- Find the best broker for your trading needs
- Compare spreads, fees, and platforms
- Read in-depth reviews and analysis
Table of contents
Select a different country or region to view content tailored to your location.
The best Forex brokers for beginners share the same qualities. They are regulated to ensure protection from fraud and have a user-friendly trading platform for a stress-free trading experience. In addition, they have a comprehensive trading education and a free demo account so beginners can learn to trade without risking money. They should also have low costs and reliable customer support if technical issues arise.
All the Forex brokers on this list have been chosen because they meet these criteria, so whatever your exact needs as you start trading, you will find a broker that suits you.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
No |
Yes |
Yes |
No |
No |
No |
No |
Yes |
Find Your Ideal Forex Broker
Beginners looking for tight spreads and a choice of platforms. Spreads are down to 0.10 pips on the Razor Account. and platforms include MT4, MT5, cTrader and TradingView.
Pepperstone's appeal lies in its low-cost trading environment, 24/7 customer support, and no minimum deposit, which makes it accessible for traders of all levels, especially beginners.
The main drawback is the complicated commission structure, which might confuse beginners.
0.01 pips
USD 10
USD 0
Pepperstone secured the Global Broker Award for the second consecutive year, maintaining its exceptional standards and continuing to meet traders’ needs.
Pepperstone is a top choice for beginners, particularly for traders looking for ECN trading conditions. It also offers Duplitrade, a popular third-party social trading marketplace. Despite a less extensive educational section compared to some brokers, the available resources are well-structured and beneficial for beginners. Its trading conditions, customer service, and platform options also make it a strong contender in the Forex broker market.
Well regulated
Tight spreads
Great platform choice
Wide range of assets
Limited market analysis
Beginner traders looking for a non-expiry demo account on three different trading platforms and comprehensive and in-depth educational materials.
Octa's accounts have low minimum deposits (of 25 USD) and spreads down to 0.6 pips (EUR/USD) - some of the lowest in the industry. Its accounts are swap-free and it has a great range of bonuses and promotions.
Octa is not as well-regulated as some of its international counterparts and its range of financial assets is limited.
0.6 pips
USD 6
USD 25
Octa has developed the leading copy trading platform, simple for beginners to understand but with the depth of detail (risk level, drawdown, etc) that more experienced traders will want to see – all in an intuitive interface. Available on the MT4 trading platform, Octa has lowered the threshold to allow beginner traders to profit from the sophisticated trading strategies used by professional traders, using seamless integration in their trading platform.
Founded in 2011, Octa offers three different trading platforms catering to beginner and experienced traders. The MT4 platform is the most popular trading platform in the world and is a great starting point for many beginners. The MT5 platform has more features but also allows trading on stocks. At Octa, both platforms have very lost trading costs: The MT4 account offers floating spreads starting at 0.6 pips on the EUR/USD and requires a minimum deposit of 25 USD. The MT5 Account offers a floating spread starting at 0.6 pips on the EUR/USD and requires a minimum deposit of 25 USD.
Octa also recently launched its own OctaTrader platform, also available as a mobile app on iOS and Android devices. This platform features a modern, intuitive design and is best for those with no previous trading experience. All three platforms have demo accounts which never expire, an excellent option for beginners who want a completely risk-free introduction to trading. The educational material offered at Octa is designed specifically for beginner traders, with an online trading academy also available in Bahasa Melayu.
Fast and free withdrawals
Low minimum deposit
Tight spreads
Limited range of assets
Poorly regulated
Serious beginners looking for a trusted broker with industry-leading low costs. It offers two low-cost commission-based accounts with extremely tight spreads and a minimum deposit of just 100 USD.
Tickmill has very low commissions - spreads average 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 3 USD per side per lot traded. It also has a great range of trading tools and comprehensive education.
Tickmill only offers the MT4 and MT5 trading platforms, which may be difficult for beginners to set up and use.
0.0 pips
USD 6
USD 100
Tickmill offers some of the most competitive Forex trading conditions available and has, therefore, earned the Award for Best Trading Conditions in 2023.
