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Good Forex brokers for beginners will help their clients get started. The better brokers will assist with verifying a trading account, setting up and configuring a new trading platform, and making available the best learning material possible. This way, the trader has the best chance of finding and acting on profitable trading opportunities. 

To test these beginner brokers, we opened demo trading accounts to experiment with the important features for newcomers – always keeping an open line with customer service to assess their responsiveness. As part of our test, we verified the broker’s regulation, checked for well-structured Forex education and verified that the demo account never expires, so novices can practice without risking their money forever. These are the best Forex brokers for beginners in Malaysia for 2022, according to our testing and our research.

  • FXTM - Best Copytrading Platform for Beginners
  • OctaFX - Best Platform Options for Beginners
  • Tickmill - Best Broker for Serious Beginners
  • Pepperstone - Best ECN Broker for Beginners
  • XM - Best Overall Education for Beginners
  • HotForex - Best Customer Service for Beginners
  • AvaTrade - Best Mobile Trading Experience for Beginners
  • FP Markets - Best Customer Support for Beginners
  • XTB - Best Proprietary Platform
  • BDSwiss - Best Market Research Provider for Beginners

Best Forex Brokers for Beginners

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Broker
Overall Rating
Official Site
Beginner Friendly
Min. Deposit
Beginner Course
Beginner Videos
Downloadable Ebook
Unlimited Demo
Support Hours
Total CFDs
Currency Pairs
Trading Cost
Platforms
Regulated
Compare
FXTM
4.33 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 10
24/7
795
62
USD 15
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
OctaFX
4.02 /5
Read Review
Create Account >
Your capital is at risk
Standard
USD 50
24/5
52
32
USD 11
Financial Services Authority – St. Vincent & the Grenadines
Tickmill
4.48 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 100
24/5
91
62
USD 4
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
Financial Services Conduct Authority
The Seychelles Financial Services Authority
Pepperstone
4.61 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 5
24/7
1119
60
USD 6.90
FCA Regulated Brokers
ASIC Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
XM
4.25 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 5
24/5
1479
57
USD 16
CySEC Regulated Brokers
ASIC Brokers
FCA Regulated Brokers
International Financial Services Commission
HotForex
4.49 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 5
24/5
1150
53
USD 10
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Conduct Authority
Dubai Financial Services Authority
Financial Services Commission
AvaTrade
4.48 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 100
24/5
872
55
USD 9
Avatrade Social
AvaOptions
ASIC Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
FP Markets
4.28 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 100
24/5
10084
60
USD 7
IRESS
ASIC Brokers
CySEC Regulated Brokers
XTB
4.14 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 5
24/5
4148
48
USD 14
xStation5
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
BDSwiss
4.32 /5
Read Review
Create Account >
Your capital is at risk
Excellent
USD 10
24/5
234
50
USD 15
CySEC Regulated Brokers
Financial Services Commission
The Seychelles Financial Services Authority

How do I choose a Forex broker for beginners?

When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.

After reading through this short guide you will:

  • Understand why regulation is crucial and how to check if your broker is regulated.
  • Understand how brokers make money from traders and how these trading costs can impact your profitability.
  • Understand which trading platforms brokers offer and how they work.
  • Understand the dangers of trading without education and how to educate yourself appropriately.
  • Understand how high-quality customer support can improve life for beginner traders.
  • Understand the importance of a demo account and how to choose the best one.

FXTM – Best Copytrading Platform for Beginners

A well-regulated market maker/ECN broker, FXTM offers three account choices on both the MT4 and MT5 platforms.  FXTM also provides a powerful copy-trading system, which is helpful for beginner traders who lack the expertise and skill in CFD trading.  FXTM Invest allows traders to access trading opportunities without the technical know-how by copying the trades of more experienced traders, known as Strategy Managers.

FXTM also excels in its education and market analysis content, providing a good overview of Forex trading in its guides and tutorials, articles, webinars, seminars, e-books, trading glossary, and videos.   Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and provide an accurate analysis of the markets. 

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

OctaFX – Best Platform Options for Beginners

Founded in 2011 and regulated by many top-tier authorities, OctaFX offers three different account types, each associated with a different platform, that cater to both beginner and experienced traders alike. All accounts are available as Islamic swap-free options and offer a leverage of up to 500:1.

The MT4 commission-free account offers fixed or floating spreads starting at 0.4 pips on the EUR/USD and requires a minimum deposit of 50 USD.  The MT5 (Pro) Account offers a floating spread starting at 0.2 pips on the EUR/USD and requires a minimum deposit of 500 USD.  The cTrader (ECN) Account also only offers a floating spread, starting at 0 pips, a round turn commission of 6 USD per trade, and a minimum deposit of 100 USD.  Furthermore, the educational material offered at OctaFX is designed specifically for beginner traders, with an online trading academy that’s also available in Bahasa Melayu. 

