Forex trading can be an exciting and potentially lucrative venture, but it can also be intimidating, especially for beginners. One of the most important decisions a beginner trader can make is choosing the right forex broker.
A good forex broker can make the trading experience more manageable, while a bad one can make it a nightmare. In this article, we will explore some of the best forex brokers for beginners and what services and features these brokers should have to meet their needs. We will also cover various aspects such as regulation, trading accounts, assets offered, and unique features that set these brokers apart from others.
Top Forex Brokers for Beginners
Choosing the ideal forex broker for beginner traders doesn’t have to be a daunting task if you know the features and services to look for in a top-notch forex broker. If you’re new to trading and unsure about what factors to take into account, worry not because we’re here to guide you.
We will discuss the critical elements you should consider when selecting a broker. The first step is to ensure that the broker is regulated and trustworthy. After that, you’ll want to determine if the broker is suitable for beginners and provides resources such as educational content, current market news, and analysis to help you learn and grow as a new trader.
Once these aspects have been assessed, you’ll need to explore the assets (financial instruments) offered and the different account types available. This process involves recognizing your risk tolerance. For example, some brokers offer demo and Cent accounts that allow you to get a feel for trading, while others may provide tight spreads but demand a significant minimum deposit.
These are the fundamental elements to consider when looking for a broker that meets your needs and circumstances. Luckily, we’ve done the hard work for you.
The following are the top licensed forex brokers for beginner traders.
- FP Markets
Top 10 Forex broker Comparison
|Broker||Overall Rating||Accepts MY Residents||Official Site||Min Deposit||Max Forex Leverage||Beginner Friendly||Regulators|
|ZFX||9.2/10 Review||Yes||Account Creation||50 USD||2000:1||Exceptional||FCA, FSA|
|XM||7.8/10 Review||Yes||Account Creation||5 USD||1000:1||Quite Good||ASIC, CySEC, FSCA, FCA, FSC, IFSC|
|IG||7.5/10 Review||Yes||Account Creation||0 USD||500:1||Not Bad||ASIC, FCA, JFSA, MAS, FINMA, FMA,CFTC|
|Exness||7.5/10 Review||Yes||Account Creation||Depends On the Payment System||Unlimited||Quite Good||CySEC, FSA, FSCA, FCA, FSC, CBCS|
|InstaForex||7.2/10 Review||Yes||Account Creation||1 USD||1000:1||Not Really||FSC|
|FBS||7/10 Review||Yes||Account Creation||1 USD||3000:1||Quite Good||ASIC, CySEC, FSCA, IFSC|
|Capital.com||6.9/10 Review||Yes||Account Creation||20 USD||500:1||Very Good||FCA, ASIC, CySEC, NBRB, FSA|
|FP Markets||6.6/10 Review||Yes||Account Creation||100 AUD or Equivalent||500:1||Not Bad||ASIC, CySEC, FSCA|
|RoboForex||6.6/10 Review||Yes||Account Creation||10 USD||2000:1||Fairly Good||FSC|
|AXI||6.6/10 Review||Yes||Account Creation||0 USD||500:1||Not Bad||ASIC, FCA, DFSA|
Best Forex Brokers For Beginners (Reviewed)
ZFX, is undoudbly the best forex broker regulated by the FSA and FCA, is an excellent choice for beginner traders. In this review, we’ll explore the features that make ZFX stand out as a top forex broker for beginners.
The trading platform ZFX provides is MetaTrader 4 (MT4), which is well-known for its user-friendly interface and a wide array of trading tools. MT4’s features, such as advanced trading robots, trade execution options, and access to the MQL community, make it a suitable choice for beginners looking to learn and grow in the forex market.
ZFX offers a range of account types tailored to suit various trading preferences and experience levels. The Cent Trading Account is perfect for beginners, with low deposit requirements and high leverage. More experienced traders can opt for the Standard STP or ECN Trading Accounts, each with its unique features and benefits.
One of the aspects that set ZFX apart as a beginner-friendly forex broker is its comprehensive educational resources. The A-Z Academy and Help Center provide traders with valuable market news, outlooks, and an economic calendar to stay informed about global financial events.
Customer support is another strong point for ZFX, with a highly-regarded rating of 8.5/10. The broker’s global presence and prompt, efficient support ensure that clients receive the assistance they need.
In terms of special offers, ZFX provides features such as copy trading support and MAM account services, making it easier for beginner traders to follow experienced traders’ strategies and benefit from money managers’ expertise.
