Best Beginner-Friendly Brokers

Trading in the financial markets can be overwhelming, especially for beginners. There is a risk of loss, and dealing with unfamiliar and complex financial jargon can be intimidating. Hence, it is essential to find a trading broker that is best suited for beginners. So, in this post, we’ll explore the best brokers for beginners so you can better understand the strengths of each platform.

What beginners should know about forex trading

Trading foreign currencies can be a difficult endeavor. It requires a learning curve — not just in learning the terminologies and how the market works but also in learning the skills to survive and thrive in the market. Learn all you can about the market and yourself and be patient enough to start small and grow.

With over 6 trillion dollars traded each day, the forex market provides a huge opportunity for making money, but you have to compete with everyone else, including the institutional traders. The forex market is decentralized and, in fact, operates in an over-the-counter setting. As a result, there are so many scams all around. So, you need a trusted broker to access the market and be sure you aren’t throwing your money away. The market itself is difficult enough; having to deal with scam brokers is what you don’t want. Instead, you need a broker that can help you learn to succeed.

Our choice of the best beginner-friendly forex brokers

We reviewed many forex brokers for beginners, checking their trading platforms, educational resources, fees, minimum deposits, available trading instruments, and more. From our reviews, these are the best beginner-friendly forex brokers:

XM — Overall best beginner-friendly broker

Fusion Markets — Best for fees

Admiral Markets — Best for MetaTrader platforms

FP Markets — The highest numbers of tradable instruments

FXTM — Best in customer service

AvaTrade — Best for mobile trading app

FBS — Best for multiple account options

Blueberry Markets   — Best for web trading

Why forex brokers?

You cannot trade forex without a forex broker, as you need one to be able to access the market. A forex broker (foreign exchange broker or FX broker), purchases and sells currencies on your behalf for a fee. They act as “middlemen,” connecting their clients to their liquidity providers. But sometimes, they may internally match their clients’ buy and sell orders for currency with other clients’ buy and sell orders.

Being a decentralized market, your broker’s price quotes may not be the same with other brokers since they may be using different liquidity providers. As a result, a lot depends on the trustworthiness of the broker. This is why you need a good broker to stand a chance of ever succeeding in forex.

What to look for in a forex broker as a beginner

Before choosing a forex broker, you must first determine the type of investor you are and the goals you hope to achieve through currency trading. But generally, the following are some of the most important factors that should be considered:


If you are new to the forex market, one of the most important factors to consider when choosing a broker is whether or not it offers access to various educational resources. You need a broker that would teach you how the market works, the way contracts are structured, what leverage is and how to use it, the importance of risk management and how to go about it, and so on.

Your trading decisions can be aided by award-winning market research and comprehensive educational content provided by learning resources, both of which are tailored to different levels of experience. Forex education equips you with the ability to think critically and apply knowledge in meaningful ways throughout your trading days. So, you should prioritize educational resources when choosing a broker as a beginner.


Given the nature of the forex market and the freedom of CFD brokers, you should trade with only regulated brokers. The goal of regulations is to protect traders and ensure fair business practices to protect customers’ interests. The regulation status of the broker and the governing authority that licensed the broker are the most important considerations to make when choosing a forex broker. It is better to choose a tier-1 regulated broker than an offshore-regulated broker.

Affordable minimum deposit

Another important characteristic of forex brokers that cater to beginners is a low minimum deposit. Trading forex and CFDs carries a high level of risk, which can deter new traders because many cannot afford the large sums at stake. A low minimum deposit affords you the chance to test the waters with what you can afford to lose.

Another advantage of minimum deposit brokers is the ability to test multiple brokers and distribute your funds across various assets.

User-friendly platforms

The learning curve can be steep for beginners, especially when beginning with complicated and difficult-to-understand trading platforms. You should look for a forex broker who offers trading platforms that are simple to understand and use. This will assist you in making the most of your trades.

Demo account

It is impossible to overstate the importance of demo accounts for novice traders. A demo account is a type of practice account that allows traders to become acquainted with the trading platforms provided by their broker without risking any of their own money. The demo account already has some virtual money in it for your convenience and use as a learning tool. Most brokers provide demo accounts.

