The Best 8 Forex Brokers for Beginners
The Best 8 Forex Brokers for Beginners

The Best 8 Forex Brokers for Beginners

8 Best Forex Traders for Beginners

This list is not a comprehensive guide; it is designed to give you a starting point to know what features to look for and how they compare and differ.

There are many forex brokers, all with different products, services, strengths and weaknesses.

The brokers mentioned below are currently the most popular brokers. They have all won various awards and are known for their reliability.

1. eToro


  • Regulated by FCA, MiFID, ASIC
  • 0% commission on stocks
  • Social and copy trading


  • More expensive than most of its competitors
  • No MetaTrader platforms

Regulated: Two tier-1 regulators – UK, Australia
Minimum deposit: $200
Costs and fees: Low forex fees, $10 per month inactivity fee, $5 withdrawal fee, additional fees may occur for some trades
Educational resources: Basic education videos, integrated educational content, YouTube channel
Demo account: Yes
Social copy trading: Yes
Customer service: Live chat, web-based ticketing with email replies

eToro is one of the most popular forex brokers in 2021.

For beginners, there is very little educational material to guide you, however.

Where eToro does excel for beginner traders is their social trading, which allows you to copy another trader's portfolio.

The trading platforms are also user-friendly.

For more on eToro, read our guide.

Visit eToro

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Plus500


  • Regulated by the Financial Conduct Authority
  • Over 2,500 significant financial instruments
  • Negative balance protection
  • 24/7 customer support


  • No API integrations
  • CFDs only
  • No social copy trading

Regulated: Three tier-1 – UK, Singapore, Australia
Minimum deposit: $100
Costs and fees: Free withdrawals, $10 per quarter inactivity fee, no forex commission, average forex spreads
Educational resources: Basic videos and articles, pdf
Demo account: Yes
Social copy trading: No
Customer service: 24/7 support through email, live chat and WhatsApp

Plus500 was founded in Israel in 2008; therefore, while it is regulated, it has yet to survive a recession.

The educational resources are not as good as other forex brokers, and the platforms lack when it comes to research and analysis.

It is user-friendly and easy to set up an account, however.

Visit Plus500

77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. XTB


  • Regulated by the FCA
  • Low forex fees
  • Fast withdrawal and deposit with no fee
  • Live chat customer service


  • Limited product portfolio
  • High fees for stock CFDs

Regulated: One tier-1 regulator – UK
Minimum deposit: $0
Costs and fees: Overnight financing costs, spread costs, inactivity fees, no withdrawal fees over $100, low forex fees
Educational resources: Texts, quizzes, videos
Demo account: Yes
Social copy trading: No
Customer service: Multi-language, live chat, phone, not available 24/7

XTB was founded in Poland in 2002. Only one top-tier regulator regulates it, so it isn't as reliable as other brokers.

There are limited withdrawal options and fees for withdrawals under $100.

XTB uses its own trading platform as well as MetaTrader. They are user-friendly with modern interfaces and clear search functions.

Review sites claim that XTB is the best for beginner forex traders and ease of use.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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. Switch Markets


  • Regulated by ASIC
  • Low minimum deposits
  • No deposit fee
  • No inactivity fee
  • Free VPS
  • Social trading
  • Tight spreads
  • Useful trading tools and research


  • No customer support during weekends
  • Not FCA regulated

Founded in 2019, styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, has a lot to offer.

The parent company of (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.

With you can trade:

  • 62 Forex pairs
  • 8 metals
  • 21 indices
  • 86 share CFDs
  • 4 cryptocurrencies

There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50.

For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free.

The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free.

There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools.

As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.

This broker is not available in Japan but offers several options for international traders without hidden costs.

Visit Switch Markets

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.



  • 24/7 live video chat support
  • Credit/debit card deposits and withdrawals available
  • Copy trading
  • Demo account (though only accessible after minimum deposit)


  • Not regulated
  • Lacks educational resources
  • Inactivity fee

Best for: Day to day trading.

It might seem that the broker is another typical binary option trading platform, but the fact is that Videforex is standing out from other trading platforms by literally greeting the traders with a Live Video-Chat feature.

For the first time in the industry, traders are able to see who they are dealing with as opposed to talking to a faceless entity behind the computer screen.

However this unusual but very outstanding feature is not the only reason you should choose Videforex as your main broker.

