Best Broker for Beginners

eToro Review

Plus500 Review

BDSwiss Review

IQ Option Review

Choose the Best Broker

The Best Forex Brokers for Beginners

 

If you’re searching for the best forex trading platform to start trading with, then you’re in the right place!

On this page about forex trading, you can see a list of trusted and regulated forex brokers.

Plus, they’re all suitable whether you’re a beginner or a more experienced trader.

From this list you can choose the best trading platform to trade with.

And because your security is important to us, all the best forex brokers for beginners listed here are fully regulated. 

So you have no need to worry whether the broker is a scam or not, they’re all legit platforms that are monitored by official regulation authorities.

Let’s take a look at their minimum deposit, demo account and leverage.

Trading PlatformRatingMinimum DepositDemo AccountStart Trading
etoro $200 TRADE NOW

EToro review
pepperstone $200 TRADE NOW

Pepperstone review
vantage fx $200 TRADE NOW

Vantage FX review
bdswiss % $200 TRADE NOW

BDSwiss review
xm $5 TRADE NOW

XM review
plus500 $100 TRADE NOW

Plus500 review
iqoption $10 TRADE NOW

IQ Option review

 ‘Forex&CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading Forex&CFDs. You need to consider whether you understand how CFDs work and if you can afford to take the high risk of losing your money.’

eToro vs Plus500 vs IQ Option vs BDSwiss

There are a wide range of account offers in the forex market, and whether you’re an expert trader or a novice, the most important thing is to find the top forex broker to achieve your goals!

One way to find the best offer for you is by comparing brokers.

For example, here we’ve made a comparison between:

With these comparison guides, we’ve looked at each broker in detail and how they weigh up against each other. So you need to read these if you’re a beginner in forex trading!

We’ve checked all the key features that a broker should have, so you can find the best trading platform that fits to your needs!

If you are from South Africa, please read our review of the best forex trading company in South Africa

Best Forex Trading Platform for Beginners

First, we must clarify for all the beginners that a forex broker and a trading platform mean the same thing!

Here is a quick overview of the main features offered by the different platforms:

etoroiq optionbdswiss
TRADE NOW TRADE NOW TRADE NOW
Trust Score 98/100 92/100 95/100
Licensed in UK (FCA)
Licensed in Europe (Cysec)
Licensed in Australia (ASIC)
Licensed in USA (CFTC)
Authorised in Asia
Licensed in South Africa (FBS)
Forex Assets 2000+ 2500+ 1000+
Crypto Assets
Demo Account $ 100.000 $ 10.000 $ 10.000
Minimum Deposit $200 $10 $200
Minimum Trade $1 $1 $1 - 0.01 lots
Platform MT4
Max Leverage in EU 1:30 * 1:30 * 1:30 *
Max Leverage outside EU 1:400 1:400 1:500
Trading Commissions
Spread 3 pips* 4 pips* 1.2 pips*
Withdrawal Time 3 - 5 days 1 - 2 days 2 - 5 days

*the spreads and leverage can vary from asset to asset

Now let’s see each single broker and its features in more detail!

Best Forex Broker: eToro

best forex broker etoro

  • Regulations: CySEC (no. 109/10) and FCA for UK (no.583263)

  • Platforms: WebTrader and Mobile Trading App

  • Minimum Deposit: $200
  • Headquarters: Cyprus and registered office in London, UK
  • Support: 24/5 via LiveChat or Ticket Opening. Automatic help centre available 24/7

  • Instruments Available: Forex, ETF’s, Stocks, Indices, Commodities, Cryptocurrencies

Click here to open your first eToro trading account.

Open a Free Trading Account

*62% of retail investor accounts lose money when trading CFDs

eToro is a full regulated and legit trading platform. The broker was found in 2006 and it became one of the leaders in the forex industry thanks to its unique social trading and copy trading features.

Social Trading means that the platform allows traders to share their thought and strategies about the market, comment on each other ideas and build a community. It’s based on the same concept that’s behind Facebook.

