The annual review is among the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Industry leaderstrust usbecause ourrigorous testingis totally independent and 100% unbiased.
The best forex brokers for beginners offer three essential benefits. The first, and most important, they are a regulated and trusted brand that offers a user-friendly web-based platform. Second, they provide a strong variety of educational resources. Third, they provide access to quality market research.
In our review of forex and CFD broker offerings, we spent endless hours opening demo accounts, navigating forex platforms, conducting market research, testing website usability, as well as watching educational videos and webinars.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.g. EUR / USD (Euro / U.S. Dollar). You open an account, deposit funds, then use the brokers trading platform to buy and sell currency using margin. Forex markets are open 24 hours a day, five days a week. For learning the basics, we recommend theSchool of Pipsology.
Heres a summary of the best forex brokers for beginner forex traders.
Best Web Platform, Research -Open AccountWith competitive pricing, excellent trading platforms, quality research, reliable customer service, and over 30,000 CFDs offered, Saxo Bank offers traders a complete package worth being a customer for, under a global brand they can trust. (69% of retail CFD accounts lose money.)Read full review
Excellent Education, Most Trusted -Open AccountRegulated and trusted across the globe, IG offers traders an extensive list of tradable products, excellent trading and research tools, industry leading education, and competitive rates. This fantastic all-round experience makes IG our No. 1 overall broker in 2019. (76% of retail CFD accounts lose money.)Read full review
Well-rounded OfferingeToro is popular for its powerful copy-trading platform on which traders harness the results of the crowd to find opportunities and copy the trades of other real-time users across over 1,400 instruments, including CFDs on popular cryptocurrencies.Read full review
Great All-around, Low Costs -Open Account70% of retail CFD accounts lose money.)Read full review
Best for Low Costs, Active TradingThrough its offices regulated in major global financial centers, CMC Markets offers traders a wide range of offerings with excellent pricing and its Next Generation trading platform, which is packed with innovative trading tools and charting.Read full review
Providing forex traders with effective educational resources is important. Put simply, educated investors make more intelligent investment decisions. Most forex brokers consistently strive to educate their existing and prospective clients. That said, the delivery and quality of educational content varies.
For our assessment of forex broker education, we analyzed nine different variables for each firm. Our focus covered the basics of forex trading to advanced strategy. Components assessed included blogs, articles, video content, webinars, and content organization, among others educational resources. Forex broker FAQs were not considered educational materials.
IGheld its first place position again this year, as the broker provides one of the most comprehensive offerings of educational materials for forex. For example, a video accompanies nearly every article and the broker even offers its own educational mobile app. Furthermore, IG holds in-person seminars to cover areas such as advanced technical analysis, and for its online webinars, archived recordings are readily available.
Saxo Banktook second place with its broad range of education-related materials, which are grouped by experience level and cover multiple asset classes including spot forex and forex options under the companys Saxo Academy offering. Saxo also over a dozen videos on its YouTube channel under its TradeMentor series, in addition to materials on its TradingFloor portal.
Taken from ourforex broker comparison tool, heres a comparison of the education features for the most popular beginner brokers.
Best forex brokers for beginners features comparison
New! Ask our experts a question!Whether you are in university or a seasoned trader, we are here to help.Email usyour broker specific question and we will respond within one business day. It is our satisfaction guarantee.
ForexBrokers.com only allows regulated brokers to be included in ourannual revieweach year. As a beginner, trust is crucial. Regulated brokers cannot promote special offers like bonus deposits. For more on this topic, read our guide onHow to Avoid Forex Trading Scams.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Learn more.
About the author:Steven HatzakisSteven Hatzakis is the Global Director of Research for . Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
About the author:Blain ReinkensmeyerAs Head of Research, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
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