Foreign exchange is an exciting and fast-paced marketplace where fortunes are made and lost in the blink of an eye. If you want to get involved in foreign exchange trading or investing, also known as the Forex market, youll want to work with a top Forex broker. choosing the best forex broker often requires a lot of research and patience.

The best Forex brokers offer a combination of safe trading environment, competitive pricing, high-tech trading tools, and fast and reliable trade order execution. Sorting through the long list of Forex brokers and picking out the best is too much work for the average trader, so we took care of the hard part and whittled down to a list of the top Forex brokers for a variety of focuses and specialties.

To find the best forex brokers in the USA, we created a list of all CFTC registered brokers, then ranked brokers by their Trust Score.Here is our list of the top forex brokers for beginners in the United States.

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.

A forex beginner can make costly mistakes without fully understanding why. To protect yourself, it is best to start with a demo account, research and refine your strategy, and do a lot of testing before funding your account with real money. To avoid losses, consider starting with one of these best brokers for beginners.

Remember, your forex broker wants to help you succeed so you will come back and trade again and again. Many brokers, however, find clients losing more than they make. Many brokers, particularly those regulated in the United Kingdom, share what percent of traders earn a profit on their platforms. Look out for that statistic as you start with any new broker and trading plan.

The forex market is the worlds largest market with a daily turnover that easily exceeds $4 trillion. However even though it is the largest market in the world, there is no central exchange for it. Consequently, forex traders have to rely on the services of a forex broker to help them execute a trade. That is why it is so important to choose the best trading partner for you. So what do you need to consider when choosing a broker?

Before all else, the first thing every beginner trader must check when looking for a trusted and reliable broker is to see if the broker is regulated. As the forex market is an unregulated market, having a forex broker that is regulated ensures the broker will operate with transparency and fairness. It is important to note that regulatory oversight for a forex broker is only applicable for the jurisdiction that the broker is based in. For example in the U.S, a forex broker is required to be a member of the National Futures Association (NFA) and be registered with the US Commodity Futures Trading Commission (CFTC). For forex brokers that are based in the UK, they are required to be registered with the Financial Conduct Authority (FCA). These regulatory agencies main functions are to protect the interest of investors as well to develop the rules that dictate how forex brokers should conduct their operations.

Most important of all, regulatory agencies constantly monitor the conduct of the brokers under their jurisdictions to prevent any kind of abusive practices, fraud and manipulation on the part of the brokers. By doing so, these regulatory agencies help to promote competition and instill trust in the forex market. So before you decided to open a trading account with a forex broker, ensure that it is regulated by one of the regulatory agencies listed below:

Australia: Australian Securities and Investment Commission (ASIC)

Canada: Autorit des Marchs Financiers (AMF)

Cyprus: Cyprus Securities and Exchange Commission (CySEC)

France: Autorit des Marchs Financiers (AMF)

Germany: Bundesanstalt fr Finanzdienstleistungsaufsicht (BaFIN)

Switzerland: Swiss Federal Banking Commission (SFBC)

United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)

United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)

Finally many regulators offer an investor compensation scheme which protects the investors deposits up to a certain level should the broker become insolvent and become overly exposed to the markets.

The next thing that you have to evaluate in a beginners forex broker is their trading platform or software. The trading platform is the traders gateway to the forex market hence you have to ensure the trading platform is reliable and easy to use. It must also have a wide range of trading tools which you can use to help in the analysis of the market. Most useful tools for beginners are clear charts, a streaming news source and even an economic calendar, giving upcoming economic events. In addition, you must also ensure that trade entries and exits can be done effortlessly. This means that the interface of the trading platform must be well designed with all the functionalities clearly labeled and strategically placed.

A trading platform with a poorly designed user interface can actually impede trading which can lead to costly mistakes. For example instead of closing a position, a poorly designed trading platform can cause you to add to a position. Or it can cause you to go long on a position when you really intended to go short. At the end of the day, all these mistakes will just cause you more frustration and drain you emotionally. Make sure that the broker offers you a reliable trading platform such as the MetaTrader 4 platform. As a beginner trader is also important to know that brokers usually offer mobile versions of their platforms. This is great when you are on the go, as you never need to lose trading opportunities.

All forex brokers make their money through the commissions or the spreads which they charge their clients. For commission based trades, the commission is usually a fixed amount per lot traded or a percentage of the total volume traded. For spread based trades, the forex broker generally markup a few pips in the difference between the Bid and Ask price. It should be noted that the spread can be fixed or floating.

For example for fixed spreads, a broker may specify that the spread for the EUR/USD currency pair is 2 pips.

With floating spreads, the spread that is payable depends on the market volatility.

Take note that the wider the spread, the more difficult it is for you to make a profit. Nevertheless, frequently traded currency pairs such as the EUR/USD or GBP/USD often have very tight spread as compared to less frequently traded currency pairs.

