Forex Brokers for Beginners: What Beginners Should Look After

Written by 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: December 4, 2024

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Main Features
Compared By Leverage and Commission per Lot
Forex Brokers for Beginners by Spread
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.

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.

Main Features of the Best Forex Brokers for Beginners

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FP Markets
Min Deposit
$50 (AU$100)
Trading Instruments
Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs
Regulators
ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView
Spread
1.0 pips Standard; 0.0 pips Raw
Leverage
1:30
Deposit Methods
Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd
Withdrawal Methods
Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal
73.85% of retail investor accounts lose money
FP Markets is a low-spread broker catering to beginners with a nice selection of educational resources, including free videos, electronic books, podcasts, and trading courses. The Traders Hub contains useful tools for technical and fundamental analysis.
The available webinars and tutorials can dramatically shorten the learning curve for beginners. A trading glossary with key terms is also available. Onboarding clients can trade over 70 currency pairs on MT4, MT5, TradingView, and cTrader. The threshold on minimum deposits is low at $50 for both standard and raw accounts.
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Fusion Markets
Min Deposit
$0
Trading Instruments
Forex, Commodities, Indices, Crypto, US Stocks
Regulators
ASIC, FSA (Seychelles), VFSC (Vanuatu)
Trading Platforms
MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView
Spread
0.9 pips Classic; 0.0 pips Zero
Leverage
1:30 (1:500 for forex and metals via VFSC)
Deposit Methods
Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity
Withdrawal Methods
Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay
74-89% of retail CFD accounts lose money
Fusion Markets is a good fit for beginners on a shoestring budget as it has no minimum deposit requirements, allowing them to join the price action with any amount they can spare. The broker caters to less experienced customers with commission-free standard accounts where spreads start from 0.9 pips.
Beginners can make use of an economic calendar and historical spreads. The easy-to-use trading calculators enable them to work out their margin, swap rates, and potential profits and losses. Novices can subscribe to experienced traders via Fusion+, duplicate their positions, and hopefully replicate their success.
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Pepperstone
Min Deposit
$0
Trading Instruments
Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs
Regulators
UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)
Trading Platforms
TradingView, MT5, MT4, cTrader
Spread
From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)
Leverage
1:30
Deposit Methods
Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
Withdrawal Methods
Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
75.5% of retail investor accounts lose money
Pepperstone provides its clients with a broad range of educational resources, including comprehensive articles and trading guides. Pepperstone’s team of expert analysts regularly hosts free webinars to help beginners broaden their knowledge and gain valuable insights into the financial markets.
The Daily Fix section contains an economic calendar, informing customers of the scheduled release dates of key financial reports. Pepperstone enables trading via popular platforms like MT4, MT5, TradingView, and cTrader. A proprietary desktop platform is available as well. Beginners can test the waters with free demo accounts loaded with 50,000 in virtual credits.
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eToro
Min Deposit
$50 or $100 based on country ($10 for the UK)
Trading Instruments
Crypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and Indices
Regulators
FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSC
Trading Platforms
eToro Investing, eToro App, TradingView, eToro CopyTrader
Spread
1 pip
Leverage
1:30
Deposit Methods
eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24
Withdrawal Methods
PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer
51% of retail investor accounts lose money
Recognized for its copy trading services, eToro opens the financial markets to beginners with an extensive collection of educational materials, including trading guides, webinars, online courses, tutorials, and podcasts. Clients can explore the learning content by topic.
Onboarding customers can build a virtual portfolio and hone their skills without risking a single penny by opening a free demo account with a virtual balance of $100,000. Copy trading is another viable alternative for beginners, allowing them to follow and copy the trades of experienced investors. You need a balance of at least $200 to use eToro’s CopyTrader.
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IG
Min Deposit
$50
Trading Instruments
CFDs on Indices, Forex, Shares, Crypto, Futures, Commodities, Options, Interest Rates, Sectors, Bonds, Knock-out trading
Regulators
ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)
Trading Platforms
MT4, L2 Dealer, ProRealTime, IG proprietary software, TradingView
Spread
0.6 pips CFD trading; 0.165 pips DMA trading
Leverage
1:30
Deposit Methods
Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY
Withdrawal Methods
Visa, Visa Electron, Mastercard, Discover, Bank Transfer
70% of retail client accounts lose money
IG affords beginners the opportunity to advance their knowledge by practicing in a risk-free environment via demo accounts credited with €/$10,000 in free virtual funds. Customers have access to dedicated forums where they can exchange ideas and insights with other members of the IG community.
A set of useful tools is available to traders looking to mitigate their risk, including negative balance protection and guaranteed stops on leveraged CFDs. The IG Academy contains live webinars and neatly structured online courses, complete with free informative videos, quizzes, and interactive exercises. Clients can additionally sign up for in-person seminars.