Comparing the beginner-friendly forex brokers

Can a novice trader trade forex?

Yes, but it takes some time to learn the market and yourself. You can have the best strategies and still not be able to implement them effectively. You have to learn what works and what does not work. Technical analysis, risk management, and the right mental skills are necessary for your trading success.

Can I learn to trade forex on my own?

Yes, but it may take longer, and in the end, it may not be what you need. To fast-track your learning period, you may need a tutor and a mentor. After learning the basics about how the market works, you should also study yourself as a person to know the strategies that would work best for your personality. Learn all you can from whomever you can, but at the end of the day, it is your mental skills that would determine how far you can go in your trading journey.

Will I make money trading forex?

Yes, but it is not going to be easy. You have to learn a lot and put in the effort before you can start reaping the rewards. Take your time to learn all you can — technical analysis, risk management, and trading psychology. You can also code your strategies into trading algos to increase your chances of trading all setups that match your strategy and reduce emotional trading, which in turn can increase your chance of making money.

Can forex trading make me rich?

It is best not to consider forex trading as a way to “get rich quick.” Before you can hope to make any money from forex trading, you must first understand the fundamentals of how everything works, just as you would for most other endeavors. This is an important point to remember.

Another thing you should do from the start is to be realistic and manage your expectations about the process; nothing comes without some hard work and an understanding of the processes involved in the industry. The factors that distinguish those who succeed and those who fail in the trading industry are, for the most part, the same as those that distinguish those who succeed and those who fail in any other industry.

How do I start if I want to trade forex?

There will be an overwhelming number of questions to answer and factors to consider when you first begin trading. Is it possible for me to learn how to trade forex on my own? Which analysis method will I employ in my trading—fundamental or technical? Do I want to start day trading, or do I want to take a more long-term approach to my Forex trading?

The questions are endless, but the answers ultimately determine your success in the market and how you will achieve it. You could also divide these questions into more specific directions on how to begin trading forex. The following are the steps involved in forex trading:

  • Learn about the foreign exchange market
  • Set up a new account
  • Come up with a trading strategy
  • Decide on an online forex trading platform to use
  • Open, monitor, and close your first position
What amount of money will be good for me to start with?

You can begin trading with any amount you are comfortable putting at risk, but contrary to popular belief, foreign exchange trading is not a quick way to become wealthy. The amount of money won is determined not so much by the strategy’s success as it is by the amount of money put at risk. The quote of “it takes money to make money” could not be more true when it comes to forex trading.

As a beginner, which popular currency pairs should I start with?

Focusing on just one or two currency pairs is a good starting point for traders who are new to the market. Most traders will choose to trade the EUR/USD or USD/JPY currency pairs because they can access a wealth of information and resources about the traded economies. It’s no surprise that these two pairs account for the vast majority of daily volume in global currency trading.

How do I select the right forex broker for me?

Choosing a forex broker requires you to figure out your trading style and your goals in investing in currencies. Some of the most important things to consider are regulation, the level of security, trading platform, educational resources, transaction fees, affordable minimum deposit, and more.

Which broker allows the lowest minimum deposit?

Some brokers, such as Fusion Markets, offer low minimum deposits as low as $0, allowing traders to start trading with any amount they can afford.

Which broker has the most user-friendly platform?

Trading software can vary in quality from broker to broker, and some platforms can be far more complex to learn than others. Generally, most brokers offer the highly efficient MetaTrader trading platforms (MT4 and MT5).

Can I use any broker if I’m a US resident?

Brokers that have offices in the US are required to be regulated by the CFTC and the NFA. However, there is a limited amount of FX brokers in the US due to the heavily regulated environment that requires brokers to deposit a substantial amount of funds and simultaneously decreases brokers’ profitability by limiting leverage. If you are a US resident feel free to check out our “Best Forex Brokers For US” article for more assistance.

Which is the overall best beginner-friendly broker?

XM is our winner for the best beginner-friendly broker because of its numerous educational resources, low minimum deposit, and fixed spreads. Fusion Markets is another good broker for beginners, given its highly competitive and consistent pricing and very low minimum deposit requirement of just $0.