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6 Best Forex Brokers for Beginners: 2024 Edition

Looking for the top broker for beginners? Based on our hands-on analysis, we’ve identified 6 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Dan Blystone
Reviewed By:
Ola Alder
Updated: Oct 7, 2024

List of Top Forex Brokers and Trading Platforms for Beginners

Best brokers for US traders

tastyfx - Best Overall in the US
80+ forex pairs. Margin from only 2%. Low spreads. IG Academy education.

Plus500 US - Best Futures Trading Platform in the US
Wide range of futures markets. Easy to use app. Standard and mini contracts. Plus500 Futures Trading Academy.

Best brokers for international traders

FP Markets - Best Overall
Straightforward account application. Regulated by the top-tier regulators. Competitive spreads.

FXTM - Best MT4
Multiple educational videos and guides. More than 1200 tradable instruments. Reliable customer support. Competitive spreads and commissions.

IC Markets - Best Low Spreads
Tight spreads. Technical analysis tutorials. Range of account types.

AvaTrade - Best Trading App
Intuitive mobile app. Multiple trading platforms. Risk management tool AvaProtect. CFDs and Vanilla options trading. Competitive fees.

How did FXEmpire choose the best brokers for beginners?

FXEmpire's Methodology

We thought hard about the needs of beginners in the forex markets and focused on the points that benefit this group of traders the most.

  • Regulation Compliance: We prioritized the brokers that are stringently regulated and conform to the highest safety standards in the industry.
  • Beginner-Friendly Platforms: We focused on brokers offering intuitive platforms that have an easy learning curve, with comprehensive educational resources and tools.
  • Suitable Accounts: We selected brokers that offer account types specifically tailored to beginners, featuring lower risk levels and simpler trading structures. We also confirmed that the brokers offer demo accounts, allowing beginners to test the platform before investing real money.
  • Customer Support: We confirmed the brokers provide reliable customer service available via various channels.
  • Affordable Costs: We assessed the brokers’ fees, spreads, and other trading costs, choosing those offering competitive and transparent pricing suitable for beginners.
  • Educational Resources: We prioritized brokers that offer extensive educational materials, including webinars, articles, and training modules, to help beginners understand the Forex market.
  • Ease of Use: We selected brokers with straightforward account opening processes and easy-to-navigate platforms, ensuring a seamless experience for first-time traders.

Our team of experts has identified each broker’s strengths and weaknesses using FXEmpire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Best Overall

FP Markets

4.6
Start Trading
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

Sydney, Australia-based FP Markets was founded in 2005 and has entities regulated by top-tier CySEC and ASIC. With over 10,000 instruments across stocks, indices, forex, commodities, and cryptocurrencies, traders can experiment across a broad range of markets.

Opening an account with FP Markets is fast and very simple. There are two main accounts available – the Standard Account, which is commission-free, and the Raw Account, which is commission-based, but with tighter spreads. Live chat support is on hand to help prospective traders through the account opening process.

FP Markets has an extensive range of educational materials that are great for beginner traders. These include educational videos, platform tutorials, and live webinars. A user-friendly app rounds out a solid offering for newcomers to the markets.

Pros
  • Fast, simple account opening process.
  • No withdrawal fees.
  • Impressive range of tradable instruments.
  • Competitive spreads in forex pairs.
Cons
  • St. Vincent & Grenadines entity is unregulated.
FP Markets Review

Best MT4

FXTM

4.4
Start Trading
Online Forex/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading Online Forex/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. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of Exinity Capital East Africa Ltd based on the legal requirements in his/her country of residence.
  • Min Deposit
    $200
  • Tradable Instruments
    593
  • Fees
    Medium

The reason why beginners choose FXTM as their preferred partner for trading on the renowned MetaTrader 4 platform is owing to a combination of several key factors. The derivatives broker, which offers access to more than 1200 tradable instruments across FX pairs, commodities, stocks, and more, also provides robust supporting materials.

FXTM’s educational content features a wide selection of videos and educational guides. Most of the materials focus on technical analysis (understanding price action behavior). Novices can also learn about risk management, which I consider crucial for long-term success.

The broker incorporates the MetaTrader 4 platform, which features 50+ analytical tools (technical indicators, drawing tools, and other chart configurations) and can be used to carry out basic technical analysis. The platform also offers some of the most used order types (market, limit, stop).

