Best online forex brokers

For a complete forex beginner, look for a broker with an unlimited demo account to give you the most practice time.

My list of forex bonuses

Best Forex Brokers and Online Trading Sites for Beginners 2021, best online forex brokers.

If you are feeling confident, then 30-90 days may be fine. When you feel you have the hang of it, you can open a real account, but remember that opening a demo account does not oblige or tie you to that broker in any way. Don’t worry, investopedia has ALL the answers to your doubts. You will see what we mean when you use google to search for information and you always find investopedia among the first positions.

Best forex brokers and online trading sites for beginners 2021

Top rated:

So, you’re about to embark on the world of forex trading and you’re looking for the best forex brokers and the best resources for beginners, right?

We know very well what it means, we have been there.

In this post I didn’t (purposely) insert dozens of brokers or sites.

The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).

“simplicity” is the key word.

Few sites, few resources, few choices, but of course, they are only among the best possible.

And hey… don’t forget we have our own forex market guide for beginners, that will explain with super easy words how this market works. Check it out.

Best forex broker and trading platforms for beginners 2021

The first thing you need is a good forex broker. Among our personal list of the best forex trading platforms for beginners we have.

1. Etoro

Want to try something different from the classic brokers? Then etoro may be right for you. Etoro is the best social trading network in the world.

Basically, with etoro you don’t simply open a normal trading account, but you enter directly into a real social network, populated only by investors, many of whom are professionals.

You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.

The only thing you don’t have at your disposal is an efficient platform like the MT4, but you can only use the etoro webtrader, which is still a good product. Added to this, you have an unlimited opportunity to practice with the etoro demo account which is unlimited and functions just like the real thing.

The other really positive point when it comes to trading on the etoro platform is that it is well renowned as being one of the most user-friendly social trading platforms in the business.

Next on our list of top forex brokers for beginners is another huge name in the industry. XM has been around for many years and is an instantly recognizable top brand in the sector. This brand recognition alone can help in attracting a diverse range of new traders.

There is also plenty to be attracted to with XM. They offer a range of account types, several of which are designed with new traders in mind including the XM micro account. This can be opened with as little as $5 minimum deposit. This means it offers a really easy way to get started with forex trading and you can also use their unlimited demo account.

On top of this, there are great swap-free options if you require an islamic trading account and an abundant education section to keep you learning, with a selection of webinars, videos, and informative tutorials.

3. Avatrade

Avatrade is another top name and well-trusted in the industry. The irish headquartered broker boasts regulatory oversight from a number of the different top bodies in the industry around the world and this is music to the ears of any new trader. They are also one to offer fixed spread trading from 1.3pips so you always know your trading costs.

Their demo account is top quality and available for a 21 day period and with a minimum deposit starting from just $100 then you don’t have to worry about the high start up costs. Negative balance protection from the broker also means you can never lose more than your account balance. Added to that and perfect for learning the ropes, is the avaprotection feature. This, when enabled, actually protects you from losses for a certain period. Ideal for when you are first starting or the market is volatile.

4. FBS

FBS is next to feature on our listing of the best forex brokers if you are new to trading. Again FBS is a broker that allows you access to great value when starting out in the industry. This is showcased by their cent account that can be opened for just $10 minimum deposit and still with the excellent trading conditions you would expect from a top broker.

Another great addition is that of FBS copy trading through their own proprietary platform that can be fantastic for following the trades of others if you are not confident in being out on your own. This is not yet available to european traders though. In that case, you could try the 30-day extendable demo account for an extremely accurate practice with no risk.

FBS is one of the best choices if you want a top named broker with a very low deposit starting point.

5. Oanda

Oanda is the next top broker for beginners to make our collection. There are a number of reasons why this canadian broker can be considered one of the best around. Among these is the fact they bring a huge wealth of experience. From 23 years in the industry, they have also continued to adapt so they remain one of the most user-friendly brokers around. Another hugely attractive point for new traders is that oanda do not have any minimum deposit requirement at all. This and allowing positions lower than $1 to be opened is a great way to manage your risk.