Pros
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited range of assets
  • Restrictive account types
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC & SVG FSA.

Tickmill – Best Broker for Serious Beginners

While Tickmill is not as famous as some other brokers on this list, it has some of the best trading conditions for new traders. Some beginners may be put off by the wide spreads on its Classic Account (starting at 1.6 pips on the EUR/USD), but the Pro Account has some of the lowest trading costs available (spreads down to 0 pips on the EUR/USD with a 4 USD round turn commission, much lower than the industry standard of 7 USD) and is a good place to start for beginners looking to use a commission-based trading account. Both the Classic Account and the Pro Account require a relatively low minimum deposit of 100 USD.

Tickmill also offers unlimited demo accounts for both the MT4 and MT5 trading platforms and all 3 of its account types. New traders will also find Tickmill’s detailed market analysis and Forex education helpful and accurate.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Wide range of assets
Cons
  • Limited base currencies
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 and MT5 platforms supported. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.

Pepperstone – Best ECN Broker for Beginners

A leading Australian broker, Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution.  Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade.  Most trades are executed within 30 milliseconds, which is ideal for scalpers and those who run expert advisors. 

Pepperstone offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos.  It hosts regular webinars, and archives of previous webinars are available for free on its website.  Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.

XM – Best Overall Education for Beginners

A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares.  Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second. 

XM also provides a world-class repository of educational and market analysis materials to get new traders started.  Comprised of various sections, including live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway. 

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

Hotforex – Best Customer Service for Beginners

A global CFD broker, Hotforex offers trading on a number of instruments, including Forex, metals, energies, indices, shares, commodities, bonds, and ETFs.  Traders have the choice of five account types, with tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD on its entry-level account.  Hotforex’ award-winning customer support is available 24/5 in over 27 languages via email, live chat, and telephone.  Its goal is to provide the best customer service by maintaining a client-focused culture. 

Hotforex also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis.  Traders who open a demo or live account will also gain access to the Hotforex e-Course, which outlines the basics of Forex theory and trading, reading and interpreting the charts, trading psychology, and technical analysis. 

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Avatrade – Best Mobile Trading Experience for Beginners

A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds and vanilla options.  With full support for leading trading platforms, including MT4, MT5, and it award-winning app, AvatradeGO, Avatrade provides a user-friendly and innovative trading environment for beginner traders. 

Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts.  It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system.  Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

FP Markets – Best Customer Support for Beginners

A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception, including Best Customer Support 2019 (LiveHelpNow Challenge).   Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms, and any other technical queries.

FP Markets offers competitive trading conditions on two live accounts on the MT4 and MT5 platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded.  It also offers three accounts on its IRESS platform, which is an active trader platform with advanced functionality. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. FP Markets is regulated by CySEC and ASIC.

XTB – Best Proprietary Platform

A well-regulated STP broker, XTB is the creator of the award-winning xStation 5 platform.  With a user-friendly and intuitive design, it allows traders to accurately track market movements.  It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator. 

XTB provides some of the best training materials available for beginners.  Its Trading academy is comprehensive, clear and concise, and structured like a course.  It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders. 

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts Malaysian Clients. Minimum spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platforms supported. XTB Group is regulated by CySEC, FSCA, DFSA, FCA and the IFSC.

BDSwiss – Best Market Research Provider for Beginners

BDSwiss is a European market maker with a wide range of tradable assets and three live account types.  BDSwiss offers full support for MT4, MT5, and its bespoke BDSwiss Webtrader application that features an extensive set of analysis tools and advanced charting.  The BDSwiss trading academy and market analysis are some of the best in the industry, winning it Best Market Research Provider of 2020

BDSwiss’ market analysis is curated by a team of renowned markets analysts and professional traders that provide 24/5 market news coverage and actionable financial commentary.  Recognised by the global industry community, its Research Team is frequently featured in world-leading publications and is viewed as a reliable, one-stop information hub of insightful market analyses.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

What is Forex Trading?

beginner-brokers

Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).

Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.

Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.

What is a Forex Broker?

Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.  To connect to the Forex market with a broker, traders need to open a trading account, and add funds to the account.

Comparing Forex Brokers for Beginners

When comparing Forex brokers consider the following broker and account components.

Regulation in Forex Trading

Regulation is the single most important aspect of judging a Forex broker. Unregulated brokers cannot be trusted with your money and have no legal requirement to provide a fair trading environment. Having a regulated broker is not optional. Regulation ensures the security of your funds and offers protection against broker bankruptcy and also ensures that Forex traders have a complaint channel and access to investor insurance.

Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a certain way to know that a broker should not be trusted, and broker regulation should always be verified independently.

The Securities Commission Malaysia (SCM) is Malaysia’s regulatory authority. Malaysian clients may prefer to trade with an SCM regulated broker, but there are very few high quality brokers with this regulation, and it is not a legal requirement. Locally based SCM-regulated brokers will not have the client protections or processes in place to keep your trading safe.  That said, there are the best 5 internationally-regulated beginner-friendly brokers by overall score. 

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Broker
Overall Rating
Global Regulators
Min. Deposit
Islamic Accounts
Educational Material
Beginner Course
Unlimited Demo
Max. Leverage (Forex)
Cost of Trading
# Total CFDs
No. of FX Pairs
# Crypto Pairs
Fees
Compare
Capital.com
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
USD 20
111115/ 5
100:1
USD 6
4027
137
220
Fees Included in Spread
Pepperstone
4.61 /5
Read Review
FCA Regulated Brokers
ASIC Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
USD 5
11110.54.5/ 5
200:1
USD 6.90
1119
60
5
From 7 USD / lot - Razor Account
HotForex
4.49 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Conduct Authority
Dubai Financial Services Authority
Financial Services Commission
USD 5
111115/ 5
1000:1
USD 10
1150
53
4
6 USD / lot - Zero Account
Markets.com
4.49 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
Financial Services Conduct Authority
USD 100
1110.503.5/ 5
300:1
USD 7
2235
67
6
Fees Included in Spread
AvaTrade
4.48 /5
Read Review
ASIC Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
USD 100
111115/ 5
400:1
USD 9
872
55
18
Fees Included in Spread

Trading Costs Explained

All brokers will expect a trader to make a minimum deposit when opening an account and will then charge a spread on each trade. Another common cost is the swap-fee paid for holding trading positions overnight. Some broker will also charge a commission or other types of fees. A good understanding of these costs is important for beginner traders as some brokers charge more than others.

Minimum Deposit

The first cost that beginner traders will come across is the minimum deposit requirement. Though not really a fee – as this is the money you will be trading with – this is an important cost for beginners to consider. Some brokers have relatively high minimum deposit requirements, often 1000 USD or more, which may put their trading accounts out of reach of beginners. Generally speaking, the higher a minimum deposit on an account the better trading conditions will be available on the account. Brokers will sometimes offer free access to advanced trading tools, one-on-one training, VPS services or personalised customer support with higher minimum deposits.

Spread

The most common fee that brokers charge is the spread. This is the difference between the buy and sell price of a trading asset and is measured in pips (the 5th decimal place of an asset’s price). Brokers will artificially widen the spread from the original market price of an asset. This means that when you are buying or selling an asset on the spread, you are buying it below or above the true market price – therefore requiring a larger fluctuation in the market for the trade to make a profit.

Some brokers will offer a fixed spread, meaning the difference between the buy and sell price of an asset never changes. Others will offer a floating or variable spread, meaning that the spread will get wider or tighter depending on demand and volatility. Many beginners prefer to trade with a fixed spread as this makes trading costs easier to calculate.

Swap-fee

Another common fee is the swap-fee or Islamic accounts.  Forex trading is leveraged trading, this means that traders borrow money from their broker to artificially enlarge their trading position. As in life, borrowing money requires paying interest on the loan. When a trading position is held overnight, the leverage borrowed from the broker is also held overnight and will incur an interest charge – this is called the swap-fee. The cost of the swap-fee will depend on the asset traded, the amount of leverage used and the size of the trade itself.

Commission

Some brokers will also charge a commission. Commissions are generally charged by DMA (direct market access) brokers. Direct market access brokers generally do not widen the spread artificially (or only slightly) and instead will charge a flat commission as a fee for providing the direct market access service. Direct market access brokers do not generally target beginner traders and often have higher minimum deposits.

Brokers will also charge other fees, though these are not directly involved in trading costs. Brokers may also charge deposit and withdrawal fees, inactivity fees or VPS hosting fees. Most Islamic trading accounts (swap-free accounts) will also have additional fees to cover the cost of the removal of the overnight interest charge.

Trading Platforms

Trading platforms are the software that connect traders, via their broker, to the Forex market and allows them to open and close traders. Beginner traders will often be happier on a simple platform, and many brokers offer their own, easy-to-use, web-based platforms. Most traders, however, use third-party trading platforms that need to be downloaded to their computer.

The most important consideration for beginners when choosing a trading platform is whether it is reliable and easy to understand. Trading platforms with large, detailed charts and labelled functions will help beginners make fewer errors. Beginner traders also benefit from trading platforms with integrated news feeds and market analysis, to better help them understand the Forex market’s movements.

