Best Forex Brokers for Beginners

Best Forex Brokers for Beginners

Share on facebook
Share on linkedin
Share on twitter
Share on pinterest
Share on email

Best Traders for Beginners Banner

Forex trading can be intimidating for beginners who are not familiar with the markets. For this reason, the first crucial step is for beginner forex traders to make sure that they choose the best forex trading broker and platform. The following forex brokers have been identified as the best forex brokers for beginners:

  1. Plus500
  2. IG
  3. eToro
  4. OANDA
  5. XTB Online Trading
  6. CMC Markets
  7. AvaTrade
  8. London Capital Group (LCG)
  9. Pepperstone

 

  • Plus500

Plus500 is a forex trading broker and platform that was founded in 2008 in the United Kingdom. The founders of Plus500 are Alon Gonen, Gal Haber, Omer Elazari, Shimon Sofer, Elad Ben-Izhak, and Shlomi Weizmann. Plus500 is a forex broker regulated by the FCA, ASIC, CySEC, MAS, FMA, and FSCA.

The CEO of Plus500 is Asaf Elimelech who has been in the position since 2020. Plus500 has a market capitalization of 2.05 billion USD for May according to updated, official stock information.

In terms of users, as of 2021, Plus500 has more than 304 000 active forex trading accounts. According to official sources, Plus500 has between 1 000 and 5 000 staff members worldwide.

In terms of deposit rates and fees, Plus500 is one of the best forex trading platforms as it has a standard minimum deposit of $100, low trading fees, and commission-free trading.

In terms of trading speed and security, Plus500 guarantees fast trade execution within a few milliseconds and strict, demanding security protocols that ensure that client funds are kept safe.

In terms of markets, Plus500 offers the trade in 2 000 financial instruments that are spread over the following markets:

  • Forex
  • Commodities
  • Cryptocurrency
  • Indices
  • Shares
  • Options
  • ETFs

In terms of trading platforms, Plus500 offers the best trading software in the form of its own proprietary Plus500 trading platforms for:

  1. Desktop (Windows 10)
  2. Mobile (Android and iOS)
  3. Web-trading (all web browsers)

In terms of research, Plus500 offers a newsletter and blog for forex traders. Plus500 offers the following forex tools and education:

  1. Economic Calendar
  2. Risk Management
  3. Alerts
  4. Traders’ Guide
  5. News and Market Insights

In terms of support, Plus500 offers traders with customer support that can be reached 24 hours a day, 7 days a week in the following ways:

  • Online live chat
  • Email
  • Facebook
  • Twitter
  • Instagram

In terms of the service area, Plus500 accepts more than 50 countries from around the world.

In terms of currency types, Plus500 supports the use of several currencies through which deposits and withdrawals can be done, including:

  • USD
  • EUR
  • GBP

In comparison with other brokers, Plus500 is one of the best in terms of trust, commissions, forex trading platforms, tradable instruments, and other unique features.

To get more information, you can read the Plus500 Review.

  •  IG

IG is a forex trading broker and a platform that was founded in 1974, in London, United Kingdom. IG was founded by Stuart Wheeler and is regulated by FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, and MAFF. 

The CEO of IG is June Felix who has held the position for 5 years and 9 months. IG has a market capitalization of 4.536 billion USD according to official stock information.

In terms of users, as of 2021, IG has more than 239 000 registered forex traders. The official staff count of IG is between 1 000 and 5 000 employees.

In terms of deposit rates and fees, IG has a minimum deposit rate of 250 USD and low trading fees. The trading commissions for IG start from 0.10% on CFD EU and UK Shares and 2 cents on US Shares.

In terms of trading speed and security, IG executes forex trades in a few milliseconds and uses strict security protocols for client safety.

In terms of markets, IG offers more than 17 000 tradable financial instruments in the following:

  • Forex
  • Indices
  • Shares
  • Commodities
  • Cryptocurrencies
  • Interest rates
  • Bonds
  • ETPs
  • Futures
  • Options

In terms of trading platforms, IG offers the following:

  1. MetaTrader 4
  2. IG Platform
  3. ProRealTime (PRT)
  4. L2 Dealer
  5. FIX API

In terms of research, IG has a daily newsletter and blog for traders. IG offers the following forex trading tools and forex education:

  1. Risk Management
  2. Trade analytics tool
  3. News and trade ideas
  4. Strategies and planning
  5. Seminars and webinars
  6. Financial Events
  7. Glossary and trading terms
  8. IG Academy app

In terms of support, IG can be contacted 24/5 via:

  • Email
  • Telephone
  • Twitter
  • Live Chat
  • LinkedIn
  • Facebook

In terms of the service area, IG does not restrict traders from any country.

In terms of currency types, IG supports the following currencies:

  • USD
  • GBP
  • EUR
  • CAD
  • AUD, and several more.

In comparison with other brokers, IG is one of the best forex brokers in terms of the trust, low commissions, trading platforms, and unique features. To get more information, you can read the IG review.

  •  eToro

eToro is a forex trading broker and a platform that was founded in 2007 in Cyprus, United Kingdom, and Israel. eToro was founded by Yoni Assia, Ronen Assia, and David Ring. eToro is regulated by ASIC, FCA, and CySEC.

The CEO of eToro is Yoni Assia who has held the position for 14 years. The market capitalization for eToro is not known, according to official resources.

In terms of users, eToro has millions of registered forex traders from more than 140 countries. According to official sources, eToro has between 500 to 1 000 staff members worldwide.

In terms of deposit rates and fees, the deposit rate of eToro is 200 USD. eToro does not charge forex trading commissions and trading fees are low.

In terms of trading speed and security, eToro has fast trade execution and is a safe forex trading broker and platform.

In terms of markets, eToro offers 2 000 tradable financial instruments, including:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Bonds
  • ETFs
  • CFDs

In terms of trading platforms, eToro offers the eToro forex trading platform on:

  1. Web
  2. Microsoft Windows and macOS Desktop
  3. iOS and Android mobile

In terms of research, eToro has a forex newsletter and a blog. In terms of forex trading tools and education, eToro has the following:

  1. eToro Trade Markets
  2. eToro Instrument feed
  3. eToro Instrument statistics
  4. eToro Instrument chart
  5. eToro Watchlist
  6. eToro Portfolio
  7. eToro News Feed
  8. eToro Copy People
  9. eToro CopyPortfolios

In terms of support, eToro can be contacted 24/5 via:

  • Email
  • Telephone
  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

In terms of the service area, eToro serves forex traders from around the world, excluding the USA, Canada, Japan, Brazil, Turkey, North Korea, Iran, Cuba, Albania, Serbia, Sudan, and Syria.

In terms of currency types, eToro accepts:

  • AUD
  • EUR
  • USD
  • GBP
  • RUB, and others

In comparison with other brokers, eToro is a safe broker with unique features such as:

  • Multi-Asset eToro trading platform.
  • Low forex trading fees and commission-free trading.
  • Free insurance
  • Social trading
  • Opportunity to invest with experts

To get more information, you can read the eToro review.

  • OANDA

OANDA is a forex trading broker and a platform that was founded in 1996 in Delaware, USA. OANDA was founded by Michael Stumm and Richard Olsen. OANDA is regulated by CFTC, NFA, IIROC, FCA, MAS, ASIC, FFAJ, and BVI.

The CEO of OANDA is Gavin Bambury who has held the position since 2019. The market capitalization for OANDA is not known.

In terms of users, the number of users for OANDA is not known. According to official sources, OANDA has 573 employees.

In terms of deposit rates and fees, the deposit rates of OANDA start from 1 USD, depending on the trading account. In terms of fees, OANDA charges tight spreads and low trading fees.

In terms of trading speed and security, trades with OANDA are executed in 0.012 seconds. In terms of security, OANDA has strict regulations, advanced risk management, and strict security protocols.

In terms of markets, OANDA offers 126 tradable financial instruments in the following asset classes:

  • Forex
  • Indices
  • Metals
  • Commodities

In terms of trading platforms, OANDA offers the following:

  1. MetaTrader 4
  2. OANDA forex trading platform

In terms of research, OANDA offers a newsletter and a blog for forex traders. OANDA offers the following forex trading tools and education:

  1. Advanced charting
  2. Market Calendar
  3. Market Insights
  4. Training videos for forex and CFD trading
  5. Trading guides for beginners, intermediate, and advanced forex traders.
  6. Trading articles

In terms of support, OANDA can be reached 24/5 via:

  • Telephone
  • Email
  • Live Chat
  • Facebook
  • Twitter
  • Instagram

In terms of the service area, OANDA does not restrict forex traders from any country.