Copy Trading is a tool that allows beginners to copy the trading strategy and trades of more expert users. Every trader can decide to make public their own trading statistics, which allows other traders to copy their trading technique.

Regarding offices, the broker has offices in London, Cyprus, Sydney plus an office in the USA in New Jersey.

The trading platform is user-friendly and is a self-developed platform. It does not support the MT4 (MetaTrader 4).

The broker is also a market leader for cryptocurrency trading, as back in 2016 they were one of the first to add crypto CFD assets to their range of tradable products. 

The minimum first deposit with eToro is $200 ($50 for Australian Traders). After the first deposit is made every other deposit is only $50.

eToro has several payment methods which can be used to make the deposit and for the withdrawal of funds too.

An unlimited demo account with $100.000 is also provided by the trading platform. This is a very important tool for those who want to test their strategy with virtual money first.

Best Trading Platform: Plus500

best trading platform plus500

  • Regulations: CySEC (no. 250/14) and FCA for UK (no.509909)

  • Platforms: WebTrader, Desktop for Windows & Mobile Trading App

  • Minimum Deposit: $100

  • Headquarters: Israel and registered office in London, UK

  • Support: 24/7 via LiveChat, Email or WhatsApp

  • Instruments Available: Forex, ETF’s, Shares, Options, Indices, Commodities, Crypto

Click here to open your first Plus500 trading account.

*‘76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.’

 

Plus500 is another well known broker which offers CFD trading. Their trading platform is simple to use and is offered an online web version, desktop download and as a free mobile App too. 

The broker and its subsidiaries are fully legit to operate because they are regulated by CySEC and other leading regulation authorities. For example, further regulators include ASIC, the FCA (Financial Conduct Authority) and MAS.

Plus500 offers a free demo account with $10.000 for every new trader signing up to the platform. 

One great thing about the broker is that they don’t charge any fee if you make a deposit or a withdrawal. Plus there are zero trading fees charged for rolling or opening/closing a position.

The Plus500 minimum deposit is $100, but if you want to make a deposit via wire transfer, the minimum deposit increases to $500.

The trading platform doesn’t charge any fees for making a withdrawal, and traders can withdraw for free up to 5 times a month

Finally, it’s very important to mention the Plus500 App, one of the best mobile app offers in the forex market. It’s available for both iOS and Android devices, and it can be downloaded for free from the Apple/Google Play Stores.

In both stores the App has been very highly rated in the review sections, which is always good to see. 

The latest version is very well-designed and functioning, however the waiting time for server connection can sometimes be long. Yet the fact that it comes with real time price alerts and full account access are great features that still make this App worth using.

 

Best Trading Platform for Beginners: BDSwiss

best broker bdswiss

 

  • Regulations: CySEC and the FSC (no.C116016172)
  • Platforms: MT4 & MT5
  • Leverage: Up to 1:400 – for Basic Account, but up to 1:500 for other account types
  • Minimum Deposit: $200
  • Headquarters: Switzerland and Cyprus
  • Support: Yes, available 24/7
  • Instruments Available: 250+ assets including Cryptocurrencies, Forex, Indices, Shares, Commodities and Equities.

Click here to open your first BDSwiss trading account.

*Your capital might be at risk

 

BDSwiss is a forex broker very suitable for both beginners and professionals.

The broker is fully regulated by CySEC (licence number 199/13) which means that the platform is legit to trade with.

BDSwiss was founded in 2012 in Switzerland, and since then it has grown its popularity around the world, becoming one of the leaders in this industry.

This is one of the few brokers offering both the MT5 and the MT4 platforms, which are the main trading systems used by professional traders. They allow users to analyse the market using many indicators and strategies.

Additionally, the MT4/MT5 also provide access to Expert Advisors (EA) which is an automated software.

The broker is commission free, but a spread is applied instead to all trades.

BDSwiss has become well known in the market thanks to its educational system and trading signal system. For instance, their dedicated Trading Academy offers many free trading lessons for their clients which cover a wide range of topics from what trading forex is to how to trade and open a position.

We also saw lessons that can teach you how to analyse the market and how to use the MetaTrader4 platform.

