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 you will need to choose a broker.

Best Forex Brokers for Beginners in 2024: Overview

Here's an overview of our recommended 10 best forex brokers for beginners to start trading online and respective attributes.

  • IC Markets - Best for low trading costs
  • Tickmill - Best for automated trading with EAs
  • Pepperstone - Best for social trading platforms
  • FxPro - Best broker for trading platforms
  • FP Markets - Best broker for low initial deposit
  • ThinkMarkets - Best broker for free deposits & withdrawals
  • Globa lPrime - Best broker for direct ECN market access
  • FXOpen - Best for cryptocurrency CFDs trading
  • Axi - Great trading analytics (via PsyQuation platform)
  • Admirals - Best for trading instruments (8,000+)

When choosing the best forex broker for beginners, several variables should be considered, but we will highlight the 3 key features that novice traders should always look for on a broker:

  1. Ability to practice on a demo account that offers a close simulation to real market conditions.
  2. Comprehensive trading educational materials, clarifying the basics, supported by trading webinars and market analysis.
  3. 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.

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.