At your disposal here you will also have an unlimited demo account you can open, and if you are non-european then you can link your oanda account with zulutrade to enable a range of copy trading possibilities.

They are perfect if you want to trade with one of the industries biggest brokers at very low risk levels.

6. Hotforex

Next up for consideration as a top forex broker if you are a beginner is hotforex. Like all the names on our list, they are a household name to traders in the industry and a broker with international links around the world. You will be welcomed here with an unlimited demo account providing all the same tools as real trading, and a variety of account types starting from a minimum deposit of $5 -$50. Al round great value for a new trader.

You will have several trading platform options here too from metatrader, though a very popular choice among new traders is the user-friendly and intuitive copy trading platform from hotforex. They also provide a really supportive learning environment with video tutorial, webinars, and more to help you improve as well as keeping your balance safe with negative balance protection employed around the world.

7. IC markets

IC markets also makes the list as a top australian forex broker and a fantastic choice for new traders in the industry. They provide for lightning fast trade execution through their ECN systems and a trading cost that is hard to beat with spreads from 0 pips. All of this is available with a zero minimum deposit, ideal to get you started.

If you are into copy trading, then you can also link your zulutrade account here, but perhaps most importantly for new traders, the educational structure is really great. There are stacks of information available including videos to help you learn and grow in forex trading. You can implement some of these ideas with the unlimited IC markets demo account and even take advantage of the low spreads that are perfect for learning about forex scalping.

8. NAGA trader

Another social trading network, this time of different concept, is naga trader.

Naga trader is defined the “tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.

Naga trader, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.

Basically, being a beginner, you can easily find other traders with whom to share experience and advice. This works as a fantastic alternative to etoro for many new traders in the industry. One of the biggest benefits is the fact that together with having no minimum deposit, cryptocurrency deposits are also allowed.

This can be perfect if you already have a crypto balance or are looking for another top alternative to etoro.

9. FXTM

With FXTM we again have one of the top ECN forex brokers in the world. They have a major name and presence in forex trading worldwide but cater especially well to traders in africa. When you arrive here as a new trader, you will find a huge selection of 6 account types available. This includes a cent account with a $10 minimum deposit, ideal for starting out.

When you are ready, the fast order execution ECN trading account is available with a $500 minimum and you can also choose to try out the FXTM copy trading platform if that is more your thing. The broker is well supported by a solid educational system to help you keep learning and its support of african traders and base currencies in NGN and others make it the best choice for new african forex traders.

10. Instaforex

Last but not least to feature as a top forex broker for beginners is instaforex. Again, they are active around the world but particularly popular with asian traders. An unlimited demo account is immediately available here to help you learn the ropes as a new trader, and even then, the minimum deposit starts from an amazingly low $1. If you already are working with zulutrade then you can link your accounts with instaforex if you are a non european trader too.

Increasing the appeal of this broker is the fact that if you are a new trader to them, you can access a full trading course to continue your development. This could be invaluable to your trading future and make instaforex a great choice for asian traders and other beginners alike.

Best online forex trading sites and resources for beginners

Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.

You need information, and you need top quality.

1. Babypips

You won’t find anywhere else on the web with a better beginners course than the babypips one, called school of pipsology.

Here you can find everything from the very basics, from what forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.

If you want a summarized version of the first part of the school of pipsology, you can consult our guide how forex market works.

2. Investopedia

The forex market is part of a much larger and complex world, the world of financial markets in general.

On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the function of.

Don’t worry, investopedia has ALL the answers to your doubts. You will see what we mean when you use google to search for information and you always find investopedia among the first positions.

3. Forexfactory

The experience of participating in a forum is a very important helping hand in your path of growth, from beginner to expert.

In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.

The forexfactory forum is definitely the biggest and most populated one in the world of forex. Here you can really find some great resources. Sign up and utilize it as much as possible.

