Forex Brokers for Beginners
- Written By happinessengineer@getflywheel.com
- Updated:
New to forex and not sure which broker to trust? We’ve been there too. That’s why we tested a bunch of brokers ourselves — both with demo accounts and real money — to figure out which ones are actually beginner-friendly and regulated. The list below includes the ones that stood out. These brokers make it easier for new traders to get started without feeling overwhelmed.
74-89 % of retails CFD accounts lose money
73.85 % of retails CFD accounts lose money
59.57 % of retails CFD accounts lose money
Trading leveraged product is risky
74-89% of retails CFD accounts lose money
75.5 % of retails CFD accounts lose money
The vast majority of retail client accounts lose money
82 % of retails CFD accounts lose money
eToro
61 % of retails CFD accounts lose money
XTB
61 % of retails CFD accounts lose money
We’ve picked out a handful of brokers that really get what beginners need. From easy-to-use platforms to solid educational material and handy tools like copy trading, these brokers are built to help new traders get comfortable fast. Stick around — we’ll break down why they’re great starting points if you’re just getting into forex.
Comprehensive Comparison of the Top 11 Forex Brokers for Beginners
Forex Broker | Demo account available? | Min Deposit | Trading Platforms | Regulators |
1. eToro | Yes | $50 or $100 based on country ($10 for the UK, $1 in the US) | eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary | FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC |
2. Pepperstone | Yes | $0 | MetaTrader 4, MetaTrader 5, cTrader, TradingView | ASIC (No. 414530), UK FCA (No.684312), CySEC (No. 388/20), BaFin (No.151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) |
3. AvaTrade | Yes | $100 | MetaTrader4, MetaTrader5, WebTrader, AvaTade App, AvaSocial, AvaOptions, DupliTrade | FFAJ (License No.1574), CySEC (No. 347/17), ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662) |
4. Plus500 | Yes | $100 | Proprietary, desktop and mobile platforms | FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250) |
5. XTB | Yes | $0 | xStation 5, xStation Mobile | FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162), DFSA (License No. F006316), CMF (Chile) |
6. Admirals | Yes | $100 ($1 for Invest MT5 Account) | MetaTrader4, MetaTrader5, WebTrader, MT Supreme Edition, StereoTrader | CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No.SD073) |
7. Axi | Yes | $0; $5 (EU and UK) | MetaTrader4, MT4 WebTrader, Axi Mobile | ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines), FMA |
8. Global Prime | Yes | $0 | MT4, MT4 Webtrader, MT4 Android; for VFSC clients MT4, MT5, and GP Copy | ASIC (No. 385620), VFSC (No. 40256) |
9. Fusion Markets | Yes | $0 | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
10. Tickmill | Yes | $100 | MT4, MT5, WebTrader, ZuluTrade, TradingView | CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464), DFSA (F007663) |
11. FP Markets | Yes | $50 (AU$100) | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas) |
Top 11 Brokers for Beginner Traders
1. Fusion Markets
Fusion Markets has earned a solid reputation among traders around the world thanks to its ultra-low spreads, zero deposit fees, and beginner-friendly copy trading features. While it doesn’t offer much in the way of educational content, we don’t see that as a dealbreaker.
The platform itself is straightforward and easy to navigate — whether you’re brand new or have some experience under your belt. Getting started takes just a few minutes, and the demo account is a great bonus. It mirrors real trading conditions and comes with nearly a million dollars in virtual funds, so you can practice risk-free and build confidence before going live.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
2. FP Markets
FP Markets has been around since 2005 and continues to be a go-to choice for traders who want a beginner-friendly forex platform. It’s fully regulated by trusted authorities like ASIC and CySEC, so you can feel confident that you’re trading in a secure environment.
Getting started is simple — just three quick steps to open an account. Once you’re in and have funded it, you’ll get access to over 10,000 instruments across multiple trading platforms. Whether you prefer MT4, MT5, cTrader, or TradingView, FP Markets gives you the flexibility to choose what works best for you.
If you’re just getting started, it’s worth trying the demo account first. It lets you explore the platform and trade in real-time conditions without putting any real money on the line. Just fill in a few basic details — name, email, country — choose your platform, set a password, and select a currency for your demo account. On top of that, FP Markets supports new traders with a solid library of video tutorials and a clear, easy-to-follow trading glossary.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. BlackBull Markets
Based in Auckland, New Zealand, BlackBull Markets offers some of the most competitive spreads and trading conditions across more than 26,000 financial instruments. As a true non-dealing-desk broker, it supports popular platforms like MT4, MT5, TradingView, and cTrader — giving traders at every level the tools they need to dive into CFD trading.
For beginners, getting started is simple. You can open a commission-free standard account with no minimum deposit, and spreads start as low as 0.8 pips. If you’re still learning the ropes, BlackBull has plenty of helpful resources — including an economic calendar, step-by-step trading tutorials sorted by skill level, and a packed Education Hub filled with videos, webinars, podcasts, and market insights. New users can also try out the MT4 or MT5 demo accounts to get familiar with the platform and explore different assets without risking real money.