Tickmill is an LFSA-regulated ECN/STP broker that offers trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds on the MT4 and MT5 platforms (although stocks are only available on MT5). It also hosts frequent webinars in four languages and seminars around the world. Overall, Tickmill is a great choice for beginner traders looking for low trading costs.
Tight spreads
Well regulated
Fast and free withdrawals
Limited base currencies
Forex trading is the buying and selling of different currencies on the foreign exchange market with the goal of profiting from fluctuations in exchange rates between currencies.
The Forex market is the biggest financial market in the world, with over 6.6 trillion USD traded every day. 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 New York market closes on Friday evening.
Online Forex trading can only be done via a Forex broker. Because most of the currency traded globally comes from large institutions like banks that don’t deal with retail clients, Forex brokers facilitate the trades between these institutions and retail traders. Forex brokers buy up large currency positions and make them available to retail traders who can open accounts with just a few hundred dollars or less. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.
Forex trading is popular in Malaysia because of its regulatory environment, which has improved over the years, with the Malaysian government and the Securities Commission of Malaysia putting measures in place to regulate and monitor forex trading activities. It also has a strong trading community, flexible Forex trading hours and access to a wide variety of currency pairs offered by local brokers.
The thriving local forex trading community, with various forums and social media groups, fosters an environment of learning and support for traders. In essence, Malaysia’s Forex market combines a strong economic backdrop with an established regulatory framework and vibrant trading community, making it an excellent choice for beginning a Forex trading journey.
When choosing the best brokers for beginners, we:
These are the most important factors that beginner traders have to take into consideration when choosing a Forex broker.
Regulatory Compliance
Ensure the broker you choose is regulated by a reputable financial authority, like the Financial Conduct Authority in the UK. Regulation provides a level of security and ensures that the broker adheres to a set of standards, providing trader protection against fraudulent activities
User-Friendly Trading Platforms
As a beginner, it’s essential to choose a broker that offers a user-friendly trading platform. The platform should be easy to navigate, with a clear layout and intuitive design. It should provide easy access to buy and sell orders, charting tools, market news, and other features necessary for trading. Moreover, the platform should offer seamless execution of trades and real-time price updates. The functionality and usability of the trading platform will have a significant impact on your trading experience.
Comprehensive Educational Material
A forex broker that offers comprehensive educational resources can be highly beneficial for beginners. Look for brokers that provide a range of learning materials, such as e-books, webinars, tutorial videos, FAQs, and glossaries. These resources can help you understand forex trading concepts, strategies, market analysis, risk management, and more. Some brokers also offer dedicated learning centres or academies, which can be incredibly valuable for enhancing your trading knowledge and skills.
Accessible Demo Accounts
Demo accounts are an invaluable tool for beginners. They allow you to practice trading strategies, understand how the forex market operates, and get familiar with the trading platform without risking any real money. Ensure that the broker you choose provides an easily accessible and fully functional demo account. Ideally, the demo account should closely mimic the conditions of a real trading account, offering a realistic trading experience.
Low Minimum Deposit Requirement
As a beginner, it’s advisable to start with a broker that has a low minimum deposit requirement. This allows you to start live trading without making a significant financial commitment. Remember, as a new trader, the primary goal should be to learn and gain experience, not to make big profits. Once you gain confidence and experience, you can consider investing more money. Always remember that forex trading involves risks, and it’s possible to lose the money you invest.
Reliable Customer Support
For beginners, effective customer support can be crucial. Problems can arise anytime, and having a responsive local support team can make a significant difference. You want a broker that offers 24/7 customer support through various channels (e.g., live chat, email, and a local telephone number). Additionally, the support team should be knowledgeable and capable of resolving issues quickly and effectively.
Transaction Costs
Every time you trade, you will have to pay for either the spread or a commission, so it’s crucial to look for the most affordable and reliable brokers. When we evaluate brokers, one of the most important considerations is the trading costs, which can affect your profitability.
Withdrawal and Deposit Methods
Good Forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. Ensure the broker’s withdrawal and deposit methods are convenient and straightforward. Check for any fees associated with these transactions, as they vary between brokers.
