For sure you are looking for the best forex trading platform to start trading. In this page about forex trading, you can find a list of trustable and regulated forex brokers for beginners and choose the best trading platform to trade with.
There is a vast range of offers in the forex market, and either you are an expert trader or new in this world, the most important thing is to find the top forex broker to achieve your goals!
All the best trading platform for beginners listed in this page are regulated.
‘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 should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.’
Here you are! You need to read this if you are a beginner in forex trading!
We will explain to you the most important characteristics the best trading platform should have when you need to choose yours!
- 1 Best Forex Trading Platform for Beginners
- 2 How to choose the best trading platform
- 3 Where Can I Trade Cryptocurrency?
- 4 Best Trading Platform for beginners in USA
Best Forex Trading Platform for Beginners
This is a breakdown of the best foreign exchange broker for you.
Plus500 is the top Broker for every type of beginner. It has a simple and intuitive forex platform, 100+ different assets and the best trading App for beginners in the market. Thanks to its regulations by Cysec and in the UK it’s also considered the safest forex broker to invest with.
BDSwiss has the best offer for the ones who are looking to trade professionally. No commission in the trades and very low spreads (1,2 pips for major currencies) brought this forex platform at the top of the investing market. Its new mobile App and trading interface developed in August 2018 gave a nice and modern interface which is much appreciated by all the traders, beginners and not.
IQ Option is the best forex trading platform for beginners. The broker wants to become the leader in the fx market and it is the most used around the world. thanks to its extremely low minimum deposit of just $10, it allows everybody to start their trading career.
On top of that, the offer of a forex demo account with $10.000 and a well-working mobile App, allows everybody to learn to trade.
To learn more about this broker click here.
In this list, we add also EToro. This is the top fx brokerage for beginners who like to interact, exchange ideas and copy more expert investors. Its offers of social trading and copy trading are unique in the market.
Forex.com, the best forex trading platform for U.S. traders. In fact, this is the only listed broker accepting American beginners. It has a very professional interface, low spreads, and no commission.
To learn more about these brokers please read our review on the website.
How to choose the best trading platform
First of all, we need to clarify for all the beginners that forex broker and trading platform mean the same thing!
Today there are an infinitive number of trading platform offers and hundreds of different broker to choose from as we have explained in the homepage: https://tradingonlineguide.com.
But which one is the best trading platform for beginners? What should I look for?
There are a few characteristics that every forex trader should look for before choosing his trading platform. Here the most important ones:
- Availability in your Country
- Languages available
- Responsive Trading Platform
- Support Service
- Deposit and Withdrawl methods
- Spread and Commissions
Let´s analyze each one of them to see what it means!
1- Does this forex broker accept people from my Country?
This is the first and most important step when deciding a Broker. In fact, a lot of them are based in Europe or just accept European clients, some instead are just for American forex beginners.
This fact can be linked to different government decisions. In fact, every country or better every continent usually has a different regulation model for online trading.
Normally American forex traders can just trade on American forex institutes.
If a person from the States opens an forex account in the wrong broker, nothing happens. The account will be simply frozen on the beginning and the user won´t even have the opportunity to do a deposit.
In case this happens, it´s very easy and fast to open a new account in a U.S. Broker and start trading with that.
This is the most important thing to look for: its regulation.
A lot of people on the internet are asking if forex trading is a scam. This depends on the trading platform the trader picks.
In fact, the big difference in this market is between regulated and not regulated forex brokers.
The most important regulation in the U.S. is the CFTC one.
This means that American and Canadian traders should register just to one of those brokers.
For the rest of the world instead, if a broker has the Cysec regulation can accept forex clients from everywhere except the U.S. This means that for example even a trader from New Zealand can open an account with a Cysec regulated broker.
Remember to choose just a regulated broker which has got its license from one or more international authorities. For example, the most trustable brokers have the Cysec regulation, but some of the most important ones are also:
- Australia: Australian Securities and Investments Commission;
- 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;
- Spain: Comisión Nacional del Mercado de Valores (CNMV);
- South Africa: Financial Services Board (FSB);
- Sweden: Finansinspektionen (FI);
- Switzerland: FINMA;
- U.K.: Financial Conduct Authority (FCA);
- U.S.A.: U.S. Commodity Futures Trading Commission (CFTC).