I measured the spreads and commissions on an FXTM Advantage account and estimated that they were better than the industry average. The account type features a $5 round-turn commission ($2.5 for opening and $2.5 for closing a position) plus raw spreads from 0.0 pips.

Pros
  • Extensive educational content
  • Highly informative research content
  • Wide choice of tradable instruments
  • Competitive trading fees
Cons
  • The EU entity no longer accepts retail traders
FXTM Review

Best Low Spreads

IC Markets

4.5
Start Trading
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
  • Min Deposit
    $200
  • Tradable Instruments
    2245
  • Fees
    Low

Sydney, Australia-based IC Markets is licensed by multiple regulators globally, including the top-tier CySEC and ASIC. This broker has blazed a trail with fees that beat the industry average.

Our tests showed spreads as low as 0.6 pips in EUR/USD and 0.5 in the Dax 40. Tight spreads can make all the difference, especially for highly active traders. In addition, IC Markets keeps costs to a minimum by not charging an inactivity fee or any fees for deposits and withdrawals. In these areas, IC Markets is undoubtedly better than the industry average.

IC Markets delivers in education and scored full marks for this category. From our in-depth research, there is a wealth of beginner-friendly content covering technical and fundamental analysis. Regular webinars allow clients to learn from experienced traders in a live environment.

The broker provides access to the widely-used Metatrader 4 and 5 platforms, which includes a demo account option for new traders to gain experience. IC Markets could be a good match if you’re a beginner but have aspirations to develop into an advanced or professional trader.

Pros
  • Tight spreads.
  • No inactivity fees.
  • No fees for withdrawals.
  • High-quality education resources.
Cons
  • Trading platforms present a learning curve.
IC Markets Review

Best Trading App

AvaTrade

4.6
Start Trading
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

AvaTrade is one of the most easily recognizable brands in the trading industry because of its layered services, affordable prices, and versatile platforms. The broker is headquartered in Ireland and was established in the distant 2006. AvaTrade is also tightly regulated and offers access to over 840 tradable instruments.

I concluded that novice traders stand to gain quite a bit from AvaTrade’s intuitive and robust trading app – AvaTradeGo. I tested the app over several days by executing several positions. Order execution is extremely simplified, and even first-time traders can quickly get accustomed to the app’s design.

AvaTradeGo is perfect for traders who need to monitor their portfolio’s performance on the go and make timely adjustments if necessary. Another great advantage of the app is that traders can read penetrating research content directly from it.

I also assessed AvaTrade’s fees by opening a regular CFD trading account. It features commission-free trading and floating spreads starting from 0.9 pips. I evaluated AvaTrade’s prices as better than the industry average.

Pros
  • Tightly regulated.
  • Choice of platforms.
  • Options trading.
  • Affordable prices.
Cons
  • High inactivity fee.
AvaTrade Review

Best Overall in the US

tastyfx

4.4
Start Trading
Forex trading involves risk. Losses can exceed deposits.
  • Min Deposit
    $250
  • Tradable Instruments
    82
  • Fees
    Low

tastyfx is a new brand name of IG US and a part of IG Group, which is listed on the London Stock Exchange and is regulated worldwide. In 2019, it brought margin-based forex trading to U.S. residents. tastyfx is registered with the Commodity Futures Trading Commission (CFTC) and is also a member of the National Futures Association (NFA).

I found an excellent range of 80 forex pairs available to trade on. These include major, minor, exotic, and emerging market currencies. The markets are easily viewed from the broker’s feature-rich yet beginner-friendly proprietary tastyfx Web Platform or the more advanced MT4 and ProRealTime platforms. During our live fee test, the spread for EUR/USD averaged 0.8 pips, beating the 1.0 pip industry average for a commission-free trading account.

High-volume traders can access cash rebates, lowering the overall cost. For example, trading more than $100 million in notional value a month can gain a 5% spread rebate. The margin rates for trading are also low, with only 2% on EUR/USD. This means you can open a $100,000 position with only $200. For beginner traders, the tastyfx’s educational section is well worth visiting as it provides high-quality and in-depth articles and courses regarding forex trading.

