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Good Forex brokers for beginners will help their clients get started. The better brokers will assist with verifying a trading account, setting up and configuring a new trading platform, and making available the best learning material possible. This way, the trader has the best chance at finding and acting on profitable trading opportunities. 

To test these beginner brokers, we opened demo trading accounts to experiment with the important features for newcomers – always keeping an open line with customer service to assess their responsiveness. As part of our test, we verified the broker’s regulation, checked for well-structured Forex education and verified that the demo account never expires, so novices can practice without risking their money forever. These are the best Forex brokers for beginners in the UK for 2021, according to our testing and our research.

English

Best Forex Brokers for Beginners 2021

Last updated on 23 Oct 2021
Updated 23 Oct 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
Pepperstone
Min. Deposit
GBP 5
4.614.61
Demo Account
Beginner Friendly
Excellent
Support Hours
24/7
Overall Rating
11110.54.61/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.
2
XM
Min. Deposit
GBP 5
4.254.25
Demo Account
Beginner Friendly
Excellent
Support Hours
24/5
Overall Rating
11110.54.25/ 5
AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 77.19% of traders lose money with this provider.
3
XTB
Min. Deposit
GBP 5
4.144.14
Demo Account
Beginner Friendly
Excellent
Support Hours
24/5
Overall Rating
11110.54.14/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 82% of traders lose money with this provider.
4
FP Markets
Min. Deposit
GBP 100
4.284.28
Demo Account
Beginner Friendly
Excellent
Support Hours
24/5
Overall Rating
11110.54.28/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4& MT5. FP Markets is regulated by CySEC and ASIC.
5
Tickmill
Min. Deposit
GBP 100
4.484.48
Demo Account
Beginner Friendly
Excellent
Support Hours
24/5
Overall Rating
11110.54.48/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 73% of traders lose money with this provider.
6
Admirals
Min. Deposit
GBP 100
4.244.24
Demo Account
Beginner Friendly
Excellent
Support Hours
Business Hours
Overall Rating
11110.54.24/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, the JSC, and the FCA. 76% of traders lose money with this provider.
7
AvaTrade
Min. Deposit
GBP 100
4.484.48
Demo Account
Beginner Friendly
Excellent
Support Hours
24/5
Overall Rating
11110.54.48/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.9 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 72% of traders lose money with this provider.
8
eToro
Min. Deposit
USD 50
3.693.69
Demo Account
Beginner Friendly
Standard
Support Hours
24/5
Overall Rating
1110.503.69/ 5
AlertAccepts UK Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC. 67% of traders lose money with this provider.
9
FXCM
Min. Deposit
GBP 50
4.134.13
Demo Account
Beginner Friendly
Standard
Support Hours
24/5
Overall Rating
11110.54.13/ 5
AlertAccepts UK Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA. 76.31% of traders lose money with this provider.

How do I choose a Forex broker for beginners?

When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.

After reading through this short guide you will:

  • Understand why regulation is crucial and how to check if your broker is regulated.
  • Understand how brokers make money from traders and how these trading costs can impact your profitability.
  • Understand which trading platforms brokers offer and how they work.
  • Understand the dangers of trading without education and how to educate yourself appropriately.
  • Understand how high-quality customer support can improve life for beginner traders.
  • Understand the importance of a demo account and how to choose the best one.

Best beginner Forex brokers for 2021

  • Pepperstone - Best ECN Broker for Beginners
  • XM - Best Overall Education for Beginners
  • XTB - Best Proprietary Platform
  • FP Markets - Best Customer Support for Beginners
  • Tickmill - Lowest Commission ECN/STP Broker for Beginners
  • Admirals - Best MetaTrader Tools for Beginners
  • AvaTrade - Best Mobile Trading Experience for Beginners
  • eToro - Best Social Trading Platform for Beginners
  • FXCM - Broadest Range of Trading Platforms for Beginners

Pepperstone – Best ECN Broker for Beginners

A leading Australian broker, Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution.  Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade.  Most trades are executed within 30 milliseconds, which is ideal for scalpers and those who run expert advisors. 

