Best Forex Brokers for Beginners

Many brokers are well-regulated, industry-recognised, with a great selection of accounts types and trading platforms. And this makes choosing a broker harder for beginners.

Choosing a broker for a beginner is much different than selecting one for a professional trader. A professional trader will choose a broker with trading conditions that make every trade slightly more profitable, while a beginner will need the onboarding, education and support to get going.

A good broker for beginners needs to have lots of in-depth educational material, news analysis and webinars, and a platform choice that is simple and easy to trade with along with leading customer service.  These top brokers we will look at in more depth are:

  • FXTM
  • XM Group
  • FxPro

The top brokers below have earned this place in the list because of their commitment to beginner traders.

Top Forex Brokers for Beginners


FXTM

Minimum Deposit:10 USD

Minimum Spread:0.1 pips

Regulation:FSCA, FCA, CySEC, IFSC

FXTM, with an education that starts from step one, much of the training is presented in videos starting with Why should you trade Forex, through the basic mechanics of trading and analysis, charts, strategy and trading psychology.

This ground-up approach to Forex education is modern and appreciated by new traders. Article material is available, but it is best used to supplement the material presented in videos, as well as market analysis that will encourage newcomers to fundamental analysis to read financial news and make trading decisions from it.

FXTM supports the most mainstream platform – MetaTrader. MetaTrader is not the most beginner friendly software, but because MetaTrader 4 has been available since 2005 and there is so much material available online from a variety of sources as well as an FXTM support team with opening hours on all days of the week.

Pros

  • Video Material
  • Customer Service on weekends
  • Daily webinars
  • Seminars

Cons

  • No structured learning in a written format
  • Market analysis at a beginner level only

XM Global

Minimum Deposit: 5 USD

Minimum Spread: 0.0 pips

Regulation: FCA, CySEC, ASIC, IFSC

XM Global

XM Global is has won awards for both their educational material and their customer service, which are two of the main components of any successful beginner broker.

XM Global has a structured trading course for beginners with six chapters of 13 lessons each, that break down the crucial components of developing a trading plan, researching to support trading decisions, and historical context for the major pairs.

The course is all in a written format, which is in contrast to other education sections with brokers like FXTM and XTB. The articles are well-illustrated and short. This approach will appeal to traders that learn in this way, and video tutorials are reserved to help traders set up the trading software and get started.

The XM Global offers beginner trader video section is flush with short modules that address niche features of the trading platform. Beginner traders may always contact the award-winning XM Global customer support which is open 24/5.

For intermediate learners, there are daily webinars available in over 18 languages won them the award for Best Market Research & Education 2018 (Capital Finance International Magazine).

Pros

  • High-quality written and video educational material
  • Structured course
  • Daily webinars in 18+ language

Cons

  • Customer service on weekdays only

FxPro

Minimum Deposit: 100 USD

Minimum Spread: 0.6 pips

Regulation: FCA, CySEC

FxPro is an attractive broker for beginners because of the quality of educational material they provide, along with the software choices they offer new traders. FxPro has 55+ international awards for its commitment to delivering leading trading services on the best trading platform.

The education library at FxPro, while unstructured, starts with primary areas of instruction through the more advanced topics that make traders more independent and knowledgable. Covering issues from technical analysis, fundamental analysis, and trading psychology to more newsworthy and current items, FxPro sets traders up with a foundation that is accurate and reliable.

By supporting the cTrader and MetaTrader platforms, traders are offered a choice between the industry standard platform and more straightforward platform that is equally as powerful. Customer support is available to help 24/5 by a multinational team, and office visits can be arranged to get 1-on-1 assistance.

Pros

  • Quality learning material
  • Reliable market analysis
  • cTrader and MetaTrader platforms offered
  • Technical customer support provided 24 hours on weekdays

Cons

  • No weekend customer service
  • Unstructured learning

Methodology

We try every broker with a real account and assess the educational material by quality, quantity, level and frequency. It is the right combination of these things that make the best beginner Forex broker.  Here is more information about our transparent review process.

Further Beginner Reading

Forex trading does not need to be complicated, as long as newcomers take the time to learn the different components, and have the right support.  Below are some of the most valuable articles we have for beginner traders, as well as resources to compare brokers by different criteria.

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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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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