Best Forex Brokers for Beginners
|Rank||Broker Name||Trust Score||Reviews|
|1||XM||99 / 100||XM Reviews|
|2||Xtrade||94 / 100||Xtrade Reviews|
|3||HotForex||94 / 100||HotForex Reviews|
|4||Plus500||89 / 100||Plus500 Reviews|
|5||InstaForex||80 / 100||InstaForex Reviews|
The above table contains the top ranked forex brokers in our database for beginners.
What's important for forex beginners?
Forex trading isn't a get rich quick scheme. It's extremely challenging and requires a lot of discipline. It's also the reason why it's extremely rewarding and traders will tell you that they get a lot of satisfaction out of completing a successful trade.
For beginners in forex, the hurdles can appear very high. They must learn all the terminology, trading styles, how to read news, how to read charts, how to identify patterns, risk management, money management and more. For the majority of new traders, it's not reasonable for them to be able to spot the best forex broker to use to start with and sometimes they will eventually end up at a different broker in the long term.
The most important thing for a new trader to look for in a forex broker is a consistent experience. That covers every aspect of a trade from the beginning to the end, which we have set out below to base our rankings on:
- Trading platform - Must be stable and fast. No misquotes, slippage, downtime, etc.
- Customer service - Being accessible when help is required
- Educational materials - Live webinars, tutorials, videos
- Spreads - Low competitive spreads on major pairs
The last thing a new trader needs is an unexpected outcome. It's hard enough learning the ropes that you don't need crashes, orders not executing, slow chart updates, etc.
On this page for rankings, we preference forex brokers who are willing to nurture new traders and help them realise their potential through education and patience. Ultimately, they are the traders who will end up becoming the biggest clients.