Top 10 Best Forex Broker for Beginners in 2024

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Top 10 Best Forex Broker for Beginners in 2024

Jenny Jones

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2024-08-30 22:14:43

Selecting the right forex trader is an essential but hectic task. A beginner should look for the following three features before selecting a forex broker. Being a well-established and reputable brand is the first and most significant characteristic of the broker.

The availability of an easy-to-use web platform featuring a well-rounded selection of instructional resources comes in second. The third is having access to reliable and useful market research.

A beginner forex trader must choose a suitable forex broker with training materials, a user-friendly trading interface, and excellent customer support. Based on the above criteria, we evaluated the top beginner forex brokers. Explore the article to find out which forex broker is best for you.

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Top 10 Forex Brokers in The World

Here is the list of top 10 Forex Brokers in the world

1. AvaTrade

Minimum Deposit: $100

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 55

Trading Platforms: MT4, MT5, AvaTradeGo, AvaOptions

For traders of all skill levels, AvaTrade is a forex trading platform with a wide range of features and tools. The platform is famous for its simple design and user-friendly interface, which make it easy for new users to navigate and complete trades.

AvaTrade saves its users from downloading unnecessary software, and its online platform can be easily accessed by most browsers. AvaTrade has developed a great reputation over the last 15 years. Famous companies like ASIC and CySEC run AvaTrade, which makes it a reliable trading platform .

To help beginners in easily understanding the forex trading, this platform has wide range of educational resources like articles, eBooks, webinars, videos and much more. These educational resources help beginners in developing a strong foundation of trading.

Pros

  • Reasonable Price
  • Comprehensive educational materials
  • Assessible Demo accounts
  • Great Customer Support
  • Commission free trading account

Cons

  • Inactivity fee
  • Fewer tradable assets
  • High amount for minimum deposit
  • Customer support is available 24/5
  • Limited withdrawal and deposit options

2. Plus500

Minimum Deposit: $100

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 60

Trading Platforms: MT4

A reliable international brand, Plus500 provides internet traders with a simple trading platform. This platform is run by some famous financial companies, including FCA and CySEC, which increases its credibility among users.

Plus500 is famous for its simple design, which ensures a smooth trading experience on both desktop and mobile devices. With their user-friendly interface navigation is made easier. Plus500 has a strong trading platform and tools, but its educational materials aren't as noticeable as those of its rivals.

Aspiring traders can develop their skills with a risk-free demo account provided by the website. To assist you in understanding the fundamentals of forex trading and helping you make wise decisions, Plus500 offers a comprehensive library of instructional materials and tools for beginners, such as market analysis, tutorials, and guidelines.

Pros

  • User-friendly trading platform
  • Negative balance protection
  • Risk management order types
  • No withdrawal fees
  • Unlimited Demo account
  • 24/7 Customer support

Cons

  • Meta Trader suite is not available
  • Lack of trading automation
  • No social/copy trading tools
  • Higher fee as compared to others
  • Lack advanced tools

3. Pepperstone

Minimum Deposit: $0

Withdrawal Fee: $0

Inactivity Fee: 0

Forex Pairs: 97

Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, Trading View

Pepperstone is a famous forex broker in Australia. Pepperstone is among the top forex brokers listed for beginners because of its extensive technological portfolio, which ensures smooth performance. Pepperstone is well-known for its client funds security and regulatory compliance, which has been monitored globally by many credible companies in the world.

This platform is run by famous organizations like FCA and ASIC, which contributes to its credibility. Pepperstone allows users to communicate with other trading interfaces, including TradingView, which provides users with access to more effective tools.

Beginners can easily open an account with Pepperstone because of its rapid digital approach and lack of minimum deposit requirements.

