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Best Forex Brokers for Beginners in 2022

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified September 23, 2022

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

The best forex brokers for beginners all share three essential qualities.

The first and most important quality is the broker's status as a well-regulated and highly trusted brand. Second is the provision of a user-friendly web-based platform with a balanced variety of educational resources. Third is access to quality and actionable market research.

In our 6th annual review of forex and contract for difference (CFD) brokers, we spent endless hours opening demo accounts, navigating various forex platforms and mobile apps, conducting market research, testing website usability, and watching educational videos and webinars.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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 forex trading?

Forex trading is the process of exchanging one currency for another — known as buying or selling currency pairs — based on prevailing exchange rates from the forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average per day.

What is a forex broker?

When trading foreign currencies, 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, such as the "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. The forex markets are open 24 hours a day, five days a week.

menu_book Pro tip:

To learn more about the basics of trading forex, we recommend checking out the School of Pipsology as well as the NFA's Trading Forex booklet.

The Best Forex Brokers for Beginners

ForexBrokers.com 2022 Review

Here's a summary of the best forex brokers for beginner forex traders.

  • IG
    - Best for education, most trusted
  • AvaTrade - Excellent educational resources
  • Capital.com - Innovative educational app
  • eToro - Best copy trading platform
  • Plus500 - Overall winner for ease of use
  • CMC Markets - Best web trading platform
  • TMGM - Comprehensive educational courses
IG
starstarstarstarstar Overall

Best for education, most trusted

Minimum Initial Deposit£250.00
Trust Score99
Tradeable Symbols (Total)19537

IG offers a vast selection of educational material in a variety of formats, as well as a dedicated mobile app for education called IG Academy. IG is not just for beginners – it ranked as the best overall broker for our 2022 annual review. Read full review

Pros
  • Outstanding platforms and tools
  • Over 19,000 tradeable instruments
  • Competitive pricing
Cons
  • No predefined layouts on the flagship web platform
  • Limited product range on MT4
Visit Site open_in_new

Join 239,000+ traders worldwide.

Trading forex carries a high level of risk.

AvaTrade
starstarstarstarstar_border Overall

Excellent educational resources

Minimum Initial Deposit$100
Trust Score93
Tradeable Symbols (Total)1260

AvaTrade is a trusted global brand that offers an extensive selection of trading platforms for forex and CFD traders, as well as exceptional educational content that helped it nab our Best in Class rating for Beginners for our 2022 annual review. Read full review

Pros
  • AvaOptions app is an excellent forex options mobile trading platform
  • Offers 44 forex options and over 1,200 CFDs
Cons
  • Pricing for retail accounts is average, but trails industry leaders
  • Desktop platform is slow to load, has outdated design
Capital.com
starstarstarstarstar_border Overall

Innovative educational app

Minimum Initial Deposit$20
Trust Score77
Tradeable Symbols (Total)6000

Capital.com has a solid array of educational materials that includes articles, videos, and a comprehensive lesson program. It also has a dedicated mobile app for education called Investmate, as well as dozens of educational videos on its YouTube channel. Read full review

Pros
  • High-quality educational articles and courses
  • Newsroom-grade research articles
  • Offers over 400 crypto CFDs
Cons
  • MetaTrader 5 not available
  • Respectable range of tradeable symbols, but fewer than industry leaders
eToro
starstarstarstarstar_border Overall

Best copy trading platform

Minimum Initial Deposit$10-$200
Trust Score93
Tradeable Symbols (Total)3056

eToro offers a comprehensive trading experience with over 3,000 tradeable symbols, and a Learning Academy that features videos, articles, and weekly webinars. eToro’s user-friendly web platform and eToro mobile app are great for casual and beginner investors. Read full review

Pros
  • Large number of investors to copy
  • Extensive range of markets to trade
  • User-friendly platforms and app
Cons
  • No automated trading strategies
  • Stops, limits mandatory on trades
  • Research trails competitors
Plus500
starstarstarstarstar_border Overall