Videforex has:

  • A very comfortable interface to use.
  • Variety of trading assets and best trading conditions.
  • BIG payouts up to 90% compared to markets 70% + Leverage up to 1:500.
  • Live 24/7 customers service.
  • Reliable and fast withdrawal system.
  • Traders can be provided with a Demo account to practice their new strategies.

Should I Trade With Videforex?

The answer is YES! The platform offers a perfect balance between extensive trading tools and ease of use. Users of all experience levels will find themselves right at home.


6. AvaTrade


  • Highly regulated
  • Free deposit and withdrawal
  • No commission
  • Low minimum deposit
  • Social and copy trading


  • Inactivity fees

Regulated: Three tier-1 – Canada, Australia and Japan
Minimum deposit: $100
Costs and fees: No withdrawal fees, average forex fees, $50 per quarter inactivity fee
Educational resources: Trading platform tutorial, webinars, videos, articles
Demo account: Yes
Social copy trading: Yes
Customer service: 24/5 phone, email, live chat

AvaTrade is good for beginners as it offers social trading and a demo account.

Fees are low, and the trading platforms are interactive and user-friendly.

There are informative and extensive educational materials and an excellent live chat function.

Visit AvaTrade



  • Low minimum deposit
  • Demo account
  • Low forex fees
  • Regulated by the FCA, CFTC, IIROC and JFSA
  • Range of deposit and withdrawal methods
  • Good research and educational resources


  • Inactivity fee
  • Customer support is not 24/7
  • Some credit card withdrawals may not be accepted and will require bank transfer instead

Regulated: Four tier-1 regulators – UK, Japan, Canada
Minimum deposit: $100
Costs and fees: Low forex fees, no withdrawal fees, $15 monthly inactivity fee
Educational resources: Trading glossary, quizzes, videos, articles
Demo account: Yes
Social copy trading: No
Customer service: Sunday to Friday 24 hour support, live chat, telephone, email is one of the best for educational materials.

It was created in 2001 and is part of the StoneX Group Inc, which is listed on the NASDAQ Index.

Their forex fees are lower than their peers, and they have multiple withdrawal options, including electronic wallets.

As the name suggests, is designed for forex traders from beginners to advanced.


Top Eight Forex Brokers for Beginners
Top Eight Forex Brokers for Beginners



  • Regulated by FCA, CySEC and ASIC
  • Tight spreads
  • No deposit or withdrawal fees
  • Useful educational resources
  • Negative balance protection
  • 24/7 customer support
  • Low minimum deposit for standard account


  • No social trading

With offices in London, Cyprus, Gibraltar, Belarus and Australia, offers traders the opportunity to use award-winning AI technology to gain access to more than 3,800 markets.

The easy-to-use proprietary platform is available on the web, desktop and mobile, and you can trade indices, commodities, cryptocurrencies, shares and currency pairs with the best in technical indicators, charts and multiple order types at your fingertips.

In addition, the AI technology analyses your trading behaviour to help you make more powerful decisions. has no fees for traders – which means that you can deposit, withdraw and trade without commissions or costs. make their money for the platform through the spread, which is like many other brokers.

The spread cost is completely transparent, with the costs incorporated into the quote, not as an additional cost.

There are three different accounts available, and the one you choose depends on the minimum deposit, which starts at just $20.

  • Standard accounts have a minimum deposit of up to $3,000
  • The Plus account is from $3,001 – $9,999
  • The Premium account is from $10,000

User experience is the same in all account types, so you will enjoy the same trading no matter what your deposit level.

One of the most impressive parts of the offering, especially for beginners, is education. With a custom-built app called Investmate, users can set goals for their learning and the pace at which they want to learn – and have the trading knowledge that they need in their pocket.

30+ courses using varied learning materials are all in the application, to be used as and when they are needed.

You can also find a glossary, guides on different trading instruments and strategies – including how to trade using spread betting and margins.

The trading platform is speedy, intuitive and simple, with a smooth interface and great customisation options, and with a demo account and premium research, education and trading experience it is an excellent choice of platform with minimal negatives.


75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Is Forex Good For Beginners?

Foreign exchange trading, or forex trading, involves the buying and selling of currency pairs to make a profit.

Since the pandemic, forex trading has increased by 300%, indicating how popular this type of investment is.

There are many benefits of forex trading, including it being part of a large and global market and being an accessible security for beginner traders.

However, as trading can be complex and comes with risk, it is essential to choose the right broker for you.

