| Updated: June 13, 2024Scouting for regulated and reliable brokers geared toward the needs of forex beginners? Look no further than our toplist of high-rated brokers catering to unversed traders looking to tap into the liquid forex markets. The shortlist below is based on first-hand analysis as we extensively tested all recommended brokers with demo and live accounts.
Fusion Markets74-89% of retail CFD accounts lose money
Pepperstone75.5% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
Plus50080% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
XTB80% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
AxiThe vast majority of retail client accounts lose moneyOur top picks cater to forex novices with comprehensive educational resources, beginner-friendly software, and features like copy trading. Read on to learn more about what makes these brokers the best options for inexperienced forex traders.
Comprehensive Comparison of the Top 10 Forex Brokers for Beginners
| Forex Broker | Demo account available? | Min Deposit | Trading Platforms | Regulators |
|---|---|---|---|---|
| 1. eToro | Yes | $10 | eToro Investing, eToro App, TradingView, eToro CopyTrader | FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN |
| 2. Pepperstone | Yes | $0 | TradingView, MT5, MT4, cTrader | UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA |
| 3. AvaTrade | Yes | $100 | MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial | 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) |
| 4. Plus500 | Yes | $100 | Proprietary desktop and mobile platforms | 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) |
| 5. XTB | No | $0 | xStation 5, xStation Mobile | 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 (N/A), FSCA (N/A), FSA (N/A) |
| 6. Admirals | Yes | $100 ($1 for Invest MT5 Account) | MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311) |
| 7. Axi | Yes | $0 | MT4 Desktop, MT4 WebTrader, Axi Mobile | FSA, FCA, CySEC, DFSA, ASIC |
| 8. Global Prime | Yes | $0 | MT4 Desktop, MT4 Webtrader, MT4 Android | ASIC (No. 385620), VFSC (No. 40256) |
| 9. Fusion Markets | Yes | $0 | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 10. Tickmill | Yes | $100 | MT4, MT5, WebTrader, ZuluTrade | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464) |
Top 10 Brokers for Beginner Traders
- 1. eToro
Launched in 2007, eToro ranks among the best copy trading platforms in the market. The broker emphasizes price transparency, customer-support quality, and regulatory compliance, operating with licenses from Cyprus, Australia, the UK, and the US. North of 5,000 financial instruments are tradable via eToro’s intuitive proprietary platform, including over 40 forex pairs.
The reputable broker caters to beginners with exhaustive educational content, including regular articles on market analysis, live courses, and free informative videos. Novice traders can build up confidence and experience by setting up free demo accounts credited with $100,000 in virtual funds.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. - 2. Pepperstone
Pepperstone is a no-dealing-desk broker praised for its superior execution speeds, affordable pricing, and excellent selection of 1,200+ markets. Clients can extract maximum value from their trades as raw spreads at Pepperstone start from zero pips. The company partners with multiple liquidity providers to deliver the most accurate pricing.
Suitable for traders across the board, Pepperstone opens up the markets to rookies with forex trading courses, detailed guides, educational videos, and webinars. Customers new to MT4 can learn about the platform directly on the broker’s website. Demo accounts are available, allowing newcomers to practice with $50,000 in virtual credits.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. AvaTrade
If you are just starting out in trading, you should consider joining AvaTrade where you will enjoy competitive price quotes, transparent conditions, and an extensive selection of informative resources. The multi-licensed broker offers an Education Center with platform tutorials, trading guides, videos, and more.
Educational materials are neatly grouped into categories based on experience level, allowing customers to easily identify the resources best suited to their skills. The proprietary AvaProtect risk-management tool enables clients to redeem some of their money back on losing positions. Newcomers can test-drive all platforms supported by the broker with $100,000 in virtual credits.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. Plus500
Plus500 stands out from the crowd with its competitive fee structure, immaculate regulatory track record, and commitment to client education. The broker holds licenses from CySEC, MAS, FCA, and ASIC, among other prominent regulators. It boasts a solid product lineup, comprising over 2,800 financial instruments tradable with razor-sharp spreads.