Overall winner for ease of use

Minimum Initial Deposit€100
Trust Score99
Tradeable Symbols (Total)1896

Plus500 is a trusted global brand that offers access to share trading and a thorough selection of CFDs. Plus500’s simplified trading platform attracts beginners looking for a user-friendly experience, and helped Plus500 earn our top award for Ease of Use in our 2022 annual review. Read full review

Pros
  • Beginner-friendly web trading platform
  • Broad selection of CFDs
Cons
  • Few advanced tools for more active traders
  • Research and education resources are lacking
CMC Markets
starstarstarstarstar Overall

Best web trading platform

Minimum Initial Deposit$0
Trust Score99
Tradeable Symbols (Total)11927

CMC Markets delivers a terrific user experience, comprehensive market research, and an excellent mobile app. CMC Markets provides a wealth of educational material for beginners in a variety of formats, including written articles, video updates, podcasts, and live webinars. Read full review

Pros
  • Low trading costs
  • Excellent web and mobile platforms
  • Robust research materials
Cons
  • Educational offering could be improved
  • MT4 offering limited to 62 symbols
TMGM
starstarstarstarstar_border Overall

Comprehensive educational courses

Minimum Initial Deposit$100
Trust Score79
Tradeable Symbols (Total)12000

TMGM delivers an impressive educational toolset, with its TMGM Academy standing out for its quizzes and interactive content which we found to be excellent for beginners. TMGM’s educational content also pays close attention to the finer details, such as tracking and offering feedback on your progress. Read full review

Pros
  • Competitive commission rates on Edge account
  • Minimum deposit starts at $100 for spread-only or commission-based accounts
  • TMGM Academy is an impressive educational tool
Cons
  • MetaTrader 5 (MT5) has not yet launched
  • Majority of available symbols are segmented on the IRESS platform and not optimized for forex trading

Forex trading platforms education comparison

Taken from our forex broker comparison tool, here's a comparison of the education features for the best forex brokers for beginners.

Feature IG logoIG CMC Markets logoCMC Markets eToro logoeToro AvaTrade logoAvaTrade Plus500 logoPlus500 Capital.com logoCapital.com TMGM logoTMGM
Has Education - Forex or CFDs Yes Yes Yes Yes No Yes Yes
Client Webinars Yes Yes Yes Yes No Yes Yes
Client Webinars (Archived) Yes Yes Yes Yes No Yes Yes
Videos - Beginner Trading Videos Yes Yes Yes Yes Yes Yes No
Videos - Advanced Trading Videos Yes Yes Yes Yes No Yes No
Investor Dictionary (Glossary) Yes Yes Yes Yes No Yes Yes

How do I start trading forex?

Here are the 8 steps to start trading forex with a trusted broker:

  • Study free educational material.
  • Open a free demo account and practice.
  • Learn how to use the trading software.
  • Develop a trading strategy.
  • Open a live account with a trustworthy, well-regulated forex broker.
  • Deposit a small amount of risk capital.
  • Focus on managing percentage returns.
  • Only scale once you’ve established a consistent track record.

Tips for beginners:

  • Before depositing real money, open a free demo account that lets you get a feel for how the broker’s trading platform works.
  • After you’ve learned how to use the software and have practiced trading with the demo (virtual) account, move on to a live forex trading account with a trusted forex broker.
  • Always begin with an amount of capital that you can afford to lose before deciding to invest more serious amounts.

Can I teach myself forex trading?

Yes, and while studying the fundamentals of forex trading won’t guarantee success in the forex markets, it's an important first step for beginner forex traders. The good news is that the best forex brokers offer a wide range of free educational materials in a variety of formats. We’ve compiled some free beginner’s resources as well as some expert tips for beginners to aid you in your forex educational journey:

Free forex trading educational courses and resources:

Expert tips for beginner forex traders:

Free versus paid educational content: Many forex education companies charge for their services, but our research has found that some of the best educational content is available directly from the online forex brokers themselves – though not all brokers offer comprehensive educational options.

Content from brokers versus third parties: Working with a trusted and regulated online broker gives you the added benefit of being able to reach out to their customer support team to speak with a trading specialist. Speaking with someone on the trading desk can help beginners find answers to general forex trading questions – but keep in mind that brokers cannot give you advice or recommendations on what to buy or sell.