4. Pepperstone
Pepperstone is a no-dealing-desk broker known for its lightning-fast execution, competitive pricing, and access to over 1,200 markets. With raw spreads starting from zero pips and deep liquidity from multiple providers, traders can count on accurate pricing and real value for every trade.
Whether you’re just starting out or already have some experience, Pepperstone makes it easy to get up to speed. They offer beginner-friendly resources like forex courses, step-by-step guides, videos, and live webinars. If you’re new to MT4, you’ll find helpful walkthroughs right on their site. And for those wanting to practice first, the demo account gives you $50,000 in virtual funds to explore the platform and test your strategies risk-free.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. eToro
Launched in 2007, eToro has become one of the top platforms for copy trading, especially for those just getting started. The broker is big on transparency, strong customer support, and strict regulation — holding licenses in Cyprus, Australia, the UK, and the US. With over 5,000 instruments available, including 40+ forex pairs, eToro’s easy-to-use platform gives traders plenty to explore.
If you’re new to trading, eToro has you covered. They offer tons of helpful content like market analysis articles, live courses, and free educational videos to help you get up to speed. You can also open a free demo account with $100,000 in virtual funds to practice and build confidence before trading with real money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
6. XTB
XTB is a well-established multi-asset broker, regulated by top authorities including the FCA, CySEC, KNF, and DFSA. Its parent company is publicly traded on the Warsaw Stock Exchange, which adds an extra layer of trust and transparency. With over 5,000 tradable instruments — from forex to derivatives — XTB has built a solid reputation in the trading world.
For beginners, XTB offers plenty of support. You’ll find free ebooks, helpful guides, and a library of educational articles to get started. They also provide daily market insights, economic calendars, and real-time updates on trending assets. If you’re just looking to practice first, opening a demo account takes only a few minutes and comes with $100,000 in virtual funds to explore the platform risk-free.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
7. Plus500
Plus500 sets itself apart with low trading fees, strong regulation, and a real focus on educating its clients. The broker is licensed by top-tier authorities like CySEC, MAS, FCA, and ASIC, giving traders peace of mind. With a lineup of more than 2,800 CFD instruments and tight spreads, there’s plenty of flexibility for all types of traders.
Beginners will find a lot of value in the Plus500 Trading Academy. It’s packed with helpful resources like ebooks, how-to videos, webinars, and detailed beginner guides. On top of that, the platform offers market insights, sentiment data, price alerts, and economic calendars to help traders stay informed and make smarter decisions.
82% 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.
8. Global Prime
Global Prime has been serving traders for over a decade and now welcomes clients from more than 120 countries. Known for its competitive spreads and ultra-low round-turn commissions, the broker offers access to over 150 financial instruments — making it a solid choice for those looking for cost-effective trading.
New traders will appreciate the flexibility: there’s no minimum deposit required, so you can start with whatever amount you’re comfortable with. If you’d rather test the waters first, setting up a demo account takes less than 30 seconds. Global Prime also supports beginners with helpful articles covering forex basics, common pitfalls to avoid, and practical trading strategies.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
9. Axi
Axi delivers solid trading conditions, fast execution, and access to over 260 financial instruments. It’s a great option for beginners, especially since there’s no minimum deposit required. The standard account is designed for entry-level traders, with spreads starting from 0.9 pips. Retail clients also get up to 1:30 leverage and built-in protection against negative balances.
To help you grow as a trader, Axi offers a wide range of learning tools — including how-to videos, free ebooks, and analytics to sharpen your strategy. The Axi Academy is packed with courses covering forex, stocks, indices, commodities, and crypto. If you want to test your knowledge, you can also take part in short quizzes designed to reinforce what you’ve learned.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
10. Tickmill
Tickmill is a globally recognized broker, licensed by six major regulators, including the FCA, DFSA, and CySEC. Traders get access to over 600 markets with raw spreads starting from zero pips. With execution speeds averaging just 0.2 seconds and low slippage, Tickmill is built for precision and efficiency.
New traders are well looked after too. Tickmill offers negative balance protection and keeps client funds in segregated accounts for added security. Beginners can take advantage of a variety of learning resources — from infographics and ebooks to webinars and expert-written articles. The broker also hosts occasional in-person seminars and workshops led by professional traders, giving newcomers a chance to learn in a more hands-on environment.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
11. ActivTrades
With over 60 industry awards under its belt, ActivTrades has built a strong reputation as a trusted broker offering low-cost access to more than 1,000 markets — including forex, stocks, ETFs, indices, bonds, commodities, and cryptocurrencies. Most assets are available as CFDs or futures, and the broker is fully licensed across five major jurisdictions, including the FCA, SCB, and CMVM. ActivTrades also serves clients in over 170 countries worldwide.
