We asked a panel of new users to compare, test, and rate the best forex brokers for beginners. Find out which trading platform ranked as the most beginner-friendly and why we rated it so highly.
Sep 14, 2022
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Our panel comprised a mixture of completely new traders and people who had never traded currencies before. We asked each member to go away and use all the leading forex broker platforms to decide which they think are best suited to beginners.
Each user went away and tested each platform for its accessibility, the quality of its demo account and on how easy it is to get started. They all made a shortlist of their favourite forex brokers and we combined them to come up with a master list of the best options for beginners. Read on to find out which platform topped our list.
What are the best forex brokers for beginners in 2022?
- eToro – best forex trading platform for beginners
- Skilling – best for mobile trading
- Capital.com – best for educational materials
- Pacific Union – best for welcome bonuses
- Alvexo – best for beginner day-traders
Compare the best forex brokers for beginners
These platforms came out as the best rated by our user panel and offer a great option to get started with. Sign up by following the links in the table or keep reading to learn more about each broker in detail
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Bitcoin, Credit Card, Debit Card, Visa
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Bank Transfer, Wire Transfer
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Bitcoin, Credit Card, Debit Card, Wire Transfer
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution’s financial well being.
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Bank Wire, Check, Credit Card
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
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Top forex trading platforms for beginners
1. eToro: Best FX trading platform for beginners
eToro is our top rated broker for beginners. New traders have access to a good choice of FX pairs to trade and its platform is well suited to novice users. One of its key beginner friendly features is its social trading and copy trading tools.
These tools mean it doubles as a social trading network. This allows new traders to automatically copy the forex trades of professional traders and learn from their experience. Beginners can also connect and interact with experienced currency traders and learn new strategies. On eToro you also can register with a demo account, which allows you to practice forex trading in simulation mode.
- Good range of FX pairs available
- No commission
- Social trading and copy trading features
- Demo account available
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
2. Skilling: Best for mobile trading
Skilling offers the best mobile trading experience for beginners. What makes it so suitable for novice traders is the choice of its three platforms. First up is Skilling trader which is its custom built platform. Next is MetaTrader 4 and cTrader, both of which are among the most popular FX trading platforms around.
Its MetaTrader 4 mobile application in particular is well suited for beginner forex traders. Not only is it easy to use, its popularity among the forex trading community means there is lots of support and customisable tools freely available. Skilling lets you trade lots of assets on its platforms and offers 70 currency pairs. Another key benefit is that beginners can trade with a very low amount of money as the minimum trade size is very small.
- Three mobile applications to choose from
- Over 70 FX pairs available (majors, minors, and some exotics)
- Popular Meta Trader 4 and cTrader available for mobile
- Low minimum trade size
3. Capital.com: Best for educational materials
Beginner traders seeking a platform that offers more than just buying and selling currencies should use Capital.com. The platform has been designed for both new and experienced traders in mind and has a host of additional features that are easy to access and use for novice users. Its vast educational section is its top additional feature for beginners.
Its educational resources are freely available to traders and include a range of tutorial videos explaining everything from how to use the platform to strategies for trading forex. In addition it has daily market analysis provided by professionals which can be used by new traders to profit while still learning. Capital.com has over 130 forex pairs to trade including the majors like EUR/USD and GBP/USD.
- Extensive educational section
- Video tutorials
- Low minimum deposit – $20
- Risk management tools
4. Pacific Union: Best for welcome bonuses
Pacific Union is one of the few forex brokers that offers regular bonuses and promotions. Beginner traders can take advantage of Pacific Unions bonus offers to trade forex without risking their own money, or trade with a larger amount than they initially deposit. The platform has frequent promotions that range for no deposit bonuses, to deposit matches.
Its promotions are constantly changing so it’s best to check its website before registering. Some of its most recent new account promotions include $50 no deposit bonuses. It’s one of the top forex platforms for beginners and has a range of FX pairs to trade. Using its bonuses when registering an account is a great way to trade currencies with no risk.
- Regular bonus promotions
- Range of FX pairs
- Mobile app available
- Popular MT4 and MT5 platforms
5. Alvexo: Best for beginner day traders
Day trading is a fast paced style of buying and selling and for beginners wanting to use this method in forex will find Alvexo is the best platform. It is a CFD broker and has three platforms to choose from: MetaTrader 4, Alvexo web trader, and Alvexo mobile. It has a range of currency pairs available including all of the majors and minors, as well as some exotics.
The platform has lots of educational content for beginners to use such as webinars, ebooks, and financial TV. It also has new features such as free forex signals. The platform itself has been gaining recognition in recent years and in 2022 won a host of awards at the London Trader Show.
