Best Forex Brokers for Beginners 2024
As a new trader looking to enter the financial markets for the first time, finding the Best Forex Brokers for Beginners is not an easy task. With so many brokers out there competing for clients, it can be difficult to know where to look. To help narrow down the search, we have gone through and analysed the Top Rated Forex Brokers for Beginners so that novice traders can better select the most suitable option available to them.
By undertaking detailed broker research and utilising a specific set of ratings criteria taken from our in-house FX Trust Score Index, we simplify the broker selection process for trading newcomers. Check out our Winners Leaderboard below to see which Forex Brokers scored highly for 2024.
Best Broker Leaderboard
Score: 4.75 / 5
CFDs on 2,800+ Instruments User-Friendly Platform Zero Fees on Many Services 24/7 Customer Support Comprehensive ‘Trader Academy’
Score: 4.70 / 5
Diverse Array of Platforms Commission-Free Accounts Customisable Leverage Zero Swaps on Selected Assets 24/7 Customer Support
Score: 4.45 / 5
8,000+ Instruments Extensive Educational Materials User-Friendly Demo Account Fractional Shares & ETFs
Score: 4.35 / 5
71,000+ Instruments 190+ Major & Minor Pairs Good Range of Platforms Dedicated Educational Section
*Trading carries a risk of loss
Score: 4 / 5
Diverse Range of Asset Classes Impressive ‘Learning Center’ Personal Account Managers Top Research & Analysis Tools
Score Breakdown
See the breakdown showing how the Best Forex Brokers for 2024 performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| Admirals | 5/5 | Admirals | 5/5 |
| Exness | 5/5 | Exness | 5/5 |
| Plus500 | 5/5 | Plus500 | 5/5 |
| Saxo Bank | 5/5 | Saxo Bank | 5/5 |
| XM | 5/5 | XM | 5/5 |
| Customer Support | Educational Resources | ||
| Exness | 5/5 | Admirals | 5/5 |
| Plus500 | 5/5 | Plus500 | 5/5 |
| Admirals | 3/5 | Saxo Bank | 5/5 |
| Saxo Bank | 3/5 | XM | 5/5 |
| XM | 3/5 | Exness | 3/5 |
| Trading Platforms | Online Reputation | ||
| Admirals | 5/5 | Exness | 5/5 |
| Exness | 5/5 | Admirals | 4/5 |
| Saxo Bank | 5/5 | Plus500 | 4/5 |
| XM | 4/5 | Saxo Bank | 4/5 |
| Plus500 | 4/5 | XM | 4/5 |
*Where scores are tied, brokers are listed in alphabetical order.
The FXTS Verdict
Every broker listed above scored well across a variety of categories but Plus500 deservedly tops the pile as the Best Forex Broker for Beginners. It consistently ranked highly for its available trading instruments, user-friendly proprietary platform, and low trading fees. The company is an excellent option for beginner forex traders as it provides an all-encompassing trader academy along with round-the-clock customer support.
As for the other brokers, Exness performed admirably with its commission-free account types and diverse platform suite, while Admirals’ fractional trading feature helped it stand out from the competition. Additionally, Saxo Bank’s unrivalled range of trading instruments scored highly, whereas the analytical and research tools offered by XM were a key USP.
How did we choose the Best Forex Brokers for Beginners in 2024?
In the above article we focused on several of the Best Forex Brokers for Beginners in 2024 by individually assessing them using a specially chosen set of criteria. This included licensing and regulation, protection of funds, client support, educational resources, available platforms, and online reputation. Each broker was carefully analysed with each score being calculated according to the FX Trust Score Index, leading to the rankings shown above. Through detailed analysis and careful examination, our guide to the Best Forex Brokers for Beginners is designed to support traders in making educated choices when picking a broker.
FAQs
The best brokers for beginners tend to feature strong educational sections that are packed with a wealth of resources like informative articles, trading guides, glossaries, webinars, and explainer videos, to name a few. New traders should also look for brokers that offer demo accounts, which allow trades to be conducted in a risk-free environment. Other key features include low minimum deposits and established copy trading programs.
For beginner traders, the best forex markets typically involve major currency pairs, which are a popular choice due to their inherent stability and high liquidity. Major currency pairs are less volatile and have tighter spreads, which reduces overall trading costs and the impact of sudden price movements. Popular currency pairs include: EUR/USD, GBP/USD and USD/JPY.
Yes, it is definitely possible to start forex trading with as little as $100. It is a suitable amount, particularly for those who are making their first trade or are maybe unable to commit to depositing large sums straight away. As with any form of trading involving real money, traders are strongly advised to not put down more than they can actually afford. Before trading with $100 on the global markets, you may wish to test your trading strategies on a demo account, free from the risk of losing real money.
Yes, $500 is enough to trade forex. Many brokers allow traders to open an account with as little as $5, while some have no minimum deposit requirement at all. As a new trader, it is advisable to start trading on a demo account before entering the real-world markets, so that trading strategies can be properly tested without the risk of substantial losses. Once you feel ready to trade with real money, it would be wise to start small and trade within your means, while gaining valuable experience and confidence in the process. The golden rule of trading is that you should never risk more money than you can afford to lose.
Yes, it is possible to teach yourself all the essentials about trading forex. One good way to do this is through visiting a broker that offers comprehensive educational resources. Another option is to sign up to trading seminars or webinars, where an expert takes viewers through the basics of trading forex step-by-step. Some brokers provide structured trading courses, enabling users to pass certain challenges along the way to becoming a proficient trader. Demo accounts are also a helpful way for traders to practise trading strategies in a risk-free environment.
