Several beginner traders, often with little or no experience, are curious about online trading, mostly attracted by the fact of how easy it is to open a trading demo account.

Nowadays, it is also easy to access the markets, see the price charts of several financial instruments; currency pairs, global banks and companies stock prices, the most popular cryptocurrencies, commodities, etc., and to draw conclusions about their hypothetical trend.

Demo accounts offer a safe environment where novice traders can practice their trading skills, without taking any unnecessary risks, or exposure to market volatility. Of course, with a demo account the profits (and the losses) are merely informative.

At some point beginner traders might want to try their hand at trading with a real account. And for that they will need to choose a broker. Below you can find a quick overview of our recommended 10 Best Forex Brokers for Beginners, and what is their best feature.

Best Forex Brokers for Beginners

Several variables should be considered when choosing the best broker for beginners, but we can highlight the 3 key features that novice traders should look for on a broker:


  • Ability to practice on a demo account that offers a close simulation to real market conditions.
  • Comprehensive trading educational materials, clarifying the basics, supported by trading webinars and market analysis.
  • Competent support service, which knows how to give you honest advice when you need it.

1. Demo accounts: Having the opportunity to practice, try, (and fail) without risking any money is the first important thing. The demo account does not serve just the purpose of testing the trading platform, it will be also the test lab for any trading strategy. It is crucial that beginners learn how to use the tools, read the charts, place orders, in a nutshell, understanding how to trade and trying out new strategies as experience grows.

A good broker for beginners should therefore offer a demo account that is free, and has real market prices and trading conditions, including spreads and commissions. Unfortunately, there are several brokers offering demo accounts with fake market conditions, i.e., 0 spread, 0 commissions and 0 swap rates, in order to attract new customers. But soon new customers will realise that the 0 spread is in reality 0.5 pip spread, the 0 commission is 6 USD per round lot and the 0 swap rate is -4 USD per day. All these, of course, has an equity impact on a real trading account.

2. Trading education: Financial markets language, including the trading terminology, can be complex, especially for beginners. The type of trading orders; limit orders, stop orders, stop-loss, take-profit, the price charts and technical analysis, economic news and market trends are all important elements that need to be understood and mastered if novice traders want to succeed in online trading.

Good brokers must be able to provide adequate training materials, made by real professionals, advising traders of current market conditions and trends in short and long-term, and not limited to a simple eBook made of a few pages with the usual information found on the net everywhere.

3. Efficient customer support: A crucial variable that can help beginners determining the level of competence of an online broker. Being able to ask and receive the right answers from an efficient support service, especially one that speaks your language, is paramount to avoid mistakes that can cost you dearly and make you lose your desire before you even start.

More experienced traders are familiar with how online brokers operate, but a beginner trader needs more support, mostly when starting off with a real account. It is important that the support service can assist new traders in a more understandable way for their level of experience. Thus, a good broker for beginners must have properly trained staff, advisors and account managers that can communicate at your level, preferably in your language.

10 Best Forex Brokers for Beginners

  • Tickmill broker
    TickmillBest beginners' broker for automated trading
  • RoboForex broker
    RoboForexBest beginners' broker for cent accounts
  • XM broker
    XMBest beginners' broker for trading bonus
  • HotForex broker
    HotForexBest beginners' broker for DMA stock trading
  • FXOpen broker
    FXOpenBest beginners' broker for cryptocurrencies trading
  • Axi broker
    AxiBest beginners' broker for trading analytics
  • FP Markets broker
    FP MarketsBest beginners' broker for low minimum deposit
  • AvaTrade broker
    AvaTradeBest beginners' broker for trading platforms
  • Instaforex broker
    InstaforexBest beginners' broker for trading education
  • Admirals broker
    AdmiralsBest beginners' broker for trading assets

As a beginner trader you might need help to determine which broker will be best suited for your trading experience or trading needs. Our team of industry analysts has put together a list of the leading regulated brokers that can meet the needs of beginners, by offering a safe trading environment and considering the 3 main variables mentioned earlier. Here are our top 10 forex brokers for beginners in 2021.