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XTB
Min Deposit
$250
Trading Instruments
Forex, Stocks, Indices, Commodities, ETFs, Indices, Cryptocurrencies
Regulators
FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162)
Trading Platforms
xStation 5, xStation Mobile
Spread
From 0.1 pips (Pro Account), 0.5 pips (Standard Account)
Leverage
1:30
Deposit Methods
Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU
Withdrawal Methods
Bank Transfers, Visa, Mastercard, Skrill
80% of retail investor accounts lose money
XTB’s extensive range of educational materials and market research tools earned it the Best in Class for Research title in 2024. The CySEC-regulated broker caters to beginners with an intuitive and easy-to-work-with proprietary platform (xStation). The Education section is brimming with useful learning and market research resources, including informative articles, regular market news, ebooks, and an economic calendar.
Clients can also join free webinars hosted on weekdays at 10 am. The XTB demo account provides risk-free access to over 1,500 financial markets, including forex, commodities, indices, and shares. Active for 30 days, the account gives you 10,000 in virtual credits to practice with.
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AvaTrade
Min Deposit
$100
Trading Instruments
Forex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFs
Regulators
FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662)
Trading Platforms
MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade
Spread
From 0.9 pips (retail), 0.6 pips (pro)
Leverage
1:30
Deposit Methods
Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire
Withdrawal Methods
Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire
76% of retail investor accounts lose money
Unversed traders can advance their knowledge with an excellent range of educational resources, including platform tutorials and trading guides. Detailed explanations of popular market terms are available in the education section of AvaTrade, alongside informative videos and a blog briefing customers on the latest market developments, news, and events.
The broker hosts live webinars every other day, enabling forex traders to participate in expert discussions and hone their skills. The Academy section contains forex trading courses designed specifically for beginners. Novices can follow and copy successful traders via the AvaSocial platform.
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Plus500
Min Deposit
$100
Trading Instruments
Crypto, Indices, Commodities, Stocks, Options, ETFs
Regulators
FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250)
Trading Platforms
Proprietary desktop and mobile platforms
Spread
0.8 pips
Leverage
1:30
Deposit Methods
Mastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY
Withdrawal Methods
PayPal, Bank Transfer, Visa, Mastercard, Skrill
80% of retail investor accounts lose money
Plus500 is a stringently regulated forex broker with licenses from first-tier authorities like CySEC, ASIC, and FCA. The broker trades publicly on the LSE, further consolidating its already robust reputation. Clients can trade over 60 currency pairs with spreads from 0.1 pips and maximum leverage of 1:30.
Inexperienced traders can build their knowledge in the Plus500 Trading Academy where they will find free videos, beginner guides, ebooks, and webinars. The +Insights feature enables you to harness the wisdom of the crowd by exploring what other customers are trading and analyzing current market sentiments.
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XM Group
Min Deposit
$5
Trading Instruments
Forex, Stocks, Indices, Commodities, Thematic Indices
Regulators
(ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), CFTC; Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FSA (Sweden)
Trading Platforms
MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal
Spread
From 0.0 pips (Zero Account), 0.6 pips (Standard and Micro Accounts)
Leverage
1:30
Deposit Methods
Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro
Withdrawal Methods
Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer
72.82% of retail investor accounts lose money
XM enjoys a solid global presence thanks to its licenses from respected financial regulators like CySEC, BaFin, ASIC, and DFSA. The multi-regulated broker offers instantly recognizable third-party platforms like MT4 and MT5, which many beginner and intermediate traders will appreciate.
XM supports novices on their trading journey with a dedicated learning center, brimming with free webinars in over 20 languages. The Beginner and Advanced Education Rooms are live Monday to Friday from 7 am to 4 pm GMT. The broker provides free analytical tools, economic calendars, and forex calculators.
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Axi
Min Deposit
$0
Trading Instruments
Forex, Stocks, IPOs, Indices, Commodities, Cryptocurrencies
Regulators
ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines)
Trading Platforms
MT4 Desktop, MT4 WebTrader, Axi Mobile
Spread
From 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account)
Leverage
1:30
Deposit Methods
Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar, POLi, iDEAL, Sofort, Giropay
Withdrawal Methods
Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar
The vast majority of retail client accounts lose money
Licensed by CySEC, ASIC, and DFSA, Axi provides competitive pricing for over 220 financial instruments (including 70+ currency pairs), allowing onboarding clients to start with as little as $5. The multi-licensed broker caters to beginners with MT4 demo accounts that closely recreate the live market environment.
The account expires after 30 days and gives beginners $50,000 in free credits to practice with. Unversed traders can further enhance their knowledge with free ebooks and have access to expert commentary and market analysis. Retail clients can open commission-free standard accounts, where spreads start from 0.9 pips, or opt for Pro accounts with lower spreads from 0.01 pips and a $7 round-trip commission.

