Our Finalist Of The Top Brokers for Beginner Forex Traders Is:

  • OANDA - Best Forex Broker For Beginners
  • Pepperstone - Best Forex Trading Platform In UAE
  • Saxo Markets - Good CFD Analysis Tools For Novice Traders
  • IG Group - Top CFD Risk Management For Beginner Traders
Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
54 ASIC, FINMA
FCA, MAS
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site

1. OANDA Best Forex Broker For Beginner Traders

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 0.6
GBP/USD = 0.9
AUD/USD = 0.7

Trading Platforms

MT4, TradingView,
OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

We can attest to OANDA’s suitability for beginners with their OANDA Trade platform simplifying CFD trading and including a guaranteed stop loss order.

With over 100 drawing tools, numerous technical indicators, and real-time forex industry updates, you will be well-equipped to make informed decisions. The manual leverage adjustment is helpful for those learning the ropes.

Pros & Cons

  • Set leverage when trading CFDs
  • Guaranteed stop loss
  • Easy to open an account
  • No CFD shares are available
  • Need more educational videos
  • Support is not 24/7

Broker Details

We’ve used OANDA’s proprietary trading platform, OANDA Trade, which enables traders to engage in CFDs derived from various asset classes, like indices, commodities, and bonds, on top of forex. Here’s a breakdown of what we experienced:

  • 70+ Fx pairs
  • 16+ Stock Index CFDs
  • 27+ Commodity CFDs
  • 6+ Bond CFDs

Oanda Web Trader Platform

We found the web trader platform user-friendly and packed with analysis tools. These include over 100 drawing tools and a plethora of technical indicators. Real-time news updates are available directly on the platform for those keen on staying up-to-date with the latest in the forex industry.

Forex News OANDA

For novice traders like some of our team, the ability to manually set leverage when trading CFDs on OANDA Trade is an excellent feature. This is particularly significant because many top-tier brokers don’t permit altering leverage from its maximum limit, which can amplify the inherent risks of forex trading. For example, while you might be presented with a 30:1 leverage under ASIC regulation, you can opt to place an order with just 5:1 to mitigate risk and exposure. It’s also worth noting that some brokers, such as AvaTrade, permit fixed spreads, which clarifies brokerage fees.

OANDA is regulated and approved by ASIC in Australia and other regulatory bodies in regions like the United States, specifically the US Commodity Futures Trading Commission (CFTC). It’s worth highlighting that gaining approval from such regulatory bodies is no easy task. Only a select few brokers, including Interactive Brokers, are US-regulated.

View OANDA ReviewVisit OANDA

2. PEPPERSTONE Best Forex Trading Platform In USE

PEPPERSTONE

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader,
TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

With no-dealing desk execution, Pepperstone has low spreads and fast trading execution making it a good choice for new traders. Pepperstone has average spreads of 0.1 pips for EUR/USD and limit order execution speeds of 77 ms which are impressive.

Another aspect we like is the 4 quality trading platforms – TradingView, MT4, MT5 and cTrader. Lastly, Pepperstone also has good 3rd party tools like Myfxbook, DupliTrade, Capitalise.ai and 28EAs with Smart Trader Tools.

 

Pros & Cons

  • Access to advanced trading tools
  • No withdrawal fees
  • Customer service in Arabic
  • Lacks social trading tools
  • No E-wallet payment funding
  • Commissions not available in AED

Broker Details

We’ve traded with Pepperstone, an Australian broker founded in 2010. They have an impressive clientele of over 300,000 worldwide and boast trading volumes of 9.8 billion USD daily. Though Pepperstone isn’t regulated in the UAE, it stands out because of its no-dealing desk execution model that ensures fast transaction speeds. Their portfolio of 1000+ trading products and a suite of five primary trading platforms, supplemented by three social trading tools, make it clear why UAE traders favour them.

Key Strengths:best non-commission account

  • Competitive trading fees on all trading accounts
  • Over 60 forex pairs to trade and over 1000 CFD trading products
  • 5 trading platforms suitable (plus 3 social trading platforms) for beginner and advanced traders

Pepperstone Account Types

You can choose from 3 account types, which vary based on your trading style and desired platforms.

The Standard account means no commission fees for each lot traded. For this reason, there is a need to pay close attention to the spread as they will be wider than commission-based accounts. Spreads for the EUR/USD range from 0.6 to 0.8 pips. You can choose MetaTrader 4, 5, and Capitalise.ai trading platforms with this account.

Pepperstone has two versions of the Razor account. The Razor (cTrader/TradingView) account has a commission of US$6.00 (converted to the base currency) for each standard lot traded (round-turn).

The Razor account (MetaTrader 4 or 5/Capitalise.ai) has a commission of SGD 9.10 per standard lot.

Regardless of which Razor account you choose, you can expect ECN-like trading execution with quotes sourced from liquidity pools and no requotes. The spreads for the EUR/USD pair for both Razor accounts are in the same range of 0.0 to 0.02 pips.

pepperstone account types brief uae

Thanks to Pepperstone’s no-dealing desk execution and a large pool of liquidity providers, you can be confident trading costs with this broker are very low.

With over 60 currency pairs available for trade, Pepperstone is a good choice if you want a variety of forex currency pairs to trade. If you are looking for something different, Pepperstone has three currency indices: the US Dollar Index, the Euro Index, and the Japanese Yen Index.