- Choice of three platforms
- Award winning broker
- Wide range of currency pairs
- Lots of educational content
What is a forex broker?
It is a company that allows you to trade the foreign exchange market. Forex brokers do this by offering a price for each currency, such as the US Dollar, against another, like the Euro. You can then choose to buy or sell this ‘currency pair’, depending on whether you think the Dollar will strengthen against the Euro or not.
The main thing that makes this sort of service appropriate for beginners is the level of hand-holding and educational material it provides. Beginner-friendly FX platforms offer free demo accounts so you can trade without risk and tutorials to explain how the market works.
The currency markets also use a lot of their own terminology. Any service directed towards new users should offer a simple explanation of terms like pip, spread, and majors. It should also offer material to help you understand what moves the currency markets.
How does a forex broker work?
It facilitates the buying and selling of currencies. Forex brokers use software that traders can download or access via the web and which acts as the ‘middleman’ between a trader and the exchange. In the olden days, traders would have to use a telephone to put in an order. Technology and the development of online trading has streamlined this process.
These platforms usually provide a range of services other than placing buy and sell orders. Forex trading platforms for beginners often have all the technical trading features you would expect of any FX trading platform, along with more basic tools such as educational content and market analysis.
How should beginners choose a forex trading platform?
The most important thing for a beginner is to choose a safe and secure platform that gives you the opportunity to learn without putting all your money at risk right away. With that in mind, here are our top ten tips for beginners who are choosing their first forex broker.
1. Look for brokers with a demo account
A demo account offers a way to trade the live forex market with virtual money. It gives you the opportunity to try trading without risking your own funds and to see whether you want to carry on.
Most demo accounts give you a fixed amount of virtual money, such as $10,000 or $100,000, and you can use it as you wish. The trading experience is more or less the same as doing it for real, so you can keep track of your performance and see if you would have made a profit or a loss had you been using your own money.
2. Check the broker is regulated
All forex brokers should be regulated with the appropriate financial bodies in your country. This can be the FCA in the UK, or the SEC in the US. You want to choose a regulated broker because they offer lots of investor protection, such as a compensation scheme so that you can’t ever lose your deposit as a result of the broker running into financial difficulties.
Each broker has its own registration number which you can use to check if it is indeed regulated. Go to the FCA website and type in the number to find out if your broker is regulated in the UK.
3. Choose a platform with a low minimum deposit and trade size
It’s important to start small when you trade for the first time. Many brokers now offer the chance to get started with an initial deposit of just £10-£20 and a minimum trade size of £1. While your profit-making ability is much smaller with trades like that, it’s significantly less risky when you’re still learning the ropes.
4. Look for brokers that offer bonuses
You can often find brokers that are willing to match your first deposit in the form of a welcome bonus. The most generous offers mean you can easily double the amount of money you have to trade.
Some brokers even offer a no-deposit bonus, where you don’t even have to put any money into the platform. These can be a great way to get a bit of extra money to practice with before risking any of your own.
5. Focus on the major currency pairs
In forex trading, currencies are referred to as the ‘majors’, ‘minors’, and ‘exotics’. When you first start out, you only need to worry about the majors: these are the largest and most popular currencies with the most trading volume.
Starting with the majors means the price fluctuations are smaller and there is much less chance of being caught out by a sudden change in the market. There is also far more educational material out there to help you trade currencies like the US Dollar, compared to exotic currencies like the South African Rand.
6. Prioritise a clean, intuitive trading interface
Pick a platform that makes it easy to find the information you need to trade. The best place to look is at brokers geared towards retail or casual traders, like eToro, because they have been specifically designed to help beginners.
As forex has traditionally been the preserve of the experts, many established brokers can overwhelm you with information. It’s best to leave these brokers until you have much more experience.
7. Don’t worry about the spreads
The spread is the difference between a buy and sell price of a currency. When you compare forex brokers you’ll see a lot of talk about the spreads, and many platforms advertise themselves using low spreads as an incentive. Don’t get fixated on this info when you’re choosing a broker for the first time, it’s more important for people who make big trades and trade often.
The difference in spreads between a broker can be as little as 1 ‘pip’, or even less. A pip refers to one-hundredth of one percent, or 0.0001, so it’s not worth thinking about until you trade more.
8. Accept higher prices for a safer trading experience
Related to the spreads is the fact you may find brokers that offer better currency prices because they give you direct access to the forex markets – known as the ‘interbank rate’. The trade-off is that there is far less protection from market volatility, and you’re trading directly against experts.