Forex Brokers for Beginners Compared By Leverage and Commission per Lot

Broker	Min Deposit	Max Leverage	Commission per Lot	Trustpilot Rating
1. Fusion Markets	$0	1:30 for ASIC Entity (1:500 for VFSC Entity)	$0 Classic Account, $4.50 round turn on Zero Account	4.9
2. FP Markets	$50 (AU$100)	1:30 (Retail) 1:500 (Professional)	$0 Standard Account; $6 round turn on Pro Account	4.8
3. Pepperstone	$0	1:30 (Retail ASIC, CySEC, FCA); 1:500 (Professional); 1:400 (CMA)	$0 (Standard Account), $7 round-turn (Razor Account)	4.7
4. AvaTrade	$100	1:30 (1:400 for Pro and Non-EU Accounts)	$0	4.4
5. Axi	$0	1:30 (Retail) 1:500 (Professional)	$0 on Standard Account; $7 round trip on Pro Account	4.3
6. eToro	$50 or $100 based on country ($10 for the UK)	1:30 (FCA, ASIC, CySEC); 1:50 (FINRA); 1:500 (FSA)	$0	4.2
7. Plus500	$100	1:30 (1:300 for Professional Accounts)	$0	4.1
8. IG	$50	1:30 (Retail) 1:500 (Professional)	$0	3.7
9. XTB	$250	1:30 (Retail) 1:200 (Professional)	$0	3.7
10. XM Group	$5	1:30 for CySEC and ASIC Entities (1:1000 for Other Jurisdictions)	$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account	2.9

Forex Brokers for Beginners by Spread

Broker	EUR/USD	USD/JPY	GBP/USD	USD/CHF	AUD/USD	EUR/GBP	USD/CAD
1. Fusion Markets	0.07	0.13	1.01	0.37	0.90	0.23	0.14
2. XM Group	0.8	0.9	0.9	2.1	0.75	1.5	2.4
3. IG	0.85	0.9	1.40	1.95	1.01	0.9	2.1
4. XTB	0.9	14	2.2	1.2	1.1	1.3	1.5
5. AvaTrade	0.9	1.3	1.3	1.3	1.1	1.2	1.8
6. eToro	1.0	1.0	2.0	1.5	1	1.5	1.5
7. Pepperstone	1.00 (min)	1.0	1.00 (min)	1.1	1.2	1.2	1.42
8. FP Markets	1.1	0.30	1.2	1.8	1.2	0.20	1.5
9. Plus500	1.2	1.5	1.5	1.7	1.3	1.5	2
10. Axi	1.2	1.4	1.2	1.5	1.3	1.1	1.4

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)

Avoid brokers that are not regulated because they pose a risk to your investment.

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

There are some common pitfalls that you should avoid. If something is all rosy and very lofty, consider it a red flag.

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.
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.
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.