All leading forex brokers offer their clients a selection of trading accounts for their clients to choose from. These accounts are typically differentiated by the benefits which they offer the account holder but they vary between the different brokers. For example, a micro or mini account which allows a trader to trade in an amount that is less than a standard lot usually comes with a low minimum deposit requirement. These trading accounts are designed for beginner traders and have higher leverage. But they also often come with higher spreads. Sometimes, the broker might limit the number of currency pairs which a trader can trade with a micro or mini account.

Trading accounts can also vary according to the type of spreads which a trader has to pay. Some trading accounts have fixed spreads whereas others have variable spreads. Or they can be commission based trading accounts as well. Usually the trading accounts that are geared for experienced traders are ECN type accounts which allow the account to access the raw spreads provided by the liquidity providers.

Another factor which you must take into account when evaluating the different types of trading accounts is the deposit and withdrawal methods supported by the broker. Every forex broker in the industry has their own policies on how they handle deposits and withdrawals. Some brokers may require their clients to fund their trading accounts by direct bank deposit whereas others may be more flexible and support a variety of payment methods. Regardless of the payment methods that are supported, always choose a broker which can provide you with a convenient and cheap payment method.

The forex industry a 24 hours market where trading activities never ceases. Because of this, it is possible for a forex trader to trade the market continuously. This means you can encounter a problem which requires the assistance of the customer support team at any time. Hence, it is essential that the support services are available on a 24 hours basis throughout the entire trading week as there is nothing more frustrating than not being able to get assistance when you need it most.

Check the methods which are available to contact the support team with eg. live chat, localized phone numbers, email. In addition, review the response time of the customer support representative. Another often overlooked factor when reviewing a brokers customer support service is whether the broker has provided you with a localized or toll free telephone support number. The reason is fairly obvious as the telephone charges that you rake up when calling the support lines can easily build up to a substantial amount.

Below we have compiled a definitive list of the absolute best brokers for beginner Forex traders. We have considered all of the below points.

To verify a brokers regulated status, we check the website of the regulatory agency that issued the authorization for the broker to operate in a particular jurisdiction.

Sometimes, a forex broker can be regulated in several jurisdictions. The more jurisdictions the broker is regulated in, the most committed the broker is towards earning the trust of potential clients.

On trading platforms, the more choices of trading platforms that are provided by the broker, the better it is for you as a trader. If you are the type of trader that is constantly on the move and doesnt like being desk bound, consider a broker that is able to support mobile trading as well.

To evaluate how the trading platform is able to perform, always try out the demo account provided by the broker. This will help give you an idea of the performance of the trading platform.

Some brokers offer a demo account that works only for a limited period whereas some brokers offer an unlimited demo account. Of course an unlimited demo account is better since you will still be able to use the demo account to back test your trading strategies.

For trading costs, we check to see if the broker offers a rebate on the commissions that you pay. Some brokers as a way of rewarding their clients loyalty offer rebates on the commission paid by their clients. In other words, the more the trader trades, the more he will get back in terms of rebates.

On the issue of withdrawals, we check to see if the broker has any restrictions or specific requirements. Some brokers require a minimum amount to be withdrawn before the withdrawal request is processed. In addition, some brokers may also charge their clients a fee on each withdrawal made.

On customer support, we check to see if the support services can also be accessed through social media or through internet telephony. The more methods which the broker can support, the better it is for you as a client.

We check the quality of their training academy. This is important for beginner traders as you want to learn as much as you can before you take the plunge risking your money in the forex market.

Some brokers in their bid to differentiate their services from other brokers also offer value added services such as free market signals. These free signals can prove useful to you as a trading aid as well as an educational aid.

Finding the perfect broker is not always easy, especially when you are a beginner trader and dont really know what to look for. In order to help you out we have collated a list of the best Forex brokers 2020 for beginners, we hope its useful!

7 Best Forex Brokers for Beginners in 2020 ForexBrokers

Currency Trading for Beginners: Top Ten Forex Brokers en Taringa!

Best Forex Brokers 2017 Investoo Trading School, Brokers

Top forex brokers,best forex brokers, Micro brokers, micro FX

Best Forex Brokers For Beginners [Step by Step Guide] Choose

Top 10 Best Forex Brokers for Beginners in 2019

Best forex brokers in 2020 Fee comparison included

Best Forex Broker Platform 2019. Find, Compare And Review Here!

