Forex brokers and platforms for beginners – After learning the basics of Foreign exchange, otherwise known as Forex trading, and you want to give it a try, this is a list of some reputable brokers you can start with as a newbie. It is very important that you go through this list before jumping in to put your money into test.
Avatrade was established in 2006, and it’s one of the largest online brokers. With this platform you can trade Forex, CFDs and stocks.
The platform is regulated by Central Bank of Ireland, MiFID and other governmental bodies. Avatrade is packed with loads of features that are quite useful for beginner-traders. These features are available to any account, irrespective of the size. There is also an educational center where you can find helpful tools such as, Trading guides, webinars, video tutorials, economic calendar, and live market updates.
Finally, when it comes to customer support, I give them a big thumbs up. There is a live chat support, email and telephone provided to carter for people with approximately 20 languages. Another cool thing is that the support is available (24/7)
This is another cool platform basically for those aspiring to go into the Forex markets. This trading platform gives you three different trading systems. It is also packed with loads of features, however, their most distinctive feature is their “OPenBook” system.
Here, beginners are given the opportunity to follow professional traders in real-time scenarios (which is a big deal). As a beginner, this feature will make you to understand when a certain trade should be terminated.
The customer service is a robust one, with systems such as, live chat support, series of dedicated phone numbers, and email. It has representatives in approximately 19 different languages.
ETX Capital is a very reputable and professional Forex trading platform maintained by the Financial Conduct Authority, United Kingdom (UK). The platform has been in business for 10 years. It is very well established, and provides great support for users (traders).
Accessibility is quite easy – in other words, the platform is quite easy to use. ETX Capital is known for its professional concept, great customer support and some spectacular features such as, demo account – with which you can practice until you’re ready to trade fully.
This is another good platform for beginners. It is packed with all-round trading resources basically for beginner-traders.
With this forex trading platform, you will have access to stocks, commodities and indices. You will also be exposed to an impressive number of currency pairs. Another cool thing worth mentioning is that the platform is always up to date. There is constant updates on commentaries from professionals in the industry, how-to videos, current news and market analysis. As beginner-traders, all these are quite beneficial, as you would be compelled to follow multiple news sources.
Customer service is also a notable feature in markets.com. There are representatives in approximately 15 languages with offices around the world. The service is available 24/7.
XM is another cool broker. One cool thing about this broker is that the platform features a “Micro” trading account which is quite felicitous for those making attempt into this financial marketplace. The platform also utilizes a software called MetaTrader. This platform is tremendously when it comes to easy accessibility – in other words, it has user-friendly and accurate systems (which should be a big deal for a novice).
If you are the type who would like to give it a try before going ahead to make a financial commitment, then this might be a good platform for you because a demo account can be opened for you, which will contain about $100,000 (virtual money) for practice.
Worth knowing, the platform is regulated by the Financial Conduct Authority, CySEC (the Cyprus Financial Authorities) and BaFIN. Hence, the issue of security is not going to be a problem.
This forex broker has been in existence since 1999. It offers 2 hours of webinars, tutorials basically for beginners, live training, and question and answer sessions (to teach you the basics). You can also opt in for some fee-based online courses if you wish.
This forex broker has been in business since 2001. The platform offers live in-person workshops, live (and recorded) webinars by their educational team. It also offers the insider newsletter, XPRESSO and XPOUND.
This forex broker has also been in business since 2001. OANDA offers demo accounts without expiration – with this accounts you can practice trading until you are ready to go live. For webinars, click on ACADEMY – you will find both live and archived webinars. They also teach trading basics and schedule learning events. There are also tons of videos on demand (VoD) to get you started and ready.
|Practice Account||No limit (unlimited)|
This forex broker has been in business since 2005. The platform offers technical and fundamental analysis, robust frequently asked questions (Forex-related only) and glossary. On their website, there is an education tab which explains the basics for beginners. Also, they offer premium education for a certain amount of money.
This forex broker has been in the business for long – since 1991. The platform allows you to start with TradeStation Basics – so that you can learn at your own pace. Branch out to TradeStation events, Labs, University with media and quick tips. The events are free and fee-based.
|Practice Account||$25, 000 to $200, 000 – option for simulated account.|
Fortex Capital Marketing (FXCM.com/forex)
Has been a forex broker since 1999. The platform offers a library of trading instrument, guides, a daily platform of walk-throughs and strategy sessions. Fortex Capital Market also offers a calendar of events which you can add to your personal calendar – this will teach you how to read quotes and place trades. They also offer self-paced on-demand videos for certain amount of money.
Has been a forex broker since 1999. It is the TD Ameritrade forex platform. Investor education makes up a rookie-learning curriculum which includes videos and courses to create your own learning path. Thinkorswim learning center comprises of videos, tutorials, thinkManual, thinkMoney magazine, and Quiz central.
E*trade FX (us.etrade.com)
Etrade FX has been a forex broker since 1982. As a beginner, you can find the Etrade’s forex tutorials by going to “forex training” in the education resource search bar. Resources such as videos, web seminars, and articles will be at your disposal. You can find them in “the basics” category – they are specifically made for beginners.
|Practice Account||$50,000 – for 30 days.|
This forex broker has been in business since 2002. Place Trade Financial has an education center which includes widgets, videos, tools, demos, apps, investor education courses and webinars.
|Minimum Deposit||$5,000 ($3,000 – persons between the ages of 21 to 26).|
Interactive Brokers Limited (interactivebrokers.com)
Has been a forex broker since 1977. Interactive Brokers’ Traders’ University offers webinars (both live and recorded), apps, widgets, cheat sheets, user guides and unmonitored discussion forums to connect with other traders from around the globe.
|Practice Account||After your trading account has been approved and funded|
Forex brokers platform for beginners