Pros

  • Excellent customer service
  • Fast execution speed
  • Low spreads on major currency pairs
  • Wide range of third-party platform integrations
  • Competitive trading conditions

Cons

  • Limited demo account
  • Limited tradable assets
  • Inactivity fee
  • Limited social trading features
  • No access to stocks or physical cryptocurrencies

4. IG

Minimum Deposit: $0

Withdrawal Fee: $0

Inactivity Fee: No

Forex Pairs: 98

Trading Platforms: Proprietary Platform -MT4 - Web Platform

When looking for a dependable, well-trusted broker, IG is an excellent option for beginner or first-time forex traders because of its user-friendly trading interfaces and comprehensive training resources. In addition to providing a wide range of tradable markets, IG, a publicly traded firm with a long history of providing financial services, works under strict regulatory control.

IG is famous for having the number one educational content available on its platform. Traders of all levels can benefit from IG's educational articles, videos, webinars, and courses, which offer a wide variety of content in multiple formats.

With licenses from ten regulatory agencies, including the crucial FCA in the UK, IG is undoubtedly the top broker in terms of security and trust.

Pros

  • Industry-leading laws
  • Great educational materials
  • Excellent research and tools for trading
  • Access to more than 100 currency pairs
  • Affordable and easy to understand Margin rates

Cons

  • No social/copy trading tools
  • High equity CFD fees
  • Inactivity fees

5. eToro

Minimum Deposit: $50-$10,000

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 47

Trading Platforms: eToro Trading Platform

Beginner traders highly appreciate eToro, which is currently among the best Forex brokers. Through strict regulatory compliance, eToro is a platform that places a high priority on consumer safety and security. Top-tier regulators like CySEC and FCA monitor it, guaranteeing both its reliability and financial stability.

Both beginner and experienced traders can use this user-friendly software. Through seeing and copying the actions of successful investors, its straightforward and user-friendly design promotes a learn-by-doing approach to social trading.

The broker places a strong emphasis on regulatory compliance, exceptional customer service, and price transparency. The instructional materials offered are excellent and specially designed for inexperienced traders. More importantly, they have competitive spreads and give fast customer service.

Pros

  • Specifically designed for social trading
  • Great user-friendly platform
  • Many CFD stocks, ETFs, and cryptocurrency options
  • 0% commission on stocks
  • Social and copy trading

Cons

  • Sometimes customer service is unavailable
  • Only permits one base currency account
  • Withdrawal fees
  • No MetaTrader platforms
  • More expensive than most of its competitors

6. XTB

Minimum Deposit: $0

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 71

Founded in 2002, XTB is a Forex and CFD broker based in Poland. It has become well-known for its user-friendly platform and extensive training tools. These features make it a popular option for beginner Forex traders despite being governed by a single top-tier regulator.

XTB provides both beginner and expert traders with comprehensive study tools and teaching resources. Before risking real money, beginners can practice trading with virtual funds using XTB's free demo account.

To help beginners with any queries or problems they could run across when using the platform or figuring out the trading procedure, XTB offers quick customer service. Beginners can easily get assistance from their polite and professional support team to answer questions, clear up confusion, and offer direction.

Pros

  • Excellent usability
  • Powerful tools and features for trading
  • Industry-leading fee schedule
  • Strong research offering
  • Lowest Spreads

Cons

  • Limited social trading
  • Inactivity fees
  • Very limited funding methods
  • Non-FOREX spread costs are relatively high
  • Limited platform choice

7. FOREX.com

Minimum Deposit: $100

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 87

Trading Platforms: MT4, MT5, FOREX.com Trading Platform

Established in the year 2000, FOREX.com is a private foreign currency broker with multiple key licenses from famous agencies in the United States, United Kingdom, Japan, Canada, and Australia. It provides very quick trade execution, accurate charting, and in-house research.

Beginners searching for a less complicated broker than most may find Forex.com appealing due to its straightforward account structure and inexpensive trading fees. Customers can use MetaTrader platforms, which offer a high degree of customization, including the capacity to develop complex trading algorithms, in addition to FOREX.com's desktop, online, and mobile apps.

The process of opening an account is simple and entirely digital; verification and trading typically take one to three days. Additionally, Forex.com has one of the lowest minimum deposits you will find, which makes it a highly accessible option.