Pepperstone offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos.  It hosts regular webinars, and archives of previous webinars are available for free on its website.  Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts UK Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.

    XM – Best Overall Education for Beginners

    A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares.  Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second. 

    XM also provides some of the best educational and market analysis materials in the industry.  Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway. 

    Pros
    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals
    Cons
    • Dealing desk
    AlertAccepts UK Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 77.19% of traders lose money with this provider.

    XTB – Best Proprietary Platform

    A well-regulated STP broker, XTB is the creator of the award-winning xStation 5 platform.  With a user-friendly and intuitive design, it allows traders to accurately track market movements.  It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator. 

    XTB provides some of the best training materials available for beginners.  Its Trading Academy is comprehensive, clear and concise, and structured like a course.  It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders. 

    Pros
    • Well regulated
    • Tight spreads
    • Low minimum deposit
    • Good for beginners
    Cons
    • Limited platform choice
    AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 82% of traders lose money with this provider.

    FP Markets – Best Customer Support for Beginners

    A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception, including Best Customer Support 2019 (LiveHelpNow Challenge).   Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms, and any other technical queries.

    FP Markets offers competitive trading conditions on two live accounts on the MT4 and MT5 platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded.  It also offers three accounts on its IRESS platform, which is an active trader platform with advanced functionality. 

    Pros
    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support
    Cons
    • Expensive withdrawals
    AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4& MT5. FP Markets is regulated by CySEC and ASIC.

    Tickmill – Lowest Commission ECN/STP Broker for Beginners

    Tickmill is an ECN/STP broker offering trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds.  With three live accounts, Tickmill has won numerous awards for its excellent trading conditions, including its low commissions.  Spreads start at 1.6 pips (EUR/USD) on its commission-free Classic Account, which is wider than other similar brokers, but tighten to an average of 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 2 USD per side per lot traded.

    In addition to its attractive trading conditions, beginners will find Tickmill’s education section a welcoming experience.  Tickmill offers a free 46-page ebook titled The Majors – Insights & Strategies, a well-illustrated resource explaining Forex Trading Basics and how Forex trading works.  It also runs frequent webinars in four languages and runs seminars around the world.  Overall, Tickmill is a good choice for beginner traders looking for good trading conditions and educational support. 

    Pros
    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets
    Cons
    • Limited base currencies
    AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 73% of traders lose money with this provider.

    Admiral Markets – Best MetaTrader Tools for Beginners

    Founded in 2001, Admirals is an STP broker offering trading on a wide range of assets and broad platform support.  Renowned for its trading tools, including its proprietary MetaTrader Supreme Edition for MT4 and MT5, Admirals has created a range of practical tools to enhance the base platforms and assist beginner traders in their trading decisions.   

    The MetaTrader Supreme Edition features indicators from Trading Central which provides pattern recognition and technical analysis for all financial instruments.  It also features the Global Opinion Toolset which scans and contextualises millions of financial news stories and social media posts on a daily basis, providing traders with a dynamic view of market sentiment.  Lastly, Admirals provides an extensive and varied education section including courses, articles, tutorials, and frequent webinars to get new traders started. 

    Pros
    • Well regulated
    • Excellent education
    • Wide range of assets
    Cons
    • Expensive withdrawals
    AlertAccepts UK Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, the JSC, and the FCA. 76% of traders lose money with this provider.

    Avatrade – Best Mobile Trading Experience for Beginners

    A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options.  With full support for leading trading platforms, including MT4, MT5, and it award-winning app, AvatradeGO, Avatrade provides a user-friendly and innovative trading environment for beginner traders. 

    Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts.  It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system. 

    AvaTrade’s single commission-free account has a minimum deposit of 100 USD and offers competitive spreads, averaging at 0.9 pips on the EUR/USD. Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders to beginner and experienced traders alike. 