Ease of use: Trading software can vary in quality from broker to broker, and some platforms can be far more complex to learn than others – especially if you have limited forex trading experience. Plus500's simple platform design makes it a good one for learning the fundamentals. Some brokers, like IG, offer learning courses that feature progress tracking and quizzes designed to test your knowledge as you move through the material.

How to develop a forex trading strategy in ten steps

Here are some questions every trader should ask themselves when creating an investment strategy or forex trading methodology:

  1. Set goals: What are the specific goals I want to reach with my trading strategy?
  2. Manage time: How much time do I have each day to dedicate to trading?
  3. Capital commitment: What is my ideal trading budget for accomplishing my goals, and what is the most I am willing to risk overall?
  4. Trade frequency: What’s the number of trades I should aim for each week?
  5. Factor risk/reward: What is the maximum risk/reward target for each trade that will still align with my goals, and what is my overall percentage risk tolerance?
  6. Analyze price action and research: How will I identify trading opportunities?
  7. Opening a position: How will I decide when to enter a trade?
  8. Closing a position: How will I decide when to exit a trade early, or to modify my stop-loss/limit levels if my expectation of market conditions changes before my targets are reached?
  9. Calculate your odds: What winning percentage do I need in order to be profitable (after accounting for my trading costs)?
  10. Use your trading statistics: How long should I stick to my trading plan and establish a track record of results, before modifying my strategy or deciding to invest more money?

How much money do you need to trade forex?

The amount of money you will need to trade forex depends on several factors, including your expected trade sizes, risk threshold per trade, the available margin requirements from the broker (i.e., leverage), and any minimum deposit requirement to open your account.

Let’s look at an example:

Say that you plan to trade one mini lot (10,000 units) of the euro currency, and your forex broker offers a maximum of 20:1 leverage. Your trading funds will need to cover at least 5% of the trade value just for the margin, and another €1 for every pip you plan on risking when the market moves against your position. Note: In this case, 1 pip is 0.0001 euros worth of currency.

That mini lot of 10,000 EUR/USD would require at least 500 euros in margin (based on the 20:1 leverage). If you wanted to risk no more than 200 pips per trade you’d need another 200 euros, bringing the required starting balance up to 700 euros.

Let’s look at a couple of other examples of how this could break down in your forex trading account:

Trading a standard lot: Calculating for the above trading scenario, but for a standard lot (100,000 units of currency), you’d just add an extra zero to each variable. The 20:1 margin requirement would be 5,000 euros and the pip value would be 10 euros per pip. Risking 200 pips would require 2,000 euros in risk capital, bringing the total to 7,000 euros.

Trading a micro lot: Likewise, calculating the same scenario for a micro contract or (1,000 units of currency per lot), we can just remove one zero from each variable. The pip value becomes 10 cents, the margin requirement would be 50 euros, and the risk capital (for 200 pips) would require 20 euros.

calculate Pro tip:

Whether you are using a pip calculator, or doing the math yourself, always make sure to triple-check your numbers when trading forex.

Which forex broker has the lowest minimum deposit?

There are several forex brokers, such as CMC Markets (which is also our pick for the best forex trading platform technology), that advertise a $0.00 minimum deposit. This just means that you can open a live account and deposit whatever amount you’d like to start trading – there’s no minimum funding requirement.

The following five brokers have zero-dollar minimum deposit requirements for opening a live forex trading account:

  • CMC Markets - $0
  • Interactive Brokers - $0
  • TD Ameritrade - $0
  • XTB - $0
  • OANDA - $0

Note: When deciding how much money to start with, be sure to keep extra costs in mind such as wire transfer fees and other transfer-related costs that may depend on your chosen payment method. It’s also important to consider the collateral (margin) you plan to use for your expected trade sizes.

How do I choose a forex broker?

It's crucial to use a forex broker that holds the necessary licenses. Choosing a regulated broker that is permitted to offer services in your country helps you avoid potential scams. Also, by selecting a trusted forex broker that is well-capitalized, you reduce the risk of the broker going bankrupt and losing your deposit.