The award-winning brokerage provides extensive expert-led research materials, including market insights, trader sentiments, price alerts, and economic calendars. Forex novices who drop by the Plus500 Trading Academy can take advantage of exhaustive beginner guides, free ebooks, webinars, and how-to videos.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. XTB
XTB is a reputable multi-asset broker that operates under the regulatory purview of the FCA, CySEC, KNF, and DFSA. Its parent company trades publicly on the Warsaw Stock Exchange, further adding to the broker’s immaculate reputation and trustworthiness. XTB is an established leader in forex and derivative trading, offering north of 5,000 securities and leveraged instruments.
Beginners can sharpen their skills with free ebooks, guides, and educational articles. XTB provides in-depth market analysis, economic calendars, market sentiments, and information about current top-gaining instruments. Setting up a demo account takes minutes and gives you access to $100,000 in virtual currency.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. Admirals
Admirals nabbed the sixth spot on our toplist with its beginner-friendly software and robust selection of over 8,000 markets. The broker holds licenses in several tier-one jurisdictions, including ASIC, FCA, and CySEC. This regulatory background, coupled with the fact the company trades publicly on the Nasdaq Stock Exchange, renders Admirals a solid choice for traders looking for a legitimate forex broker.
Beginner traders can hone their skills with detailed articles, tutorials, and ebooks. The broker’s dedicated Zero to Hero course can help rookies master forex trading in 20 days, from account setup to performing advanced technical and fundamental analysis.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. Axi
Axi offers excellent trading conditions, swift order processing, and price quotes for over 260 financial instruments. The broker is suitable for beginners as it has no minimum deposit requirements and entry-level standard accounts with spreads from 0.9 pips. Retail clients can leverage their positions up to 1:30 and will benefit from negative balance protection.
Customers can improve their performance with analytics tools, how-to video tutorials, and free ebooks. The Axi Academy section features extensive training courses for forex, stocks, indices, commodities, and crypto assets. Beginner traders can test what they have learned with free quizzes.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. Global Prime
Global Prime has been around for over a decade, offering attractive trading conditions to customers from over 120 countries. The broker boasts competitive spreads and has some of the lowest round-turn commissions in the industry, facilitating trades in over 150 financial instruments.
Beginners can start trading with any amount they wish, as Global Prime has waived its minimum deposit requirements. Giving the platform a risk-free test drive is possible after registering a demo account, a process requiring less than thirty seconds. Novice traders can peruse the broker’s articles on forex trading, common mistakes to avoid, and trading strategies.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. Fusion Markets is a top-rated broker attracting traders worldwide with ultra-low spreads, fee-free deposits, and beginner-friendly copy trading services. Traders eager to advance their knowledge have little to work with as Fusion Markets is short on educational resources and content.
However, we consider this a minor shortcoming as the broker’s intuitive interface is legible for novice and seasoned traders alike. Setting up an account and getting started is exceptionally easy with Fusion Markets. The broker’s demo account closely replicates real-money trading, giving you $999,999 in virtual funds to practice with.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 10. Tickmill
Tickmill operates globally with licenses issued by six reputable regulatory bodies, including the FCA, DSFA, and CySEC. Clients of the renowned broker can gain access to over 600 markets tradable with raw spreads from zero pips. The broking firm delivers exceptional execution, with speeds averaging 0.2 seconds and minimal slippage.
Retail traders are protected against negative balances and have their funds stored in segregated accounts. Beginners enjoy a host of benefits at Tickmill, including access to free infographics, ebooks, webinars, and articles. The broker occasionally organizes in-person seminars and workshops hosted by accredited trading experts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Things to Look for When Choosing Brokers for Beginner Traders
Several areas bear consideration when selecting forex brokers suitable for beginners, starting with the range of educational materials on offer. The best brokers catering to novice traders are rich in resources, offering detailed forex trading guides, webinars, and informative educational videos. Inexperienced customers additionally have access to free demo accounts, allowing them to test the waters and build trading experience without risking their capital.