BDSwiss offers also trading signals to its clients. Most of them are free and public on the platform.

The minimum deposit with BDSwiss is $200 and can be made in the following currencies: EUR, AUD, USD, ZAR & GBP.

The broker doesn’t apply any commission for deposits, and a minimum fee for withdrawals.

BDSwiss has also a free demo account with $40.000 of virtual funds. This is a great way for traders to test strategies using virtual funds without risking real money.

Finally, the trading platform has also a new mobile App for iOS and Android devices which can be downloaded for free from any App Store.

Best Forex Trading Platform: IQ Option

best forex broker iq option

  • Regulations: CySEC and the FSA
  • Platforms: self developed
  • Leverage: Up to 1:400 – for Basic Account, but up to 1:500 for other account types
  • Minimum Deposit: $10
  • Headquarters: Cyprus
  • Support: Yes, available 24/7
  • Instruments Available: 250+ assets including Cryptocurrencies, Forex, Indices, Shares, Commodities and Equities.

Click here to open your first IQ Option trading account.

Open Free IQ Option Account

*Risk warning: Your capital might be at risk

IQ Option is the best forex broker for beginners who are looking for a low minimum deposit. In fact the trading platform is very famous in the forex industry thanks to its low minimum deposit of just $10.

Besides this, the broker also offers an intuitive and self-developed platform.

IQ Option started out as binary option broker, but after the ESMA regulations, the broker has evolved to offer forex trading and CFD’s.

The company headquarters are in Cyprus, but there also additional subsidiary offices around the world.

IQ Option is fully regulated by CySEC and by the FSA (Seychelles Financial Services Authority).This means that trading with IQ Option is secure.

The platform is very easy to navigate round and there is a control panel to manage your account with. Their mobile App version is well-designed also and comes with all the same features as the webtrader.

To use the IQ Option App you just need to download it for free from either the Google Play/Apple Stores.  It’s available for iOS and Android devices

What makes this forex trading platform unique though is its low minimum deposit.

The IQ Option minimum deposit is only $10 (or the equivalent in your local currency). The $10 amount applied to users in every country and the deposit can be paid using a wide range of payment methods. This includes credit/debit cards, bank/wire transfer and e-wallets.  

The broker is commission free, it applies only a spread fee to placed trades.

Like many other leading brokers, there is also a free demo account with $10.000 available to traders. When the virtual funds run out it’s possible to contact the customer service team to request a renewal of funds.

 

How to Choose the best Forex Trading Platform

Today there is a number of trading platforms and different brokers to choose from. We have explained this a bit more on the homepage.

But which one is the best forex broker for beginners? What should I look for?

There are a few features that you should look for before choosing your trading platform.

Here are the most important ones that every forex trader should check:

  1. Availability in your Country
  2. Regulation
  3. Languages Available
  4. Responsive Trading Platform
  5. Support Service
  6. Deposit and Withdrawal methods
  7. Spread and Commissions

Let’s see what these points mean:

Trading Platform Availability

best usa trading platform

 

This is the most important step when deciding on a broker. In fact, a lot of them are based in Europe and just accept European clients.

Then some are just for American forex beginners and finally there are also the best forex brokers in Australia which accept only Australian clients.

This is based on different government rules. Every country sets their own regulation rules for online trading.

Even in continents like Asia, some countries accept trading, and others not. For example in China there is a lot of regulation. So a lot of platforms are not valid there.

That’s why you must check if a broker is accepting clients from your country.

There’s also a lot of regulation in the USA. So normally American forex traders can just trade with American forex institutes.

If a person from the United States opens a forex account with the wrong broker, nothing happens. The account will simply be frozen straight away. The user won’t even have the opportunity to make a deposit.

In case this happens, it’s very easy to open a new account with an American broker, for example Forex.com and to start trading with them.

 

Forex Platform Regulation

forex regulation

One of the most important things to look for is regulation!

Many people on the internet are asking if forex trading is a scam. This depends on the trading platform that the trader picks.

In fact, the big difference in this market is between regulated and non-regulated forex brokers.