ZFX simplifies the deposit and withdrawal process by offering multiple payment methods, including e-wallets, bank transfers, and credit/debit cards. The broker’s detailed FAQs on Account Funding and Withdrawal further streamline the process for users.
- Offers a comprehensive range of trading assets
- Provides a user-friendly trading interface
- Limited options for trading platforms
- No social or copy trading options available
As one of the best forex brokers for beginners, XM offers a comprehensive and user-friendly trading experience. New traders can feel confident in their choice of an online forex broker, as XM is a regulated and trusted platform that operates legally in various jurisdictions.
Beginner traders will appreciate XM’s diverse account types, specifically designed to cater to different needs and experience levels. The Micro and Standard accounts, with their low minimum deposits and beginner-friendly conditions, provide the perfect starting point for those new to forex trading.
The trading platforms offered by XM, including MetaTrader 4 and MetaTrader 5, come equipped with a range of tools and features to enhance the trading experience. Novice traders can easily navigate these platforms, honing their skills in the process.
Excellent customer support is essential for beginner traders, and XM delivers in this regard with 24/5 support via live chat, email, and phone. Their team of experts is ready to help with any questions or concerns that may arise.
Depositing and withdrawing funds is a breeze with XM’s variety of methods, including credit cards, e-wallets, and wire transfers. The broker’s competitive fees further solidify its position as a top forex broker.
To sweeten the deal, XM frequently offers special promotions, such as deposit bonuses and free trading webinars. These incentives help beginner traders to invest, learn, and grow in the financial markets, making XM an ideal choice for those starting their forex trading journey.
- Over 1000 trading instruments available
- Offers a free VPS service
- Charges deposit and withdrawal fees for some payment methods
- No support for the MT5 platform
IG, a leading online trading firm established in 1974, has over 48 years of experience in the market, making it a top choice for beginner traders. Offering retail investors access to Forex, CFDs, spread betting, and share dealing trading, IG is a well-regulated platform with more than 19,000 financial instruments.
For beginners, regulation and safety are essential, and IG’s comprehensive oversight by tier-1 jurisdictions makes it a trusted forex broker. IG is regulated by six international authorities, including ASIC, JFSA, MAS, FINMA, FCA, and FMA (New Zealand). Additionally, its listing on the UK stock exchange and inclusion in the FTSE 250 index ensure transparency regarding its financial health.
IG provides various trading platforms suitable for all traders, including MetaTrader 4 (MT4), which is highly regarded as the best forex broker for beginners due to its user-friendly interface and extensive trading tools. Furthermore, IG offers competitive spreads and fees, making it an affordable online forex broker for new traders.
Customer support is crucial for beginner traders, and IG’s responsive team is available 24/5 via phone, email, and live chat to assist with any account, trading, or platform queries. Moreover, depositing funds at IG is free and unlimited, with various deposit methods like bank transfers, credit/debit cards, and PayPal available, ensuring a smooth experience for novice traders.
Education and research play a vital role in helping beginner traders develop their skills. IG takes this aspect seriously, offering a wide range of interactive educational tools and online courses through the IG Academy. From basic market knowledge to advanced trading techniques, traders can find resources to advance their knowledge and improve their trading skills, regardless of their experience level.
- Offers L2 Dealer platform for advanced traders
- Provides ProRealTime charting package
- Inactivity fee charged after 2 years
- Limited options for cryptocurrencies
Established in 2008, Exness has become one of the largest forex brokers globally, known for its impressive range of trading platforms and commitment to catering to both beginners and experienced traders. Based in Limassol, Cyprus, and operating in several territories, Exness is highly regulated, ensuring the safety and security of its clients’ funds.
Beginner traders can benefit from the industry-standard MetaTrader 4 (MT4) platform offered by Exness, which is widely regarded as the best forex broker for beginners. The MT4 platform’s user-friendly interface and comprehensive range of features make it an ideal choice for novice traders. Additionally, Exness offers an extensive array of analytical tools, such as the Economic Calendar, Trading Central signals, and market news by FXStreet, which help beginner traders make informed decisions in the market.
Exness provides two standard account types, Standard and Standard Cent, which cater to different trading styles and preferences. These account types offer various benefits such as low spreads, no commissions, and unlimited leverage, allowing beginner traders to maximize their profits.