For beginners, ActivTrades offers a solid starting point. There’s no minimum deposit in most regions, so you can begin with whatever amount you’re comfortable with. The broker provides a wide range of educational tools — from platform tutorials and user manuals to in-depth webinars and research resources. Webinars are available in several languages, including German, Spanish, French, Italian, and Portuguese, making learning more accessible. Traders looking for a deeper dive can also attend in-person seminars led by market experts. Whether you’re on ActivTrader, MT4, or MT5, you’ll find the support you need to get up and running.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers for Beginners Ranked by Trustpilot Score
Forex Broker | Trustpilot Reviews | |
1. FP Markets | 9,041 | |
46,512 | ||
3. IC Markets | 3,904 | |
6,214 | ||
5.FBS | 1,737 | |
3,152 | ||
7.Eightcap | 3,052 | |
8. XTB | 2,060 | |
9. FXTM | 1,030 | |
Things to Look for When Choosing Brokers for Beginner Traders
When you’re just starting out in forex trading, choosing the right broker makes a huge difference. One of the first things to look at is the quality of educational resources. The best beginner-friendly brokers offer a solid library of materials — including step-by-step trading guides, video tutorials, and live webinars — to help you understand the basics and grow at your own pace. Most also give you access to a free demo account, so you can practice in real market conditions without risking any real money.
Another helpful feature for beginners is copy trading. It allows you to follow experienced traders and automatically replicate their strategies — a great way to learn by doing. If you’re trading with leverage, many brokers offer negative balance protection, so you won’t lose more than you deposit. Plus, leverage limits are usually lower for newer traders, which helps keep risks under control when trading complex instruments like CFDs.
Finally, it’s always a bonus when there’s no minimum deposit required. That way, you can start small, build confidence, and gradually increase your investment as your skills improve.
How Demo Accounts Can Be Useful for Beginner Traders
Nearly all beginner-friendly brokers offer free demo accounts loaded with virtual funds — and for good reason. These accounts are a great way for new traders to get comfortable with a broker’s platform and trading tools without putting any real money on the line. It’s the perfect space to explore how forex and other markets work, completely risk-free.
Demo accounts also let you test out different strategies and see how they might perform in live conditions. That kind of hands-on practice helps you build confidence and sharpen your skills — all while keeping your actual capital safe. But here’s something a lot of beginners overlook: demo trading isn’t exactly the same as real trading.
In a demo, there’s no emotional pressure. You’re not reacting to losses or second-guessing your moves with your own money at stake. That psychological difference — along with things like live market slippage and execution speeds — can affect real-world outcomes. So while demo accounts are extremely useful, they’re not a guarantee of future success.
Also, keep in mind that some brokers place time limits on demo accounts. In many cases, you can reactivate them — especially if you’ve made at least one real-money trade. It’s always worth checking your broker’s policy so you can keep practicing as long as you need to.
Is Copy Trading Suitable for Beginner Traders?
For beginners stepping into the dynamic world of forex, choosing a broker with intuitive and easy-to-navigate software is essential. Two standout platforms that meet this need are MetaTrader 4 (MT4) and cTrader.
MetaTrader 4, developed by MetaQuotes, is widely regarded as one of the most beginner-friendly platforms available. It’s free to download and can be easily connected to your trading account. MT4 was designed with forex traders in mind, offering a simple, clean interface that helps new users quickly understand the available features and tools. Despite its simplicity, MT4 is loaded with advanced charting and analytics tools to support skill development. It also supports copy trading, a valuable feature for beginners who want to learn by mimicking the trades of more experienced investors. Additionally, MT4 includes key risk management tools like stop-loss and limit orders, helping users protect their capital and secure profits.
cTrader is another excellent option for novice traders. Known for its sleek design and intuitive layout, cTrader is accessible on both desktop and mobile devices. It supports a variety of trading styles—including manual, algorithmic, and copy trading—allowing beginners to experiment and find what suits them best. Those using brokers that offer cTrader also benefit from level-two pricing and fast order execution, giving them a more professional trading experience without the steep learning curve.
Common Mistakes Inexperienced Forex Traders Make
No trader is immune to making mistakes, regardless of their skill or experience level. However, novice traders are particularly vulnerable to common pitfalls in the forex market. One of the most prevalent missteps is poor risk management. Without a solid risk strategy in place, and when combined with excessive leverage, beginners can quickly incur substantial losses. It’s essential for new traders to dedicate time to developing a risk management plan that aligns with their trading goals, available capital, and risk tolerance.
Another common trap is emotional trading. Letting emotions influence trading decisions often leads to impulsive and irrational actions, which can significantly damage overall performance. To avoid this, traders should maintain discipline and always trade based on strategy—not sentiment. Implementing protective tools such as stop-loss orders is equally important, as they help limit losses when the market turns against you.
Additionally, beginners should avoid risking real capital to test new strategies. Instead, a demo trading account offers a risk-free environment to experiment, learn, and refine tactics using virtual funds. This approach allows you to build confidence and skill without financial exposure.
Lastly, over-diversifying too early by trading numerous currency pairs is another mistake to steer clear of. Start by focusing on the major pairs, which are typically more stable and liquid. Once you gain experience and consistency, you can consider exploring more volatile cross and exotic pairs.