To select a forex broker, start by looking for brokers that are regulated in your country and any available consumer compensation funds provided as protection against bankruptcy. Next, read full-length forex reviews. Finally, compare your top two choices side by side to decide on a winner.

auto_stories Pro tip:

Beginner forex traders should also consider trading costs, range of markets, available platforms, mobile trading apps (see our top picks for forex trading apps), market research and news sources, educational articles, and the quality of customer service that the forex broker provides.

What are the most popular currency pairs?

The most heavily traded currency pairs by volume all include the U.S. dollar (USD), followed by the euro (EUR), Japanese yen (JPY), Great British Pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and Swiss Franc (CHF). This is according to the latest Triennial Survey by the Bank for International Settlements (BIS), which found that approximately 88% of all forex trades include the U.S. dollar. Check out Currency Pairs on Wikipedia for some more high-level information.

Note: The resulting pairs from these popular currencies are known as the "major pairs" and include the EUR/USD, USD/JPY, GBP/USD, AUD/USD, CAD/USD, CHF/USD, and followed by the Chinese renminbi (CNY), which is the eighth most traded currency, but seventh most traded currency pair when combined with the U.S. dollar (CNY/USD).

Here is an excerpt from the Triennial Survey from BIS:

BIS%20data%20Beginners%20Guide.png

What is the best forex broker for beginners?

If you're a beginner looking for a thorough selection of educational materials, then IG is the best choice among forex brokers. We've also written an extensive guide for the best forex brokers in the U.S. for beginners, in addition to the brokers that support international traders.

Also noteworthy is Plus500 for its trading platform, which is great for beginners thanks to a simple layout that is easy to learn.

Which forex brokers accept U.S. or non-U.S. clients?

Forex brokers who hold regulatory status in the U.S. can accept U.S.-based clients. Meanwhile, forex brokers who accept non-U.S. clients will usually need to hold licenses in the countries where their clients reside.

For example, if you reside within the European Union, you will be able to open an account with an EU-regulated broker. If you live in a U.S. state, you will need to open an account with a U.S.-regulated broker. If you're interested specifically in stock trading, read our guide to best U.S. trading platforms for beginners.

Is forex trading good for beginners?

Forex trading can be complex and may not be suitable for everyone. Whether forex is good for you will depend on your financial condition, your goals, and how much investing experience you already have as a beginner.

Overall, beginners must exercise caution, especially as the majority of forex traders lose money. Also, leveraged forex trading — whether as a CFD or otherwise — is traded from a margin account, which means it is possible for you to incur a negative balance and lose more than you invest.

It's always a good idea to try out a free demo account, which allows you to learn the software before risking your real money. Many beginners start with a small amount of money they can afford to lose, with the goal of establishing a consistent trading record.

warning Pro tip:

If you're a beginner, start by learning about the risks associated with forex trading. Make sure to educate yourself by reading the free learning materials provided by your online forex broker before you start trading with live funds.

Is forex trading profitable?

The majority of traders lose money. Therefore, to beat the odds and make money trading forex, you must have a trading strategy that focuses not only on identifying trading opportunities (i.e., signals when to buy or sell) but also calculates the optimum trade size relative to your balance. In addition, your target risk and profit levels should be determined in advance using a stop-loss order and limit.

This way, you have a plan on when to exit a trade – whether at a loss or profit. To be successful in trading, you just need to keep your average losses smaller than your average profit (though of course, that’s easier said than done).

Gambling versus investing: One of the reasons that so many traders lose money is that they take risks that are larger than their budget allows. Many traders treat investments as they would gambling, where their risk is uncontrolled or unbalanced.

If you want to increase your chances of trading forex profitably, treat it as an investment by focusing on limiting your risk relative to the target profit on each trade. In addition, look for trading opportunities that have a higher probability of reaching their profit potential – though these may be harder to find, it’s sometimes better to wait for the right opportunity, rather than jumping into the market just because it is there.

percent Pro tip:

Even if you have a sizeable investment portfolio or budget for trading, starting small and focusing on the percentage returns can be a great way to scale your investment over time.

