5 best Forex Brokers for beginners – User friendly platforms

The forex or foreign exchange market has recently been enjoying a hitherto unprecedented level of interest. With the prospect of making money predicting the movement between pairs of currencies, more and more people are getting on the forex trading bandwagon.

But not all forex brokers are equal. Some are aimed at novice forex traders, while others are much better suited to those with forex trading experience. It’s vital then that you choose the right platform to begin your foray into forex trading. Essentially, you will need a forex beginner-friendly platform to provide you with three crucial things.

See the list of the best Forex Brokers for beginners: 

Open Account:
1. IQ OptionIQ Option logo
From 0.0 pips variable
(24+ currency pairs)
+ User-friendly platform
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$

(Risk warning: Your capital might be at risk.)

2. eToro Etoro logo
From 1.0 pips variable
(52+ currency pairs)
+ Simple platform
+ Social Trading
+ Instant execution
+ PayPal

76% 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. **Please note that instruments restrictions may apply according to region

3. BDSwiss BDSwiss logo
From 0.0 pips + $ 3.0 commission per 1 lot
(51+ currency pairs)
+ Individual offers
+ Trading signals
+ Raw Spreads
+ Leverage up to 1:500
+ Best education
+ Personal support

Your capital is at risk

4. FxPro FxPro logo
From 0.0 pips variable
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions

(Risk warning: 72.87% of CFD accounts lose money)

5. XM Forex XM logo
From 0.0 pips + $ 3.5 commission per 1 lot
(55+ currency pairs)
+ Huge varierity
+ Micro accounts
+ Daily webinars
+ Personal service

(Risk warning: 75.59% of retail CFD accounts lose)

Who’s the best Forex Broker for beginners?

Firstly, they should be a well regulated, respected, and trusted brand with an easy-to-use web platform. Secondly, they must have a comprehensive learning package to ensure you gain the necessary forex trading knowledge. And finally, any good forex beginner platform should give their users access to high-quality market analysis and research.

In drawing up this list of the 5 best Forex Brokers for beginners, this was precisely the criteria we applied. Therefore, we are quietly confident that the platforms we have selected will deliver for you, the forex beginner. These platforms go out of their way to ensure your entry into the forex market is as painless and hassle-free as possible.

5 Best Forex Brokers for beginners:

  1. IQ Option – Committed to helping newbies
  2. eToro – The home of social trading
  3. BDSwiss – Multi-language support and comms channels
  4. FxPro – Great learning and trading platform package
  5. XM.com – Brilliant recent overhaul of their learning center

1. IQ Option

This online forex trading platform has got its sights on expanding its customer base by targeting forex beginners. The IQ Option platform is clean, simple, and easy to use; three of the headline issues facing anyone new to forex trading.

To convert people with a casual interest in forex, IQ Option goes out of its way to make the whole process of entering the market as streamlined and pain-free as possible. They do this by creating the perfect trading conditions and allying them to a comprehensive training program and risk-free demo accounts. Their educational resources are thorough and take new users through forex trading step-by-step.

Ultimately, it is in the financial interests of IQ Option to create an environment where beginner forex traders can learn and go on to become successful traders. This commitment to ongoing learning and training is readily apparent.

Refreshingly, IQ Option is completely open and transparent in all of this about the risks attached to forex trading. They underline how it is entirely feasible to wipe your account with one bad trade, especially if you are using high leverage levels. Leverage essentially is ‘borrowed’ money that’s added to your trade amount to amplify profits. It’s a gearing effect. But it also kicks in the opposite direction and amplifies losses. So beware.

Understandably, IQ Option is keen for beginners not to get burnt by forex trading. It’s in their long-term interests too. That’s why they emphasize in their learning center that much depends on the individual’s commitment to learning the ropes first thoroughly. Forewarned, the adage goes, is forearmed. We couldn’t agree more with this sentiment.

IQ Option trot into our 5 best Forex Brokers for beginners with no qualms from us. In deciding on a suitable forex platform, you should have an IQ Option as a potential candidate.

Why IQ Option is good for beginners:

  • They offer a great learning experience
  • Their blog offers useful hints, tips, and advice
  • A good library of guides that take you through all the features you need to know about
  • Tutorial videos on platform basics, how to use technical analysis, forex margin trading, how to trade on market news, and use financial calendars
  • The searchable and comprehensive FAQ section

Other important IQ Option advantages:

  • Award-winning platform
  • Low starting deposit ($10)
  • Low minimum investment
  • Spreads from 0.0 pips
  • Islamic swap-free accounts
  • Great analytic trading tools
  • Consistently good reviews
  • Strong commitment to training and learning
  • Multi-language platform
  • Mobile app

(Risk warning: Your capital might be at risk.)