In terms of currency types, OANDA supports these currencies:

  • USD
  • EUR
  • GBP
  • CHF
  • JPY
  • CAD
  • SGD
  • HKD

In comparison with other brokers, OANDA is one of the best and most trusted brokers. In terms of unique features, OANDA is known for:

  • Advanced charting
  • Algo Lab
  • Pattern Recognition and Price Projection
  • Module Linking
  • OANDA Chart Forum Community
  • Low fees
  • Trust
  • No commissions

To get more information, you can read the OANDA review.

  •  XTB Online Trading (XTB)

XTB Online Trading is a forex trading broker and a platform that was founded in 2002 in Belize. XTB Online Trading was founded by Jakub Zablocki. XTB Online Trading is regulated by the FCA, IFSC, ACPR, BaFin, KNF, CNMV, and CMB.

The CEO of XTB Online Trading is Carl Kirchner who has held the position since 2014. XTB Online Trading has a market capitalization of 2 049.52 million USD, according to official stock information. 

In terms of users, XTB Online Trading has more than 275 000 registered forex traders. According to official sources, XTB Online Trading has 500 staff members.

In terms of deposit rates and fees, the deposit rates of XTB Online Trading start from 250 USD. In terms of trading fees, XTB Online Trading charges low trading fees from 0.5 pips and commissions from 0.08% on Stock CFDs and ETF CFDs.

In terms of trading speed and security, XTB Online Trading has rapid trade execution speeds and trusted security methods.

In terms of markets, XTB Online Trading offers more than 1 500 markets in the following:

  • Forex
  • Indices
  • Commodities
  • Stock CFDs
  • ETF CFDs
  • Cryptocurrencies

In terms of trading platforms, XTB Online Trading offers:

  1. XTB Online Trading xStation 5 trading platform
  2. MetaTrader 4

In terms of research, XTB Online Trading offers a newsletter and a blog for forex traders. XTB Online Trading offers the following trading tools and forex education:

  1. Market Sentiment
  2. Market Calendar
  3. Trading Academy
  4. Trading Articles
  5. Live Webinars

In terms of support, XTB Online Trading has 24/7 online support via:

  • Live Chat
  • Telephone
  • Email
  • Facebook
  • Twitter

In terms of the service area, XTB Online Trading serves most countries but not the USA, Australia, Canada, Japan, South Korea, Singapore, Mauritius, Israel, Turkey, India, Pakistan, Bosnia, Herzegovina, Ethiopia, Uganda, Cuba, Syria, Iraq, Iran, Yemen, Afghanistan, Laos, North Korea, Guyana, Vanuatu, Mozambique, Democratic Republic of Congo, Libya, Macao, Kenya.

In terms of currency types, XTB Online trading accepts:

  • USD
  • EUR
  • GBP
  • HUF

In comparison with other brokers, XTB Online Trading is a trusted forex broker that serves beginner and professional traders. In terms of special features, XTB Online Trading is unique in:

  • Advanced trading technologies
  • Listed on a stock exchange
  • Award-winning
  • Offices in more than 13 countries
  • Innovative technology
  • Best support

To get more information, you can read the XTB Online Trading review.

  •  CMC Markets

XXX is a forex trading broker and a platform that was founded in 1989 in the United Kingdom. Peter Cruddas founded CMC Markets. CMC Markets is regulated by FCA, ASIC, MAS, FMA, and IIROC.

The CEO of CMC Markets is Lord Cruddas, appointed as CEO in June 2004. CMC Markets has a market capitalization of 1.422 million GBP, according to official stock information. 

In terms of users, the number of users for CMC Markets is not known. According to official sources, CMC Markets has 700 staff members.

In terms of deposit rates and fees, CMC Markets does not have an official deposit rate. In terms of fees, CMC markets have a low commission rate of 0.10% and low forex trading fees from 0.3 pips EUR/USD.