    Pros
    • Good for beginners
    • Well regulated
    • Low minimum deposit
    Cons
    • Dealing desk
    • Limited market analysis
    AlertAccepts UK Clients. Average spread EUR/USD 0.9 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 72% of traders lose money with this provider.

    eToro – Best Social Trading Platform for Beginners

    eToro is a well-regulated market maker with a single account offering trading on multiple assets, including Forex, stocks, commodities, cryptocurrencies, ETFs, and indices.  eToro’s main attraction is its bespoke crowd trading platform on which beginner traders can follow the strategies of expert traders. 

    eToro also offers a number of correlated tools, such as CopyTrader, which allows clients to find traders based on their gains, location, and preferred assets, and CopyPortfolio, the latest innovation from eToro, allows traders to invest in a market fund that bundles together all asset classes in a single market strategy. Although beginner traders will find eToro’s social trading offering appealing, its market analysis and educational materials are limited, and customer service is largely unresponsive. 

    Pros
    • Well regulated
    • Good for beginners
    • Innovative trading tools
    Cons
    • Limited education
    • Wide spreads
    AlertAccepts UK Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. Only eToro proprietary trading platform supported. eToro is regulated by CySEC, FCA, and ASIC. 67% of traders lose money with this provider.

    FXCM – Broadest Range of Trading Platforms for Beginners

    Established in 1999, FXCM is regulated by many top-tier authorities, including the FCA and ASIC.  FXCM supports a broad range of trading platforms, including the industry-standard MT4, its award-winning proprietary platform, Trading Station, Ninja Trader, and other specialty platforms. Trading Station is popular among traders for its customisability, advanced charting, intuitive interface, and ease of setup. It also supports numerous algorithmic trading tools, in addition to APIs and applications that analyse trading analytics.   

    FXCM also excels in its educational material, offering downloadable ebooks which introduce beginners to Forex basics, trading strategies, trading habits, and how to identify potential opportunities on the market.  It also offers a comprehensive video library and platform tutorials, ideal for beginner traders trying to gain a footing in trading.  

    Pros
    • Well regulated
    • Great platform choice
    • Excellent education
    • Innovative trading tools
    Cons
    • Limited demo account
    AlertAccepts UK Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA. 76.31% of traders lose money with this provider.

    What is Forex Trading?

    What is Forex Trading?

    Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).

    Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.

    Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.

    What is a Forex Broker?

    Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.  To connect to the Forex market with a broker, traders need to open a trading account, which requires funding.

    Comparing Forex Brokers for Beginners

    When comparing Forex brokers consider the following broker and account components.

    Regulation in Forex Trading

    Regulation is the single most important aspect of judging a Forex broker. Unregulated brokers cannot be trusted with your money and have no legal requirement to provide a fair trading environment. Having a regulated broker is not optional. Regulation ensures the security of your funds and offers protection against broker bankruptcy and also ensures that Forex traders have a complaint channel and access to investor insurance.

    Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a certain way to know that a broker should not be trusted, and broker regulation should always be verified independently.

    The FCA is the UK’s regulatory authority. UK clients may prefer to trade with an FCA regulated broker, but this is not a legal requirement. Locally based FCA-regulated brokers will keep your trading capital segregated in local bank accounts are are required to offer negative balance protection, meaning you can never end up owing your broker for a negative account balance.  That said, there are the best 5 FCA-regulated beginner-friendly brokers by overall score. 

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    FCA License
    Min. Deposit
    Max. Leverage (Forex)
    Regulators
    Cost of Trading
    EURUSD (Best)
    GBPUSD (Best)
    USDJPY (Best)
    Total # CFDs
    No. of FX Pairs
    Trading Commission
    Platforms
    Compare
    4.69 /5
    Read Review
    195355
    GBP 250
    30:1
    USD 6
    0.6 pips
    0.9 pips
    0.7 pips
    19295
    80
    Fees Included in Spread
    L2 Dealer
    ProRealTime
    4.68 /5
    Read Review
    793714
    GBP 20
    30:1
    USD 6
    0.6 pips
    0.8 pips
    0.7 pips
    4012
    137
    Fees Included in Spread
    Capital.com
    4.61 /5
    Read Review
    684312
    GBP 5
    30:1
    USD 6.90
    0.1 pips
    0.6 pips
    0.3 pips
    1016
    60
    From 7 USD / lot - Razor Account
    4.48 /5
    Read Review
    717270
    GBP 100
    30:1
    USD 4
    0.0 pips
    0.0 pips
    0.0 pips
    91
    62
    4 USD / lot - Pro Account
    4.34 /5
    Read Review
    509746
    GBP 5
    30:1
    USD 12
    0.0 pips
    0.1 pips
    0.1 pips
    183
    70
    7 USD / lot - PRO account

    Trading Costs Explained

    All brokers will expect a trader to make a minimum deposit when opening an account and will then charge a spread on each trade. Another common cost is the swap-fee paid for holding trading positions overnight. Some broker will also charge a commission or other types of fees. A good understanding of these costs is important for beginner traders as some brokers charge more than others.

    Minimum Deposit

    The first cost that beginner traders will come across is the minimum deposit requirement. Though not really a fee – as this is the money you will be trading with – this is an important cost for beginners to consider. Some brokers have relatively high minimum deposit requirements, often 1000 GBP or more, which may put their trading accounts out of reach of beginners. Generally speaking, the higher a minimum deposit on an account the better trading conditions will be available on the account. Brokers will sometimes offer free access to advanced trading tools, one-on-one training, VPS services or personalised customer support with higher minimum deposits.

    Spread

    The most common fee that brokers charge is the spread. This is the difference between the buy and sell price of a trading asset and is measured in pips (the 5th decimal place of an asset’s price). Brokers will artificially widen the spread from the original market price of an asset. This means that when you are buying or selling an asset on the spread, you are buying it below or above the true market price – therefore requiring a larger fluctuation in the market for the trade to make a profit.

    Some brokers will offer a fixed spread, meaning the difference between the buy and sell price of an asset never changes. Others will offer a floating or variable spread, meaning that the spread will get wider or tighter depending on demand and volatility. Many beginners prefer to trade with a fixed spread as this makes trading costs easier to calculate.

    Swap-fee

    Another common fee is the swap-fee or Islamic account. Forex trading is leveraged trading, this means that traders borrow money from their broker to artificially enlarge their trading position. As in life, borrowing money requires paying interest on the loan. When a trading position is held overnight, the leverage borrowed from the broker is also held overnight and will incur an interest charge – this is called the swap-fee. The cost of the swap-fee will depend on the asset traded, the amount of leverage used and the size of the trade itself.

    Commission

    Some brokers will also charge a commission. Commissions are generally charged by DMA (direct market access) brokers. Direct market access brokers generally do not widen the spread artificially (or only slightly) and instead will charge a flat commission as a fee for providing the direct market access service. Direct market access brokers do not generally target beginner traders and often have higher minimum deposits.

    Brokers will also charge other fees, though these are not directly involved in trading costs. Brokers may also charge deposit and withdrawal fees, inactivity fees or VPS hosting fees. Most Islamic trading accounts (swap-free accounts) will also have additional fees to cover the cost of the removal of the overnight interest charge.

    Trading Platforms

    Trading platforms are the software that connect traders, via their broker, to the Forex market and allows them to open and close traders. Beginner traders will often be happier on a simple platform, and many brokers offer their own, easy-to-use, web-based platforms. Most traders, however, use third-party trading platforms that need to be downloaded to their computer.

    The most important consideration for beginners when choosing a trading platform is whether it is reliable and easy to understand. Trading platforms with large, detailed charts and labelled functions will help beginners make fewer errors. Beginner traders also benefit from trading platforms with integrated news feeds and market analysis, to better help them understand the Forex market’s movements.

    The most reliable and popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader. These are all third-party applications that can be downloaded to a computer. While not as simple as many broker-owned platforms, they do have the advantage of being tied to your personal account rather to any particular broker. This means that if you decide to switch broker your trading platform, with any customisations you may have made, can move with you.

    Education Material For Beginners

    Most beginner Forex traders will need some form of Forex education, and the best Forex brokers for beginners provide quality educational material in a range of formats.