Tickmill broker

Tickmill


Founded in 2014, this excellent UK-based broker aims at offering a great trading experience with low market spreads, no-requotes and using both STP and DMA models. The broker offers a great trading environment with absolute transparency and with the latest in trading technology. Tickmill is notorious for its extremely low latency and execution speeds, making it the choice of several scalpers and traders using automated trading systems. Read the full Tickmill review.

Key Features

  • Regulations: UK FCA, Cyprus CySEC, Seychelles FSA.
  • Demo account: Non-expiring, with 85 tradable assets.
  • Trading education: Webinars, seminars, eBooks, video tutorials, fundamental & technical analysis, market insights.
  • Customer support: Multi language (Arabic, Chinese, English, German, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese), available 24/5, including live chat.


RoboForex broker

RoboForex


RoboForex Ltd has been operating since 2009, always focusing on providing the best trading conditions, using innovative technologies and several years of experience. RoboForex is an international broker offering online trading on more than 12,000 financial instruments, divided in 8 asset classes. RoboForex follows a hybrid business model, serving both as a market maker as well as a non-dealing desk broker offering ECN/STP market execution. RoboForex is one of the few online brokers offering cent accounts, ideal for beginners. With cent accounts, investors can trade the markets with real funds, without risking a lot of money. Read the full RoboForex review.

Key Features

  • Regulations: Cyprus CySEC, Belize IFSC, Seychelles FSA.
  • Demo account: Non-expiring, with 12,000+ tradable assets.
  • Trading education: Webinars, technical analysis, daily blog, own copy-trading platform.
  • Customer support: Multi language (Arabic, Chinese, Czech, English, German, Indonesian, Italian, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese), available 24/5, also via live chat.


XM broker

XM


The XM broker aims at providing retail clients with a trading environment that offers all the necessary tools enhancing trading performance, including product innovation, reliable trading platforms and personalized customer service. XM is a fully licensed market maker broker, offering a vast range of tradable assets, including 1,200+ stocks from global companies and banks. XM could be a great choice for beginner traders for their no-deposit bonus scheme. Clients opening a real account with XM (subject to jurisdiction) will be entitled for a $30 trading bonus (without deposit) to test the XM no rejections and no re-quotes trading platform without any risk. Read the full XM review.

Key Features

  • Regulations: UK FCA, Cyprus CySEC, Australia ASIC, Belize IFSC, Dubai DFSA.
  • Demo account: Non-expiring, with 1,300+ tradable assets.
  • Trading education: Webinars, seminars, XM TV, podcasts, fundamental & technical analysis, market insights.
  • Customer support: Multi language (Arabic, Chinese, English, German, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese), available 24/5, via phone call and live chat.


HotForex broker

HotForex


Founded in 2010 and headquartered in Saint Vincent & Grenadines, HotForex (also trading as HF Markets) is an award-winning forex CFDs broker, providing trading services and facilities to both retail and institutional clients. HotForex is considered a good choice for traders looking for a regulated online broker and for funds safety. HotForex can be a great choice for beginners looking to trade stocks with Direct Market Access (DMA). Traders opening an account with HF Markets (SV) Ltd will have DMA access to 965 worldwide stocks via MetaTrader 5, allowing investors to place trades directly on the order books of global stock exchanges. Read the full HotForex review.

Key Features

  • Regulations: South Africa FSCA, Seychelles FSA.
  • Demo account: Non-expiring, with 1,000+ tradable assets.
  • Trading education: Webinars, FX courses, video tutorials, fundamental & technical analysis, trading tools.
  • Customer support: Multi language (Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish, Vietnamese), available 24/5, via phone call and live chat.


