The best forex brokers for beginners are Plus500, Pepperstone, eToro, Interactive Brokers, AvaTrade, Saxo Bank and XTB. Plus500 is a trusted online broker with an easy-to-use trading platform. AvaTrade offers quality educational resources. XTB has an excellent learning center and customer service.
Each forex broker has strengths and weaknesses. This article discusses the best forex brokers for beginners.
The Top 7 Forex Brokers For Beginners
- Plus500 is the best forex broker for beginners with qualitative tools and learning materials.
- Pepperstone for traders at all levels
- eToro is the leading social trading broker with useful research and education tools.
- Interactive Brokers great online broker for professional traders
- AvaTrade is one of the industry leaders with a dedicated learning center.
- Saxo Bank outstanding broker with superb desktop, mobile, and web platforms
- XTB offers the best customer service and learning tools.
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||Plus500||Best tools and learning materials||5/5||Best for beginners||Official website|
|#2||Pepperstone||Excellent customer service||4.8/5||For traders at all levels||Official website|
|#3||eToro||Useful research and education tools||4.9/5||Social trading||Official website|
|#4||Interactive Brokers||Best news feed and research tools||4.9/5||Best for professional traders||Official website|
|#5||Ava Trade||Low trading fees||4.8/5||Best learning center||Official website|
|#6||Saxo Bank||First place for Platform & Tools||4.9/5||Superb desktop, mobile, and web platforms||Official website|
|#7||XTB||Best learning tools||4.5/5||Best customer service||Official website|
TOP 7 Forex Brokers For Beginners in Overview:
01. Plus500: Best Forex Broker For Beginners With Qualitative Learning Tools
Plus500 is a top online broker with a transparent fee policy and funding process. It has top-tier licenses, including the FCA, MAS, and ASIC.
This broker has a proprietary platform with desktop and web versions. It has some useful trading tools, including an economic calendar. Plus500 offers a demo account, a valuable learning tool.
Pepperstone is a trustworthy forex and CFD broker with excellent customer service and account opening processes. It has licenses from the FCA, DFSA, and ASIC.
Pepperstone is a good fit for traders at all levels, from casual to professional. It is a leading provider of educational features and materials, including trading guides. This broker has a broad range of desktop and web platforms, including the MetaTrader suite. These come with useful tools, including copy trading and cTrader.
03. eToro: Best Social Trading Broker With Learning Tools
eToro provides a superior social trading experience with its proprietary platforms. It is a highly regulated broker with licenses from the ASIC and FCA. eToro has a dedicated social trading space and learning center.
This broker offers a demo account, a professional app, and a proprietary platform. It has world-class social trading tools, including social sentiment.
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.
04. Interactive Brokers
Interactive Brokers is a great online broker for professional traders based on its Trader’s Workstation platform, zero commission trades, 70 optional order types and over 137 global assets to trade. The Client Portal web platform, extensive educational material, Traders Academy and $0 ETF and stock trades makes them a great broker for beginners as well.
Their news feed and research tools are second to none. IBKR is the natural next step for those who may have outgrown their current broker’s offerings. It is ideal for those looking to apply more complex strategies.
05. AvaTrade: Best Forex Broker With A Dedicated Learning Center
AvaTrade has an excellent offer with low trading fees. It has an in-depth education and research site. AvaTrade offers free courses, videos, and market data.
This broker has a straightforward desktop, web, and mobile platform. It has both MT4 and MT5, including social trading services. Each platform is customizable and offers reliable research, education, and market data.
06. Saxo Bank
Saxo Bank is an outstanding broker with superb desktop, mobile, and web platforms. Their customer experience is exquisite. The research capabilities and tools are one of a kind. Saxo Bank offers a useful package for traders who cover their high minimum deposit. The pricing is rated ‘Best in Class’ for Platinum and VIP account holders.
Saxo Bank is a trusted, global brand that understands traders. Traders feel assured investing with a trustworthy, global bank. Saxo Bank is rated ‘Best in Class’ across 9 categories, including first place for Platform & Tools, Offering of Investments, and Research (something no other broker comes close to accomplishing).
07. XTB: Best Customer Service And Learning Tools For Beginners
XTB is the leading beginner-friendly online broker with an FCA license. It has a transparent fee structure and funding process. XTB offers excellent learning tools and platforms.
This broker is a good fit for new traders as its platforms are easy to understand. It offers beginner-friendly tools, educational materials, and research features. The free demo account lets new traders test the platform.
Plus500, IG, eToro, AvaTrade, CMC Markets, XTB, and Oanda are the best forex brokers for beginners in 2021. Plus500 is our top choice because of the ease of use of its platforms and tools. eToro is the leading provider of copy trading services. XTB is the go-to solution for new investors who want to improve their trading knowledge.
Frequently Asked Questions
We review forex brokers with real money and accounts. Our findings depend on 105 criteria, including safety and ease of use.
Is Forex Trading Recommended For Beginners?
Forex trading is complex and might not be a perfect match for all traders. When deciding whether forex trading is a good choice for you, you should think about your goals and financial situation. Read in our in-depth reviews about the best forex brokers for beginners.
How To Choose A Forex Broker?
You should always opt for an online broker with top-tier licenses. Choosing a trustworthy broker diminishes trading risks. Learn about brokerage firms and licenses from our in-depth reviews.
How To Start Trading Forex?
Beginners should always use a free demo account to learn more about forex. Reputable online brokers offer access to a virtual trading account to test their offering.
Which Are The Most Popular Currency Pairs?
The most popular currency pairs by volume include the US dollar (USD). This is followed by the euro (EUR), Japanese yen (JPY), Great British Pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and Swiss Franc (CHF).
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
- 1 TOP 7 Forex Brokers For Beginners in Overview:
- 1.1 01. Plus500: Best Forex Broker For Beginners With Qualitative Learning Tools
- 1.2 02. Pepperstone
- 1.3 03. eToro: Best Social Trading Broker With Learning Tools
- 1.4 04. Interactive Brokers
- 1.5 05. AvaTrade: Best Forex Broker With A Dedicated Learning Center
- 1.6 06. Saxo Bank
- 1.7 07. XTB: Best Customer Service And Learning Tools For Beginners
- 1.8 Final Verdict
- 1.9 Frequently Asked Questions
- 1.10 Is Forex Trading Recommended For Beginners?
- 1.11 How To Choose A Forex Broker?
- 1.12 How To Start Trading Forex?
- 1.13 Which Are The Most Popular Currency Pairs?