In terms of trading speed and security, CMC Markets has fast trade execution, and security is guaranteed by regulation and licensing from top regulators.

In terms of markets, CMC Markets offers more than 10 000 tradable financial instruments spread across:

  • Forex
  • Indices
  • Cryptocurrencies
  • Commodities
  • Shares
  • Treasuries
  • Share baskets

In terms of trading platforms, CMC Markets offers:

  1. MetaTrader 4
  2. Next Generation trading platform
  3. CMC Markets CFD Trading app (iOS and Android)

In terms of research, CMC Markets offers a newsletter and blog to forex traders. CMC Markets offers the following forex trading tools and education:

  1. Pattern Recognition and Price Projection
  2. Module Linking
  3. Chart Forum Community
  4. Client Sentiment
  5. Market Calendar
  6. CMC Markets TV
  7. CMC Market Insights
  8. Trading Videos
  9. Trading Guides
  10. Trading Webinars

In terms of support, CMC Markets can be contacted 24/5 via:

  • Telephone
  • Email
  • Instant Web Chat
  • Twitter
  • Facebook
  • LinkedIn

In terms of the service area, CMC Markets accepts all traders except the United States, Belgium, and several other jurisdictions.

In terms of currency types, CMC Markets accepts the following currencies:

  • USD
  • EUR
  • GBP
  • CHF
  • NOK
  • SEK

In comparison with other brokers, CMC Markets offers trust, low commissions, and the following unique features:

  • Listed on the London Stock Exchange (CMCX)
  • Many trading opportunities
  • Dynamic charting capabilities
  • Fast trade execution speed
  • Risk management options
  • Security of funds
  • Award-winning forex trading broker and platform

To get more information, you can read the CMC Markets review.

  •  AvaTrade

AvaTrade is a forex trading broker and a platform that was founded in 2006 in Dublin, Ireland. AvaTrade was founded by Emanuel Kronitz. AvaTrade is regulated by CBI, BVI FSC, ASIC, FSCA, FSA, FFAJ, ADGM, FRSA, CySEC, and ISA.

The CEO of AvaTrade is Dáire Ferguson. The market capitalization for AvaTrade is not known as there is no official stock information.

In terms of users, AvaTrade has more than 300 000 registered forex trading accounts according to the official AvaTrade website. According to official sources, AvaTrade has 450+ staff members.

In terms of deposit rates and fees, AvaTrade has a deposit rate of 100 USD and zero commission fees. In terms of trading fees, AvaTrade charges 0.9 pips on EUR/USD.

In terms of trading speed and security, AvaTrade executes trades in less than a millisecond. AvaTrade uses strict security protocols to provide a safe trading environment.

In terms of markets, AvaTrade offers more than 1250 tradable financial instruments across:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Options
  • Bonds
  • CFDs, and
  • ETFs

In terms of trading platforms, AvaTrade offers:

  1. MetaTrader 4
  2. MetaTrader 5
  3. AvaTrade AvaTradeGo
  4. AvaTrade AvaOptions
  5. DupliTrade
  6. ZuluTrade

In terms of research, AvaTrade has a newsletter and blog for forex traders. AvaTrade offers the following forex trading tools and forex education:

  1. AutoChartist
  2. AvaTrade Economic Calendar
  3. AvaTrade Market Analysis
  4. Trading Position Calculator
  5. Trading videos
  6. Trading articles and eBooks
  7. Trading webinars

In terms of support, AvaTrade can be contacted 24/5 via:

  • Email
  • Telephone
  • Live Chat
  • Instagram
  • Facebook
  • Twitter

In terms of the service area, AvaTrade accepts forex traders from all countries except the USA, Belgium, and Iran.

In terms of currency types, AvaTrade accepts:

  • USD
  • EUR
  • GBP
  • CHF
  • AUD

In comparison with other brokers, AvaTrade is a trusted forex trading broker that has the following unique sides:

  • Forex trader benefits
  • Award-winning
  • Best forex broker
  • Global regulations
  • Positive trading reviews
  • Bonuses and rewards
  • Automated trading platforms
  • Competitive pricing
  • Multilingual services and support

To get more information, you can read the AvaTrade review.