The broker offers a wide range of deposit and withdrawal methods, including bank cards, internet banking, e-wallets, and crypto wallets. This flexibility ensures that transactions are processed efficiently and securely, making it easy for beginner traders to manage their funds.
Customer support is essential for beginner traders, and Exness provides multiple channels for its clients, including Help Center, Live Chat, Email, and Phone. These options ensure that traders can access assistance quickly and efficiently, addressing any issues or concerns they may have.
Although Exness does not offer sign-up bonuses or loyalty programs like some other brokers, it occasionally provides bonus credits to its clients for use in trading operations. These offers may be limited to specific jurisdictions.
- Instant withdrawal processing for most methods
- Offers social trading through Exness Social Trading platform
- Charges inactivity fee after 90 days
- Limited options for trading platforms
InstaForex is a renowned online forex trading platform that has been serving over 7 million clients since 2007. Catering to beginner traders, the platform offers a vast array of trading instruments and educational resources. In this review, we will examine if InstaForex is the best MT4 broker for beginners and how it compares to other MT4 brokers.
InstaForex stands out due to its commitment to providing advanced trading technologies and tools, making it an excellent choice for beginner traders. Featured on the MetaTrader 4 brokers list, InstaForex has received positive feedback in MetaTrader 4 brokers reviews. The platform also supports MetaTrader 5, offering flexibility to traders in choosing their preferred platform.
Beginner traders can benefit from a range of educational resources provided by InstaForex, including video tutorials, training materials, and a knowledge base. The platform also gives access to a team of forex professionals who can offer advice and support on all aspects of forex trading.
Regulated by the BVI FSC, InstaForex ensures clients can trade with confidence, knowing their funds are secure. The platform offers three account types: Standard, Eurica, and Cent accounts, catering to different traders’ needs and providing flexibility in terms of trading leverage, deposit size, and trading terms.
InstaForex makes depositing and withdrawing funds convenient with an array of options, including bank cards, Neteller, Skrill, PayCo, AstroPay, cryptocurrencies, and bank transfers. Most deposit methods are subject to no fees, except for bank transfers.
Customer support is vital for any trading platform, and InstaForex provides multiple channels for clients to seek assistance. These include a callback request, FAQs, live chat, email, and social apps.
For beginner traders looking to boost their trading capital, InstaForex offers special promotions, such as a 100% bonus on the first deposit, a 55% bonus on every deposit, and a 30% welcome bonus for new clients. These bonuses are not available for withdrawal but can help traders increase their trading capital.
- Diverse trading instruments
- Beginner-friendly resources
- Multiple account types
- Supports MT4 and MT5
- Regular bonuses and promotions
- Localized support
- Less reputable regulation
- Higher spreads on some accounts
- Limited platform options
- Slower withdrawal process
- Inconsistent customer support
- Country restrictions
FBS, an online broker established in 2009, has become a top choice for beginner traders as an MT4 broker. Boasting over 23 million registered traders worldwide, FBS has earned more than 70 international broker awards and continues to attract 10,000 new traders daily. In this review, we will focus on FBS’s regulatory oversight, account types, customer support, deposit and withdrawal methods, and special offers, emphasizing their suitability for beginner traders.
FBS is regulated by several authorities, including ASIC, CySEC, FSCA, and IFSC. This regulatory oversight provides clients with varying levels of protection based on their region and the overseeing authority.
FBS offers a selection of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5), available in web and desktop versions. MT4 is particularly favored by beginners, while the more advanced MT5 caters to experienced traders. Additionally, FBS provides its proprietary FBS Trader mobile app for on-the-go trading.
FBS presents a variety of account types to accommodate diverse traders, including Standard, Cent, Micro, Zero Spread, ECN, and Crypto accounts. The Cent Account is ideal for beginners seeking a low-risk trading environment, while the Standard Account is designed for experienced traders looking for competitive spreads without commissions.
FBS offers comprehensive customer support in multiple languages via phone, live chat, and email. Their Help Center also provides extensive information on various trading topics and platform features.
FBS provides a wide array of deposit and withdrawal methods, including electronic payment systems like Neteller, STICPAY, Skrill, and Perfect Money, as well as credit and debit cards (Visa) and bank wire transfers.
FBS periodically presents bonus credits and other promotions to its clients. The “Level Up Bonus” offers new clients a USD 140 signup bonus, while the 100% deposit bonus allows clients to double their equity with each deposit. FBS also features a Loyalty Program, where clients can earn points for trading and receive real gifts.
