Last Updated on January 17, 2020
To newcomers, the best forex brokers provide three key advantages. The very first, and most significant, is a managed and reliable brand that provides a user-friendly web-based platform. Secondly, they offer a good range of educational resources that is powerful. Third, they have access to high-quality data on the sector.
A beginner is anyone who begins to understand the forex market. As the chances of loss are higher, beginners also need to start trading with little to low risk. As an outcome, brokers who recognize small lowest deposits are needed.
The beginner trader should also be aware that it is recommended to be trading with a regulated broker. There are several geographical regulations, amongst them, Canada, the US, South Africa, Australia, and more.
Overview of Forex Brokers
We use a forex broker, also known as a currency trading dealer, to position the business when it comes to foreign currency trade. You buy or sell currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar) while you exchange forex. To open an account, invest money, then use the trading platform of the broker to use cash to buy and sell currency. The Forex market is open, five days a week, 24 hours a day.
The top forex brokers for new forex traders are listed below.
FOREX.com – Great All-around, Low Costs
- com is listed and regulated openly in four tier-1 jurisdictions, allowing it a reliable, secure (low-risk) exchange for forex and CFD trading.
- com has won Best overall (top 7) awards in various divisions such as Investment Offering, Cost, Research, Mobile Trading, Active Trading, and Education. Generally, for all forms of traders FOREX.com is a successful tool.
- Due to a tiered discount approach based on your total monthly trading volume, Active Trader pricing at FOREX.com is simple to understand and affordable. For cryptocurrency CFDs, FOREX.com also provides highly competitive offers.
- com’s customer service exceeds the industry standard. Throughout our nationwide study, the broker ended 12th (out of 23) from regions across the UK.
EToro – Best Copy Trading Platform
- EToro is known for its efficient copy trading platform where traders replicate crowd effects to find opportunities and copy the trades of other real-time users across more than 1,400 tools, like CFDs on common cryptocurrencies.
- EToro is a retail broker that reports a standard EUR / USD minimal fixed spread of three pipes at the high end of the range when contrasting brokers with fixed and floating spreads, making it more expensive.
- As a pioneer of financial trading technologies, eToro was established in Israel in 2006. It has since evolved to support more than 9 million people with a groundbreaking website that constantly grows into one of the largest social networks worldwide, with consumers in over 170 nations.
IG – Excellent Education, Most Trusted
- Regulated and valued throughout the globe, IG provides traders with a comprehensive list of tradable goods, outstanding trading and analysis tools industry-leading education and competitive rates. A successful all-round success in 2019 made IG our No. 1 broker overall.
- IG utilizes its size to provide customers with competitive pricing around the panel, irrespective of the commodity you sell and shines for its active dealer pricing via its Forex Direct accounts.
- IG was established in 1974 and has developed to be a global leader in the online trading business as an early participant in providing differential contracts (CFDs) and promoting bets.
Saxo Bank – Best Web Platform, High Minimum Deposit
- Established in 1992, Saxo Bank is monitored in six tier-1 jurisdictions, making it a safe (low-risk) forex and CFD trading broker.
- Saxo Bank brilliantly combines its desktop, web and mobile systems. The customer experience is not only smooth but throughout it is also abundant in information and analysis.
- Saxo Banks offers three forms of deposit. The Classic entry-level account requires a minimum deposit of USD 10,000, while the successful trader’s account requires a minimum deposit of USD 200,000.
CMC Markets – Best for Low Costs
- CMC Markets offers traders a wide range of offerings with excellent pricing through its offices regulated in major global financial centers and its next-generation trading platform packed with innovative trading tools and charting.
- CMC Markets is listed and regulated openly in four tier-1 jurisdictions, rendering it a secure (low-risk) forex and CFD trading company.
- CMC Markets is the undisputed leader in low-cost trading and Effective Trading is our No. 1 choice.
- CMC Markets is a great option for traders searching for a multi-asset strategy and wide range CFDs and forex pairs at competitive prices, with almost 10,000 products to choose from across almost any asset class and global market.
- It is essential to provide appropriate educational resources to forex traders. Simply put, more informed investment decisions are made by trained investors.
- Many forex brokers are always working to inform their current and potential clients. That said, educational material distribution and consistency differ.
- We evaluated nine different factors for each business for our forex broker education assessment. Our emphasis was on the fundamentals of advanced strategy forex trading.
- Along with other educational resources, the components analyzed included forums, posts, video content, webinars, and user organization. FAQs from Forex traders were not deemed resources for research.
Frequently Asked Questions
- How much cash do you want for forex trading?
The seven currency pairs that are most commonly exchanged are EUR / USD, USD / JPY, GBP / USD, AUD / USD, USD / CHF, NZD / USD, and USD / CAD. Over these seven sets, about 85 percent of all forex transactions take place.
- How am I going to start trading forex?
First, preparation is critical. To get used to the trading platform and tools begin by creating a demo account. To learn how to conduct market research and perform technical analysis, it is also important to read books. So open an account, funding it, and start trading when you’re finished.
- Could you get richer with forex trading?
While a few forex traders may get wealthy forex trading, it won’t be the vast majority. Trading in Forex is uncertain. Historically, it has been necessary for several hedge fund managers to get wealthy forex trading. For starters, by short-selling the pound in 1992, George Soros earned more than £ 1 billion in profit.