2. Etoro

**Please note that instruments restrictions may apply according to region

This ‘bullish’ online platform will feature in every review of beginner-friendly forex brokers. And not without good reason.

eToro is the champion of the new trader. Indeed, their very existence is down to a desire to help people get online and trading as smoothly and as quickly as possible. With this as their mission statement, eToro has rocket shipped its way from funky Israeli startup to a global world-beater. When you think of social trading, eToro is the first broker that springs to mind. Today, this type of social network trading is synonymous with eToro. That’s why it will always feature in forex beginner-friendly brokers, and that looks set to continue for some time yet.

So what’s the big deal with eToro, you may ask.

If you want to distill the answer down, you will end up with – it’s easy!

The lengths eToro has gone to make this so are painstaking and remarkable. Even from the first click, they have carefully thought through the entire process. When you first register, you are automatically given two accounts – a demo account and a live trading account. Typically, these are separated out as different registration processes by other forex trading platforms.

Once you are in, it’s simplicity itself. If you are green to forex trading, there’s an impressive level of hand-holding while you get yourself familiarized with the platform and its very nifty CopyTrader software.

But before plunging in, you will be guided towards the learning center. There’s plenty in there to arm you with all the knowledge you need to make your forex trading successful. The learning and training resources are structured in a logical fashion and comprehensive. They cut to the chase and provide you with all the essential stuff quickly, with a minimum of blah, blah. This approach has led some to express concerns that maybe their educational materials are a bit thin.

We would tend to disagree. Brevity and conciseness are crucial to getting your message across. Overload people with information and they will miss the important stuff completely.

Why eToro is good for beginners:

  • Their business model depends on novice traders
  • It’s home to the cool CopyTrader tool that lets you automatically mimic the moves of successful traders
  • They are committed to helping learners advance and learn
  • The educational resources are digestible and largely free of jargon
  • If you are going to become a veteran forex trader, here is an excellent place to start off

Other important eToro advantages:

  • Integration with PayPal and other e-wallets
  • The world’s favorite social trading platform
  • The platform is easy to use
  • Copy traders and portfolios
  • Their business model relies on helping new traders
  • Multiple currency payments allowed
  • Trade up to 52 currency pairs
  • Leverage of up to 1:30
  • Education and learning are strong points
  • Regulated across multiple jurisdictions

76% 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.

3. BDSwiss

BDSwiss forex broker for beginners

BDSwiss forex broker for beginners

This online platform run by Swiss financial experts may not be an obvious choice as a candidate for forex beginners, but hear us out. There are many plus points to take into consideration and much to justify BDSwiss’ ranking in the 5 Best Forex Brokers for beginners stakes. So let’s take a look at what they have to offer.

Firstly, BDSwiss have fine-tuned their customer support channels, so it’s easy for clients to get hold of them with a query or problem. Their phone hotlines, for example, support multiple languages. As it should be in today’s hyper-connected global world. They also have a live chat option on the website, which is handy when you have a quick question that needs answering.

The other comms channels they have open are email, Telegram, and WhatsApp. So, all told, there’s a support method there to suit everyone. And if you are handy for Mauritius, you can also visit them at their office there.

Secondly, BDSwiss has developed an array of educational resources that novice forex traders will find incredibly helpful. They are housed in the BDSwiss Trading Academy, a free learning center that offers beginner-level courses on forex trading. And since they are hoping you will stick with them as you advance your knowledge, there are intermediate and advanced courses too.

You will also benefit from their regular seminars and webinars with experts in their field and the free market news BDSwiss makes available. Another vital learning tool is its free demo accounts. These are ideal for forex beginners to get a firm grasp, not only on the BDSwiss platform but also forex trading itself. Demo accounts are a recommended way to learn forex trading, develop strategies, and investigate the subtleties of trading foreign exchange successfully.

For those about to forex trade, go check out BDSwiss. It gets a salute from us, and we think you will agree.