Choosing a forex broker for beginners: 5 tips

Armed with all the best information and training, here are five final tips to remember when choosing your first forex broker:

1. Demo account service

Opening a demo account is the best way to get a true feel for both a broker and the trading platform. It is completely no risk practice with virtual funds only, though demo accounts function just like the real thing so it is ideal.

For a complete forex beginner, look for a broker with an unlimited demo account to give you the most practice time. If you are feeling confident, then 30-90 days may be fine. When you feel you have the hang of it, you can open a real account, but remember that opening a demo account does not oblige or tie you to that broker in any way.

2. Low minimum deposit

Typically, the standard minimum deposit with many top forex brokers is $200. With that said, the market is very competitive so you can now find some brokers as above, with no minimum deposit at all, or one that is very low. This means, lower risk for you and is something you should be on the lookout for.

3. Risk management services and tools

One of the key things you want to make sure of as a forex trader, is that you are protected. As a new trader, you may not know all the points about each regulation yet. You should know though that things like negative balance protection, segregated funds, and margin stop losses, are all positive features for your protection. These are all mandatory within europe and the UK thanks to ESMA regulations. Outside these areas though, be sure to research the regulator of your broker first.

4. Education section

We never stop learning. Especially if you are new to forex trading, make sure you find a top broker with a great educational infrastructure, and be sure to use it. This means taking the lessons, watching the videos, attending the webinars, and everything they offer. Learn about the platforms too as this can stand you in good stead for the future with many brokers using the same trusted trading platforms like MT4, MT5, and ctrader.

5. User friendliness

Nobody likes a complicated layout when they are learning something new. Look for a broker that makes the process easy to understand and as user-friendly as possible. Etoro, their site, and proprietary platform is a good example of one that is very good in this respect.

Not feeling confident? Try copytrading!

If you still have not built the confidence, or maybe you just want to save time, or sit back and let others do the trading. In that case, why not try copy trading? This allows you to literally copy the trades of others and earn or lose depending on the profit and loss of that person.

There are a variety of ways to copy trade, they may be built into the broker platforms like etoro, or could be offered by third-party brokers like zulutrade. They are one of the best copy trading platforms around.

You can open an account with them and connect it with your regular broker account to start copying other traders as long as you have a balance of at least $100. As you will have seen above, zulutrade has connections to many of the top forex brokers if copy trading is more your style.

Did you know that thanks to social trading you don't have to be a trader to earn like one? OPEN AN ZULUTRADE ACCOUNT AND TRY!
74-89% of retail CFD accounts lose money

Best forex brokers for beginners in 2021

The forexbrokers.Com annual forex broker review (five years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

The best forex brokers for beginners offer three essential benefits. The first, and most important, they are a regulated and trusted brand that offers a user-friendly web-based platform. Second, they provide a strong variety of educational resources. Third, they provide access to quality market research.

In our review of forex and CFD broker offerings, we spent endless hours opening demo accounts, navigating forex platforms, conducting market research, testing website usability, as well as watching educational videos and webinars.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-82% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

What is forex trading?

Forex trading is the process of exchanging one currency for another, known as buying or selling currency pairs, based on prevailing exchange rates from the forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average, per day.

What is a forex broker?

When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.G. "EUR / USD" (euro / U.S. Dollar). You open an account, deposit funds, then use the broker's trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.

To learn more about the basics of trading forex, we recommend the school of pipsology alongside the NFA's trading forex booklet.

The best forex brokers for beginners

Here's a summary of the best forex brokers for beginner forex traders.

Plus500 - best for beginners overall

IG - excellent education, most trusted

Etoro - best trading platform for copy trading

Avatrade - quality educational resources

CMC markets - best web trading platform, excellent education

XTB - best customer service, great education

OANDA - quality research, user-friendly platform

Best for beginners overall - visit site

Plus500 is a trusted global brand that offers retail forex and CFD traders an easy-to-use platform and a thorough selection of tradeable instruments. While educational materials are limited, the plus500 web-based trading platform is extremely user-friendly, making it excellent for beginner forex and CFD traders. Disclosure: being good for beginners does not mean it is easier to make money. Trading is risky. (76.4% of retail investor accounts lose money) read full review