- Offers Cent Account for low minimum deposit
- Provides a wide range of promotions and bonuses
- Limited educational resources
- No support for stock trading
Capital.com, a top MT4 and forex broker, provides a comprehensive trading experience for both beginner and experienced traders. This award-winning broker offers a range of features, including robust regulations, diverse account types, exceptional customer support, various deposit and withdrawal methods, and special offers.
Capital is operated by Capital Com SV Investments Limited and offers an extensive range of over 3,700 assets, including indices, cryptocurrencies, commodities, shares, and currency pairs. The broker’s reputation as a reliable and competitive platform has earned it numerous accolades.
Capital offers a variety of trading platforms, including a custom-built Web Terminal, Mobile Trading App, Investmate, MetaTrader 4 (MT4), and compatibility with TradingView. These platforms cater to different preferences and experience levels, with MT4 being particularly popular among beginners.
Capital does not charge deposit or withdrawal fees and has no inactivity fee. Minimum spreads range from 0.004 for stocks, 0.07 for indices, 0.018 for commodities, and 0.7 pips for currencies. Minimum deposits are $20 for credit card transactions or $250 for wire transfers.
Capital provides extensive market research in both written and video formats, including news, market analysis, webinars, Capital.com TV, and an economic calendar. This high-quality content caters to beginners and advanced traders alike.
There are three account types available: Standard, Plus, and Premier. The Standard account is best suited for new traders, while the Plus and Premier accounts cater to experienced and professional traders, respectively.
Deposits and withdrawals can be made using a variety of methods, including credit/debit cards, wire transfer, and various online wallets. Deposit and withdrawal times vary depending on the method used.
Capital offers multilingual customer support through various channels, including telephone, live chat, and messaging apps. Local customer support agents are available in several languages and territories.
- Investmate education app for new investors
- Compatible with TradingView charting platform
- Does not offer MT5 platform
- No promotions or bonuses due to regulatory restrictions
8. FP Markets
FP Markets, founded in 2005 by Matthew Murphie, is an online forex broker that provides a range of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Catering to beginner traders, this regulated forex broker offers various financial instruments, such as forex, crypto, stocks, indices, commodities, bonds, and ETFs.
FP Markets operates under a strong regulatory framework, ensuring a secure trading environment for beginner traders. The broker is regulated by the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA).
The primary trading platforms offered by FP Markets are MT4 and MT5, both highly customizable and featuring numerous tools for different trading needs. MT4 is popular among beginner traders, while MT5 offers additional features for more advanced trading strategies. The web terminal version of MetaTrader allows users to access the platform without downloading any software. Social Trading, which enables copy trading, is also available on both platforms.
FP Markets offers two account types suitable for beginners: Standard and Raw. Both accounts require a minimum deposit of 100 AUD, provide access to various trading instruments, and offer maximum leverage of up to 1:500. The difference between the two lies in the spread and commission fees.
The broker provides an extensive list of deposit and withdrawal options, including Master Card, VISA, bank transfer, Neteller, Skrill, STICPAY, FasaPAY, Perfect Money, crypto, Apple Pay, and Google Pay. Deposits are generally instant, while withdrawals are processed within one business day.
FP Markets offers multilingual customer support via phone, email, and live chat, ensuring effective communication with traders from different backgrounds.
The only special offer available at FP Markets is its partner program, which combines an affiliate and IB program, allowing traders to earn commissions through referrals and copy trading.
- Offers both MT4 and MT5 platforms
- Strong regulatory framework
- Minimum deposit of 100 AUD might be high for some beginners
- No promotions or bonuses available
RoboForex, with over a decade of experience in the financial industry, has earned a reputation as a top forex broker for beginner traders. Catering to more than 1 million clients from 169 countries worldwide, this Belize-based broker offers an extensive range of trading platforms and assets for clients to choose from. In this review, we’ll focus on the MT4 platform, RoboForex’s regulations, account types, customer support, deposit and withdrawal methods, and special offers.
RoboForex is regulated by the Financial Services Commission (FSC) and is the sponsor of Club Cienciano. The broker allows clients to trade CFDs and shares, providing a secure and trustworthy trading environment for both beginners and experienced traders.
As one of the best online forex brokers offering the MT4 platform, RoboForex is perfect for beginners and seasoned traders alike. MT4 is a powerful trading platform that comes with advanced charting capabilities, automated trading systems, copy trading features, and more. It’s available for Windows, Android, and through a web terminal, making it accessible for all types of traders.
