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Best Forex Brokers for Beginners

Compare the best Forex brokers for beginners and discover the 5 things to look for in a Forex trading account for newbies.

Leverage ?Commission / lot ?Min. deposit ? 
AvaTrade
AvaTrade
Islamic Account ?
1.9 pips
1:200
$0$100Visit broker »
AvaTrade
AvaTrade
MT4 Fixed ?
1.9 pips
1:400
$0$100Visit broker »
AvaTrade
AvaTrade
MT4 Floating ?
1.5 pips
1:400
$0$100Visit broker »
HotForex
HotForex
Micro Account ?
1.2 pips
1:1000
$0$50Visit broker »
HotForex
HotForex
Premium Account ?
1.2 pips
1:400
$0$500Visit broker »
HotForex
HotForex
Islamic Account ?
1.2 pips
1:400
$0$500Visit broker »
HotForex
HotForex
Fixed Account ?
1.8 pips
1:400
$5$500Visit broker »
Fortrade
Fortrade
Instant Execution ?
2 pips
1:200
$0$100Visit broker »
easyMarkets
easyMarkets
Standard Account ?
1.8 pips
1:200
$0$100Visit broker »
easyMarkets
easyMarkets
VIP Account ?
1 pip
1:400
$0$2500Visit broker »
FXTM
FXTM
Standard Account ?
1.6 pips
1:500
$0$100Visit broker »
FXTM
FXTM
ECN Account ?
0.1 pips
1:500
$2$500Visit broker »
FxPro
FxPro
MT4 Fixed - Instant Exec. ?
1.6 pips
1:500
$0$500Visit broker »
FxPro
FxPro
MT4 Floating - Instant Exec. ?
1.4 pips
1:500
$0$500Visit broker »
FxPro
FxPro
MT5 Floating - Market Exec. ?
1.4 pips
1:500
$0$500Visit broker »
FxPro
FxPro
MT4 Floating - Market Exec. ?
1.2 pips
1:500
$0$500Visit broker »
LQDFX
LQDFX
Islamic Account ?
0.8 pips
1:300
$0$20Visit broker »
LQDFX
LQDFX
Gold Account ?
0.8 pips
1:300
$0$500Visit broker »
Plus500
Plus500
Live Account ?
2 pips
1:300
£0£100Visit broker »
eToro
eToro
eToro Account ?
3 pips
1:400
$0$200Visit broker »
eToro
eToro
Islamic Account ?
3 pips
1:400
$0$200Visit broker »
LiteForex
LiteForex
Classic Account ?
2.2 pips
1:500
$0$50Visit broker »
LiteForex
LiteForex
ECN Account ?
0.4 pips
1:500
$5$50Visit broker »
FXOpen
FXOpen
STP MT4 Account ?
1.4 pips
1:500
$0$10Visit broker »
FXPRIMUS
FXPRIMUS
Floating Spreads ?
1.6 pips
1:1000
$0$100Visit broker »
FXPRIMUS
FXPRIMUS
ECN Premier ?
0.4 pips
1:1000
$10$100Visit broker »
     

If you're new to Forex trading, placing your first trade may seem daunting. You may find Forex trading terminology and account options confusing. This guide attempts to clear the air and narrow your options.

We've pulled together 5 features you should look for in a Forex trading account for beginners.

1. Minimum deposits

Trading is no longer the preserve of high net worth individuals. You can open an account and place your first trade from a low initial deposit. In particular, we recommend the HYCM.com Micro Account and easyMarkets.com the Standard Account which both have low $100 minimum deposits.

2. Small trading sizes

The standard Forex trading size is 1 lot, which amounts to 100,000 units of your funding currency. If you trade Dollars, 1 lot amounts to $100,000. This is large, even for seasoned investors. This is why we suggest you look for accounts with small incremental trading sizes: 0.01 lots (or $1,000) is typical for Micro accounts, and 0.1 lots (or $10,000) is typical for Mini accounts.

3. Leverage

Very few investors fund their positions entirely through their deposit. Instead, they borrow from their broker to cover the difference between the trade's overall value and their deposit. This is known as leverage. For example, an account with leverage of 1:1000 allows you to place a $100,000 trade with a $100 deposit (one thousand times smaller).

However, you should also note that leverage is a double-edged sword, which can magnify your losses as well as your profits. You should not invest more money than you can afford to loose, and avoid over-stretching yourself through excessive leverage. For this reason, we suggest using low to moderate leverage until you are familiar with risk management strategies. Leverage up to 1:200 or less with a Standard Account from easyMarkets.com or HYCM.com.

4. Fixed spreads

If you are new to Forex trading, you may not be entirely familiar with concepts such as the 'bid-ask spread', 'fixed' or 'floating' spreads. The spread is simply the difference between the price at which you can buy or sell a currency pair. That difference may be either constant at all times, with a 'fixed spread' account; or it may vary with market conditions, with a 'floating spread' account. We think you'll find it easier to estimate your trades' profit & loss with a fixed spread account.

5. Forex education

You'll also want to choose a Forex broker that teaches you to trade like a pro.

If you're new to trading, your personal FXCC account manager can provide one-on-one training in your language. More experienced traders get great service and market insights from their personal dealer.

Others such as AvaTrade offer comprehensive online education for beginners and more experienced traders alike. Learn the fundamentals of trading, technical analysis and fundamental analysis at your pace entirely free of charge.

FXTM

Trade 45 currency pairs and CFDs on shares, indices and metals with market execution ... More

easyMarkets

Trade Forex and CFDs on metals, commodities and indices on tight fixed spreads from a... More

AvaTrade

Trade 60 currency pairs on floating spreads, plus CFDs on crypto-currencies, stocks, ... More

HotForex

Trade Forex as well as CFDs on cryptocurrencies, shares, indices, metals and more on ... More