  • London Capital Group (LCG)

London Capital Group is a forex trading broker and a platform that was founded in 1996 in London, United Kingdom. The founders of London Capital Group are not known according to official sources. London Capital Group is regulated by FCA, CySEC, and SCB.

The CEO of London Capital Group is not known by official sources. The market capitalization of London Capital Group is not known. According to official sources, London Capital Group holds more than 1 billion USD in deposits and over 20 trillion USD in trade volumes.

In terms of users, the number of users of London Capital Group is not known. According to official sources, London Capital Group has 250+ staff members.

In terms of deposit rates and fees, London Capital Group has a deposit rate of $0. In terms of trading fees and commissions, London Capital Group charges spreads from 0 pips and commissions from 10 USD per lot.

In terms of trading speed, London Capital Group has fast trade execution speeds. In terms of security, London Capital Group is a trusted and market-leading forex broker and trading platform that has strict security protocols in place.

In terms of markets, London Capital Group offers more than 7 000 tradable financial instruments from:

  • Forex
  • Spot Metals
  • Indices
  • Shares
  • Commodities
  • Bonds and Interest Rates
  • Vanilla Options, and
  • ETFs

In terms of trading platforms, London Capital Group offers:

  1. MetaTrader 4
  2. London Capital Group LCG trader

In terms of research, London Capital Group has a newsletter for forex traders and an LCG blog. London Capital Group offers forex trading tools and education:

  1. Economic Calendar
  2. Analysis Videos
  3. Technical Analysis
  4. Trading Videos
  5. Trading Guides (23 articles)
  6. Platform Tutorials (22 videos)
  7. Trading Glossary
  8. Webinars and Seminars

In terms of support, London Capital Group can be contacted via:

  • Telephone
  • Email
  • Instant Web Chat
  • Online Contact Form
  • Facebook
  • Twitter
  • LinkedIn

In terms of the service area, London Capital Group accepts traders from many countries, excluding Australia, Belgium, Canada, New Zealand, Singapore, and the United States.

In terms of currency types, London Capital Group accepts:

  • USD
  • EUR
  • CHF
  • GBP

In comparison with other brokers, London Capital Group stands out as a trusted forex broker with these unique sides:

  • 20+ years experience in forex trading
  • Advanced forex trading technology
  • Professional services
  • Low commissions
  • First-class customer services
  • Award-winning forex broker and trading platform

To get more information, you can read the London Capital Group review.

  • Pepperstone

Pepperstone is a forex trading broker and a platform that was founded in 2010 in Melbourne, Australia. Pepperstone was founded by Owen Kerr and Joe Davenport. Pepperstone is regulated by ASIC and FCA.

The CEO of Pepperstone is Tamas Szabo. The market capitalization for Pepperstone is not known as there are no official sources that provide this. According to the official website, Pepperstone processes an average of 9.2 billion USD in trades daily.

In terms of users, Pepperstone has more than 57 000 registered forex traders, according to the official website. According to official sources, Pepperstone has 200+ staff members.

In terms of deposit rates, the deposit rate Pepperstone is 200 USD. The trading fees for Pepperstone start from 0 pips EUR/USD and commissions start from 7 USD round turn per 100K USD traded.

In terms of trading speed, Pepperstone is a trusted forex broker that holds client funds in segregated accounts with tier-1 banks.

In terms of markets, Pepperstone offers more than 700 tradable financial instruments across several asset classes, including:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Bonds
  • CFDs
  • ETFs

In terms of trading platforms, Pepperstone supports:

  1. MetaTrader 4
  2. MetaTrader 5
  3. cTrader

In terms of research, Pepperstone has a newsletter and blog for forex traders. Pepperstone has the following trading tools and forex education:

  1. Smart Trader Tools for Pepperstone MetaTrader
  2. cTrader Automate
  3. API Trading with Pepperstone
  4. AutoChartist with Pepperstone Technical Analysis software
  5. Social Trading and ZuluTrade
  6. VPS Hosting
  7. Pepperstone Webinars
  8. Pepperstone Trading Guides
  9. Pepperstone Market Analysis
  10. Economic Calendar

In terms of support, Pepperstone is available 24/5 via

  • Telephone
  • Live Chat
  • Email
  • Facebook
  • Twitter
  • LinkedIn
  • RSS Feed

In terms of the service area, Pepperstone accepts traders from more than 65 countries except those from the USA, Canada, Japan, Iran, Iraq, Yemen, Zimbabwe, and several other countries.