Regulated brokers are monitored by an official authority. They check that financial rules are followed, these rules are put in place to protect you and traders from fraud.

So non-regulated brokers are not monitored and do not have a licence to operate. These are the ones you should avoid at all costs because they are illegal.

Each country has different regulation authorities. Let’s go through some now.

The FCA (Financial Conduct Authority) is the regulation for the best trading platform in UK, and is the official financial body in the United Kingdom. They are widely respected as an institution and if you see that a broker holds an FCA licence, you can be assured that they’re a legitimate service. 

The most important regulation in the USA is CFTC. (Commodity Futures Trading Commission). Many brokers that operate in the United States have to follow strict rules that are set by the CFTC and supported by FinCEN which is the (Financial Crimes Enforcement Network.)

In Canada the main authority is the Investment Industry Regulatory Organization of Canada- (IIROC).

This means that American and Canadian traders should register to brokers that are regulated by CFTC or IIROC.

For the rest of the world, if a broker has the CySEC regulation, they are fully regulated. CySEC is based in Cyprus and monitors many European platforms.

However, they can accept forex clients from everywhere except the USA. This means that even a trader from New Zealand can open an account with a CySEC regulated broker.

Remember to only choose a regulated broker which has got its licence from one or more international authorities.

For example, the most trusted brokers have the CySEC regulation, plus another one such as the FCA or ASIC.

There are also some other international financial authorities that are important to know.

Official Regulation Authorities

  • Australia: Australian Securities and Investments Commission (ASIC)
  • Canada: Investment Industry Regulatory Organization of Canada (IIROC)
  • Cyprus: Cyprus Securities and Exchange Commission (CySEC)
  • Germany: Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin)
  • Ireland: Central Bank of Ireland (CBI)
  • New Zealand: Financial Markets Authority                                                                                     
  • Seychelles: Seychelles Financial Services Advisory (FSA)
  • Spain: Comisión Nacional del Mercado de Valores (CNMV)
  • South Africa: Financial Sector Conduct Authority (FSCA)
  • Sweden: Finansinspektionen (FI)
  • Switzerland: (FINMA)
  • UK: Financial Conduct Authority (FCA)
  • USA: U.S. Commodity Futures Trading Commission (CFTC)

Forex Trading Platform Languages

forex websites language

In the past when the first trading platforms came out, there was just one language available: English.

Today the market has entered the multi-linguistic era. This means that most brokers have almost all the languages available and many have a customer support team that can help you in your local language.

This includes all the European languages, Russian and many Asian languages are available too.

Make sure you start trading with a forex trading platform in your language. This will help you to fully understand all the forex platform features. It also helps you to learn the indicators that are needed for your trading activity.

In fact, to be considered the top trading platform, a broker should offer as many languages as possible.

 

Responsive Trading Platform

forex trading platform

How would you feel trading with a slow platform, or with one that’s not available all the time?

This could be a problem!

Most of the brokers offer a tool called Metatrader 4 for users to trade, some others have their own self-developed platform. In both cases, the main things a platform should offer are: high speed and to be very responsive. 

Another important factor to look at when choosing a forex broker is their mobile App. 

Every day people spend more time on their smartphone using Apps than in front of a computer. With busy lifestyles, being able to trade with an App makes things easier.

An App gives you the chance to trade every moment of the day from any location. You can also keep an eye on your own investments with price alerts and market notifications.

Usually, for a broker to be considered as the best forex broker they should offer an efficient and high performing App.

 

Forex Platform Support Service

forex broker support

This is a very important service that every trading platform must have.

In fact, the main way to communicate with the broker in case of questions is the support service.

Every trading platform has a support team behind it. They’re normally available 24/7 & ready to solve all your problems. However, some support teams work from Monday to Friday so will only be available 24/5. That’s why it’s worth checking the contact hours.

There are different ways to get in contact. Either by email, phone or with a live chat service. 

When contacted, most support teams are normally very responsive. For example if you have got in touch via live chat you’ll have the answers you need within a few minutes.

Languages are also a very important point and many brokers offer a support service in multiple languages.