The most reliable and popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader. These are all third-party applications that can be downloaded to a computer. While not as simple as many broker-owned platforms, they do have the advantage of being tied to your personal account rather to any particular broker. This means that if you decide to switch broker your trading platform, with any customisations you may have made, can move with you.

Education Material For Beginners

Most beginner Forex traders will need some form of Forex education, and the best Forex brokers for beginners provide quality educational material in a range of formats.

This is not entirely selfless behaviour on the broker’s part. Educated Forex traders become successful and profitable traders, and the more successful traders a broker has on its books, the more successful the broker will be.

Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading for beginners, and market analysis and research. Forex brokers sometimes hire third-party analysis companies to produce and deliver market analysis to their customers. Market analysis and research are especially helpful once a trader has a firm grasp of Forex trading basics, including terminology and common themes.

Education and Beginner Trading Courses

Better Forex brokers for beginners are good at created structured Forex trading courses. These are the regulated brokers with the highest quality structured courses in the industry. 

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Overall Rating
Regulators
Beginner Friendly
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Official Site
4.24 /5
Read Review
ASIC Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Excellent
Business Hours
USD 25
Create Account >
Your capital is at risk
4.48 /5
Read Review
ASIC Brokers
British Virgin Islands Financial Services Commission
CySEC Regulated Brokers
Central Bank of Ireland
Excellent
24/5
USD 100
Create Account >
Your capital is at risk
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
Excellent
24/7
USD 20
Create Account >
Your capital is at risk
4.33 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
Excellent
24/7
USD 10
Create Account >
Your capital is at risk
4.49 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
Excellent
24/5
USD 5
Create Account >
Your capital is at risk
4.25 /5
Read Review
CySEC Regulated Brokers
ASIC Brokers
FCA Regulated Brokers
International Financial Services Commission
Excellent
24/5
USD 5
Create Account >
Your capital is at risk
4.49 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
Financial Services Conduct Authority
Excellent
24/5
USD 100
Create Account >
Your capital is at risk

Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:

  • Forex Terms: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
  • Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
  • Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?

Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. This is particularly useful from a beginner’s standpoint, as these detailed learning experiences are all available free of charge and without registration.

Market Analysis and Research For Beginners

Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading.  These are the regulated brokers with the best research and market analysis teams in the industry.

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Broker
Overall Rating
Research Score
Research Update
Research Team
Islamic Account
Min. Deposit
Global Regulators
Autochartist
Trading Central
Trading View
Webinars
Compare
Capital.com
4.68 /5
Read Review
111115/ 5
Frequent
In House
USD 20
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
Pepperstone
4.61 /5
Read Review
111115/ 5
Frequent
In House
USD 5
FCA Regulated Brokers
ASIC Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
HotForex
4.49 /5
Read Review
111115/ 5
Frequent
In House
USD 5
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Conduct Authority
Dubai Financial Services Authority
Financial Services Commission
Markets.com
4.49 /5
Read Review
111115/ 5
Frequent
In House
USD 100
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
Financial Services Conduct Authority
AvaTrade
4.48 /5
Read Review
111115/ 5
Frequent
In House
USD 100
ASIC Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
Axitrader
4.34 /5
Read Review
111115/ 5
Frequent
In House
USD 5
FCA Regulated Brokers
ASIC Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
FXTM
4.33 /5
Read Review
111115/ 5
Frequent
In House
USD 10
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission

These brokers offer market news with deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.

Some Forex brokers, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.

Demo Accounts for Beginners

All Forex brokers will offer free demo accounts to all clients. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money. Demo accounts provide an exact simulation of real market conditions

Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. These are best Forex brokers for beginners that provide free unlimited Forex demo accounts.

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Broker
Overall Rating
Unlimited Demo
Global Regulators
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
Islamic Account
# Total CFDs
No. of FX Pairs
Crypto Pairs
Compare
Capital.com
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Brokers
4027
137
220
HotForex
4.49 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
1150
53
4
FBS
4.23 /5
Read Review
CySEC Regulated Brokers
ASIC Brokers
Financial Services Conduct Authority
International Financial Services Commission
189
37
0
GKFX Prime
4.13 /5
Read Review
Malta Financial Services Authority
British Virgin Islands Financial Services Commission
Securities and Exchange Regulator of Cambodia
225
50
5

Customer Support

Beginners need good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.

How much money do you need to trade Forex?

Most brokers require a minimum deposit to start trading. This varies from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening.

Can you get rich by trading Forex?

It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme and while large profits are possible, so are large losses. Most successful Forex traders have developed a strategy that allows them a steady stream of income.

The Bottom Line

As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.

Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.

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Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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