Why BDSwiss is good for beginners:

  • Nicely thought out Trading Academy
  • Multi-language support
  • Excellent educational resources to learn the forex ropes
  • Regular seminars and webinars
  • Demo accounts to help you figure out the platform and forex trading

Other important BDSwiss advantages:

  • No fees applicable for withdrawals or deposits
  • $100 minimum deposit
  • Bitcoin and other crypto payments allowed
  • Up to five trading accounts
  • 24/5 customer support
  • Simple account opening
  • Swiss financial expertise
  • A reputable and safe company
  • Islamic swap-free accounts
  • Multi-channel support
  • Trading signals

(Risk Warning: Your capital is at risk)

4. FxPro

FxPro forex brokers for beginners

FxPro forex brokers for beginners

If you are hunting for a forex trading platform that is the whole package, then FxPro should be on your hitlist of possible candidates. For not only are FxPro geared up for helping beginners on their forex journey, but they are also a great platform for trading forex into the bargain. From the perspective of the forex novice trader, they are the real deal. They help you to transition from zero knowledge to combat-ready forex trader smoothly.

That isn’t the end of the journey. FxPro is with you for the long haul, providing a multiple award-winning platform to put your newly won knowledge into practice. A true zero to hero journey.

Thanks to our study of FxPro, we can confidently say they provide a very competitive means of forex trading for beginners to trade in over 70 currency pairs.

However, with a $500 minimum deposit, learners should always opt for a demo account at the beginning.

If you can’t tell a bear market from a bull market, then you will be suitably impressed by FxPro’s educational offering. The training course is a great introduction to forex and how to trade it like a pro.

If you have used online learning before, don’t worry, the FxPro platform is slick and clean. It’s way better than the clunky days of old. The difference is night and day.

The beginner program, which segues neatly into the advanced course, takes you through all the fundamentals you need to grasp.

The basics module consists of nine sections from ‘what is the financial market’ to “how to trade on the fx market’ and covers charts, pips and points, and leverage. The other modules comprise fundamental analysis, technical analysis, and psychology. It all hangs together rather neatly, and we think you will find the course interesting and inspiring.

Why FxPro is good for beginners:

  • Great entry platform for beginners
  • Excellent learning course for beginners
  • The advanced course also available
  • Demo accounts
  • Competitive trading conditions
  • Award-winning platform

Other important FxPro advantages:

  • Multi-award winners
  • No fee deposits and withdrawals
  • Regulated by multiple financial bodies
  • Reliable and sturdy reputation
  • MetaTrader 4 & 5, and c Trader
  • Trade over 50 currency pairs
  • Allows trading bots
  • Tight spreads
  • Instant execution or market execution
  • Real-time market news and technical analysis for free

(Risk warning: 72.87% of CFD accounts lose money)

5. XM

XM.com forex broker for beginners

XM.com forex broker for beginners

Another online broker sporting a bull in its logo, XM, has been included in this forex top 5 because it has lately pulled its socks. They have overhauled their educational offering, and it’s looking better than ever. In fact, it is putting some of the others to shame now.

This reaffirmation of XM’s support of forex beginners is to be commended. We did so by giving XM a much-sought berth in our best of class review for learner forex traders. Kudos to XM, then, for going the extra mile for making it into the review, thanks to their recent efforts to support forex beginners.

The learning center now contains six distinct sections to give a 360-degree view of forex trading and gets beginners ready to enter the risky and volatile forex markets.

One of the new additions is XM Live, an online room where you can learn more about XM, its services, and products. And bag a $30 starting bonus into the bargain. The knowledgeable hosts are on hand to answer your questions, plus there are daily competitions to win various exclusive prizes. Register on the XM site and check the schedule. The room is life in normal office hours UK time.

While XM Live is a good intro, the practical side of forex trading is dealt with in Live Education. There are two rooms, basic and advanced. The basic room covers the fundamentals of forex trading from XM’s resident experts, who also discuss trading strategies and analysis, and conduct Q&A sessions.

Also new in the learning center is a series of educational videos that walk you through all the must-know stuff to get going with forex trading.

You can also knock yourself out with regular forex webinars and seminars and an entire box set of video tutorials on the MetaTrader 4 platform. Work through this little lot, and you can be confident that you will avoid all the rookie forex trader mistakes that beset so many beginners.

Why XM is good for beginners:

  • Class-leading educational resources
  • Live learning options
  • Competitions and deposit bonus
  • Basic and advanced learning
  • Regular webinars and seminars hosted by experts
  • Clear and logical learning pathway for beginners

Other important XM advantages:

  • Demo accounts
  • Regulated in Cyprus, Belize and Australia
  • Low starting deposit
  • Negative balance protection
  • A broad selection of account types
  • Fixed and variable spreads
  • Phone and email support
  • Live chat help
  • Over 3.5 million clients in 196 countries

(Risk warning: 75.59% of retail CFD accounts lose)

Which is the best forex broker for complete beginners?

We would suggest the five we have highlighted here. Each of the showcased brokers has good points and is all committed to helping beginner brokers along the way. We are happy to recommend these five to anyone contemplating joining the forex revolution.