For example, if a customer lives in France, they’ll be able to speak to the support team in French.

Trading Platform Deposit & Withdrawal

deposit withdraw

To start trading, an important step is to make a deposit.

There are many ways to do it: credit/debit cards are the most common method. This is because it’s the fastest way and the money will be showing in your account within a few minutes.

Bank or wire transfer, is another option. It normally takes from 3-4 working days before the money shows in your trading account.

For some countries, there’s the option to deposit using local banks and deposit systems.

Other options that can be used to make deposits include using prepaid cards and ‘e-wallets‘.

The term e-wallets covers transactions that are made with online wallets. Popular e-wallets include PayPal accounts and Moneybookers such as Skrill and Neteller.

The same story is for withdrawals. To withdraw money from your account, you can usually receive the funds back to the original payment method you made the deposit with.

For example, if you deposited using a credit card, you can withdraw the money back to the original card. If you would like to receive the funds on another payment type, you must speak to the broker support team.

So withdrawals can be used to receive the money back to credit/debit cards, prepaid card, e-wallets or via bank/wire transfer. 

It’s normal to receive the money within 4 working days for most of the forex platforms. Some of them charge a very small commission for every withdrawal, but this depends on the trading platform you choose.

All regulated brokers will let you withdraw your money.

Forex Broker Spread & Fees

spread trading platform

This is a very important point for every trader, because these represent the costs to pay for trading with a forex broker.

Each broker has different ways to charge its clients for their trading activity: spread or commissions.

The spread is the most common one. This represents the difference between the real price of an asset in the market and the price of the same asset in the trading platform.

Let’s see an example: EUR/USD in the real world is now at 1.17000 and by the broker the price is 1.17010. The difference between the two is the spread. In our case, the broker has a spread of 0.00010 which is 1 pip.

Usually, every forex broker applies a spread which ranges from 1 pip to a maximum 3 pips.

You can find a broker with a zero spread in the market. So they make their profit by adding a commission to every trade.

The commission can usually be from a few cents up to some dollars. It all depends on how long a position is kept open for. The longer it is, the more expensive it gets.

Beginners usually start trading on platforms with 0 commission and a low spread. More expert traders tend to go for the opposite scenario.

In this case, the choice depends a lot on the trader’s goals and if they are beginners or have more experience.

Best Trading Platform for Beginners in USA

After Forex.com, another good broker option for people based in America, is eToro USA.

eToro is a well-known platform, however it was only open to user’s outside the United States.

Well this year that all changed with the launch of eToro USA, which is available to residents in America.

Currently the platform is available in over 39 States and the Northern Mariana and U.S. Minor Outlying Islands. The launch is still in its initial phase so it will be available in more States in the near future.

The minimum deposit is just $50 which is a great price, especially for those who have more limited trading budgets.

One thing to know though is that currently the platform just offers cryptocurrency assets for trading and investment. So if you wish to trade Bitcoin or any other digital currency this could an interesting option.

Currently there are no other financial instruments such as CFDs or Forex on offer, but eToro USA has announced though that they’ll offer real stocks and shares later this year.

Also the popular social trading and CopyPortfolio options are also on their way to the platform.

So if you are based in the USA and are interested in trading crypto, eToro USA could be a good option for you.

Best Forex Platform Conclusion

Now that you have which features to look out for in a broker, hopefully you’ll find the best forex trading platform for you.

It’s vital that you find one that you like and feel comfortable using. It’s also completely fine to try another broker if you don’t like the one you are currently testing.

That’s why we’d always recommend getting a glimpse of how a platform looks and testing it via a demo account. Nearly all good brokers will offer a free demo account for new users to try.

There will normally be sign up option for the demo version straight from the broker’s homepage. The best thing about using a demo account, is that normally they are unlimited and there is no expiry date for testing.

They also come with an amount of virtual funds, which you can spend on test trades. At no point will you be asked to deposit money to use a forex demo account.

The only time you will need to deposit money is if you decide to switch to a real forex trading account.

By following this tips and looking at the info of each broker, you will make the most out of your trading venture.