Best forex broker forex account management trading safely

Best Forex Brokers Top 10 Forex Brokers 2020 on ForexRatings

Best Forex Brokers in January, 2020 Finance Illustrated

What are the most trusted Forex brokers online? Quora

Searching For the Best Forex Broker Forex Trader Secrets

Best Forex broker for beginners? Fx Engineers Medium

Best forex broker forex account management trading safely

DOES A PERFECT FOREX BROKERS BRING SUCCESS FOR BEGINNERS

Best Forex Broker Top Seven Tips For Choosing An Online Forex broker

Best Forex Brokers 2020 Top Rated Trading Platforms

Here Are Seven Best Forex Brokers In Singapore To Consider For Trading

Best Forex Broker Comparison Guide Forest Park FX

Best Forex Brokers Top 10 Brokers 2020 DayTrading

TOP 10 BEST FOREX BROKERS IN 2020. SEE FULL LIST NOW!

HaveTrade is one stop solution for all your brokerage needs. We

The Truth About Forex Brokers Best Forex Broker For Beginners

Best Forex Trading Platforms Top 4 Online Forex Brokers

Best forex brokers in 2020 Fee comparison included

Best Forex Trading Broker For Beginners, Swiss binary options

The Best Forex Brokers for Beginners 2020 • Benzinga

Top Forex Brokers report over $105B in daily traded volume

2020 Best Forex Brokers In South Africa [FSCA Regulated )

Top 10 Best Forex Brokers: Our Best broker List & Comparisons

Best forex brokers in 2020 Fee comparison included

Best Forex Brokers and Best Forex Trading Platform for Beginners

Best Forex Broker for Beginners (Dont Make The Same Mistake

Best Forex Broker UK 2020 Comparison [FCA Regulated Brokers]

Top 5 Best Forex Brokers UK Trading Platform Reviews

Best forex brokers in 2020 Fee comparison included

Best Forex Brokers 2019 Top 3 trusted ECN & STP Forex Brokers

Top 10 Forex Brokers And Forex Trading Platforms WealthResult

Best Forex Broker Forex Winner » Readers Award 2019

7 Best Forex Broker Platforms in 2020 (and Beyond) The Tokenist

Australian Forex Broker 2019 Comparison Fees Vs Features

Best Forex Brokers Top Forex Broker 2020 Financeeo

7 Best Forex Brokers for Beginners in 2020 ForexBrokers

Online forex trading nz, best forex brokers for beginners

Best 5 Forex Brokers for Beginners in 2020 LearnBonds

Best forex brokers in Myanmar (Burma) in 2020 Fee comparison

South Africa: Best Forex Brokers Forex Broker 500

Australian Forex Broker 2019 Comparison Fees Vs Features

Compare Forex Brokers in Australia 2020 FXAustralia

Top 10 Best Forex Brokers Review 2019 [The very Best Forex Broker]

Top Best Forex Brokers In The World for Beginners

FOREX BROKERS WITH THE BEST FOREX DEMO ACCOUNT IN 2020! CLICK TO

7 Best Forex Broker Platforms in 2020 (and Beyond) The Tokenist

Best forex brokers in 2020 Fee comparison included

Research: Top 7 Best Forex Brokers & Platforms UK (Beginners & Pros)

Best Forex Brokers [ 2020 Review & Comparison ] Must Know Stats

Best Forex Brokers Execution Speed Comparison Table

Top And Best Forex Brokers Reviews, List And Comparison Option

Best forex brokers in 2020 Fee comparison included

Best Forex Broker in USA Forex Broker Guru Review

Top and The Best MetaTrader 5 (MT5) Forex Brokers in 2019

Top Forex Brokers Best Fx Trading Platforms YouTube video

Finding the Best Forex Broker in Europe TradingGator

Best Forex Brokers Rating, Best forex brokers in Fee comparison

Best Forex Brokers California Window and Fireplace

12 Best Forex Brokers For Scalping with Lowest Spread in 2019

Best Forex Broker Comparison [2020 Fees + Trading Platforms]

Best Forex Broker Reviews & Beginners Guide Armenia Forex

TOP FOREX BROKERS RANKING 2018 Stephenking Blog Blog Trading

How to Find the Best Forex Brokers for Beginners

7 Best Copy Trading Forex Brokers in 2020 ForexBrokers

Best Forex Brokers In Rwanda 2020 (Beginners Guide) FxBeginner

8 Best Forex Trading Platforms For Beginners (2019) Ekzaga UK

6 Best Forex Brokers in Nigeria 2020 (Ranked!) ForexTrading.NG

Forex Brokers for Beginners Guide to Best Brokers ECN and Market

Top 5 Best Forex Brokers for Beginners Inspirationfeed

Best Online Forex Broker for Beginners Top 5 Platforms of 2018

8 of the Very Best Forex Brokers Delma Exchange UAE

The best forex brokers for beginners VergeFX

Best Forex Brokers That Offer No Requotes in 2019

Best Forex Brokers Top Forex Broker 2020 Financeeo

7 Best Copy Trading Forex Brokers in 2020 ForexBrokers