As a beginner, there are several things to consider before committing to a broker. As you become more experienced, these factors will change, leading to a possible change in broker.

When making your decision, look for tools and features that suit your trading level.

Committing to a platform with the best research tools but little education or support will not help you become a good trader.

The data trading platforms generate can be overwhelming and challenging to understand at first.

Start with the simple tools, and build your way up.

Key Considerations When Choosing a Broker as a Beginner

When deciding what broker to commit to, there are several factors you need to consider.

Is It Regulated?

There are three regulatory tiers:

  • Tier-3 has low trust
  • Tier-2 is medium
  • Tier-1 is complete trust

When choosing a broker, you want it to be regulated by tier-1 jurisdictions, preferably in your country of residency.

Any broker that does not have a tier-1 regulator should be treated with caution.

You should also check if it is listed on any stock exchanges or indices and what year it was established.

Those companies that have survived a recession are assumed more reliable. Those listed on stock exchanges are more transparent with their finances.

What Are the Costs?

Always read the fine print for hidden and additional fees.

The best brokers are transparent in their trading fees and provide a full breakdown before making a trade.

You should also be aware of:

  • Minimum deposits
  • Account opening fees
  • Withdrawal fees
  • Transfer fees

Costs can also vary between countries, so ensure you are checking for your region.

What Educational Materials Does It Offer?

As a beginner, you will need as much help as possible.

Every forex broker has an education section explaining the basics of trading and how to use the platform.

Some brokers understand the value of educational materials and offer a wide variety that include:

  • Webinars
  • Guides
  • Quizzes
  • Videos
  • Courses

While spending more time learning may not sound appealing, it is the best route to becoming a successful trader.

Does It Provide a Demo Account or Social Copy Trading?

In demo accounts, the broker gives you a fake amount of money to make trades and investments.

You work with real-time data and make trades and investments as you would if the money were real.

However, as the money is not real, you can make as many mistakes as you want without any consequences.

You can also test different strategies, tools and resources to see which ones work for you.

This ensures that when you start live trading you have a winning formula and less chance of losing your money or making rookie mistakes.

Social copy trading allows you to see another trader's portfolio. Some brokers give you the option to copy their trades.

Others are more social in that you discuss the choices someone made for a better understanding.

Does It Have Good Customer Service?

No matter the industry, good customer service is always a beneficial thing to have.

When working with technology, especially complex trading platforms, there may be issues that you need to resolve and quickly.

Before committing to a broker, research the communication methods and how effective they are.

Factors to consider are:

  • Customer service working hours
  • Location of the customer service department compared to you
  • How quickly they respond

Some forex brokers have multiple communication routes, but they are not always effective.

Check reviews to see if the live chat is mostly online or offline, if you can access a real person, and what the average response time is.

Are the Trading Platforms Easy To Use?

Trading platforms are complex. They involve a lot of data, third-party integrations, calculations, charts, graphs and real-time updates, to name but a few.

When starting, you want a platform that is:

  • Easy to use
  • Customizable
  • Modern and clean interface
  • Clear sections

You may also want to consider how you will spend most of your time trading.

If you are constantly on the go, do you need a mobile trading app, or would you prefer the detail available on web-based or desktop platforms?

Does It Allow For Greater Profit Margins?

Some trading platforms offer better rates to those who trade with larger amounts of money and bigger trade volumes.

As a beginner, you want to avoid these.

Look for brokers with low forex fees and little or no commissions so you can make a profit as soon as you start trading.

Does It Have Flexible Withdrawal Options?

As a beginner forex trader, you may only have a small budget to work with, and you may want to withdraw any profit you make.

Check what the withdrawal options are, how often you can make a withdrawal and any associated fees.

Some brokers allow one free withdrawal per month and charge a flat fee for any additional withdrawals.

Final Thoughts

Forex trading is exciting but can come with a high risk. A good broker can help you navigate choppy markets and execute your investment strategy.

Before making your final decision, trial every demo account so you can get a feel for all the platforms.

When you find a platform you like using, check that it has all the features you need right now.

Do not settle for the broker that your friend uses or that you have seen advertised.

eToro is widely promoted and therefore attracts more clients. It has a reputation as a good broker with excellent social trading. But it lacks support material and requires a $200 deposit.

On the other hand, AvaTrade is less popular but also offers social trading, has a lower minimum deposit and more educational materials.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

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