Excellent education, most trusted - visit site

Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, competitive pricing, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in 2021. (75% of retail investor accounts lose money) read full review

Best trading platform for copy trading - visit site

Etoro is excellent for social copy trading and cryptocurrency trading, and is our top pick for both categories in 2021. Furthermore, etoro offers a user-friendly web platform and mobile app that is great for casual investors, including beginners. (75% of retail investor accounts lose money) read full review

Quality educational resources - visit site

Avatrade is a trusted global brand best known for offering traders an extensive selection of trading platform options. Our testing found avatrade to be great for copy trading, competitive for mobile, mostly in line with the industry average for pricing and research, and a winner for investor education. (73% of retail investor accounts lose money) read full review

Best web trading platform, excellent education - visit site

When it comes to education, CMC markets competes with the best in the industry by offering forex and CFD traders a diverse selection of education in a variety of formats, including written articles, video updates, podcasts, and live webinars. Education aside, the CMC markets next generation trading platform is fast, reliable, and comes packed with tools and features. (76% of retail investor accounts lose money) read full review

Best customer service, great education - visit site

As a trusted multi-asset broker, XTB offers traders outstanding customer service and an excellent trading experience overall thanks to the xstation 5 trading platform. I was left impressed with XTB's education offering, thanks to its extensive written content and video materials. The only drawback is a lack of live webinars currently, although archived recordings are available. (82% of retail investor accounts lose money) read full review

Quality research, user-friendly platform

As a trusted global brand, OANDA provides forex and CFD traders a limited offering of FX pairs and cfds but stands out for its reputation and quality market research. OANDA's trading platform suite, fxtrade, is easy-to-use for new forex traders. OANDA provides a good balance of educational materials in both written and video formats, along with webinars conducted by its staff. (73.5% of retail investor accounts lose money) read full review

Educational materials comparison

Taken from our forex broker comparison tool, here's a comparison of the education features for the best forex brokers for beginners.

Feature	plus500 visit site	IG visit site	etoro visit site	avatrade visit site
has education - forex	no	yes	yes	yes
has education - cfds	no	yes	no	no
client webinars	no	yes	yes	yes
client webinars (archived)	no	yes	no	yes
videos - beginner trading videos	no	yes	yes	yes
videos - advanced trading videos	no	yes	yes	yes
investor dictionary (glossary)	no	yes	yes	yes

How much money do you need to trade forex?

While some forex brokers do not require a minimum deposit to start trading forex, most do. Unless opening a demo account, which uses virtual money to practice, most forex brokers require a minimum deposit of between $100 - $250 to start trading.

What are the most popular currency pairs?

The seven most frequently traded currency pairs (also known as the “majors”) are EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, NZD/USD, and USD/CAD. Approximately 85% of all forex trades take place across these seven pairs.

Can you get rich by trading forex?

While some forex traders will be able to get rich trading forex, the vast majority will not. Forex trading is risky. Historically speaking, several hedge fund managers have been able to get rich trading forex. For example, george soros made over £1 billion in profit by short selling the sterling in 1992.

How do I start trading forex?

First, it is important to practice. Start by opening a demo account so you can get used to the trading platform and tools. Reading books is also important to learn how to conduct market research and perform technical analysis. Then, when ready, open an account, fund it, and start trading.

How do I choose a forex broker?

To select a forex broker, start by looking for brokers that are regulated in your country. Next, read full length forex reviews to assess the trading costs, tools, research capabilities, customer service, and other features of each forex broker. Finally, compare your top two choices side-by-side to decide on a winner.

Which forex brokers accept US or non-US clients?

Forex brokers who hold regulatory status in the US can accept US-based clients. Meanwhile, forex brokers who accept non-US clients will usually need to hold licenses in the countries where their clients reside.

For example, if you reside within the european union (EU), you will be able to open an account with an EU-regulated broker. In contrast, if you live in a US state, you will need to open an account with a US-regulated broker.