FXOpen broker

FXOpen


FXOpen launched its brokerage services in 2005 and currently clients can choose from a variety of trading accounts - STP, Micro, ECN and free unlimited demo accounts - and enhance their trading results via several automated trading systems. FXOpen also offers its own PAMM technology allowing clients to benefit from the trading strategies of more experienced traders, guaranteeing automatic distribution of profits and losses between the strategy provider and the strategy followers. With currently 1,000,000 registered traders around the globe - according to their corporate website - and operating in 96 countries for the past 15 years, FXOpen can be a great choice for beginners looking to trade cryptocurrencies. The broker offers a great range of 40 cryptocurrency pairs - including the popular BTC, ETH, DSH and LTC - with very competitive spreads. Read the full FXOpen review.

Key Features

  • Regulations: UK FCA, Australia ASIC.
  • Demo account: Non-expiring, with 115 tradable assets.
  • Trading education: Webinars, video tutorials, fundamental & technical analysis, market insights.
  • Customer support: Multi language (Arabic, Chinese, English, Farsi, French, German, Indonesian, Portuguese, Russian, Spanish, Thai, Turkish), available 24/5, also via live chat.


Axi broker

Axi


Founded in 2007, and with headquarters in Australia, Axi (formerly AxiTrader) is an online broker created by traders and based on a simple idea - be the broker that everyone would want to trade with. Axi offers online trading services in leveraged CFDs, giving clients the potential to generate financial returns on both rising and falling prices across FX, indices, commodities, shares and cryptocurrencies. With more than 12 years in business, Axi can be a great choice for beginners looking to analyse their own trading history via the access to the PsyQuation analytics platform. PsyQuation is an AI powered analytics platform for traders, free for all Axi clients, built with artificial intelligence and machine learning. By analysing investors unique trading history and style, PsyQuation works like a trader's own private trading mentor, able to guide traders towards better trading decisions and improved profitability. To access the PsyQuation platform, traders just need a live account with Axi. Read the full Axi review.

Key Features

  • Regulations: UK FCA, Australia ASIC, Dubai DFSA.
  • Demo account: 30 days, with 100 tradable assets.
  • Trading education: Webinars, seminars, trading courses by the London Stock Exchange and accredited by the Knightsbridge Trading Academy, eBooks, PsyQuation trading analytics platform.
  • Customer support: Multi language (Arabic, Bahasa (Indonesian), Chinese, English, German, Hungarian, Italian, Polish, Russian, Spanish, Thai, Vietnamese), available 24/5, also via live chat.


FP Markets broker

FP Markets


Founded in 2005, First Prudential Markets Pty Ltd (FP Markets) is an Australian-based online broker offering traders access to a full suite of CFDs across a wide range of assets, including forex, equities, indices, metals, commodities and cryptocurrencies. Investors can trade over 10,000 financial instruments, through a selection of industry-leading platforms including the classic MT4 and MT5, and IRESS, a new and improved, comprehensive active trader platform, with advanced functionalities. With over 36 industry awards for its client servicing and execution technologies, FP Markets is also a great choice for beginners looking for a reputable broker with low deposits, strong regulations and safety of funds. Read the full FP Markets review.

Key Features

  • Regulations: Cyprus CySEC, Australia ASIC.
  • Demo account: Non-expiring, with 10,000+ tradable assets.
  • Trading education: Video tutorials, eBooks, fundamental & technical analysis, daily market report.
  • Customer support: Multi language (Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Japanese, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese), available 24/5, also via live chat.


AvaTrade broker

AvaTrade


Established in 2006 as a multi-national company, AvaTrade has administrative headquarters in Dublin and offices in Paris, Milan, Tokyo and Sydney. The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders. The broker offers a wide range of CFDs trading - forex, stocks, commodities, ETFs, indices, bonds and cryptocurrencies. From its 24/5 multilingual support desks to its broad range of platforms and services, AvaTrade has created the optimal trading environment for every level of trader. AvaTrade can be a great choice for beginners looking for an advanced forex trading platform. Available for Android and iOS, AvaTrade proprietary platform, the AvaTradeGo, offers a connection to global markets with live feeds, social trends, a sophisticated dashboard, completed with a set of intuitive management tools, clear charts, and many more helpful features unique to this platform. Read the full AvaTrade review.

