For new traders just starting out on the vast and volatile Forex market, selecting a broker is the first most important step towards long-term trading success.
A Forex broker that is well-suited to beginner traders will provide great customer support, sound regulation, and user-friendly trading features. In this article we explore the 5 best Forex brokers for beginner traders.
1. OctaFX
Overview
OctaFX, an ECN Forex broker, makes it simple to trade CFDs on Indices, Metals, and Cryptocurrencies. A wide variety of trading accounts, copy trading, bonus promotions, and substantial research tools are all available at OctaFX as well.
Because of its low spreads and cheap trading fees, OctaFX is a prominent participant in the foreign exchange sector.
Pros and Cons
| PROS | CONS |
| Ultra-fast execution | No VPS available |
| More than 30 forex pairs available Well-regulated |
No Forex educational tools |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
2. XM
Overview
One of the most well-known brands in the foreign exchange business is XM, according to this XM review. The broker’s upgraded MetaTrader 4 and MetaTrader 5 trading platforms provide access to over 1,000 competitively priced assets.
For Forex traders, the XM Zero account appears to be competitive with a low $5 deposit. Those who have at least a few hundred dollars to spare can expect to pay competitive fees.
Pros and Cons
| Pros Low minimum deposit Comprehensive educational offering Streamlined account opening process |
Cons
Inactivity fee charged after 90 days on live accounts Limited product portfolio |
Features
| Feature | Information |
| Regulation | IFSC, ASIC, CySEC, FCA and DFSA |
| Minimum deposit from | $5 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 commission per $100 000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | $30 Trading Bonus |
| Customer Support | 24/5 |
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3. Markets.com
Overview
Beginner traders can feel confident using Markets.com’s easy services and the company’s fifteen different trading tools when looking for a reliable and trustworthy platform to conduct day trading.
An easy-to-use interface and a wide range of functions make the company’s platform ideal for conducting market research, accessing webinars, and viewing instructional videos.
Pros and Cons
| Pros Commission-free trading Low minimum deposit Tight, fixed spreads Wide range of tradable assets |
Cons Customer support can be slow The best trading conditions are only available on the Pro Account |
Features
| Feature | Information |
| Regulation | CySEC, FCA, ASIC, FSC, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 1.9 pips |
| Commissions from | 1% |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:300 |
| Bonuses | $25 No Deposit Bonus |
| Customer Support | 24/5 |
4. Tickmill
Overview
Fast execution is a top priority for STP broker Tickmill, which relies largely on industry-standard infrastructure. Tickmill is a fantastic choice because it provides comprehensive training resources, free access to premium tools, and favourable trading circumstances.
Pros and Cons
| PROS | CONS |
| Competitive pricing
Well regulated High leverage Advanced trading software STP model |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.1 pips |
| Commissions from | 2 per side per 100,000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
5. IC Markets
Overview
IC Markets has a huge advantage over its rivals in terms of trading volume because of its usage of automated trading algorithms.
MyFXBook and ZuluTrade are two more social trading platforms that IC Markets offers to retail forex and CFD investors.
Pros and Cons
| PROS | CONS |
| Low forex fees
Easy and fast account opening Free deposit and withdrawal |
No Negative Account Balance Protection
Limited number of available CFDs |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
Also Read: Intro to Forex Trading – How Should You Get Started Properly?
