In Forex Trading, Forex Brokers play an extremely important role in the success of the trade. For beginners, Forex Brokers will act as a guide to trade. They provide traders with a platform to trade currencies. Forex Brokers have a huge influence on the success of the trades. Therefore it is essential to select the Best forex brokers for beginners.
What is a Forex Broker?
A forex broker refers to a financial consultancy or organization which acts as a middleman between the Forex market makers and traders. It provides traders with a platform for buying and selling foreign currencies.
A Forex Broker facilitates trade on behalf of their customer. Forex brokers provide a trading platform and market analysis tools, Forex education materials, customer support and trading opportunities to the traders.
Is it necessary to have a Broker for trading in Forex?
Selecting the best Forex trading platform for beginners became essential for traders as having a broker to trade in Forex is necessary. For trading in Forex, registration via a regulated broker is a must. Individual persons are not permitted to execute trades on their own.
You have learned about the importance of Forex Brokers in trading. Now the question arises which forex broker is best for beginners?
Various unregulated firms are working in the name of Top trading forex platforms.
These firms use attractive tactics to lure inexperienced traders. It makes the process of selecting the best beginner forex broker difficult. But you need not worry. We have made a list of the Best forex brokers for beginners based on regulation, customer support, pricing policy and other important factors to help the traders.
A quick glance
A forex broker refers to a financial consultancy or organization which acts as a middleman between the Forex market makers and traders.
Individual persons are not permitted to execute trades on their own. For trading in Forex, registration via a regulated broker is a must.
There are various Forex Trading Platforms. A trader can open an account on these platforms. It offers various accounts, including standard accounts, mini-accounts, and micro-accounts.
- Capital.com: Best for Low forex fees
- IG: Best Trade protection features
- XTB: Excellent research and Education material
- Plus 500: Best for CFD Trading
- Interactive Brokers: Great for beginners
Best Forex broker for beginners in 2023
- Capital.com: Best for Low forex fees
- IG: Best Trade protection features
- XTB: Excellent research and Education material
- Plus 500: Best for CFD Trading
- Interactive Brokers: Great for beginners
- TD Ameritrade: Best beginner forex broker for US Traders
- Forex.com: Excellent Beginners Education
- Think Market: Best overall performance
- Fpmarket: Good trading automated platforms
Capital.com: Best for Low forex fees
Capital.com is amongst the most popular forex brokers for beginners. It is a well-regulated platform for 2016. The best part about the trading platform is it uses AI-powered trading technology to analyze market factors.
It provides services for various financial products, including Forex, stocks, cryptocurrencies, commodities, etc. It offers accounts facilities to retail and advanced traders with low forex fees, and capital.com offers market research reports, education, charts, indicators, and other facilities.
Key Features
- User-friendly features.
- Best technical Analysis tools
- Mobile Application
- Educational resources and material
- Personalized Trading
IG: Best Trade protection features
IG is famous for providing overall best trading services globally. It was founded in 1974. It has also won various awards for its work in the trading sector. It also offers trade protection; therefore, it is amongst the best forex brokers for beginners to start trading with.
The best part about IG is it has a well-designed website. It provides all the important details regarding its product and services on the website. It offers the best leverage and over 80 currency pairs to trade with US clients.
Key Features
- Excellent trading tools
- Trusted Multi Asset Brokers
- Training and Research in Forex Trading
- Best for CFD trading
- Best account opening experience
XTB: Excellent research and Education material
XTB offers a wide range of financial instruments to traders. It is amongst the best brokers for forex beginners as it facilitates trading and provides the best financial education. XTB is well-regulated by the Financial Conduct Authority (FCA) in the UK.
You can find paid and unpaid courses, webinars, video tutorials, and other educational material on its website. As learning is a must for beginners in trading, this platform allows a novice trader to learn and earn.
Key Features
- Clarity and Transparency
- Low spreads
- Wide range of Trading education material
- 24/7 customer support
Plus 500: Best for CFD Trading
Plus500 is regulated by the Financial Conduct Authority (FCA), the Securities and Investments Commission, and the Cyprus Securities and Exchange Commission. It offers various products such as Forex, commodities, stocks, and cryptocurrencies.
The trading platform provides different tools to help traders analyze the market and improve effective trading strategies. The best part about the trading platform is that it has a mobile trading app, a great feature for beginners.
Key Features
- Easy-to-understand trading system
- Competitive spreads
- Protect traders against negative balance
- It does not charge a trading commission
Interactive Brokers: Great for beginners
The next name in our Forex Brokers list is Interactive Brokers. It was founded in 1977. As the name suggests, the brokers interact with the traders and understand their needs to offer them the best services.
It provides traders services with competitive trading and account opening fees. The trading platform offers its services over 135 markets in 33 countries. It offers traders advanced tools, which include customizable trading screens, live market data, and order types.
Key Features
- Multi-asset trading broker
- Wide range of educational material
- Powerful trading tools
TD Ameritrade: Best forex brokers for beginners.
Various trading platforms do not provide services to US clients. TD Ameritrade is amongst the best platforms available for US clients. It offers easy-to-use tools and services to analyze the market accurately.
This platform is suitable for both beginner and advanced traders. It does not have minimum balance requirements and complex pricing, which is best for beginners. It also provides leverage facilities, advanced research and financial tools for experienced traders.
- User-friendly Interface
- High level of protection and transparency.
- Educational material and trading course
Forex.com: Excellent Beginners Education
FOREX.com is among the Best beginner forex brokers offering currency trading in over 80 currency pairs. A beginner can find various research and education tools on the trading platform.
The best part about the trading platform is it is regulated by several renowned organizations, which include Commodity Futures Trading Commission (CFTC), the Australian Securities and Investments Commission (ASIC) and Financial Conduct Authority (FCA). If you want to learn to trade, you should go for it.
Key features
- Best Trading Signals
- Protection to the UK and EU clients.
- Competitive Spreads
- Well organized website
- Education and research tools
Fpmarket: Good trading automated platforms
FP Markets is one of the Best forex brokers in the world for MetaTrader clients. It was founded in 2005. It offers over 10,000 tradable symbols.
It provides traders with trading charts, live market updates, and tested tools to make trading strategies accordingly. It also offers VPS solutions, EAs, and scalpers to traders.
Key services
- Mobile app Android and iPhone
- Low Trading Fees
- Quick Withdrawals Policies
How to open a Forex broker account?
There are various Forex Trading Platforms. A trader must first compare these platforms, read reviews, check their regulation, and analyze their social media platform. If he is satisfied with the services of a particular platform then he can open an account with it on its platform.
A trading platform offers various accounts, including standard accounts, mini accounts, and micro accounts; each has a different lot size to trade. Choose according to your need. It is advisable to start with a demo account.
Conclusion
The Forex Market is amongst the most liquid financial markets in the world. Daily many forex traders started investing in the market with no knowledge. As a result, they suffer losses.
A major part of your success depends on the credibility of brokers. With the complex market structure, there are scammers present in the market who are ready to take advantage of a beginner. So it is important to select your broker wisely.
Forex Brokers provide you with trading education, research material, analysis tools and other helpful material. Therefore selecting the Best Forex brokers for beginners is a crucial step to investing effectively.
