5 Best Forex Brokers for Beginners 2024

For this list, we have searched and tested several forex trading platforms suitable Forex Brokers for beginners.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best forex trading platform for beginners based on our trading data and experience as a trader.

What is Forex Trading?

Forex trading is the process of buying and selling currencies solely for the purpose of making profits. Such forex traders don’t intend to use foreign currency for international trades or any other purpose. 

Forex trading always remained popular among institutions, but retail interest in the sector boomed with the beginning of electronic trading and internet penetration.

Retails traders can make profits from forex trading in two ways:

• Take profit from the change of exchange rate
• Profits (or loss) from the interest rates differentials of two currencies

Though experts usually indulge in forex trading, the minimum entry barriers attracted a ton of beginners towards the industry. Brokers are also now focused on making their platform beginner-friendly.

The characteristics of a good forex broker for beginners are:

• Easy-to-use platform
• Availability of good educational resources on both markets and trading strategies
• Low trading fees
• Transparent services
• Excellent customer service

Best Forex Broker for Beginners

To select the best forex broker and trading platform for beginners, we tested and reviewed several forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

• XTB – Best Overall Forex Broker for Beginners
• Markets.com – Best Forex Trading Platform for Beginners
• Admiral Markets – Best Forex Broker for Beginners (Low Fee)
• XM – Best Forex Broker for Beginners (Educational Resources)
• Fortrade – Best Forex Broker for Beginners (Customer Service)

Best Overall Forex Trading Broker for Beginners

We have picked XTB as the best overall forex broker for beginners.

XTB, which is headquartered in London and Warsaw, offers excellent service and is commendable in all areas, let it be the trading platform, fees, deposit and withdrawal methods, educational resources, or customer support.

XTB provides trading services with forex and CFDs of indices, stocks, commodities, ETFs, and cryptocurrencies. It is also a well-regulated broker, holding licenses in reputed global jurisdictions.

The broker has excellent customer support, who can be easily reached via multiple modes. The educational resources on the brokers are very helpful and easy to understand, which is very crucial for a beginner-friendly forex broker.

Best Forex Trading Platform for Beginners

We have picked Markets.com as the best forex trading platform for beginners.

Markets.com is excellent when it comes to trade forex. The broker offers 67 currency pairs, along with CFDs of indices, stocks, commodities, and cryptocurrencies.

Markets.com offers its services on multiple platforms: industry-standard MT4 and MT5, and proprietary platforms Marketsx and Marketsi. The broker does not have any limitations on trading, meaning both scalping and hedging are allowed.

Best Forex Broker for Beginners (Low Fee)

We have picked Admiral Markets as the best forex brokers for beginners with low fees.

Trading and non-trading fees are crucial factors when it comes to beginner traders, and Estonia-based Admiral Markets excels in this area.

The broker does not have any significant deposit fee (only charges 0.9% on deposit with Neteller and Skrill) and has free withdrawals. It does not have any other non-trading fees, except dormant accounts have to pay a monthly fee of €10. Here you can see other forex no deposit bonus 2022 India brokers.

When it comes to trading, Admiral Markets has tight spreads. According to our tests, the average spread on the EUR/USD pair is only 0.6 pips, much lower than the industry average of 1.6 pips. Its spreads also remain consistently lower than the industry benchmark across all offered markets, which include forex, indices, stocks and commodities.

Best Forex Broker for Beginners (Educational Resources)

We have picked XM as the best forex broker for beginners with good educational resources.

When it comes to the educational materials for newbie brokers, XM is probably the best. It offers in-depth guides and informative video series on both trading strategies and markets. All the materials are categorized based on the experience level of the traders.

XM also conducts around 40 webinars every week on various trading-related topics every week. Furthermore, it offers its resources in different languages to cater to its diverse global client base.

The broker offers trading services with forex, indices, stocks, and commodities, and is regulated in several jurisdictions: the UK, Cyprus, Australia, UAE, and Belize.

Best Forex Broker for Beginners (Customer Service)

We have picked Fortrade as the best forex broker for beginners with good customer support.

Good customer support is not only essential for beginner traders but also experts. And Fortraded aces in offering excellent customer support.

Traders can reach customer support executives via live chat, email, and phone. The broker also assigns an account service manager to each of its clients. Our tests of the broker find that the answers provided by the broker on any customer query were accurate and direct. The responses of the service manager were even better and helpful.

Fortrade is a global broker and is regulated in the UK, Cyprus, Belarus, Australia, and Canada, offing trading services with forex, indices, stocks, commodities, and cryptocurrencies.

