Best Forex Brokers for Beginners • Benzinga

FOREX.com is our pick for the best forex broker for beginners for its user-friendly platform, educational resources, and excellent customer support. They offer a wide range of tools and tutorials to help beginners understand the complexities of forex trading.

A solid online forex broker can help you get started as a forex trader. Your broker will serve as your primary access point for the foreign exchange market. All the forex brokers on this list are regulated, offer user-friendly platforms, demo accounts, transparent costs and great customer support.

Compare Forex Brokers for Beginners

Best Forex Brokers for Beginners

Your ideal choice for a forex broker should be well-regulated in its local jurisdiction, accept clients from your country, have tight dealing spreads and a sufficient variety of currency pairs and other assets to suit your trading needs. 

Best for Overall for Beginners: FOREX.com

FOREX.com ranks No. 1 in our list of best forex brokers for beginners for those trading in the U.S. thanks to its strong regulatory framework, accessible trading platform, and beginner-focused support system. It is regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), two of the most trusted financial watchdogs in the U.S., ensuring high transparency and security. Globally, its subsidiaries are licensed by six additional major regulators, making it a safe choice for traders across multiple regions.

Why We Picked It: FOREX.com is tailored to help beginners succeed in the highly volatile and complex forex market. Its trading interface is clean, intuitive, and easy to navigate—even for users without experience. New traders benefit from starting in a demo account, a rich library of educational resources, including platform tutorials, webinars, trading guides, and real-time market analysis, all designed to reduce the learning curve.

One standout feature is the 24/7 customer support, which ensures that beginners can get help whenever they need it—something that’s rarely offered by competitors. This is especially helpful for traders who are learning the ropes and may have questions or run into issues at odd hours.

For U.S. residents, FOREX.com also sweetens the deal with a 5% cashback promotion for new account openings, rewarding new traders as they build experience.

Best for Leveraged Trading: Plus500

Plus500 offers one of the most beginner-friendly platforms on the market, making it an ideal entry point for those new to trading. While it’s not a traditional spot forex broker, Plus500 allows users to trade forex futures, which are standardized contracts to buy or sell currency pairs at a future date. This distinction is important for beginners to understand, but the platform does an excellent job of making these more complex instruments accessible.

Why We Picked It: We selected Plus500 Futures as a top choice for beginner forex traders because of its clean, intuitive interface and transparent pricing. The proprietary platform requires minimal setup or technical knowledge to use, which is a huge plus for those unfamiliar with trading software. It’s available on both desktop and mobile, allowing users to trade conveniently on the go.

A standout feature is the free demo account, which gives beginners the chance to practice trading strategies with virtual funds before committing real money.

In terms of cost, Plus500 is hard to beat. It offers spreads starting from 0.5 pips and low commissions ranging between $0.49 and $0.89 per side per contract, making it one of the most affordable platforms for beginner traders who want to avoid excessive fees.

For education, Plus500 provides access to its Futures Academy, a dedicated learning hub that helps demystify futures trading. It covers topics such as risk management, order types, and market behavior, helping new traders develop a solid foundation before jumping in.

Best for Funding Bonus: tastyfx

tastyfx, the U.S. branch of the globally recognized IG Group, is a highly reputable forex and CFD broker that caters specifically to U.S. traders. It’s regulated by both the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Its parent company is also overseen by the U.K.’s Financial Conduct Authority (FCA), which adds another layer of credibility for international clients.

Why We Picked It: tastyfx is one of the few brokers that puts a strong emphasis on education and trader development, a critical factor for beginners navigating the complexities of the forex market. It offers a comprehensive suite of learning materials, including articles, videos, live webinars, and courses designed to meet traders at every level of experience.

One standout offering is the IG Academy mobile app, which acts as an all-in-one learning center. Beginners can use it to explore essential forex concepts, take interactive quizzes, and track their progress as they build knowledge. This mobile-first approach makes education accessible anywhere, anytime, a major plus for users learning on the go.

The trading experience is also a major selling point. tastyfx provides a seamless, user-friendly interface, making it easy for beginners to place trades, manage risk, and access research tools without being overwhelmed. Their web-based and mobile platforms are clean, fast, and designed with usability in mind.

Best for a Educational Resources: AvaTrade

AvaTrade is a globally recognized forex and CFD broker known for offering a smooth, beginner-friendly trading experience backed by a strong suite of educational tools. While AvaTrade is not available to U.S.-based forex traders, it remains a top pick for international beginners due to its broad regulatory coverage, intuitive platforms, and dedicated learning environment.

Why We Picked It: We chose AvaTrade for its unmatched commitment to trader education. The broker has built an extensive educational hub that caters to all experience levels but truly shines for beginners. New traders have access to structured learning paths that include:

• Step-by-step video tutorials
• Interactive trading courses
• A robust glossary of forex terms
• Regular webinars and market updates

This comprehensive resource library empowers beginners to gradually build up their knowledge of market fundamentals, risk management, technical analysis, and trading psychology.

The platform itself is designed with ease of use in mind. AvaTrade offers a clean, intuitive interface across multiple trading platforms, including its proprietary AvaTradeGO mobile app, as well as support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the two most widely used platforms in the forex industry. This flexibility allows traders to start simply and graduate to more advanced tools as their skills grow.