Pros
  • Multiple trading platforms.
  • Low spreads.
  • Spread rebates for high-volume traders.
  • Excellent educational content.
Cons
  • Only forex pairs are available.
tastyfx Review

Best Futures Trading Platform in the US

Plus500 US

4.5
Start Trading
Trading with leverage comes with a high risk and may not be suitable for everyone.
  • Min Deposit
    $100
  • Tradable Instruments
    52
  • Fees
    Low

Established in 2008, Plus500 is a globally regulated broker listed on the London Stock Exchange. In 2022, it launched its Futures Trading App exclusively for U.S. residents. On top of 13 forex futures contracts, users can trade futures contracts in 10 equity indices, 23 commodities, 4 interest rates, and 2 cryptocurrencies.

In our live fee test, I found the spread for the current EuroFX futures contract was 0.5 pips during the London open and 1.0 pips during the New York open. The industry average is 1.0 pips. Both standard and micro futures contracts are available with commissions starting from $0.49 per contract. There are no routing or platform fees.

The mobile trading app is easy to use and an excellent option for beginner traders. Advanced traders may be left wanting more features. The Plus500 US Futures Trading Academy is an excellent resource of educational materials tailored to beginner and intermediate futures traders.

Pros
  • Easy to use futures app.
  • Zero platform and routing fees.
  • Extensive range of futures contracts.
  • Futures Trading Academy resources.
Cons
  • Micro contracts not available on all currency markets.
Plus500 US Review

How to choose a forex broker as a beginner trader?

When looking for a beginner-friendly broker, you should consider the following points.

How to find a safe forex broker for beginners?

Take into account the regulatory status of the broker. Forex brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency.

Tip: You can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

We are aware that understanding the regulation and assessment of CFD brokers can be complicated for a beginner trader. That’s why we conduct thorough research on each broker’s regulation and transparency. We strongly recommend reading our reviews before trading to ensure that you are trading with a reputable and regulated broker.

Read more about Best regulated forex brokers.

How to choose the best forex trading platform for beginners?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface.

The MetaTrader 4 and 5 platforms have advanced features like backtesting, automated trading, and a wide range of order types but are less user-friendly. Also, check on the availability of a good, broker-designed (proprietary) mobile app. This is especially important as MetaTrader is no longer available on iOS.

Check out our dedicated guides on Best MT4 forex brokers and Best MT5 forex brokers.

Take advantage of the brokers’ demo account. Most of the brokers offer free demo accounts that provide beginners with a risk-free environment to practice and gain experience, familiarize themselves with the platform, test strategies, and improve trading skills.

Explore Best forex demo accounts.

Are the fees competitive?

Working with a broker that keeps costs such as the spread and overnight swap fees to a minimum can make the difference between profit and loss at the end of the day. For example, a spread of 1 pip or less in EUR/USD is competitive and makes it much less expensive to enter and exit positions in the market. This is a crucial point for day traders. Inactivity fees and fees for withdrawing funds are other areas to keep an eye on when considering a broker.

Check out our guide on Best lowest spread forex brokers.

How to choose best account type for beginners?

Demo accounts allow newbies to test their strategies in a risk-free environment. The only difference is that the money is not real – demo accounts have the same trading conditions and available assets to trade as live accounts.

Cent accounts measure balances in cents instead of dollars. They allow new traders to take the important step of trading live with small positions and minimal risk.

Learn more about Best forex brokers with cent accounts.

What is the minimum deposit?

The minimum deposit required in forex trading varies widely depending on the broker and the type of account you choose. Some brokers offer accounts that can be opened with as little as $1 to $10, making forex trading accessible to a wide range of traders, including beginners who may want to start with a small investment.

However, more standard account types typically require higher minimum deposits, ranging from $100 to $500 or more. While a lower minimum deposit may seem attractive, it may come with higher trading costs or limited services. Therefore, it’s important to consider your trading strategy, budget, and the broker’s terms and conditions when deciding on the amount to deposit.

For beginners or those looking to test the waters, starting with a lower deposit and a demo account can be a prudent approach.

Check out our picks of Best no deposit bonus forex brokers.

What is the available leverage?

In forex trading, the available leverage varies widely, largely influenced by the broker and regulatory restrictions in different jurisdictions. In the European Union and the UK, leverage is capped at 30:1 for major currency pairs, while in the USA, it’s limited to 50:1. Some brokers, especially in less regulated regions, might offer higher leverage, up to 1000:1.