Forex Trading Platform List

Apart from the shortlisted brokers, here is a complete list of forex brokers and trading platforms for beginners, which we have tested and reviewed.

Forex Broker	Test Details	Broker Review
FxPro	Deposit Amount: Over €5,000 Total Trade: 15 trades	FxPro Review
Admiral Markets	Deposit Amount: Over €4,500 Total Trade: 12 trades	Admiral Markets Review
BlackBull Markets	Deposit Amount: Over €4,000 Total Trade: 12 trades	BlackBull Markets Review
GO Markets	Deposit Amount: Over €4,500 Total Trade: 12 trades	Go Markets Review
ActivTrades	Deposit Amount: Over €5,000 Total Trade: 12 trades	ActivTrades Review
XM	Deposit Amount: Over €5,000 Total Trade: 12 trades	XM Review
FXTM	Deposit Amount: Over €6,000 Total Trade: 12 trades	FXTM Review
ICM Capital	Deposit Amount: Over €5,000 Total Trade: 12 trades	ICM Capital Review
Tickmill	Deposit Amount: Over $8,000 Total Trade: 12 trades	Tickmill Review
Capital.com	Deposit Amount: Over €3,500 Total Trade: 15 trades	Capital.com Review
XTB	Deposit Amount: Over €5,000 Total Trade: 12 trades	XTB Review
RoboMarkets (RoboForex)	Deposit Amount: Over €5,000 Total Trade: 12 trades	RoboMarkets (RoboForex) Review
Pepperstone	Deposit Amount: Over €6,000 Total Trade: 12 trades	Pepperstone Review
FBS	Deposit Amount: Over €5,000 Total Trade: 12 trades	FBS Review
GKFX	Deposit Amount: Over €5,000 Total Trade: 15 trades	GKFX Review
Darwinex	Deposit Amount: Over €5,000 Total Trade: 12 trades	Darwinex Review
IC Markets	Deposit Amount: Over €5,000 Total Trade: 12 trades	IC Markets Review
ThinkMarkets	Deposit Amount: Over €5,000 Total Trade: 15 trades	ThinkMarkets Review
FP Markets	Deposit Amount: Over €6,000 Total Trade: 12 trades	FP Markets Review
Amana Capital	Deposit Amount: Over €5,000 Total Trade: 12 trades	Amana Capital Review
AvaTrade	Deposit Amount: Over €4,000 Total Trade: 21 trades	AvaTrade Review
CMC Markets	Deposit Amount: Over €5,000 Total Trade: 12 trades	CMC Markets Review
Vantage FX	Deposit Amount: Over €5,000 Total Trade: 15 trades	Vantage FX Review
INFINOX	Deposit Amount: Over €4,000 Total Trade: 9 trades	INFINOX Review
Axi (AxiTrader)	Deposit Amount: Over €6,000 Total Trade: 12 trades	Axi (AxiTrader) Review
Plus500	Deposit Amount: Over €6,000 Total Trade: 18 trades	Plus500 Review
eToro	Deposit Amount: Over $6,000 Total Trade: 18 trades	eToro Review
Trading 212	Deposit Amount: Over €5,500 Total Trade: 15 trades	Trading 212 Review
Fortrade	Deposit Amount: Over €5,000 Total Trade: 12 trades	Fortrade Review

FAQ and More on Forex Trading Brokers for Beginners

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to forex brokers and trading platforms for beginners.

Top Beginner Forex Brokers in the UK

Demand for retail forex trading has jumped in recent years, and this prompted many beginners to jump into the trading markets. Some of the top FCA-regulated forex brokers and Forex Trading Platforms UK suitable for beginner traders are:

• IG Markets
• CMC Markets
• XM

Top Beginner Forex Brokers in the US

Forex brokers in the US must be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA). Some of the US-regulated forex brokers for beginners traders are:

• Forex.com
• TD Ameritrade
• IG (US)

MT4 Beginner Forex Brokers

As MT4 is the most popular platform to trade forex, many beginner traders being their trading journey with this trading platform. Though the platform is a bit outdated and made for professionals, brokers are customizing it to offer services to beginners. Some of the good forex brokers for beginners with MT4 for beginners are:

• XM
• CMC Markets
• AvaTrade

Is Forex Trading Good for Beginners?

Trading forex is risky, especially when it comes to margin trading. But there is no restriction on the beginners on starting forex trading. We highly recommend beginners traders learn about the market and trading strategies and then implement those using demo accounts, before jumping into forex trading with a real account. Some of the forex brokers for beginners offering demo accounts are:

• IC Markets
• CMC Markets
• ThinkMarkets