There are several reasons forex can be an attractive market, even for beginners who have little experience. List of Best Forex Brokers for Beginners. The forex market is accessible, requiring only a small deposit of funds for traders to get involved. Also, the market is open for 24 hours per day/5 days a week (it’s closed for a short period on weekends). When forex beginners start to step into the forex world, such questions will come to their minds: How should I learn Forex from Scratch? Can I learn Forex myself? How do choose the best forex brokers?
A rookie trader must discover the appropriate strategy to selecting a forex broker, as this directly affects his trading performance on the forex market. When a novice wants to start real trading, choosing a proper forex broker partner becomes much tougher. There are indeed some remarkable features for novice traders to choose a reliable forex broker:
- Good reputation
- Low minimum initial capital requirement
- Different account types offered
- Comfortable trading conditions
- High performance & stable trading platforms
- Fast & easy deposit and withdrawal
- Dedicated customer support services
Facing the changeable forex market, novice trader is apparently more vulnerable, so it is essential for them to find a proper broker based on the key characteristics above.
Here is a List of Best Forex Brokers for Beginners
IC-Markets
IC Markets is considered safe because it is regulated by the top-tier ASIC. Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.32% of retail investor accounts lose money when trading CFDs with this provider.
XM
XM Group is considered average-risk, with an overall Trust Score of 90 out of 99. XM Group is not publicly traded, does not operate a bank, and is authorised by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust).
Exness
Exness (Cy) Ltd is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 178/12.
Eightcap
No, EightCap is not a scam, it is a low-risk trading broker due to a strict regulatory or compliance culture done by a reputable license and follow of regulation set by the Australian Securities and Investments Commission (‘ASIC’), recognized world authority which regulated Forex and trading industry.
FP-Markets
FP Markets is an Australian contract for differences and forex trading broker headquartered in Sydney at Exchange House 10 Bridge in the adjoining building to the Australian Securities Exchange.
TMGM
TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. Lee Yu is CEO of CFD trading platform TMGM, which is rising in global profile and recently announced a multi-year sponsorship of the Australian Open tennis tournament, starting in 2021.
Forex.com
FOREX.com is part of StoneX Group Inc. (NASDAQ: SNEX), a publicly traded company, and meets the highest standards of corporate governance, financial reporting and disclosure. StoneX has a proven record of financial strength and stability, with resources to continue to innovate and lead the industry forward.
AvaTrade
It takes just $100 to open an account and AvaTrade offers no volume discounts or guaranteed stop losses. They charge a $50 fee after three months of account inactivity and a $100 administration fee after one year of inactivity.
Pepperstone
Pepperstone is considered low-risk, with an overall Trust Score of 93 out of 99. Pepperstone is not publicly traded, does not operate a bank, and is authorised by two tier-1 regulators (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust).
FXTM
FXTM or ForexTime was founded in 2011 and is a global CFD and FX broker. The minimum deposit at FXTM is $50. FXTM does not offer its services to residents of: USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, New Zealand, the Islamic Republic of Iran, the Occupied Area of Cyprus and Hong Kong.
