The phrase “forex trading” is used to characterize those who actively swap foreign currencies for financial gain or profit.
There are speculators, who want to profit from the currency’s price movement; and there are hedgers, who want to protect their accounts in the case of an unfavourable move against their currency positions.
Whatever your trading approach might be, the most important first step for a newbie trader is to select a Forex broker which offers favourable trading conditions, a user-friendly trading environment, and excellent customer support.
In this article, we explore the best Forex traders for beginners, allowing you to start your trading career with an advantage.
1. AvaTrade
In the realm of market maker brokers, AvaTrade is one of the best, largest, and most renowned companies. Spreads on EUR/USD start at 0.9 pips for a minimum deposit of $100, which is highly competitive when compared to other major brokers.
AvaTrade provides trading on MT4, MT5, and a variety of proprietary platforms, including its award-winning AvatradeGO mobile app.
Zulutrade and Duplitrade are only three of the many trading programs available. Finally, AvaTrade’s great training, local customer support, and tight spreads make it an ideal spot for newbies to start their trading careers.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
2. IG Markets
The FSCA has regulated IG Markets IG Markets since 2010, which is the world’s largest forex broker by revenue.
A few of the services that IG Markets provides to its customers include automated trading, micro lots, customizable charts, and a reputation for solid customer service.
Indicators and add-ons are included in the IG Markets edition of MT4, taking the user experience to the next level. An array of useful features such as the Trade Terminal, Stealth Orders, Correlation Matrix, and other indicators round out the package.
Autochartist is available to all IG customers at no additional cost. Tight spreads and commission-free trading are included in these advantages. The average spread for the EUR/USD pair is about 0.86 pip.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
3. FxPro
As a member of the Financial Services and Markets Authority (FSCA) since 2015, FxPro provides a non-dealing desk (NDD) execution methodology on MT4 and MT5.
Open an account with just $100 and take advantage of the exceptional customer service and inexpensive spreads (as low as 0.6 pips) offered by this broker.
FxPro’s NDD execution model has been recognized for its speed and dependability over the years. Trades are typically performed within 10 milliseconds; only about 9% of orders have negative slippage.
Pros and Cons
| PROS | CONS |
| Wide selection of market instruments | |
| Client funds stored in segregated accounts
Low trading fees |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 1.7 pips |
| Commissions from | $45 per million USD traded. |
| Deposit/Withdrawal Fees | 1.6% for debit and credit card |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
