As a beginner in forex trading, you have to choose from the best forex brokers suited to beginners.
New forex traders have very specific needs. When looking at Forex brokers, some will be far better for a novice forex trader than others. It comes down to four features: a trusted regulator, market research, educational resources offered, and most importantly easy to use forex trading platforms!
5 Best Forex Brokers for Beginners
Based on our research these are the best Forex brokers for beginners:
- Pepperstone – Best Forex Broker for Beginners
- XM Group
Read the review of the forex brokers best suited for beginners. You can start your forex journey with any of them with a peace of mind. You will be on the right path!
#1 Pepperstone – The Best Forex Broker for Beginners
Pepperstone is a forex broker based in the UK and Australia with major regulators, this is a newer but trustworthy site to do business. And with many base currencies, people from around the world can quickly start making money easily.
- Minimum Deposit: 10 USD
- Currency Pairs: 62
- Regulators: CySEC, FCA, ASIC, BaFin, DFSA, SCB, CMA
- No inactivity fees—need to take a break from forex? With Pepperstone, pay no fees and come back when you want.
- Easy deposits and withdraws for free—do business without the inconvenient fees.
- 9 base currencies—base currencies don’t pay conversion fees for deposits or withdrawals. And with nine base currencies, it’s easy to avoid conversion fees.
- Fees when holding a position overnight—despite its lack of fees across the board, here is where some may find themselves paying.
- High bank fees for customers outside the EU and Australia—if you deposit or withdraw directly from a bank account outside the EU and Australia, be ready to pay fees.
Pepperstone may be the most affordable way to get into the market and take advantage of forex trends. Not sure if it’s for you? Try a demo account today and give it a chance yourself.
#2 XTB – Offers the Best Forex Trading Platform for Novice Traders
XTB has headquarters in London and Warsaw. It started in 2002 and has a long history of being a trustworthy brokerage company. Its commitment to developing educational videos and the availability of courses on a digital, user-friendly platform make it an excellent place for beginners to start in the market.
- Minimum Deposit: 5 USD
- Currency Pairs: 48
- Regulators: CySec, FCA, IFSC, KNF
- Most transactions have no withdrawal or deposit fees. While there are a few exceptions, enjoy withdrawing and depositing for free.
- User-friendly and fully digital—it’s never been easier to access your account and trade from anywhere.
- Easy-to-understand resources and price alerts—stay up to date on everything happening in the market and understand the developments.
- Inactivity fees are charged based on deposits—while some platforms charge inactivity fees based on logins, XTB charges based on a lack of deposits.
- No two-step authentication login—two-step authentication keeps your online accounts safe from hackers but isn’t currently available on XTB.
XTB offers one of the best forex trading platforms beginners to learn the market and make money with limited fees. However, with the inactivity fees, you’ll want to make sure to stay up-to-date so that you don’t end up paying more than you’re making. Still, it’ll be easy for you to keep working the market with regular price alerts and resources.
XM is an international group with many base currencies and perks for members. It is a great platform full of educational content for beginners, regulated by top-tier organizations.
- Minimum Deposit: 100 USD
- Total Pairs: 55
- Regulators: CySec, ASIC, IFSC
- Easy to contact customer support—live chat, phone support, and a fast response time makes customer service effective.
- Negative balance protection—won’t let your account go into the negative.
- Free wire withdrawal up to 200 USD
- No price alerts.—may need to find a 3rd party source for price alerts to stay up to date.
- Steep inactivity fees—fees accumulate per month for inactivity after a year.
With customer protection and fast response time from the support team, XM is good for those who want the assurance of secure transactions while working the market. Just watch out for inactivity fees, and enjoy the perks available, particularly for EU and Australian citizens.
Founded in Israel in 2007, eToro is one of the most established digital forex brokers on the market. One of the go-to platforms for social trading and crypto, it has also made a name for itself in the forex world with its easy-to-use digital platform used worldwide and backed by trusted regulators.
The minimum deposit is steep compared to others and carries higher fees. But it has some of the best resources for beginners so that new traders can quickly dive into the market and even copy the best performing experts.
- Minimum Deposit: 50 USD
- Currency Pairs: 47
- Regulators: CySec, FCA
- Easiest account opening—open your account in seconds, or even give it a try with a demo account.
- Negative balance protection—don’t lose more than what’s available in your account.
- Many deposit and withdrawal options—credit cards, bank transfers, Klarna, PayPal, and more!
- High fees for non-trading—while trading fees are low, forex fees are much higher, especially those not based on USD (the only base currency).
- Withdrawal fees—$5 for every withdrawal transaction.
With the number of fees and only one base currency, it may not be the right choice for all. However, with perhaps the best user-friendly platform and most educational resources with even an option for a demo account, eToro is one of the top social trading platforms for traders of all levels, not only for those who just learn the ropes.
AvaTrade is a global forex broker regulated by the Irish Central Bank.
- Minimum Deposit: 100 USD
- Currency Pairs: 70
- Regulators: CySec, FCA
- Helpful customer service—fast response times and 24/7 availability
- No withdrawal fees—there is a maximum of 5 withdrawals monthly, but no charges for doing so.
- No inactivity fee as long as you log into the platform—a simple login will keep you free of extra charges.
- High forex fees—despite no withdrawal charges, the forex fees themselves are high.
- Limited research tools—although it has educational tools, the real-time research tools are limited.
Despite the forex fees, the lack of withdrawal fees can make your money back, and you have easy access to your funds. With such an easy-to-use platform and easily avoidable inactivity fees, you can get started and learn the market with a friendly customer service team and educational resources.
Start with a Broker Today
Now that you have the list you can choose from, it’s a matter of deciding what’s best for you, considering how often you’ll trade and what resources you’ll need. Once you make an account, you’ll have access to educational materials and market insights from brokers you can trust to guide you to becoming a successful forex trader yourself.
Each has its perks, so keep a close eye out for what you’re looking for from your broker. Whether you want the most affordable deposit or more pairs available, you can find the right company for you.
Don’t waste the opportunity to make money on the market. Make an account, and get started!