RoboForex offers five different account types to cater to the diverse needs of its clients:
- Prime Account
- ECN Account
- R StocksTrader Account
- ProCent Account
- Pro Account
Each account type comes with its unique features and benefits, catering to different trading preferences and strategies. For example, the ProCent account is ideal for testing strategies, while the R StocksTrader account allows clients to trade actual shares and CFDs on over 12,000 assets.
RoboForex’s customer support is top-notch, with options such as WhatsApp, Facebook Messenger, and Telegram available for clients who need assistance. Additionally, traders can leave their phone numbers to receive a callback from the support team, ensuring that help is always just a call away.
RoboForex offers a wide range of deposit and withdrawal methods, including bank payments, e-wallets, bank cards, and cash vouchers. Some popular options include Google Pay, ApplePay, Mastercard/Visa, Skrill, Neteller, PerfectMoney, AstroPay, and crypto. There are no deposit fees, and the processing time is usually within a day.
RoboForex has a range of special offers and promotions for its clients, such as welcome bonuses, rebates, and deposit bonuses. However, it’s important to note that some promotions may not be applicable to all residents. Be sure to check the terms and conditions for each promotion before participating.
- Sponsor of Club Cienciano
- Offers five different account types
- Regulation by only one authority (FSC)
- Some promotions may not be applicable to certain residents
Axi, an Australian online broker founded in 2007, has gained a strong reputation as one of the best MT4 brokers for beginners. With its roots in forex and CFDs trading, Axi is regulated by three reputable authority commissions: ASIC, FCA, and DFSA. This broker currently serves over 60,000 traders in more than 100 countries worldwide.
Axi’s offerings encompass a diverse range of assets, including forex, stocks, commodities, indices, and crypto. The broker provides clients with ultra-competitive pricing, award-winning 24/5 support, high-performance trading technology, lightning-fast execution, and free trading education.
In addition to its extensive MetaTrader 4 (MT4) platform offering, Axi also provides a proprietary Axi Copy Trading app. This app allows clients to copy trades from other users on the platform, effectively enabling them to invest like top traders. The MT4 platform, which is available for Windows, Mac, and Android, and the MT4 web terminal, provide traders with powerful tools for automated trading, charting, and investing.
Axi offers three account types—Standard, Pro, and Elite—catering to different levels of traders. The broker also provides Islamic accounts that feature no swap fees or interest payments for clients who cannot pay or earn interest due to religious beliefs. Axi supports various deposit and withdrawal methods, such as credit/debit cards, POLi, bank transfers, FasaPay, Neteller, crypto, and Skrill, with most transactions being fee-free and processed quickly.
Axi’s customer support is available via phone, email, live chat, and WhatsApp. The broker also provides an extensive Help Center, where traders can find answers to common questions about MT4, account information, trading tools, and more. Axi’s special offers include an affiliate and IB partner program, a MAM service, and a referral program for earning commission on every traded lot.
- Proprietary Axi Copy Trading app
- Islamic accounts available
- Limited to MT4 platform
- No webinars or advanced trading education
ZFX is the best broker for beginner traders compared to the other 10 brokers due to its low minimum deposit requirement of just $1, making it accessible for new traders with limited capital. Additionally, ZFX provides a user-friendly trading platform and comprehensive educational resources to help beginners learn and practice forex trading. The dedicated customer support team and a wide range of trading assets make ZFX a top choice for beginners entering the forex market.
Can you start with $100 on forex?
Yes, you can start with $100 on forex. Many brokers offer accounts with low minimum deposits, such as ZFX, which requires only a $1 minimum deposit.
What is the best forex broker for beginners?
ZFX (Zeal Capital Market) is an excellent choice for beginners due to its user-friendly platform, low minimum deposit, and accessible customer support.
Is forex profitable for beginners?
Forex can be profitable for beginners, but it requires dedication, practice, and a strong understanding of risk management. It’s essential to learn the basics and practice with a demo account before trading with real money.
How can a beginner learn forex trading?
A beginner can learn forex trading through online courses, tutorials, webinars, and educational resources provided by brokers like ZFX, which offers a comprehensive educational center for new traders.
How should a beginner start forex trading?
A beginner should start forex trading by first learning the basics, practicing with a demo account, and then opening a live account with a reputable broker like ZFX. It’s crucial to develop a trading strategy, manage risks, and consistently evaluate performance.