The best forex trading platforms for beginners

Plus500 - webtrader

IG - IG web platform

Etoro - etoro copytrader

Avatrade - avatrade webtrader

CMC markets - next generation

XTB - xstation 5

OANDA - fxtrade

Methodology

For our 2021 forex broker review we assessed, rated, and ranked 27 international forex brokers. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex risk disclaimer

"there is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." learn more.

About the author: steven hatzakis steven hatzakis is the global director of research for forexbrokers.Com. Steven previously served as an editor for finance magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

About the author: blain reinkensmeyer as head of research, blain reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, blain has been quoted in the new york times, forbes, and the chicago tribune, among others.

Trading cfds, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading cfds with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how cfds, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The forexbrokers.Com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this website (www.Forexbrokers.Com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with forexbrokers.Com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses forexbrokers.Com or any of its reviews, products, or services. Forexbrokers.Com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

Plus500uk ltd is authorised and regulated by the financial conduct authority (FRN 509909).

IG - 76% 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.

Advertiser disclosure: forexbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While forexbrokers.Com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by forexbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.

Best forex brokers for beginners in 2021

What is forex trading?

What is a forex broker?

To learn more about the basics of trading forex, we recommend the school of pipsology alongside the NFA's trading forex booklet.

The best forex brokers for beginners

Here's a summary of the best forex brokers for beginner forex traders.

Plus500 - best for beginners overall

IG - excellent education, most trusted

Etoro - best trading platform for copy trading

Avatrade - quality educational resources

CMC markets - best web trading platform, excellent education

XTB - best customer service, great education

OANDA - quality research, user-friendly platform

Best for beginners overall - visit site

Excellent education, most trusted - visit site

Best trading platform for copy trading - visit site

Quality educational resources - visit site

Best web trading platform, excellent education - visit site

Best customer service, great education - visit site

Quality research, user-friendly platform

Educational materials comparison

Taken from our forex broker comparison tool, here's a comparison of the education features for the best forex brokers for beginners.

Feature	plus500 visit site	IG visit site	etoro visit site	avatrade visit site
has education - forex	no	yes	yes	yes
has education - cfds	no	yes	no	no
client webinars	no	yes	yes	yes
client webinars (archived)	no	yes	no	yes
videos - beginner trading videos	no	yes	yes	yes
videos - advanced trading videos	no	yes	yes	yes
investor dictionary (glossary)	no	yes	yes	yes

How much money do you need to trade forex?

What are the most popular currency pairs?

Can you get rich by trading forex?

How do I start trading forex?

How do I choose a forex broker?

Which forex brokers accept US or non-US clients?

The best forex trading platforms for beginners

Plus500 - webtrader

IG - IG web platform

Etoro - etoro copytrader

Avatrade - avatrade webtrader

CMC markets - next generation

XTB - xstation 5

OANDA - fxtrade

Methodology

Forex risk disclaimer

Plus500uk ltd is authorised and regulated by the financial conduct authority (FRN 509909).

IG - 76% 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.

Best online brokers for forex trading in january 2021

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All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication.

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Trillions in currency are zipping around the world, 24 hours a day, five days a week, making the foreign exchange (also known as forex or fx) markets the world’s most active. Fortunes can be won and lost quickly, as brokers routinely let traders borrow heavily to finance their speculations.

If you’re looking to get in on this action, you’ll need a broker who deals in currency, and many of the big names in stock trading simply don’t offer this feature. Because the markets are so different, you’ll also need to evaluate a forex broker on different criteria from what you would use on a stock broker.

Below are some top forex brokers, including a couple that allow customers to trade cryptocurrencies.

Here are the best online brokers for forex trading in 2021:

What to consider when choosing a forex broker

While you may be familiar with many of the brand-name online stock brokers, only some of them deal in forex trading. Instead, a plethora of more specialized niche brokers populate the space, and they may cater to high-volume currency traders looking for every possible edge.

But regardless of which kind of broker you’re targeting, you’ll want to focus on at least a few features that are common to any forex broker:

Pricing: forex brokers have two ways to price their services: by baking the price into the buy-sell spread or on a commission basis. Spreads are often quoted in pips, or one ten-thousandth of a point.

