Best Forex Brokers for Beginners
#1 Best Beginner broker
- Real time trading data
- Publicly traded and licensed
- Broad range of markets
#2 Best Beginner broker
- Web based platform
- Competitive Forex spreads
- Regulated in multiple major markets
#3 Best Beginner broker
- Largest selection of currency pairs
- Regulated in major markets & listed in UK
- Powerful charts & pattern tools
IG Review - #1 best Beginner broker
Saxo Bank - #2 best Beginner broker
CMC Markets - #3 best Beginner broker
Best Forex Brokers for Beginners
Choosing the absolute best broker for your needs as a beginner can be the difference between a long and profitable trading career and crashing and burning within the first few weeks.
But if you’re starting out, you might not even know what factors to consider, much less what broker to choose.
With that in mind, we've ranked the best 3 forex brokers in the market for beginners in terms of customer service, trading platforms, research, commission structure, and regulatory scrutiny.
These are the most important broker features for beginners. They will determine trade execution speed, risk of monetary loss due to technical issues or broker default, and the quality of the information used for trading.
We’ve spent countless hours weeding out the non-regulated and not trustworthy forex brokers, of which there are many, to come up with this list.
Here are our choices:
#1 Best Overall Beginner Broker: IG
After experimenting with dozens of different forex brokers, IG is our number 1 choice for beginners.
The main reason being that it is one of the most solid and reputable institutions offering forex trading products.
With over 40 years of experience in the financial markets, IG is unlikely to go bankrupt in the near future, reducing the risk of having trades default, or withholding funds for withdrawals.
It is one of the most regulator-approved brokers in this list, gaining approval from six tier-1 regulators.
It also offers industry-leading customer support, which is crucial for beginners.
With support lines available through social media, online chat, and phone (24 hours a day, 5 days a week), it is unlikely that you’ll be left hanging after a technical error or when you need to ask a question.
Finally, the other standout feature of IG’s forex trading business is its beginner friendly interface.
A lot of brokers offer convoluted interfaces for traders who want to look professional.
But in our experience simple and intuitive design trump over-complicated designs every single time, and IG’s platform couldn’t be simpler: 4 main widgets with Live Price Lists and Charts, Open Positions, News & Analysis, and a Finder.
You really don’t need anything else.
It also offers competitive trading spreads, with the no-commission account structure offering a minimum spread of 0.8 for the EUR/USD pair.
#2 Best Overall Beginner Broker: Saxo Bank
If you’re looking for quality in-house, in-app research, Saxo Bank is the way to go.
With an in-app research tab, you’ll get some of the best forex research in the industry for no extra cost and with only a few clicks away.
Within this section of the web app, you’ll find Trade Signals, News, Market Analysis, Economic Calendar, and an Equities tab. By far the most complete research section of any forex app tested.
But it wasn’t only the quantity of research that stood out. The quality was also surprisingly good. The research team has a solid background and both the technical and fundamental analysis is written to a very high standard.
The trading interface also looks great and is highly intuitive- perfect for beginners.
In terms of commissions, Saxo Bank offers no-commission and volume accounts, both of which offer very competitive commissions.
The only downside is that Saxo Bank require a minimum deposit of 10 000 USD, which could be a barrier to some beginner traders.
#3 Best Overall Beginner CMC Markets
Our last, but not least, recommendation is CMC Markets- Another well capitalized, LSE listed company with 30 years of experience in the forex market.
One of the main advantages over other brokers in this list is that since its inception, this has been a forex focused operation.
Despite the recent forays into CFD products, they remain mostly focused on addressing the FX market and it shows.
When it comes to commission, CMC is an industry stand-out. Of the well reputed and regulated brokers, CMC undoubtedly offers the lowest commissions.
And the best part?
CMC requires no minimum initial deposit- If you’re looking to test the waters, CMC is the way to go.
The quality of their research is good, but the major selling point in this regard is the integration of Reuters and Morningstar research and news into the app.
Choosing a forex broker as a beginner is not an easy task. You can easily get overwhelmed by all the factors to consider and the vast choice available, but at the end of the day, the most important factor is how reputable the broker is and how much regulatory oversight it has.
This will influence how much liquidity and stability the broker has, impacting its ability to provide timely withdrawals to traders.
The forex broker industry is so competitive than most of the reputable and regulated brokers will offer solid support, good credit lines, and easy to use interfaces- The differences in these factors will be minimal.
In conclusion, as long as you stick with one of the above listed brokers you are unlikely to fail as a result of broker choice.