For this list, we have searched and tested several forex trading platforms offering services suitable for beginner traders.

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 platforms for beginners based on our trading data and experience as a trader.

What is Forex Trading?

Forex trading means buying and selling foreign exchanges for the purpose of making profits. Though the trading industry was mostly focused the expert traders, many first-time traders are jumping into the trade of trading.

Retail brokers offer currency pairs, which the traders can buy or sell to make profits in the process. There are two primary ways forex traders make money:

  • Taking profit from the change of exchange rate
  • Making profits (or loss) from the interest rates differentials of two currencies

Beginners in Forex Trading?

But, forex trading is not easy. It takes years of experience to understands the markets and psychology of other traders. Traders need to have a deep understanding of the trading strategies as well.

However, several beginner traders have entered the trading market in recent years, and the trend is on the rise. If these traders indulge in trading without having proper knowledge, they will end up losing money in the markets.

In fact, the majority of retail traders lose money in trading, and many regulators have made it mandatory for the brokers to display the risk warnings mentioning the percentage of brokers losing money in trading.

For brokers, however, a growing number of beginner traders means more business. To retain this inexperienced client base, brokers have started to offer many beginner-friendly services.

Some of the areas where the brokers are focusing more to attract beginner traders are:

  • User-friendly trading platform interface
  • Excellent educational material
  • Low trading fees
  • Transparent services
  • Excellent customer service
  • The offering of a demo account

Out of all the focused areas, educational resources offered by the brokers are the most important to getting beginner traders started. Forex brokers have now started to offer detailed courses of both beginner and advanced levels to traders.

Newbie traders also need to master the craft of trading, so the offering of a demo account has also become normal.  

Best Forex Broker for Begineers

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.

  • XM – Best Forex Broker for Beginners
  • RoboMarkets – Best Video Tutorials on Forex Trading
  • Capital.com – Best Guides on Forex Trading
  • Fortrade – Best Courses on Forex Trading
  • CMC Markets – Best Demo Account for Forex Trading

Best Forex Broker for Beginners

We have picked XM as the best forex broker for beginners.

XM is one of the best brokers for beginners to start with for both trading and other additional services. It is a well-regulated broker and is licensed in the UK, Cyprus, Australia, UAE and Belize. The offerings of the broker include forex and CFDs of indices, stocks and commodities.

When it comes to educational resources, XM’s offerings are excellent. It offers in-depth guides and video tutorials on financial markets and trading strategies. The broker also conducts around 40 webinars each week in different languages for its client base around the globe.

XM offers trading services on MT4 and MT5 and also provides a demo account.

Best Video Tutorials on Forex Trading

We have picked RoboMarkets as the best video tutorials on forex trading.

Video is replacing text-based guides, and this is true when it comes to trading tutorials. RoboMarkets (also RoboForex) is one of the few brokers that offers an excellent library of video tutorials covering the forex markets and trading techniques. These explanation videos were made by expert traders and also other industry professionals. The videos range from as basic as ‘what is forex’ to the applications of some of the complex trading techniques.

Though initially known for offering trading services with currency pairs, the platform was rebranded to RoboMarkets after the addition of other markets like indices, stocks, and commodities. It offers services on three platforms: MT4, MT5 and R Trader.

Best Guides on Forex Trading

We have picked Capital.com as the best guide on forex trading.

Text-based guides are still favorites of many learners and Capital.com offers the best such guides for learning forex and CFDs trading. The broker offers separate guides for each market – forex, CFDs, spread betting, and others – and covers topics from very basics to the most advanced levels. It also provides in-depth guides on the trading strategies and market psychology, also has a glossary page to make the newbies understand the market lingo.

Capital.com is also excellent when it comes to offering trading services. It lists around 3,720 instruments of forex, indices, stocks, commodities and cryptocurrencies, and is regulated in the UK, Cyprus and Belarus.

Best Courses on Forex Trading

We have picked Fortrade as the best course on forex trading.

Only a very few brokers offer detailed courses, and Fortrade is one of them. Apart from the usual text and video guides on forex and CFDs trading, the London-headquartered offers two courses: one is specific to the beginner traders, while the other one covers the advanced trading topics. The broker also conducts webinars and allows newbie traders to open a demo account.

Established in 2013, Fortrade is licensed in the UK, Cyprus, Belarus, Australia and Canada. It offers multi-asset trading services, covering forex, indices, stocks and commodities markets.

Best Demo Account for Forex Trading

We have picked CMC Markets as the best demo account for forex trading.

The demo account has become necessary not only for beginner traders but also for exerts. While beginners can brush up their trading skills without risking real money, experts use these accounts to test new strategies.

Though almost all the brokers offer demo accounts, we picked CMC Markets mostly because of its wide range of trading services offering. CMC lists more than 10,000 financial instruments covering markets like forex, indices, stocks, commodities and cryptocurrencies. The broker offers two trading platforms MT4 and proprietary Next Generation Platform.

On its demo account, CMC allows paper trading on CFDs markets with £10,000 of virtual funds. Traders can analyze the markets using indicators on live charts and execute trades without risking any real money.

Forex Trading Platform List

Apart from the shortlisted brokers, here is a complete list of forex brokers that offers excellent services to beginners, which we have tested and reviewed.

Forex BrokerTest DetailsBroker Review
FxPro
Deposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsDeposit Amount: Over €4,000
Total Trade: 12 trades
BlackBull Markets Review
GO MarketsDeposit Amount: Over €4,500
Total Trade: 12 trades
Go Markets Review
ActivTradesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
ICM CapitalDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
TickmillDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
Capital.comDeposit Amount: Over €3,500
Total Trade: 15 trades
Capital.com Review
XTBDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
RoboMarkets (RoboForex)Deposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GKFXDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
DarwinexDeposit Amount: Over €5,000
Total Trade: 12 trades
Darwinex Review
IC MarketsDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
FP MarketsDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
AvaTradeDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
CMC MarketsDeposit Amount: Over €5,000
Total Trade: 12 trades
CMC Markets Review
Vantage FXDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review
Axi (AxiTrader)Deposit Amount: Over €6,000
Total Trade: 12 trades
Axi (AxiTrader) Review
Plus500Deposit Amount: Over €6,000
Total Trade: 18 trades
Plus500 Review
eToroDeposit Amount: Over $6,000
Total Trade: 18 trades
eToro Review
Trading 212Deposit Amount: Over €5,500
Total Trade: 15 trades
Trading 212 Review
FortradeDeposit Amount: Over €5,000
Total Trade: 12 trades
Fortrade Review

FAQ and More on Forex Trading 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 trading 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 Financial Conduct Authority-regulated forex brokers in the UK suitable for beginner traders are:

  • IG Markets
  • CMC Markets
  • XM

Top Beginner Forex Brokers in the US

Forex brokers in the USA 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 that offer suitable services for beginner 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 MT4 forex brokers for beginners are:

  • XM
  • CMC Markets
  • AvaTrade

Forex Trading App for Beginners

Mobile trading has become a thing now, and many brokers are offering excellent trading services on mobile devices. Some of the excellent forex trading apps offered by the brokers which are useful to beginners are:

  • IG Markets
  • CMC Markets
  • eToro

Copy Trading for Beginners

Copy trading services are very popular among beginner traders as they can earn profits while still learning about the forex market. Some of the good copy trading apps for beginner traders are:

  • eToro
  • Naga Trader
  • ZuluTrade
  • Darwinex

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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