Pros

  • Excellent trading technology
  • Strong regulatory oversight
  • High-quality proprietary research
  • Powerful Performance Analytics
  • Wide range of forex pairs to trade

Cons

  • High trading volume required for discounts
  • Doesn’t provide 24/7 support
  • Inactivity fee
  • Limited demo account

8. OANDA

Minimum Deposit: $0

Withdrawal Fee: $0

Inactivity Fee: Yes

Forex Pairs: 60+

Trading Platforms: MT4, TradingView, Oanda Web (fxTrade)

It's a good option for beginners because it doesn't require minimum deposits and offers minimal trading sizes. It also has a demo account and extensive charting tools. Expert traders will also value the quick execution times and tight spreads.

Oanda is one of the most reputable forex trading brokers in the US, having been in business for more than 25 years. Access to TradingView, a powerful charting tool with over 100 indicators and sketching tools that completely integrates with OANDA's web platform, is also provided by the platform.

Oanda offers relatively inexpensive prices, but it only allows you to trade CFDs and FX. There are no minimum initial deposit or withdrawal fees, which further simplifies matters.

Pros

  • Fast execution speeds
  • No minimum deposit
  • Good trading platforms for beginners
  • Great for API trading

Cons

  • No negative balance protection
  • No guaranteed stop loss
  • Limited educational resources
  • Only forex and CFDs are available
  • Web platform doesn’t have price alerts

9. Tastyfx

Minimum Deposit: $250

Withdrawal Fee: $15

Inactivity Fee: Yes

Forex Pairs: 80

From inexperienced to highly skilled intraday scalpers, all forex traders will find something to appreciate in Tastyfx. The tools are strong, the trade executions are excellent, and the spreads are better than most. But the thing that really makes this forex broker stand out is how well-designed and basic its interface is.

Tastyfx offers a wide variety of instructional resources in multiple formats in addition to IG Academy, a mobile learning app. They are regarded as a very reliable broker and place a strong priority on giving their customers a flawless trading experience.

One common aspect of modern trading platforms is the ability to emulate experienced forex traders. But Tastyfx only permits Autochartist and Signal Center, two of its approved signal providers, to copy its recommended trades.

Pros

  • Reasonable pricing
  • Strong reputation and regulatory track record
  • Large trading discounts
  • Rapid market execution
  • Easy to use

Cons

  • Limited copy trading
  • Chat help can be slow
  • Overnight interest charges lack transparency
  • Limited product range on MT4
  • Forex only available to U.S. based traders

10. Exness

Minimum Deposit: $1 – $250

Withdrawal Fee: $0

Inactivity Fee: No

Forex Pairs: 100

Platforms: MT4, MT5, Exness Terminal

Exness is a market maker that was established in 2008 and provides market and quick execution accounts on the MT4 and MT5 platforms. Exness offers some of the greatest trading conditions in the business, including a cheap Cent Account to assist new traders in getting started.

Exness guarantees significant security and integrity in all dealing operations because it has authorization from numerous respectable organizations. Even inexperienced traders can use our platform to conduct safe transactions thanks to this regulatory oversight.

For traders of various skill levels, Exness provides three professional accounts and two regular trading accounts with a variety of options. It offers a wealth of training resources, such as webinars, tutorials, and articles covering both advanced tactics and the fundamentals of forex trading. This kind of instructional support is essential to enhancing the field proficiency of beginners.

Pros

  • Highly competitive spreads
  • low trading costs
  • User-friendly trading platforms
  • Offers copy trading options

Cons

  • Extreme leverage
  • Limited range of share CFDs

Conclusion:

While trading forex can be very risky, it can also be very thrilling. You can execute your investment strategy and manage rough markets with the aid of a decent beginner's Forex trading software. The greatest forex brokers for beginners carefully provide comprehensive educational resources with user-friendly user interfaces.

An advantage of these brokers is that they offer simple tools that simplify forex trading, which is important for beginners. Try out each sample account to get a feel for all the platforms before deciding on one.