  1. IQ Option
  2. Etoro
  3. BDSwiss
  4. FxPro
  5. XM.com

How do forex brokers make their money?

Forex brokers make their profits by charging commission and fees for executing trades per trade or per spread. The spread is added to the raw market price and is depending on the situation. Furthermore, liquidity and volatility can increase or decrease the spread. The FX broker adds the spread to make money from clients. That means you get another execution price. The difference is the profit of the broker.

Some brokers offer the raw spread and charging the commission based on the trading volume.

How we find the best Forex platform for beginners:

If you start forex trading as a beginner it is most difficult to find the right platform. There are platforms that are difficult to use or unfriendly for new users. Also, it is important to get help from the forex broker. As a beginner, you want to know the features and how to trade correctly. If you invest real money and do a mistake, the money can be blown away in a few seconds. The best way to start is to use a free demo account with virtual money.

Our factors to find a beginner-friendly platform: 

  • Free practice account
  • Video tutorials
  • FAQ for questions
  • Live support
  • Educational material
  • All functions described
  • No hidden fees
  • Transparent trading
  • Easy to use
  • Good trading conditions

What factors make the best forex broker for beginners?

Educational materials– a novice trader needs training, educational materials. It is to help in understanding and using the tricks when trading. Trading needs strategies that work to get more profits than losses.

The only way to learn is through resources written by experts. A good forex broker should have a variety of webinars, courses, and blogs on how to trade forex.

Trading resources – these are tools a new trader uses to practice trading. They include a demo account for practicing trading strategies. Some forex brokers have copy trading accounts. This is where beginning traders copy expert trading strategies.

Crucial trading tools are the indicators, charting software, trading platforms. They should also give access to many assets in the forex market. These tools help new traders understand how to apply them to make better predictions.

A regulated forex broker– it is easy for a new forex trader to get scammed. This is because they may not know how to identify which platforms are legitimate or not. A good forex broker for beginners is regulated and licensed to trade.

Regulation and license numbers should be available on their websites so that forex traders can confirm.

Responsive customer care– a new trader will need more attention from the support team. Some will need help in setting up their accounts. They are helpful during the learning process and when trading. A good forex broker has fast and responsive customer care.

Low costs– it is one crucial function of a forex broker. Most traders who join forex are around their twenties, so they have fewer funds when starting. A good forex broker for beginners should have a low minimum deposit which traders can afford.

There are charges like forex spreads, commissions, deposit fees, and others when trading. Beginner traders can have a good experience learning if they worry less about the forex fees. It helps them to focus on learning and developing their trading strategies.

What to do in forex trading as a beginner?

As a beginner, you can start with knowing the market, making a plan and sticking to it, practicing, forecasting the market’s weather conditions, knowing the limits, knowing where to stop in the way, checking the emotions to be at the door and keeping it slow and completely steady.

Are trading resources and educational materials helpful in understanding forex trading?

Education materials and trading resources are all helpful for a trader to practice trading. These resources do not just provide better strategies to understand profit and losses but also provide a platform to practice trading strategies. With the use of the crucial trading tools that are offered on a platform, a user of a demo account can understand how things get done and then apply the same in the real world to make predictions positively.

Which forex broker is the best for beginners? How to make the right pick?

IQ Option, Etoro, and Capital.com are the forex brokers best for beginners. They are the best platforms where one wouldn’t face any issues related to withdrawal or deposit, hidden charges, or high spreads. 

When making the pick for the best forex broker for beginners, you can look out whether or not the broker holds the necessary licenses. It will always be better to choose the regulated broker who has been permitted to offer the services in the country, as it will help avoid any potential scam. Furthermore, one can look out for capitalization, consumer compensation funds, reviews, comparison, market research, news sources, and quality of customer services and alike. Having an idea of these would truly be helpful.

Final conclusion on the best Forex Broker for beginners

Today, forex trading is no longer the preserve of financial institutions and the well-heeled. In recent years, forex trading has become much more accessible and democratic. It’s widely accessible now for retail clients. And that includes complete forex beginners.

Not all forex brokers are the same. Some support newbies much better than others. However, we have showcased five that we believe are top-notch for learning the forex trading craft.

But please enter with your eyes wide open. Forex trading is a risky business, no matter what you hear. And there are no shortcuts. You will need to commit a substantial amount of time to learn and training if you wish to make money forex trading. Open a demo account and dive into the educational resources as soon as possible. There’s no substitute for hard work, and it will pay dividends in the end.

Last Updated on January 4, 2024 by Arkady Müller