    This is not entirely selfless behaviour on the broker’s part. Educated Forex traders become successful and profitable traders, and the more successful traders a broker has on its books, the more successful the broker will be.

    Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading for beginners, and market analysis and research. Forex brokers sometimes hire third-party analysis companies to produce and deliver market analysis to their customers. Market analysis and research are especially helpful once a trader has a firm grasp of Forex trading basics, including terminology and common themes.

    Education and Beginner Trading Courses

    Better Forex brokers for beginners are good at created structured Forex trading courses. These are the FCA regulated brokers with the highest quality structured courses in the industry. 

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    FCA License
    Beginner Friendly
    Beginner Course
    Experienced Course
    Webinars
    Printable Ebook
    Unlimited Demo
    Support Hours
    Min. Deposit
    Compare
    4.24 /5
    Read Review
    595450
    Excellent
    Business Hours
    GBP 100
    4.68 /5
    Read Review
    793714
    Excellent
    24/7
    GBP 20
    4.33 /5
    Read Review
    600475
    Excellent
    24/7
    GBP 10
    4.69 /5
    Read Review
    195355
    Excellent
    24/5
    GBP 250
    4.48 /5
    Read Review
    717270
    Excellent
    24/5
    GBP 100
    4.25 /5
    Read Review
    705428
    Excellent
    24/5
    GBP 5
    4.14 /5
    Read Review
    522157
    Excellent
    24/5
    GBP 5

    Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:

    • Forex Terms: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
    • Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
    • Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?

    Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. This is particularly useful from a beginner’s standpoint, as these detailed learning experiences are all available free of charge and without registration.

    Market Analysis and Research For Beginners

    Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading.  These are the FCA regulated brokers with the best research and market analysis teams in the industry.

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    FCA License
    Research Update
    Research Team
    Research Rating
    Autochartist
    Trading Central
    Trading View
    Webinars
    Min. Deposit
    Compare
    4.69 /5
    Read Review
    195355
    Frequent
    In House
    5/5
    GBP 250
    4.68 /5
    Read Review
    793714
    Frequent
    In House
    5/5
    GBP 20
    4.61 /5
    Read Review
    684312
    Frequent
    In House
    5/5
    GBP 5
    4.48 /5
    Read Review
    717270
    Frequent
    In House
    5/5
    GBP 100
    4.34 /5
    Read Review
    509746
    Frequent
    In House
    5/5
    GBP 5
    4.33 /5
    Read Review
    600475
    Frequent
    In House
    5/5
    GBP 10
    4.25 /5
    Read Review
    705428
    Frequent
    In House
    5/5
    GBP 5

    These brokers offer market news with deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.

    Some Forex brokers, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.

    Demo Accounts for Beginners

    All Forex brokers will offer free demo accounts to all clients. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money. Demo accounts provide an exact simulation of real market conditions

    Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. These are best FCA Forex brokers for beginners that provide free and unlimited Forex demo accounts.

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    Broker
    Overall Rating
    Unlimited Demo
    FCA License
    All Regulators
    Beginner Course
    Experienced Course
    Beginner Videos
    Advanced Videos
    Webinars
    No. of FX Pairs
    Compare
    4.69 /5
    Read Review
    173730
    350
    4.69 /5
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    195355
    80
    4.68 /5
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    793714
    137
    4.61 /5
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    684312
    60
    4.49 /5
    Read Review
    801701
    53
    4.48 /5
    Read Review
    717270
    62
    4.34 /5
    Read Review
    509746
    70

    Customer Support

    Beginners need good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.

    How much money do you need to trade Forex?

    Most brokers require a minimum deposit to start trading. This varies from as low as 5 GBP to as high as 2000 GBP, depending on the broker and the account type you are opening.

    Can you get rich by trading Forex?

    It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme and while large profits are possible, so are large losses. Most successful Forex traders have developed a strategy that allows them a steady stream of income.

    The Bottom Line

    As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.

    Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.

    References

    Featured Brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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