders will come across is the minimum deposit requirement. Though not really a fee – as this is the money you will be trading with – this is an important cost for beginners to consider. Some brokers have relatively high minimum deposit requirements, often 1000 USD or more, which may put their trading accounts out of reach of beginners. Generally speaking, the higher a minimum deposit on an account the better trading conditions will be available on the account. Brokers will sometimes offer free access to advanced trading tools, one-on-one training, VPS services or personalised customer support with higher minimum deposits.

Spread

The most common fee that brokers charge is the spread. This is the difference between the buy and sell price of a trading asset and is measured in pips (the 5th decimal place of an asset’s price). Brokers will artificially widen the spread from the original market price of an asset. This means that when you are buying or selling an asset on the spread, you are buying it below or above the true market price – therefore requiring a larger fluctuation in the market for the trade to make a profit.

Some brokers will offer a fixed spread, meaning the difference between the buy and sell price of an asset never changes. Others will offer a floating or variable spread, meaning that the spread will get wider or tighter depending on demand and volatility. Many beginners prefer to trade with a fixed spread as this makes trading costs easier to calculate.

Swap-fee

Another common fee is the swap-fee. Forex trading is leveraged trading, this means that traders borrow money from their broker to artificially enlarge their trading position. As in life, borrowing money requires paying interest on the loan. When a trading position is held overnight, the leverage borrowed from the broker is also held overnight and will incur an interest charge – this is called the swap-fee. The cost of the swap-fee will depend on the asset traded, the amount of leverage used and the size of the trade itself.

Commission

Some brokers will also charge a commission. Commissions are generally charged by DMA (direct market access) brokers. Direct market access brokers generally do not widen the spread artificially (or only slightly) and instead will charge a flat commission as a fee for providing the direct market access service. Direct market access brokers do not generally target beginner traders and often have higher minimum deposits.

Brokers will also charge other fees, though these are not directly involved in trading costs. Brokers may also charge deposit and withdrawal fees, inactivity fees or VPS hosting fees. Most Islamic trading accounts (swap-free accounts) will also have additional fees to cover the cost of the removal of the overnight interest charge.

Trading Platforms

Trading platforms are the software that connect traders, via their broker, to the Forex market and allows them to open and close traders. Beginner traders will often be happier on a simple platform, and many brokers offer their own, easy-to-use, web-based platforms. Most traders, however, use third-party trading platforms that need to be downloaded to their computer.

The most important consideration for beginners when choosing a trading platform is whether it is reliable and easy to understand. Trading platforms with large, detailed charts and labelled functions will help beginners make fewer errors. Beginner traders also benefit from trading platforms with integrated news feeds and market analysis, to better help them understand the Forex market’s movements.

The most reliable and popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader. These are all third-party applications that can be downloaded to a computer. While not as simple as many broker-owned platforms, they do have the advantage of being tied to your personal account rather to any particular broker. This means that if you decide to switch broker your trading platform, with any customisations you may have made, can move with you.

Education

Most beginner Forex traders will need some form of Forex education, and the best Forex brokers for beginners provide quality educational material in a range of formats.

This is not entirely selfless behaviour on the broker’s part. Educated Forex traders become successful and profitable traders, and the more successful traders a broker has on its books, the more successful the broker will be.

Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading, and market analysis and research. Forex brokers sometimes hire third-party analysis companies to produce and deliver market analysis to their customers. Market analysis and research are especially helpful once a trader has a firm grasp of Forex trading basics, including terminology and common themes.

Education and Structured Courses

Better Forex brokers for beginners are good at created structured Forex trading courses. These are the brokers with the highest quality structured courses in the industry. 

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Overall Rating
Regulators
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
4.24 /5
Read Review
Excellent
Business Hours
USD 25
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
Excellent
24/5
USD 100
Visit Broker >
Your capital is at risk
4.54 /5
Read Review
Excellent
24/7
USD 20
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Your capital is at risk
4.69 /5
Read Review
Excellent
24/5
USD 5
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Your capital is at risk
4.33 /5
Read Review
Excellent
24/7
USD 10
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
Excellent
24/5
ZAR 70
Visit Broker >
Your capital is at risk

Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:

  • Forex Terminology: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
  • Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
  • Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?

Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. This is particularly useful from a beginner’s standpoint, as these detailed learning experiences are all available free of charge and without registration.

Market Analysis and Research

Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading.  These are the brokers with the best research and market analysis teams in the industry.

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Overall Rating
Official Site
Regulators
Autochartist
Trading Central
Trading View
Research Update
Research Team
Webinars
Research Rating
Min. Deposit
Compare
Official Site
4.23 /5
Read Review
Visit Broker >
Your capital is at risk
Frequent
In House
5/5
USD 50
Visit Broker >
Your capital is at risk
4.24 /5
Read Review
Visit Broker >
Your capital is at risk
Frequent
In House
5/5
USD 25
Visit Broker >
Your capital is at risk
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
Frequent
In House
5/5
USD 100
Visit Broker >
Your capital is at risk
4.34 /5
Read Review
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Your capital is at risk
Frequent
In House
5/5
USD 5
Visit Broker >
Your capital is at risk
4.32 /5
Read Review
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Your capital is at risk
Frequent
In House
5/5
USD 100
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Your capital is at risk
3.69 /5
Read Review
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Your capital is at risk
Frequent
In House
5/5
USD 5
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Your capital is at risk
4.48 /5
Read Review
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Your capital is at risk
Frequent
In House
5/5
ZAR 1000
Visit Broker >
Your capital is at risk

These brokers offer market news with deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.

Some Forex brokers, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.

Admiral Markets Trading Central

Demo Accounts for Trading Practice

All Forex brokers will offer free demo accounts to all clients. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money. Demo accounts provide an exact simulation of real market conditions

Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. These are best Forex brokers for beginners that provide free and unlimited Forex demo accounts.

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Overall Rating
Official Site
Unlimited Demo
Education & Research
Regulators
Min. Deposit
Compare
Official Site
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
111115/ 5
USD 5
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4.69 /5
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111115/ 5
USD 250
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Your capital is at risk
4.61 /5
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11110.54.5/ 5
USD 5
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4.54 /5
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111115/ 5
USD 20
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4.49 /5
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111115/ 5
ZAR 70
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Your capital is at risk
4.48 /5
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111115/ 5
USD 100
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Your capital is at risk
4.48 /5
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Your capital is at risk
11110.54.5/ 5
ZAR 1000
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Your capital is at risk

IG Markets, one of our highest ranked brokers, provides unlimited demo accounts on two different platforms with 20,000 USD of virtual funds.

IG Markets DEMO

Demo accounts are so important because they are the only way for beginners Forex traders gain experience without risking money.

Customer Support

Beginners need good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.

Customer support should also be multi-lingual. Apart from English, many South African brokers now offer customer support in Afrikaans, Zulu, and Xhosa. It is helpful to have a customer support agent who speaks your language and understands the local needs of a beginner in South Africa are not the same as the needs of a beginner Forex trader in Europe or Australia. The best beginner Forex brokers understand this and set up their customer support desks to accommodate the needs of their clients.

How much money do you need to trade Forex?

Most brokers require a minimum deposit to start trading. This varies from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening.

In South Africa, some brokers will offer ZAR Accounts, which means that you can keep your trading balance in Rand. For ZAR Accounts, minimum deposits start as low as R70 and can rise to R1500 or R3000.

Can you get rich by trading Forex?

It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme and while large profits are possible, so are large losses. Most successful Forex traders have developed a strategy that allows them a steady stream of income.

The Bottom Line

As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.

Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

  1. Foreign exchange turnover in April 2019
 

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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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