This review article will help you choose your best beginner Forex platform. But you can also use this as a beginner’s guide to forex… Our Buying Guide and FAQ sections will provide you with good educational information as you begin your journey.
1. eToro – Overall Best Platform for Forex Newbies
- Superb Social / Copy-Trading
- Demo Account Available
- $200 Minimum Deposit
- Proprietary Platform
- Zero Deposit Fees
eToro broke out of the gate as the ultimate beginner’s platform for forex. With competitive features for beginner to intermediate trader levels, depending on asset types needed.
It is so well-regulated that the US has allowed it to operate. The US is notoriously stringent with forex brokers. There are more than 13 million users worldwide.
And the user interface is extremely friendly and well-designed. While there could be more currency pairs available for trading, and some of the research tools are average, it’s more than what you need for starting out (eToro full review).
Add to that—a Goliath of educational resources that are incredibly well organised. Run through video courses investing, trading, crypto, eToro, and investing—from start to finish. There are beginner and advanced (intermediate) levels. And searchable individual topics that range in format from guides to videos, podcasts, and webinars.
Beginner forex platform? If you are looking for MetaTrader or cTrader, this is not a good option. Instead, you’ll get eToro’s proprietary platform tailored to beginners. Trading stocks & ETFs, cryptocurrencies, and CFDs—fractional shares included.
- Featured Articles: In a fast-moving space, get the simplified, cutting-edge advice necessary to make heads or tails of things as a newbie.
- User Interface: An incredibly attractive and organised user interface makes finding the tools you need simple; from the specific trade market, traders you want to copy, newsfeeds, to live crypto coin prices and your portfolio.
- Attractive Courses: While many of them are short courses, eToro has made the effort to provide attractive videos and other types of guides on a large range of the essentials that beginners need to know.
eToro stands out as the best social trading platform around. Its copy-trading feature is second-to-none.
Because its proprietary system has been designed from the ground-up for beginners and intermediates, you will be hard stretched to find a faster passive trading solution.
Furthermore, they have proved positive evidence that the system works, with profits of over 80% on average per users who mirrored the 50 most-copied traders in 2020.
Realistically, most people will not put the time into the master training. So this is a no-nonsense, astute way of investing extra cash as both quickly and astutely as possible.
Verdict : A great option if you want to grow into your chosen forex broker platform. Use the various insight tools to help you sniff out trading opportunities and tune strategies. With a vast forex trading community that lets you connect with and learn from experienced traders.
2. Pepperstone – Best for Fees & Growth
Where Pepperstone stands out is in lowest rates. They’re regulated by the Australian Securities and Investments Commission (ASIC), and the Financial Conduct Authority (FCA) in the UK. This makes it one of the most regulated brokers in the world, with no commission fees and superb customer support.
Beginner forex platform? MT4 & MT5 are suitable for all levels of experience, including beginners, with simple trading tools and automations in its UI. (cTrader is better for experienced traders seeking the sharpest insights.) MetaTrader 4 and 5 give you access to more than 61 different forex markets, including crypto, currency indices, commodities, and shares.
- 🗠 Auto Mirrors: Passively copy trading positions of successful traders using MetaTrader’s inbuilt feature.
Why Pepperstone is Best Forex Broker for Beginners
While Pepperstone is very customisable and offers many of the same features that eToro does, its social trading is not as nearly as intuitive. If you don’t want to mess around with technical-looking browsers, this isn’t a great choice. But if copy-trading isn’t your goal, then it gives you the advantage in spread costs.
Verdict : A great option if you want to grow into your chosen forex broker platform. Use the various insight tools to help you sniff out trading opportunities and tune strategies. Its vast forex trading community that lets you connect with and learn from experienced traders… However, expect a steeper learning curve.
3. AvaTrader – Best Vanilla Options
There are many ways of trading forex, but most of them have come into existence in the last five to ten years. This is because online trading has revolutionized how foreign currency is traded in many ways.
However, the foreign currency trade is far older than the internet that currently hosts it. That means underneath all of the different layers of techniques and strategies, there are fundamentals to foreign currency trade that are unchanging. The most essential style of these fundamentals is “vanilla trading”.
What is Vanilla Trading?
Vanilla trading is what AvaTrader focuses on. It is the original way that foreign currency was bought in sold, back when the market was made completely out of paper without a computer in sight.
The essence of it is as simple as “buy low, sell high”, an old adage on the stock market you have probably heard before. When vanilla trading, you are identifying a currency you would like to buy or sell, and then contacting a buyer or seller to see it moved for a designated price. It is that simple.
AvaTrade is the best at this because they organize their currencies into easily tradable “currency pairs”. These currency pairs ensure that every buyer has a seller, and ever seller a buyer, no matter what.
That is what vanilla trading offers: Convenience. And AvaTrade provides that by organizing the market, removing the fees that would slow down your trades, and getting rid of accessory tools from its app.
Of course, this can make it feel bare and simple to people used to more complex ways of trading forex. But given the reliability of AvaTrade, and its variety of other trading tools, most people are going to want to get started with something simple rather than try to figure out a feature heavy app.
4. IG Markets – Best Forex for Cheap Access to Emerging Markets
The lack of social/copy trading might be the clincher. It isn’t available with IG markets. But like Pepperstone, IG Markets stands out for low rates. They’re regulated by the Australian Securities and Investments Commission (ASIC), the FCA in the UK, and the CFTC and the NFA in the U.S..
As the name suggests, with IG markets you also get enormous access to the markets, with over 16,000 markets available..
They’ve been around since forever, which is why there is such a huge variety of offerings. For instance, their currency pairs are divided into six categories: Majors, Minors, Australasian, Scandinavian, Emerging Markets, and Exotic.
Beginner forex platform? MT4 & MT5 are suitable for all levels of experience, including beginners, with simple trading tools and automations in its UI. while US visitors can only trade forex with IG—Australians can use IG to trade cryptocurrency, forex, stock sectors, separate equities, and commodities.
Learning how to trade is a serious enterprise. It’s important to meet students where they are at, avoiding industrial jargon, vagueness, and mind-numbing technicalities if they aren’t necessary.
Compared to eToro, their Educational Academy is more in-depth, with better gradations for different experience levels. This ranges from beginner to intermediate and advanced (eToro, by comparison, basically jumps you from beginner to advanced, but it’s probably intermediate).
- Properly-Gradated Courses: Teach yourself how to trade using online training courses are sensibly structured—this includes many videos.
- Interactive Exercises and Quizzes: Check your understanding of key principles along the way.
- Speed: IG is designed to handle high-volume trade and traffic, and also lets you trade outside of standard trading hours in some CFD markets.
- Analytics: Comprehensive News, frequent market updates, and in-house analysis at every level.
Why IG Markets is the Best Forex Broker for Beginners
While IG Markets grants exceptional access to emerging markets for cheap, and offers many of the key features that eToro does, there is absolutely no social/copy trading.
If you want a system that you can set up today in a matter of minutes and begin investing money, this is not the one for you. The minimum deposit is also slightly higher. But it’s a great choice if you want good spread costs, good market access, and educational resources.
Verdict : Probably best suited for traders who want to spend time learning to invest, already have a strategy, or who are intermediate level beginners (small traders and new market pros).