Professional traders often have access to higher leverage than retail traders.
For beginners in forex trading, it’s advisable to start with low leverage, such as 10:1 or lower, to minimize risk. While high leverage can increase potential profits, it also significantly raises the risk of loss, making prudent risk management essential.

Is customer support reliable?

As a beginner, having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

Are high-quality educational materials available?

Strong educational materials can provide the guidance needed to succeed in the markets. Look for beginner-friendly materials beyond articles, such as video tutorials, live webinars, and courses.

Our Methodology

In selecting the best forex brokers for beginners, we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform. To provide the most comprehensive view, we break down the brokers according to nine different categories:

  • Trust
  • Fees
  • Platforms and tools
  • Tradable instruments
  • Customer service
  • Deposit and withdrawal
  • Account types
  • Research
  • Education

In our broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed. All our winning brokers listed above have at least one entity licensed by a top-tier regulator.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry. Trading platforms take time to master, but we have already done the legwork for you, and our evaluations highlight their essential features and usability.

FXEmpire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so individual preferences or biases cannot sway our reviews. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Learn more about our methodology here.

For this guide, we prioritized those adhering to strict industry safety standards and offering user-friendly platforms with comprehensive educational resources. We focused on brokers with beginner-friendly account types, including demo accounts, and ensured they provided reliable customer support and competitive fees. Our selection was also based on ease of use, from account opening to platform navigation, to facilitate a seamless trading experience for novices.

Meet Our Writers

The team of forex and CFD writers and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

FAQ

A forex broker is a financial services company that offers traders access to the foreign exchange market, where they can buy and sell currencies. The broker acts as an intermediary between the trader and the market, providing a trading platform, tools, and services to help the trader execute trades and manage their account.
Look for a broker that is regulated by a reputable authority, offers a user-friendly trading platform, and has competitive fees and commissions. Also, prefer a broker with access to deep liquidity that facilitates fast order execution.
A trading platform is a software application provided by the broker that allows traders to examine price action behavior, execute trades and manage their accounts. Look for a platform that is easy to use, offers a range of trading tools and indicators, and is available on multiple devices.
We rated FXCM’s Trading Station platform best for beginners. Mastering it is fairly easy, which is helped by its easy-to-navigate interface. The Trading Station has in-built analytics tools, and a broad range of technical indicators, drawing tools, order types, and more. Also, we found FP Markets as the best overall broker for beginners due to its extensive range of educational materials and user-friendly app rounds out a solid offering for newcomers to the markets.
Leverage is a tool that allows traders to control a larger amount of money in the market than they have in their trading accounts. For example, if a trader has a leverage ratio of 1:100, they can control $100,000 in the market with a deposit of $1,000. In that regard, the leverage multiplies potential profits and losses, so it should be used with caution.
You can start trading forex with as little as $10. The minimum deposit required to open a forex trading account varies depending on the broker and the account type. Usually, the higher the minimum deposit required to open an account, the better the conditions in terms of spreads and commissions. Most brokers also offer free demo accounts. But keep in mind that leverage trading entails significant risks, and starting with such a small amount will expose you to adverse market volatility.
Yes, most of the brokers offer a free demo account which we highly recommend to start your trading journey. Note you will not be able to generate any real profits there.
Based on our research, we found that IC Markets offers the most competitive trading fees. Its clients can take advantage of commission-free trading and low floating spreads.
Forex brokers typically offer several types of retail accounts, including standard accounts, mini accounts, and demo accounts. Standard accounts require a higher minimum deposit and offer more features, while mini accounts require a lower minimum deposit and have lower trading costs. Demo accounts allow traders to practice trading without risking real money.
Forex brokers typically offer several funding methods, including bank transfers, credit cards, and online payment services. Choose a funding method that is convenient and secure, and be aware of any fees or processing times.
Forex trading involves a high level of risk and is not suitable for all investors. Traders can lose money due to high market volatility and not knowing how to use leverage. There are also indirect risks, such as falling victim to a forex scam or becoming psychologically strained because of the significant stress associated with trading. That is why it is vitally important for traders to have reliable trading strategies and know who they are doing business with.

About the Author

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.