It’s much better to accept paying a bit extra for each trade when you start out. It normally means you are more insulated from the live market and there is less chance of being caught out by a sudden swing in price.
9. Look for features like negative balance protection
Many brokers offer perks to protect you in case you make a mistake. One of these features is negative balance protection, where your broker will intervene to automatically close out trades and prevent your account balance from falling below £0.
You can also find brokers like Capital.com that have additional features to help you out. In that case, Capital uses artificial intelligence to rate your trading performance and can offer tips and advice on how to improve.
10. Take advantage of educational material
When you start trading forex it’s inevitably going to involve a learning curve. Make it easier for yourself by choosing a broker with lots of tutorials and guides. These guides can teach you the basics of the terminology or introduce you to the trading software, like MT4 or MT5. Or it can simply give you the lowdown on different trading strategies you might be interested in.
Quick answers to key questions
Can I get started with less than £100?
Yes, quite easily. £10 is normally the lowest minimum deposit, so you can start with very little money if it suits your budget. But be aware that currency price changes are extremely small, so it would take a long time to make money with such a small starting pot.
You can use leverage to make your money go further. Effectively, you put down a small amount as a deposit, such as £5, and your broker lends you the money to make the trade bigger. Some brokers offer up to 1:30 leverage (so from £5 you could make a trade worth £150).
We recommend caution here though, as there are plenty of downsides to leverage as well. If your trade loses your losses are multiplied and it’s best left until you have a better understanding of the market.
How much does it cost to use a forex broker?
It doesn’t normally cost anything to sign up and create an account. In many cases you can access a demo account with just an email address and password and you won’t need to go through the full sign up process.
After that you will have to pay some sort of fees when it comes to trading. These vary by broker, but you may have to pay a commission per trade, or pay in the form of a surcharge on top of the market rate for each currency.
Is forex trading taxable?
It depends on the type of trading method you use and your own personal circumstances. In some cases it is possible to pay zero tax on profits – for example if you use a spread betting broker. It’s best to check with an accountant regarding tax.
Can I use copy trading with a forex broker?
Yes. The best platforms offer copy trading features and this can be an excellent option for beginners who are new to forex. Platforms such as eToro allow you to automatically copy the trades of experienced users on the network.
Can I trade forex on my phone?
Yes. Almost all forex brokers have a mobile app that you can download. You can use the apps to buy and sell. Although it can be difficult to perform analysis when using a mobile device such as a smartphone as the screen size is quite small.
Read more: the best forex trading apps
Where can I learn more about forex trading?
One option is to dive in with a demo account and learn the ropes that way. If you would prefer to do that, then use the button below to sign up and get started. Otherwise, you might want to use our guides on how to use forex signals and read charts, or follow a step-by-step guide to trading forex for the first time.
Methodology: How did we choose the best forex trading platform for beginners?
Every platform on this page has been tested by our panel of beginner traders and verified by our in-house experts. Each platform listed above has a full in-depth review on Invezz and links to these reviews have been provided. We consider a range of factors when testing a platform. This involves registering an account, making a deposit, making trades, and withdrawing funds.
We use online research to compare each of the services against each other. This includes ranking costs or fees, as well as other features offered. Finally we use trustworthy online reviews in addition to our own experience for each platform. A combination of all of these factors is used to determine a ranking.
Our rankings and reviews are not influenced by any platform listed on this page. However, we may make an affiliate commission if you click on a link and register an account. Read our review process to learn more.
Is forex safe?
Yes. the forex market is quite safe. Although it’s also very volatile and difficult to trade. If you are concerned about safety, then you should find a well regulated broker.
Can you get a bonus with a forex broker?
Yes. some platforms offer bonuses to new and existing users. Although it’s always a good idea to check the terms and conditions before accepting a bonus. As many require you to make many trades before you can withdraw.
Is forex better than crypto?
What is day trading in forex?
Can I trade forex on my phone?
Is forex better than crypto?
Each has its own benefits. Forex has been around for longer than the crypto market and it is less volatile. Depending on your own goals and requirements you may find one market better suited to you than the other.
What is day trading in forex?
It is a type of strategy whereby you enter and exit the market within a single day. Day trading is fast paced and requires a lot of concentration and skill. When starting out, its best to stick to other types of trading while you learn.
Can I trade forex on my phone?
Yes. almost all forex brokers have a mobile app that you can download. You can use the apps to buy and sell. Although it can be difficult to perform analysis when using a mobile device such as a smartphone as the screen size is quite small.
Sources & references
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >