The ForexBrokers.com annual review is among 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. Industry leaders trust us because our rigorous testing is totally independent and 100% unbiased.
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.
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.
Our Top Picks for Beginner Forex Traders
IMPORTANT: ForexBrokers.com only allows regulated brokers to be included in our annual review each year. As a beginner, trust is crucial. Regulated brokers cannot promote special offers like bonus deposits. For more on this topic, read our guide on How to Avoid Forex Trading Scams.
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.
With competitive pricing, excellent trading platforms, quality research, reliable customer service, and over 30,000 CFDs offered, Saxo Bank offers traders a complete package worth being a customer for, under a global brand they can trust.
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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.
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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.
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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.
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The Best Forex Brokers for Beginners
What is the best forex broker for beginners?
- Saxo Bank - Best Overall
- IG - Excellent all-around offering
- eToro - Best social trading platform
- FOREX.com - Great all-around offering
- CMC Markets - Best rates
- XTB - Well-rounded offering
- Dukascopy - Best mobile app
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 brokers for beginners features comparison
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
- Dukascopy - JForex 3
More Brokerage Guides
- 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.
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.