Most beginner-friendly brokers also provide copy trading services, enabling unversed customers to hone their knowledge of the forex markets by following successful traders and replicating their strategies. Retail clients with margin accounts will additionally benefit from negative balance protection that prevents them from losing more than their deposits. Novices typically have access to lower maximum leverage to mitigate their risk exposure when trading with derivatives like contracts for difference (CFDs).
How Demo Accounts Can Be Useful for Beginner Traders
All beginner-friendly brokers cater to inexperienced customers with free demo accounts credited with virtual funds. Registering a demo account is associated with several benefits. For instance, it enables beginners to acquaint themselves with the broker’s trading software without risking real capital. Novices can test the waters risk-free to better perceive how forex and other financial markets work.
Demo accounts also allow users to put new trading strategies through their paces and assess their efficiency before risking real money. Knowing their capital is safe enables rookie traders to build confidence and experience without constantly worrying about potential losses.
With this in mind, it is worth mentioning that practicing through a demo account does not necessarily guarantee success in real-life market conditions. Many beginners underestimate the fact that simulated results often do not coincide with real-life results. They should factor in order execution and human psychology, which differ when trading with your hard-earned capital.
Most Beginner-Friendly Trading Platforms
Finding brokers with intuitive software is vital for inexperienced traders looking to dip their toes into the exciting world of forex. Two platforms fitting this criterion immediately come to mind, starting with MetaTrader 4. MT4 is free to download, install, and connect to your trading account. Created specifically with the needs of forex traders in mind, MT4 has a beginner-friendly interface, allowing first-time users to quickly find their way around the available features and tools.
Speaking of which, MT4 packs a powerful punch in terms of charting and analytics tools that help take your trading performance to the next level. It supports copy trading and poses an ideal option for novices seeking to build up experience by mirroring the positions of experienced forex traders. The platform features a range of useful exit orders, including stop loss and limit orders, enabling users to better manage their risk and lock in more profits.
The second platform we can confidently recommend to forex novices is cTrader. It has an easy-to-use interface and comes with tons of great features to help beginners get started on their forex trading journey. You can use it at home or on your mobile device while away from your desktop. Forex beginners who opt for cTrader-friendly brokers will benefit from level-two pricing and exceptional order execution. The platform facilitates different styles, including manual, algorithmic, and copy trading.
Is Copy Trading Suitable for Beginner Traders?
Many brokers recommended on this page facilitate copy trading, a form of social trading novices could find useful. It enables rookies to advance their knowledge by copying the positions and strategies of top-performing traders, known as strategy providers. Once you select people to copy, the software automatically duplicates their trades into your account, potentially allowing you to mimic their returns.
However, choosing the right copy trading platform and strategy providers is essential for the success of beginner traders. Look for intuitive copy trading software that is easy to work with and continue monitoring your positions occasionally to mitigate your risk.
As a beginner trader, you should also study the historical performance of the people you copy and choose traders whose strategies correspond to your budget and risk tolerance. Some strategy providers charge commissions for replicating their trades, something budget-conscious forex novices should consider.
Common Mistakes Inexperienced Forex Traders Make
No one is immune to making mistakes regardless of skill and experience level, although novices are more prone to making faux pas while trading the forex markets. Inadequate risk management is a trait beginner traders commonly share. Coupled with excessive leverage, poor risk management could result in massive financial losses for those new to the forex markets. Novices must invest enough time into devising sound risk management strategies corresponding to their goals, capital, and risk tolerance.
Succumbing to your emotions is another faux pas you should avoid as a beginner forex trader. Emotional trading results in irrational decisions that invariably impact your overall performance for the worst. Trading without safeguards is just as bad as no one is immune to losses. Beginners should implement exit orders like the stop-loss to mitigate their losses if the markets move dramatically against their trades.
Investing your capital to try new strategies is nearly as bad as trading with no strategy. Registering a demo account allows you to test your strategies with virtual credits and learn from your mistakes without risking your hard-earned money. Adding too many currency pairs to your portfolio is also bad for beginners. Master less-volatile forex majors before you start diversifying with riskier crosses and exotic pairs.