Best Forex Brokers for Beginners

Published on 30/09/2023

Compare the best Forex brokers for beginners in Qatar. We'll also touch on 5 things to look for in a Forex trading account.


4.2 / 5 HYCM
85% of retail CFD accounts lose money

HYCM.com, formerly HY Markets, is an award-winning regulated online broker suitable for day traders as well as long-term investors. It's also an established broker, in business since 1999.

  • Likes
  • Trade CFDs or invest in over 1,000 "real" stocks.
  • Trade on MetaTrader 4 or MetaTrader 5.
  • Get free signals from Trading Central.
  • Open a trading account in USD, EUR, GBP, CAD and AED.
  • Dislikes
  • Trading fees on its Fixed and Classic accounts are a little high.
  • Monthly inactivity fees apply after 90 days.
  • Copy trading isn't possible.
Our take on HYCM

Trade over 300 instruments across a wide range of markets, spanning currencies, cryptocurrencies, stocks, indexes, and commodities. HYCM offers a variety of trading accounts for beginners and more experienced traders, on the MetaTrader 4 and 5 platforms.

Of note, 'buy and hold' investors can now access over 1,000 'real' stocks, and earn dividends on their investments. It is possible to invest from as little as $10 through fractional ownership. This service includes American, Asian, and European stocks.

HYCM is an established broker, in business since 1999. It is also a safe place to trade, being overseen by regulators in the EU, the UK, the UAE, and other regions. HYCM provides a reliable trading environment. However, its trading fees are somewhat higher than the competition, unless you open a Raw account.

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How to choose a broker for beginners

If you're new to Forex trading, choosing the right broker may seem daunting. Here are 5 things to look for in a Forex trading account for beginners.

1. Award-winning customer service

If you're new to Forex trading, you’ll need a broker that provides excellent customer service. This means having someone to answer your questions promptly and helpfully, in your mother tongue. To assess the quality and timeliness of your broker's customer service, we suggest contacting their support team prior to opening or funding your account. We like 4xc.com, winner of multiple awards in 2023 and 2022 commending the quality of its customer service(1).

2. User-friendly trading platform

Choose a user-friendly platform with advanced features. This is why all the brokers reviewed in this article support the popular MetaTrader 4 or 5 platforms. This will avoid any form of lock-in, and also make it easier for you to learn from their large communities of users. Both platforms support a rich ecosystem of apps. You'll also find more trading robots and indicators available for purchase from the MetaTrader Marketplace(2).

3. Low fixed spreads

Spreads are the difference between the buy price and the sell price of a currency pair. Low spreads mean that you will pay less in commissions when you trade. Spreads can either be fixed at all times, or float based on market conditions. We suggest trading through a broker that offers low fixed spreads, as this will make it easier for you to estimate each trade's profitability.

4. Learning material

As a beginner, you'll be keen to understand the basics of Forex trading and develop your trading skills. Take a look at the range of educational content available through FP Markets, that includes free online trading courses, ebooks and even weekly webinars. It's perhaps no surprise that FP Markets won the award for Best Education Material twice from Investment Trends Report(3). Some brokers will even give you the opportunity to ask professional traders questions in Q&A sessions.

5. Track record of success

Last but not least, choose a broker with a track record of success. Your chosen broker should have been in business for many years, and built a reputation among traders. This is why TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to always do your own research before funding your trading account.

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Author

About the author

I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.

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