Can I get rich by trading forex?

While possible, getting rich by trading forex is rare. Practice and skill are required to make money trading forex. Successful traders strive to make trades that, on average, return larger profits (winners) than losses (losers) over time. Historically speaking, several hedge fund managers have been able to get rich trading forex.

For example, George Soros made over £1 billion in profit by short selling the British pound in 1992, in what can be described (if one is prone to understatement) as a large bet. Read more about what's known as Black Wednesday on Wikipedia.

The Best Forex Trading Platforms for Beginners

  • IG - IG web platform
  • AvaTrade - AvaTrade WebTrader
  • Capital.com - Capital.com web platform
  • eToro - eToro CopyTrader
  • Plus500 - WebTrader
  • CMC Markets - Next Generation
  • TMGM - MetaTrader 4
best forex brokers for beginners

ForexBrokers.com 2022 Overall Ranking

Here are the Overall rankings for the 39 online brokers who participated in our 2022 Annual Review, sorted by Overall ranking.

Feature IG logoIG Saxo Bank logoSaxo Bank CMC Markets logoCMC Markets Interactive Brokers logoInteractive Brokers TD Ameritrade logoTD Ameritrade FOREX.com logoFOREX.com XTB logoXTB City Index logoCity Index Swissquote logoSwissquote eToro logoeToro AvaTrade logoAvaTrade FXCM logoFXCM Plus500 logoPlus500 OANDA logoOANDA Admiral Markets logoAdmiral Markets IC Markets logoIC Markets Capital.com logoCapital.com Markets.com logoMarkets.com XM Group logoXM Group Pepperstone logoPepperstone FP Markets logoFP Markets FxPro logoFxPro Tickmill logoTickmill Fineco Bank logoFineco Bank HYCM (Henyep) logoHYCM (Henyep) DooPrime logoDooPrime HFM logoHFM FlowBank logoFlowBank BDSwiss logoBDSwiss Vantage logoVantage TMGM logoTMGM Trading 212 logoTrading 212 Moneta Markets logoMoneta Markets Trade Nation logoTrade Nation BlackBull Markets logoBlackBull Markets ACY Securities logoACY Securities Eightcap logoEightcap ThinkMarkets logoThinkMarkets VT Markets logoVT Markets easyMarkets logoeasyMarkets Exness logoExness Spreadex logoSpreadex IronFX logoIronFX RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) Trade360 logoTrade360 GKFX logoGKFX AxiTrader logoAxiTrader Vestle logoVestle FXOpen logoFXOpen TeleTrade logoTeleTrade OctaFX logoOctaFX Forex4you logoForex4you LegacyFX logoLegacyFX FXPrimus logoFXPrimus Alpari logoAlpari GBE brokers logoGBE brokers TopFX logoTopFX ATFX logoATFX UFX logoUFX Libertex (Forex Club) logoLibertex (Forex Club) Xtrade logoXtrade Tradeo logoTradeo
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Trust Score 99 99 99 99 99 99 95 99 99 93 93 96 99 92 87 86 77 98 90 93 82 90 82 92 86 84 85 77 83 83 79 77 83 83 74 75 87 86 83 84 74 70 84 69 75 66 83 79 80 67 67 62 75 69 67 69 67 70 67 67 80 67
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Methodology

At ForexBrokers.com, our evaluations of online brokers and their products and services are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the online forex brokerage industry.

In order to assess the overall trading experience and to evaluate the ease of use of online trading platforms for beginner traders, we test across a wide range of devices and operating systems.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test trading on the go.

We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 15, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 12.

Our research team rigorously tests the most important features sought by beginner traders, such as the quality and variety of educational resources, the ease of use of any available trading platforms, the value of the broker’s actionable market research, and the number of regulatory licenses held by the broker (click here to learn more about how we calculate a broker’s Trust Score).

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Click here to 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. Read more on forex trading risks.

About the Author

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


TD Ameritrade, Inc. and StockBrokers.com are separate, unaffiliated companies and are not responsible for each other’s services and products.
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