Key Features

  • Regulations: Ireland's Central Bank, Australia ASIC, Japan FSA, South Africa FSCA, Abu Dhabi FRSA.
  • Demo account: Non-expiring, with 700+ tradable assets.
  • Trading education: FX courses, eBooks, trading strategies, market analysis.
  • Customer support: Multi language (Arabic, Chinese, English, French, German, Indonesian, Italian, Korean, Polish, Portuguese, Russian, Spanish, Thai, Turkish), available 24/5, also via live chat.


Instaforex broker

Instaforex


Founded in 2007, Instaforex has been rendering quality online trading services with its CFDs trading offering to more than 500,000 individual and corporate customers. In fact, according to the broker's corporate website, every day over 400 new traders open an account with Instaforex to invest in the financial markets. Instaforex adheres to the highest levels of quality, working in accordance with the international laws and local standards of particular countries, achieving the reputation of a reliable partner providing its clients with a safe trading environment. Instaforex is our choice for novice traders looking for a broker with a huge and excellent range of trading education and materials, available through the "For Traders" tab. Read the full Instaforex review.

Key Features

  • Regulations: Cyprus CySEC, BVI FSC.
  • Demo account: Non-expiring, with 225+ tradable assets.
  • Trading education: Daily forex market analysis, webinars, video analytics, fundamental & technical analysis, Instaforex TV.
  • Customer support: Multi language (Arabic, Bulgarian, Chinese, Czech, English, French, German, Indonesian, Italian, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Vietnamese), available 24/5, including live chat.


Admirals broker

Admirals


Established in 2001, Admiral Markets, now rebranded Admirals, is a leading online broker providing investment services on a complete range of CFDs. Credited with an industry-leading offering of educational materials on their website, Admirals is also our recommendation for beginners looking for a broker with great trading education materials. But, above all, Admirals is a great choice for beginners looking for an online broker with an excellent range of tradable assets. In fact, with Admirals, beginners can try their trading skills on a variety of financial instruments, ranging from forex, the most popular commodities (including metals), global indices, energies (including Nat Gas and Oil), thousands of securities from worldwide companies and banks, ETFs, bonds and of course, the most popular cryptocurrencies. Read the full Admirals review.

Key Features

  • Regulations: UK FCA, Cyprus CySEC, Australia ASIC.
  • Demo account: Non-expiring, with 8,000+ tradable assets.
  • Trading education: Webinars, seminars, trading courses, trading videos, eBooks, trading tools, articles and tutorials.
  • Customer support: Multi language (Arabic, Bulgarian, Chinese, English, French, German, Italian, Polish, Portuguese, Russian, Spanish), available 24/5, via phone call and live chat.

Final considerations

Online trading is now accessible to everyone, regardless of their trading skills or technical background. With hundreds of brokers to choose from, finding the best broker for beginners can be a dauting task, simply because not all online brokers offer adequate training to guide novice traders.

To resume, and as explained in this guide, the choice of the best forex broker for beginners must be made on the basis of precise criteria that take into account the individual offerings of each broker.

We hope that with our guide novice traders will be able to narrow down their search and select a broker that can provide specific tools to ensure an excellent, and complete, online trading experience. Demo accounts, educational materials and qualified support are the key features to ensure a good start for all the beginners in online trading.

We conclude this guide with a suggestion - check out our Forex Trading Academy. We have published a couple of useful articles regarding online brokers, Finding the Best Forex Broker: 7 Key Factors and Benefits of Micro and Nano Lot Brokers, both are great resources to help beginners gain a better understanding on how online brokers operate.