Page Summary
The best forex brokers for beginners are Plus500, Pepperstone, eToro, Interactive Brokers, AvaTrade, Saxo Bank and XTB. Plus500 is a trusted online broker with an easy-to-use trading platform. AvaTrade offers quality educational resources. XTB has an excellent learning center and customer service.
Each forex broker has strengths and weaknesses. This article discusses the best forex brokers for beginners.
The Top 7 Forex Brokers For Beginners
- Plus500 – is the best forex broker for beginners with qualitative tools and learning materials
- Pepperstone – for traders at all levels
- eToro – is the leading social trading broker with useful research and education tools
- Interactive Brokers – great online broker for professional traders
- AVAtrade – is one of the industry leaders with a dedicated learning center
- Saxo Bank – outstanding broker with superb desktop, mobile, and web platforms
- XTB – offers the best customer service and learning tools
| RANK | BROKER | GENERAL | PLATFORM SCORE | BEST FOR | WEBSITE |
|---|---|---|---|---|---|
| #1 | Plus500 | Best tools and learning materials | 3,7/5 | Best for beginners | Official website |
| #2 | Pepperstone | Excellent customer service | 3,8/5 | For traders at all levels | Official website |
| #3 | eToro | Useful research and education tools | 4,9/5 | Social trading | Official website |
| #4 | Interactive Brokers | Best news feed and research tools | 4,9/5 | Best for professional traders | Official website |
| #5 | AVAtrade | Low trading fees | 4,9/5 | Best learning center | Official website |
| #6 | Saxo Bank | First place for Platform & Tools | 4,9/5 | Superb desktop, mobile, and web platforms | Official website |
| #7 | XTB | Best learning tools | 3,4/5 | Best customer service | Official website |
TOP 7 Forex Brokers For Beginners in Overview:
1. Plus500 – Best Forex Broker For Beginners With Qualitative Learning Tools
Min Deposit: $100
Fees: 3.5
Assets available: 2.9
Total Fees:
Plus500 is a top online broker with a transparent fee policy and funding process. It has top-tier licenses, including the FCA, MAS, and ASIC.
This broker has a proprietary platform with desktop and web versions. It has some useful trading tools, including an economic calendar. Plus500 offers a demo account, a valuable learning tool.
Pros
- Over 2,800 available assets
- Multiple order types and technical indicators
- Excellent customer service
Cons
- Relatively high fees compared to other brokers
Key features
- Access to almost 3,000 CFDs on shares, forex, commodities, indices, ETFs, and cryptocurrencies
- Beginner-friendly trading platform
- Low, floating spreads
- Advanced (conditional) order types available such as GSOs and TSOs
- Customer service available in English, Arabic, and other languages
- Free unlimited demo paper trading account
77% of retail CFD accounts lose money
2. Pepperstone – For Traders At All Levels
Min Deposit: $200
Fees: 4.9
Assets available: 2.5
Total Fees:
Pepperstone is a trustworthy forex and CFD broker with excellent customer service and account opening processes. It has licenses from the FCA, DFSA, and ASIC.
Pepperstone is a good fit for traders at all levels, from casual to professional. It is a leading provider of educational features and materials, including trading guides. This broker has a broad range of desktop and web platforms, including the MetaTrader suite. These come with useful tools, including copy trading and cTrader.
Pros
- Great for algorithmic and copy traders
- Multiple platform add-ons
- Competitive fees and commissions
- Advanced social trading features
- Excellent education and research section
- Competitive fee structure for day
Cons
- Lack of video educational resources
- Advanced order types missing
- Customer support not in Arabic
Key features
- 600 + stocks as CFDs available
- Great variety of trading platforms (MetaTrader + cTrader)
- Multiple advance trading add-ons
- Social trading features
- Competitive pricing for active traders
74-89% of retail CFD accounts lose money
3. eToro – Best Social Trading Broker With Learning Tools
Min Deposit: $200
Fees: 4.8
Assets available: 4.8
Total Fees:
79% 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. eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD
eToro provides a superior social trading experience with its proprietary platforms. It is a highly regulated broker with licenses from the ASIC and FCA. eToro has a dedicated social trading space and learning center.
This broker offers a demo account, a professional app, and a proprietary platform. It has world-class social trading tools, including social sentiment.
Pros
- Access to over 4000+ tradable symbols
- Great overall market coverage
- Easy to use mobile trading app and platforms
- Industry leading social/copy trading app
- Great cryptocurrency trading features
- Responsive customer support
Cons
- Algorithmic trading not available
- Forex and CFD fees above industry average
- Education and research tools missing
Key features
- Sophisticated social-copy trading features
- Multiple different payment options
- Crypto exchange and brokerage services on the same dashboard
- Super fast registration and KYC on-boarding process
- Zero commission stock trading
- Great ease of use level
79% 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. eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD
4. Interactive Brokers – Great Online Broker for Professional Traders
Min Deposit: 0 ($2000 for margin account)
Fees: 4.9
Assets available: 4.9
Total Fees:
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
Interactive Brokers is a great online broker for professional traders based on its Trader’s Workstation platform, zero commission trades, 70 optional order types and over 137 global assets to trade. The Client Portal web platform, extensive educational material, Traders Academy and $0 ETF and stock trades makes them a great broker for beginners as well.
