Forex Brokers for Beginners

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: March 14, 2025

‹
• Jump to:
• Main Features
• Regulation and Security
• Demo Accounts
• User-Friendly Trading Platform
• Low Minimum Deposit Requirements
• Competitive Spreads and Fees
• Educational Resources
• Tools and Indicators
• Customer Support
• Leverage and Risk Management
• Deposit and Withdrawal Methods
• Reputation and Reviews
• Common Pitfalls to Avoid
• Final Thoughts
›

Forex trading can become daunting for beginners, especially when choosing from a big list of brokers. If you manage to find a suitable broker, your trading journey can become smooth. Here’s a comprehensive guide for beginners to pick a suitable broker.

1. 

   Fusion Markets

   Rating: 4.5

   74-89% of retail's CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   Pepperstone

   Rating: 4.5

   75.5% of retail investor accounts lose money

4. 

   Axi

   Rating: 4.4

   The vast majority of retail client accounts lose money

5. 

   Plus500

   Rating: 4

   82% of retail investor accounts lose money

6. 

   XM Group

   Rating: 3.2

   72.82% of retail investor accounts lose money

7. 

   IG

   Rating: 3.9

   70% of retail client accounts lose money when trading CFDs with this investment provider.

8. 

   AvaTrade

   Rating: 4.4

   76% of retail investor accounts lose money

9. 

   eToro

   Rating: 4.1

   51% of retail investor accounts lose money

10. 

    XTB

    Rating: 3.7

    73% of retail investor accounts lose money

Below you can find a comparison table of the best forex brokers for beginners. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.

Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.

Main Features of the Best Forex Brokers for Beginners

Regulation and Security

When you enter the Forex market, you don’t only face trading risks. But you may also experience non-trading risks as well. These include broker’s manipulation, security breach, data theft, etc. Therefore, your first preference should be to find a broker that is highly regulated. Some of the big regulatory bodies are:

• CFTC (US)
• FCA (UK)
• ASIC (Australia)
• CySEC (Cyprus)

Demo Accounts

As a beginner trader, you need a lot of practice to acquire the right skills. That’s why you need a demo account that doesn’t expire. Usually, all brokers provide demo accounts. However, most demo accounts have a one-month expiry. So, find the one that lasts longer because you need to maintain a record to track your performance.

User-Friendly Trading Platform

Some platforms are too complex for beginners to handle. Hence, you should find a broker that offers multiple platforms. You may have a choice to find the one you like. MetaTrader and cTrader are popular platforms for beginners.

Low Minimum Deposit Requirements

Beginner traders may not have a substantial amount to start trading. Hence, you need to look for a broker that allows low minimum deposits. For example, some brokers allow as low as $10 to get started. Moreover, some brokers also offer you a no-deposit bonus and some offer a 30% or more bonus on your first deposit.

Competitive Spreads and Fees

Since your priority is to minimize the risk and safeguard your investment, you have to be cost-conscious. Always compare the spreads, commissions, and other fees before choosing a broker. Some brokers offer low spreads but charge other fees that add up to the cost and reduce profitability. Also, read the terms and conditions as some brokers may have hidden fees that many traders are unaware of.

Educational Resources

Isn’t it too good if your broker provides you with quality resources to learn trading? Well, many brokers value their traders by giving them free educational resources including beginner and advanced level. It’s an advantage for beginners to learn and trade at one destination.

Even some brokers offer regular webinars as well. You can interact with a mentor, ask questions, and learn plenty of things with a group of learners.

Tools and Indicators

Some brokers value their clients a lot. They provide free access to premium tools and indicators so the traders may improve their analytical skills and add weight to the probability. Such tools include TradeCentral key levels, Autochartist indicator to detect patterns, trading signals, etc.

Customer Support

Responsive customer support can save you from frustration. So, always choose a broker that offers quick customer support through multiple channels. Some brokers have automated support that works through auto-replies and chatbots. However, some offer multilingual support through email, social media, live chat, and support tickets.

Leverage and Risk Management

Leverage is a dual sword. It can increase your profitability but it can increase your risk factor as well. Thus, you need a broker that offers reasonable leverage like 1:30. This ratio is suitable for you to keep a healthy margin and amplify your trading experience.

Other than leverage, you should pay attention to the risk management as well. Look out for stop-out and margin call levels of a broker. Also, look for restrictions like minimum size of stop-loss, stop orders, etc.

Deposit and Withdrawal Methods

Deposit and withdrawal methods are quite important for you as a fresher. The deposit method may vary as per regulation as well. Since beginners may have a small deposit, the chosen method should be cheap with less or no fee. For that purpose, e-wallets like Skrill, Neteller, etc. are good. These days crypto is also popular because it is quick, safe, and anonymous. Expensive methods are bank transfers and debit/credit cards.

Moreover, look for the processing time of a broker. Usually, these methods are instant but brokers may take more time if there are plenty of orders.

Reputation and Reviews

A broker takes several years to build its reputation and all it takes is one bad instance to ruin it. Good brokers are very eager to maintain their status. They go the extra mile to keep their customers satisfied. Popular forums like TrustPilot, SiteJabber, and other Forex forums help you a lot to learn what other traders experienced about the broker.

The most important aspect of the reviews is to learn whether a broker delays withdrawal requests or denies them in some cases. Good brokers instantly process the withdrawals and never find excuses to deny the traders their legitimate profits.

Common Pitfalls to Avoid

1. No Regulation

   If a broker is not regulated, you should not sign up for it no matter how cool things it offers. Regulation is the only point to safeguard your rights.

2. High Leverage

   Some brokers offer too high leverage like 1:2000 or even some mention “unlimited leverage”. Regulatory bodies do not allow such things as higher leverage means a very high risk for the traders.

3. Unrealistic Bonuses

   Some brokers offer you 100% or even more than that as a deposit bonus. Such a bonus comes with several conditions that may trick you into committing losses. Hence, never fall victim to such promotions.

Final Thoughts

Choosing the right broker is very critical. Make an informed decision by focusing on regulation, security, payment methods, customer support, and the reputation of a broker. Many things get smooth if you go with a good broker.