Another beginner-friendly feature is AvaProtect, an innovative risk management tool that lets traders protect a trade from losses for a defined time period—ideal for newcomers who are still learning how to manage volatility.

Best for Copy Trading: eToro

eToro is a globally recognized multi-asset broker and the undisputed leader in social trading. What sets it apart is its unique ability to combine a trading platform with a social network, allowing users to view, follow, and automatically copy the trades of experienced traders. While eToro does not accept U.S. forex traders, it remains one of the best options globally for beginners who want to ease into forex trading without starting from scratch.

Why We Picked It: We chose eToro for beginners because it offers a hands-off entry point into forex trading through its CopyTrader feature. Instead of learning to read charts, place orders, and time entries on your own, you can select top-performing traders from eToro’s leaderboard—each with visible stats like return percentages, risk scores, and trading strategies and automatically mirror their trades in real-time.

This passive trading model is ideal for newcomers who:

• Want to learn by observing how professionals trade.
• Prefer to minimize the risk of beginner mistakes.
• Don’t yet have the time or confidence to trade independently.

eToro also shines in its community-driven design. You can engage with other traders via posts, comments, and strategy discussions, essentially blending trading with a real-time learning environment.

Beyond social trading, eToro’s platform is extremely user-friendly, with a sleek interface that’s easy to navigate. It supports not just forex but also stocks, ETFs, crypto, and commodities, making it great for beginners looking to diversify.

How to Choose a Forex Broker as a Beginner

Here’s a some guidelines to help you choose a forex broker as a new trader:

Regulation and Security

• Check broker regulation: Ensure the broker is regulated by a reputable financial authority such as the U.S. Commodity Futures Trading Commission (CFTC), the UK’s Financial Conduct Authority (FCA), or the Australian Securities and Investments Commission (ASIC). Regulation provides a level of security and oversight, protecting you from fraudulent practices.
• Verify credentials: Cross-check the broker’s regulatory credentials on the regulator’s official website that corresponds to the country you are trading from to confirm their authenticity.

Account Types and Minimum Deposits

• Account options: Look for brokers that offer a variety of account types to accommodate different trading styles and budgets, including demo accounts for practice and learning.
• Minimum deposit requirements: Choose a broker with a minimum deposit requirement that aligns with your budget. Many brokers offer accounts with low or no minimum deposit requirements, which is ideal for beginners.

Trading Platform and Tools

• Platform usability: The trading platform should be user-friendly, intuitive, and compatible with your preferred device (desktop, web, or mobile). Popular platforms like MetaTrader 4/5 or cTrader are widely recommended.
• Technical tools and features: Ensure the platform provides essential tools for technical analysis, charting capabilities, and automated trading options.

Costs and Fees

• Spreads and commissions: Compare the spreads (difference between bid and ask prices) and commission structures. Lower costs mean higher profitability, especially for beginners with smaller capital.
• Additional fees: Be aware of other potential fees such as withdrawal charges, inactivity fees, and overnight financing rates (swap rates).

Leverage and Margin Requirements

• Leverage options: Understand the leverage options offered by the broker and how they align with your risk tolerance. Higher leverage allows for larger trades with a smaller capital but increases the risk for loss.
• Margin requirements: Check the margin requirements to ensure you understand how much capital is needed to maintain your positions.

Customer Service and Support

• Availability and accessibility: Look for brokers that offer great customer support available through various channels (phone, chat, email) and during trading hours.
• Language and response time: Ensure customer support is available in your preferred language and check reviews for their response time and helpfulness.

Educational Resources

• Learning materials: A good broker for beginners should offer educational resources such as webinars, tutorials, articles, and demo accounts to help you learn and practice trading.
• Market analysis: Access to daily market analysis and insights can be beneficial for understanding market trends and making informed trading decisions.

Deposit and Withdrawal Options

• Convenience and flexibility: Check the deposit and withdrawal methods to ensure they are convenient and flexible for you. Look for options that are secure, low-cost, and easy to use.
• Processing time: Consider the processing time for deposits and withdrawals to avoid delays in funding your account or accessing your money.

Reputation and Reviews

• Broker reputation: Research the broker’s reputation through online reviews, forums, and trader communities. Look for consistent positive feedback and check for any major complaints or issues.
• Time in the market: Brokers with a longer track record in the market often have more reliability and stability.

Trading Instruments and Market Access

• Range of instruments: Ensure the broker offers a wide range of trading instruments, including major, minor, and exotic currency pairs, as well as other assets like commodities, indices, and cryptocurrencies if you plan to diversify.
• Market access: Confirm that the broker provides access to the markets you are interested in trading.

Additional Resources

• Demo trading: Before committing real money, use a demo account to practice trading and understand how the broker operates.
• Seek recommendations: Talk with experienced traders or financial advisors to get recommendations based on your needs and goals.
• Join forex communities: Engage with online forex communities and forums to learn from other traders’ experiences and insights.

With these guidelines in mind, you’ll be well-equipped to choose a forex broker that aligns with your trading goals and provides a solid foundation for your trading strategy.

Frequently Asked Questions