Best Online Forex Broker for a Beginner
There are a number of factors to consider when choosing a forex broker. As a beginner, you will be looking for a fully regulated, reliable brokerage, with an easy-to-navigate, intuitive online platform. Other features you might appreciate include: a demo account, social trading, a low deposit, high-quality customer service, and an integrated education and training section. Here are some of the top forex brokers for beginners.
OctaFX Forex Trading
OctaFX provides an easy entry point to forex trading for beginners, with its Micro account, aimed at novice traders, a low minimum deposit of just $50, and the option to participate in copy trading, which allows you to learn from more experienced traders. This broker offers spreads from just 0.4 pips, and operates the popular and intuitive MT4 software. They also provide negative balance protection, no slippage, and a free demo account. Deposits and withdrawals are commission-free, and there is an excellent and accessible education section, making this broker highly recommended for beginner forex traders. Read our full OctaFX review here.
Pepperstone Forex Trading
Pepperstone is an award-winning brokerage, and a strong choice for beginner forex traders, offering a free demo account, a transparent pricing model, and access to the very user-friendly MT4 platform. Their Edge Standard account is commission-free, and they have a wide choice of currency pairs. The broker offers fast order execution, plenty of high-quality learning materials, via their education portal, and responsive customer service. Pepperstone have a minimum deposit of 200 USD for forex trading, and offer both deposit protection and negative balance protection. Read our Pepperstone review for more details.
XM Forex Trading
XM is a brokerage with a number of features that make it attractive to the less experienced forex trader. They offer an easy onboarding process, deposit protection and negative balance protection. With a minimum deposit of just $5, the barrier to entry is very low, and the broker also has an excellent education and research portal. The free demo account at XM is available indefinitely, allowing traders to take their time and practice as they learn. The intuitive, beginner-friendly MT4 platform is available, and includes automated trading functions. Read our XM review here.
AvaTrade Forex Trading
AvaTrade is a fully regulated, award-winning brokerage that offers great trading conditions for beginner forex traders, with a straightforward account opening process and a minimum deposit of just 100 USD. Their demo account is excellent, although it is only available for 30 days. They offer deposit protection, and competitive spreads, from just 0.9 pips. They also provide MT4 trading, alongside their own proprietary platform which is straightforward and beginner-friendly. See our Avatrade broker review.
Plus500 Forex Trading
Plus500 is a popular and well-respected forex broker, offering tight spreads, from just 0.01 pips, along with deposit protection, a free demo account, and a very user-friendly platform. The minimum deposit is 100 GBP, and there are over 60 forex pairs to choose from. The broker provides an excellent and very responsive customer support system, available 24/7, although it does not have as many educational resources as most of its competitors. Read our review of the broker, Plus500 here.