Their news feed and research tools are second to none. IBKR is the natural next step for those who may have outgrown their current broker’s offerings. It is ideal for those looking to apply more complex strategies.
Pros
- Best market coverage in the industry (100k+ assets on different instruments)
- Access to 16,500 shares and 8,000 stocks as CFDs
- Professional trading platform suitable for different types of traders
- Intuitive and easy to use mobile trading app
- Industry leading fee structure
- Compatible features for casual and professional traders
- Responsive customer support
Cons
- Few deposit and withdrawal options
- Research and education materials missing
Key features
- Margin loan rates on stocks of 1.3%
- Access to 135+ global markets
- Advanced order types, tools and features
- Access to frictional shares
- Lowest commissions in the industry
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
5. AVAtrade – Best Forex Broker With A Dedicated Learning Center
Min Deposit: $100.00
Fees: 4.9
Assets available: 4.9
Total Fees: 0.9 pip
AvaTrade has an excellent offer with low trading fees. It has an in-depth education and research site. AvaTrade offers free courses, videos, and market data.
This broker has a straightforward desktop, web, and mobile platform. It has both MT4 and MT5, including social trading services. Each platform is customizable and offers reliable research, education, and market data.
Pros
- Great Research and Educational tools
- Great Customer support
- Good choice of social trading options
Cons
- Comparing others relatively few trading instruments are offered; offers Forex, CFDs and Binary Options
Key features
- Access to 1250 CFDs and 44 forex options
- Excellent copy trading features
- Advanced mobile trading app (AvaOptions)
- Industry average pricing
- Perfect for casual and advanced traders
- Access to the full meta trader suite
71% of retail CFD accounts lose money
6. Saxo Bank – Outstanding Broker With Superb Platforms
Min Deposit: $2000
Fees: 4.7
Assets available: 4.9
Total Fees:
69% of retail investor accounts lose money when trading CFDs with this provider.
Saxo Bank is an outstanding broker with superb desktop, mobile, and web platforms. Their customer experience is exquisite. The research capabilities and tools are one of a kind. Saxo Bank offers a useful package for traders who cover their high minimum deposit. The pricing is rated ‘Best in Class’ for Platinum and VIP account holders.
Saxo Bank is a trusted, global brand that understands traders. Traders feel assured investing with a trustworthy, global bank. Saxo Bank is rated ‘Best in Class’ across 9 categories, including first place for Platform & Tools, Offering of Investments, and Research (something no other broker comes close to accomplishing).
Pros
- Industry leading market coverage
- Excellent Trading Features with SaxoTraderGo
- Advanced order type and account protection features
- Intuitive and easy to use mobile trading app
- Great education and research materials
- Competitive fee structure for active traders
Cons
- $10,000 minimum deposit for UAE users
- High time investment to set up
- Only for advanced traders
Key features
- 40.000 tradable symbols available (crypto derivatives, forex options and futures)
- Advanced account protection and order types
- Fast execution of trades
- $2.000 minimum deposit
- “Best in class” educational resources
- Great ease of use level combined with advanced features
69% of retail investor accounts lose money when trading CFDs with this provider.
7. XTB – Best Customer Service And Learning Tools For Beginners
Min Deposit: $0
Fees: 3.7
Assets available: 2.9
Total Fees:
XTB is the leading beginner-friendly online broker with an FCA license. It has a transparent fee structure and funding process. XTB offers excellent learning tools and platforms.
This broker is a good fit for new traders as its platforms are easy to understand. It offers beginner-friendly tools, educational materials, and research features. The free demo account lets new traders test the platform.
Pros
- Low trading fees
- Multilingual support (Available in Arabic)
- Cashback rebates and free paper trading account
Cons
- Only CFD trading
- Charges inactivity fees
Key features
- Access to 2,100+ of CFDs on stocks, indices, and commodities and 48 FX pairs
- Commission-less Stock and ETF CFD trading
- Daily market analysis videos, price tables, and economic calendar
- Micro-lot trading available
- Beginner-friendly mobile app (xStation Mobile)
- Multi-lingual support in English, Arabic and over 10 other languages
76% of retail CFD accounts lose money
Final Verdict
Plus500, IG, eToro, AvaTrade, CMC Markets, XTB, and Oanda are the best forex brokers for beginners in 2023. Plus500 is our top choice because of the ease of use of its platforms and tools. eToro is the leading provider of copy trading services. XTB is the go-to solution for new investors who want to improve their trading knowledge.
FAQ
Is Forex Trading Recommended For Beginners?
Forex trading is complex and might not be a perfect match for all traders. When deciding whether forex trading is a good choice for you, you should think about your goals and financial situation. Read in our in-depth reviews about the best forex brokers for beginners.
How To Choose A Forex Broker?
You should always opt for an online broker with top-tier licenses. Choosing a trustworthy broker diminishes trading risks. Learn about brokerage firms and licenses from our in-depth reviews.
How To Start Trading Forex?
Beginners should always use a free demo account to learn more about forex. Reputable online brokers offer access to a virtual trading account to test their offering.
Which Are The Most Popular Currency Pairs?
The most popular currency pairs by volume include the US dollar (USD). This is followed by the euro (EUR), Japanese yen (JPY), Great British Pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and Swiss Franc (CHF).
Disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading 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.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.