The ForexBrokers.com annual forex broker review (three years running) is the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
The best forex brokers for beginners offer three essential benefits. The first, and most important, they are a regulated and trusted brand that offers a user-friendly web-based platform. Second, they provide a strong variety of educational resources. Third, they provide access to quality market research.
In our review of forex and CFD broker offerings, we spent endless hours opening demo accounts, navigating forex platforms, conducting market research, testing website usability, as well as watching educational videos and webinars.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is a Forex Broker?
When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.g. "EUR / USD" (Euro / U.S. Dollar). You open an account, deposit funds, then use the broker's trading platform to buy and sell currency using margin. Forex markets are open 24 hours a day, five days a week. For learning the basics, we recommend the School of Pipsology or the NFA's Trading Forex booklet.
The Best Forex Brokers for Beginners
Here's a summary of the best forex brokers for beginner forex traders.
- Saxo Bank - Best Web Platform, High Minimum Deposit
- IG - Excellent Education, Most Trusted
- eToro - Best Copy Trading Platform
- FOREX.com - Great All-around, Low Costs
- CMC Markets - Best for Low Costs
- XTB - Great Customer Service, Easy to Use Platform
- Plus500 - Best for Ease of Use
Best Web Platform, High Minimum Deposit
For traders that can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade. Read full review
Excellent Education, Most Trusted - Visit Site
Regulated and trusted across the globe, IG offers traders an extensive list of tradable products, excellent trading and research tools, industry leading education, and competitive rates. This fantastic all-round experience makes IG our No. 1 overall broker in 2019. (76% of retail CFD accounts lose money.) Read full review
eToro is popular for its powerful copy-trading platform on which traders harness the results of the crowd to find opportunities and copy the trades of other real-time users across over 1,400 instruments, including CFDs on popular cryptocurrencies. Read full review
Great All-around, Low Costs - Visit Site
FOREX.com has plenty of options for Forex and CFD traders across its regulated offerings globally. With full-feature platforms, diverse trading tools, and comprehensive research, FOREX.com caters to traders of all experience levels. (70% of retail CFD accounts lose money.) Read full review
Best for Low Costs, Active Trading
Through its offices regulated in major global financial centers, CMC Markets offers traders a wide range of offerings with excellent pricing and its Next Generation trading platform, which is packed with innovative trading tools and charting. Read full review
Best Educational Resources
Providing forex traders with effective educational resources is important. Put simply, educated investors make more intelligent investment decisions. Most forex brokers consistently strive to educate their existing and prospective clients. That said, the delivery and quality of educational content varies.
For our assessment of forex broker education, we analyzed nine different variables for each firm. Our focus covered the basics of forex trading to advanced strategy. Components assessed included blogs, articles, video content, webinars, and content organization, among others educational resources. Forex broker FAQs were not considered educational materials.
Fees and Features Comparison
Taken from our forex broker comparison tool, here's a comparison of the education features for the most popular beginner brokers.
Best Forex Trading Platforms for Beginners
- Saxo Bank - SaxoTraderGO
- IG - IG Web
- eToro - eToro
- FOREX.com - FOREX.com Web Trading
- CMC Markets - Next Generation
- XTB - xStation 5
- Plus500 - Plus500 WebTrader
- Best Forex Brokers for 2019
- Best FX Brokers for Auto Trading 2019
- Best MetaTrader Brokers 2019
- How to Avoid Forex Scams
- Compare Forex Brokers
New! Ask our experts a question! Whether you are in university or a seasoned trader, we are here to help. Email us your broker specific question and we will respond within one business day. It is our satisfaction guarantee.
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.