Demo accounts are a crucial tool for any beginner in the forex market. These accounts allow new traders to practice trading without risking real money, providing a risk-free environment to understand how trading works. They offer real-time market scenarios, enabling traders to familiarise themselves with different trading platforms, implement various strategies, and understand trading operations like placing orders, setting stop losses, and making profits. Beginner traders should always start with a demo account before transitioning to a live trading account.
Continual Learning and Regular Practice
Forex trading is not a set-it-and-forget-it activity. It requires constant learning and skill upgrading to stay abreast of changing market conditions. This can be achieved by attending webinars and seminars, enrolling in online courses, listening to podcasts, and staying updated with financial news. Traders should also learn technical analysis, charting, and the use of trading indicators. Practicing different strategies and learning from successful forex traders can contribute significantly to skill enhancement.
Understanding Risk Management
Risk management is a key component of successful forex trading. It involves recognising potential risks and taking steps to mitigate them. This includes setting stop-loss orders to limit potential losses, using leverage wisely to avoid significant losses, and never investing more money than you can afford to lose. Diversification, trading only a small portion of your capital, and not getting emotionally attached to trades are vital risk management strategies. Remember, the goal is not to win every trade but to manage your risk so you can stay in the game for the long term.
Following Market Trends
Understanding and following market trends is essential in forex trading. Trends give traders an idea of the direction in which the market is moving. Traders can use various technical analysis tools to identify trends, such as moving averages and trend lines. Following market trends and combining this strategy with other trading techniques can increase the likelihood of making successful trades. Additionally, staying updated with global news and economic indicators can provide insights into potential market trends. It’s important to note that trends can change quickly, so traders should be adaptable and ready to respond accordingly.
Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker for beginners.
Some brokers in Malaysia have minimum deposits of just 60 MYR, but we recommend starting with at least 1000 MYR to avoid your account being wiped out if the market turns against you.
Most international brokers require a minimum deposit in USD, which can vary from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening. In Malaysia, some brokers will offer MYR trading accounts which means that you can keep your trading balance in ringgit.
Forex trading is a risky endeavour that can cause substantial losses if not managed properly. Some of the risks associated with Forex trading are market volatility, which can cause losses due to sudden currency fluctuations, and high leverage, which can intensify both gains and losses. The decentralization of the forex market also contributes to the risk, as it can lead to potentially fraudulent activities. Additionally, external factors like political instability, economic events, and natural disasters can dramatically affect currency values, adding to the inherent risks.
Yes, it is possible to make a living through forex trading, but it’s important to note that this is not easy and is not the norm. Successful forex trading requires a high level of knowledge and skill, as well as a comprehensive understanding of financial markets, macroeconomic indicators, and risk management. Forex traders must be prepared to spend a significant amount of time studying the markets, following international news, and developing and testing trading strategies. Consistent profitability requires time, patience, discipline, and continual learning.
Improving your forex trading skills involves a combination of education, practice, strategy development, and emotional control:
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered:
Compare the best Forex brokers in the Malaysia and find the one that suits your trading style and budget.
Regulation is the most important consideration when choosing a broker. Learn how regulators protect traders and how the Forex market is regulated.
Compare the best crypto CFD brokers with low spreads, fast execution, and a wide selection of cryptocurrencies for profitable trading.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Head of Content
Head of Content at FxScouts since 2019, Chris Cammack ensures all content meets our high standards of quality and clarity, shaping editorial guidelines and overseeing broker reviews. Chris brought 10 years of experience in research, editorial, and design for political and financial publications, and has a deep knowledge of international financial markets and geo-politics. He co-hosts the "Let's Talk Forex" podcast with Alison and writes for the news section on a regular basis.
Senior Financial Writer
Alison joined the team as a writer in 2021. She is the Senior Financial Writer for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Financial Writer
Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.
Welcome to the FxScouts community! We’re thrilled to have you on board. You’ve successfully signed up for our forex newsletter, where you’ll receive expert insights, market analysis, and the latest news straight to your inbox.
Get ready to stay ahead of the curve with our regular updates designed to help you make informed trading decisions.
Happy trading!
The FxScouts Team