Leverage: how much leverage will the broker let you assume? In general, traders are looking for a higher amount of leverage to magnify the moves in the currency market. The level may differ on the liquidity of the currency.

Currency pairs: A handful of major pairs dominate trading, but how many other pairs (minors, exotics) does the broker offer? The most popular currencies include the U.S. Dollar, the euro, the japanese yen, the U.K. Pound and the swiss franc.

Spreads: how wide are the broker’s spreads for trades? The larger the spread, the less attractive the trade. Of course, brokers who charge a spread markup will tend to have wider spreads because that’s how they get paid.

Investors looking to buy cryptocurrency may be able to do so through some of the traditional stock brokers such as TD ameritrade or robinhood. These have been noted below, though the trading works differently from regular forex trading as described above.

One downside for american traders is that many top forex brokers are based in the U.K. And simply won’t accept them because of their citizenship. The brokers below are all fine for americans, however.

Overview: top online forex brokers in january 2021

TD ameritrade

TD ameritrade offers a range of tradable products, and currency really rounds out its portfolio. Currency traders are able to use the broker’s highly regarded thinkorswim trading platform, and can also trade on a couple of mobile apps.

The broker uses spread pricing and offers 50:1 leverage, which is the legal maximum permitted in the U.S. It offers more than 70 currency pairs, providing plenty of options. TD ameritrade also allows clients to trade bitcoin futures, though you’ll need to get approval to trade futures, and pricing uses the broker’s futures scheme.

(charles schwab has purchased TD ameritrade, and will eventually integrate the two companies.)

Pricing: spread

Maximum leverage: 50:1 on major currencies; 20:1 on minors

Currency options: 73 pairs

Forex.Com

Like its name suggests, forex.Com specializes in currency trading (though it trades in metals and futures, too) and it offers a plethora of attractive features. Clients can select the pricing structure that suits them best: spread or commission, or the broker’s STP pro pricing, where prices come from global banks and others with no additional markup.

Forex.Com also gives traders access to more than 80 currency pairs, and its success with clients has the broker declaring that it’s the no. 1 forex broker in the U.S., in terms of assets held with the broker.

Pricing: spread and commission, depending on account type

Maximum leverage: up to 50:1

Currency options: more than 80 pairs

Ally invest

Ally invest is better known as a low-cost stock broker (and for its especially good prices on options trades), but currency trading really adds some breadth to its offerings. Ally is a good choice for traders just starting out, and it offers more than 80 currency pairs and easy-to-use charting software, including a mobile app.

Ally also allows you to open a $50,000 practice account so that you can see how currency trading works, even if you don’t intend to actually trade. Given the difficulty of forex trading, that’s a great resource for beginners to try it out.

Pricing: spread

Maximum leverage: up to 50:1

Currency options: more than 80 pairs

IG

IG is a more specialized broker focused on forex, and it’s open to american investors. It’s a high-powered broker that nevertheless offers many features, such as a demo account, that may help novice traders. The broker offers a web platform, a mobile app and access to metatrader4 and prorealtime platforms.

IG allows spreads as low as 0.8 pips, and says that its pricing is up to 20 percent lower on the euro-dollar pair than the top two U.S. Brokers. The broker also provides an extensive range of charting capabilities across its platforms.

Pricing: spread

Maximum leverage: up to 50:1

Currency options: more than 80 pairs

Robinhood

Robinhood doesn’t offer traditional currency trading, but it does bring the slick, easy-to-use interface it’s known for to the crypto space. Here clients can trade a range of cryptocurrencies, including some of the most popular. Tradable currencies include bitcoin, ethereum, litecoin and dogecoin, among a total of seven types of cryptos. You’ll also be able to get quotes on 10 other digital currencies.

Like its core brokerage that offers free trades on stocks and options, crypto trading is also gratis (free) on robinhood.

Fxdailyreport.Com

The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

Top best forex trading brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

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