3- Forex Trading Platform Languages
In the past when the first trading platforms were invented, there was just one language available: English. Today also this market started to enter in the multi-linguistic era and the majority of the Brokers have almost all the languages available.
Today, on top of all the European languages, also Russian and a lot of Asian languages are available.
Make sure to start trading with a forex trading platform in your language to be able to fully understand all the forex platform features indicators useful for your trading activity. In fact, to be considered the top trading platform, a broker should have as many languages as possible available.
4- Responsive Trading Platform
How would you feel trading with a slow platform or not available for you 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 platform. In both cases, the important characteristics the platform should have are: high speed and be very responsive.
In 2018, another important factor to look at when choosing a forex broker is their App.
Every day people spend more time on their smartphone using Apps than in front of a computer. With the today frenetic lifestyle, being able to trade with an App makes things easier.
In this case, people have the opportunity to trade in every moment of the day and keep constantly an eye on their own investments.
Usually, a broker to be considered the best trading platform should have all the devices available and a well-working App.
5- Support Service
This is a very important service every trading platform must have.
In fact, the main way to communicate with the broker in case of problems or questions is the support service.
Every trading platform has a support team behind it available 24/7 ready to solve all your problems. Usually, they are very responsive and within few minutes you will have the answers you need.
There are different ways to communicate with them: by email, with a phone and even with a live chat service.
The language is also a very important characteristic, but as explained in the previous chapter, today all the brokers have a lot of languages available so this won´t be a problem.
6- Deposit and Withdraws methods
To start trading, a fundamental step is to make a deposit.
Today there are different ways to do it: credit cards are the most common and fastest one and the money will be in your account in a few minutes.
There is also the possibility to do a bank wire transfer, normally it takes 4 working days before the money is in your trading account.
For some countries, there are available their own deposit systems.
A very important step that this market has done is to allow also deposits with a prepaid card, PayPal accounts and Moneybookers such as Skrill and Neteller.
The same story is for withdraws. Also, in this case, it’s possible to receive the money back in a credit card, prepaid card, Moneybookers or bank account. The important thing is to communicate it to the broker.
Normally to receive the money it takes 4 working days for most of the forex platforms. Some of them charge a very small commission for every withdraw, but this depends on the trading platform you choose.
7- Spread and Commissions
This is a very important point for every trader because these represent the cost to pay for trading in a forex broker.
Every 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 at the same time 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 for its clients which goes from 1 pip to maximum 3 pips.
There also broker with spread 0 in the market, which make their profit introducing a commission on every trade.
The commission usually can go from a few cents up to some dollars, depending also on how long the position is kept open. The longer it is, the most expensive it gets.
Beginners usually start trading on platforms with 0 commission and a low spread. The most expert traders go instead for the opposite scenario. In this case, the choice depends a lot on the trader’s goals and if they are beginners or with experience.
Where Can I Trade Cryptocurrency?
In the past year, cryptocurrency trading became very popular for many beginners. Millions of people started trading Bitcoin, Ethereum or Litecoin, making some good profits.
But where can I trade Bitcoin?
In all the trading platforms listed in this website is possible to trade cryptocurrencies.
This means that if you are looking to trade Bitcoin, Ethereum, Litecoin, ripple or Dash, you can do it in every broker named above.
Trading cryptocurrency is like trading any other normal forex currency pair, commodity or index.
It’s good to remember that trading those assets through CFDs means that you don’t own any Bitcoin or another virtual coin, but you are speculating on its value and earning money because of their price movements.
Best Trading Platform for beginners in USA
The 5 brokers listed in this page accept traders from all over the world.
But usually, a lot of brokers cannot accept American traders. So which one is the best trading platform for beginners in the USA?
After testing a lot of trading platforms we can say that the best broker for American clients is Forex.com.
It’s one of the biggest in USA, fully regulated and secure for the American market. It belongs to the company “Gain Capital”.
It’s possible to open a free trading account with only $ 210 and it allows every beginner to test the platform thanks to their demo account.
For more information please visit our page with the full review.