In terms of currency types, Pepperstone accepts these currencies:

  • USD
  • GBP
  • EUR
  • CHF
  • JPY, and more.

In comparison with other brokers, Pepperstone is one of the largest online forex brokers in the world. Pepperstone has the following unique sides and advantages:

  • Award-winning forex broker
  • Wide range of markets
  • Forex trading education and research
  • Multilingual service and support in more than 12 languages
  • Low-latency and high-speed trade execution

To get more information, you can read the Pepperstone review.

Best Forex Brokers for Different Continents and Levels of Expertise

 

Best Forex Brokers for Different Continents and Levels of Expertise are listed below.

Best Forex Brokers for Beginners

The best forex brokers for beginners are listed below:

  1. Plus500
  2. IG
  3. eToro
  4. OANDA
  5. XTB Online Trading

 

These forex brokers are the best for beginners as they offer beginner-friendly forex trading solutions, trading software, and education to get beginners started.

 

Best Forex Brokers for Experts

The best forex brokers for experts are listed below:

  1. Blackwell Global
  2. Baxter-FX
  3. FXCC
  4. Plus500
  5. House of Borse

 

These forex brokers are classified as the best for expert forex traders. They offer unique, advanced forex trading solutions and a wide variety of sophisticated technology and trading tools.

 

Best Forex Brokers for USA

The best forex brokers for USA are listed below:

  1. IG
  2. TD Ameritrade
  3. OANDA
  4. Forex.com
  5. Interactive Brokers

 

These forex brokers are the best for forex traders in the USA as they have the necessary regulation, advanced trading solutions, and a large range of tradable financial instruments.

The requirements for forex brokers to operate in the USA involves regulation and licensing by the National Futures Association (NFA), which is strict and ensures the necessary security and protection.

 

Best Forex Brokers for Europe

The best forex brokers for Europe are:

  1. Pepperstone
  2. IC Markets
  3. IG
  4. XTB
  5. FXCM

 

These forex brokers are the best as they offer unique trading software, a variety of financial instruments, research and training, and reliable trading speeds.

These forex brokers are regulated by strict entities such as the Financial Conduct Authority (FCA), CySEC, and several others. To operate in Europe, these forex brokers must meet the strict requirements imposed by regulatory entities and other forex trading watchdogs such as MiFID.

 

Best Forex Brokers for Asia

The best forex brokers for Asia are:

  1. XM
  2. Anzo Capital
  3. AvaTrade
  4. Prime XBT
  5. FXCM

 

These forex brokers are the best in Asia as they allow for many forex traders to trade in financial markets. Forex brokers in Asia must have regulation with CySEC, ASIC, FCA, FSA, IFSC, and several others.

 

Best Forex Brokers for Australia

The best forex brokers for Australia are:

  1. IG
  2. Saxo Bank
  3. eToro
  4. FXCM
  5. AvaTrade

 

These forex brokers are the best for Australian traders as they are reputable, award-winning, and trusted. These forex brokers have strict regulation through the Australian Securities and Investment Commission (ASIC) in offering the trade in financial instruments.

 

Best Forex Brokers for South America

The best forex brokers for South America are:

  1. Exness
  2. RoboForex
  3. IC Markets
  4. LiteForex
  5. XM Group

 

These forex brokers are known as the best in South America as they offer services in Spanish as well as Portuguese. They also offer local payments in several South American Countries. These forex brokers are regulated by many reputable entities such as CySEC, ASIC, and FCA, amidst several others.

 

Best Forex Brokers for Africa

The best forex brokers for Africa are:

  1. Exness
  2. RoboForex
  3. IC Markets
  4. Alpari
  5. LiteForex

 

These forex brokers are well-known as the best for African traders. These forex brokers are trusted, award-winning, and they offer a range of trading solutions to most African countries. These forex brokers are regulated by CySEC, FSCA, FCA, and several other reputable entities.