Of the other products Pepperstone offer, crypto CFD traders will find nearly 20 crypto pairs, including 3 crypto baskets – crypto 10, crypto 20, and crypto 30 of interest.

Pepperstone Online Trading Platforms

MetaTrader 4 is Pepperstone’s most popular trading platform, with good reason. This platform gives you 30 trading indicators, 33 analytic tools, and 9 timeframes and with its ease of use. Where MT4 stands out is the enormous range of Expert Advisors to automate your trading or custom indicators on the MT4 Marketplace. If you can’t find an EA ready-made, you can build your own EA.

Also developed by MetaQuotes is MetaTrader5, an upgrade on MetaTrader 4. With this platform, you can find 38 trading indicators, 44 analytical tools, and 21 timeframes. Other features found on MT5 include tick charts, 64-bit processing (better for backtesting), the ability to trade on centralised markets such as shares, and depth of market (DoM) pricing.

Like MT5, cTrader also has DoM pricing. cTrader is similar to MetaTrader in that it’s another popular mainstream platform. It is popular with some traders because of its user-friendly interface, 70 pre-installed technical indicators, and 6 charts with 54 timeframes.

Two recent introductions to the suite of trading platforms Pepperstone offers are TradingView and Captilise.ai.

TradingView is powered by the cTrader backend and is built with advanced charting tools. Features include 12 customisable chart types, 50+ drawing tools, 100+ pre-built indicators, and 8000+ indicators built by the TradingView community.

The other available platform is Capitalise.ai, which allows you to automate your trading without knowledge of programming code.

Pepperstone Trading Platforms UAE

MetaTrader 4 is Pepperstone’s most popular trading platform and is available with Windows and macOS desktops, iOS and Android mobile/tablets for mobile trading, and all browsers via WebTrader. MetaTrader 5, Capitalise.ai, and cTrader have the same platform options except for macOS. You can trade using TradingView via web browser and Windows desktop.

Pepperstone Broker Verdict

In conclusion, our experience with Pepperstone was comprehensive. Beyond a commendable MetaTrader 4 experience, the Australian broker presented various advantages, such as a broad spectrum of trading platforms and a trading app suitable for all trading proficiencies, a diverse mix of Forex pairs and CFD products, and competitive fees on both commission-based and spread-only accounts.

3. SAXO MARKETS Good CFD Educational Tools For Novice Traders

SAXO MARKETS

Forex Panel Score

55

Average Spread

EUR/USD = 1.2
GBP/USD = 1.8
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo,
SaxoTrader Pro

Minimum Deposit

$10,000

Why We Recommend Saxo Markets

We liked how Saxo Market facilitates CFDs and provides forward contracts and the advantage of direct asset ownership. The sheer diversity of their trading offerings, combined with a wide range of CFD instruments, makes it a solid choice.

For beginners aiming to broaden their trading horizon, Saxo Markets is a recommendation we confidently make.

Pros & Cons

  • Wide range of markets
  • Low spreads and fees
  • Excellent range of trading tools
  • Low leverage
  • Platform has a learning curve
  • High minimum deposit requirements

Broker Details

We’ve had the opportunity to trade with Saxo Markets, which falls under the Saxo Bank Group from Denmark. Unlike our listed best forex broker UAE list, Saxo functions as a multi-asset trading and investment bank. This means they provide options for forward contracts and direct ownership of assets besides just CFDs.

Key Features of Saxo Markets:

  • Direct ownership of assets (in addition to CFDs)
  • Commission free trading
  • Flagship proprietary trading platforms
  • Best research features

Trading Accounts with Saxo

Saxo Markets offers a choice of 5 trading accounts – Bronze, Silver, Gold, Platinum, and Diamond. The Bronze account has a minimum deposit of SG$ 3,000 but no monthly description fee. All other accounts don’t have a minimum deposit but have a monthly subscription fee of varying rates.

Forex spreads are the same for the Bronze, Silver, and Gold accounts, being 0.6 pips for the EUR/USD pair. It is only with the Platinum and Diamond account that the spreads are reduced. As a retail forex trader, you should stick with the Bronze (if you plan to use Saxo Bank long term) or Silver (if you plan to use Saxo short term).

The main benefit of choosing one of the other accounts is that discounts are applied for other assets, such as Stocks and ETFs, with these accounts. Another reason to consider Gold, Platinum, or Diamond is to access SaxoTraderPro, which is Saxo Market’s professional-grade trading Platform.

Saxo Markets Account Types and Products

Saxo offers leveraged and investment products. It is interesting to note that only 7 forex pairs are available for CFD trading. If you wish to trade more CFDs, you need to trade spot FX, which has 190+ pairs available for trade. You can also trade FX options, FX swaps, and Crypto FX. Crypto FX allows you to trade crypto against 9 pairs involving Bitcoin, Ethereum, Litecoin, and the following currencies – USD, EUR, and JPY.

Trading Platforms with Saxo

If you want to trade Forex with Saxo Markets, you will be using SaxoTraderGo, while SaxoTraderInvest is best for traders who wish to buy and sell stocks. SaxiTraderPro is a superior platform. It is only available for traders with Gold, Platinum, and Diamond trading accounts. SaxoTraderInvest is best for traders who wish to buy and sell stocks.

saxo bank trading platform

Key features of the SaxoTraderGo trading platform include:

  • Intuitive, clean design
  • Rich charting capabilities (including 20 drawing tools and 62 indicators)
  • Multi-device syncing of features
  • An Abundance of market analysis and information resources

View our UAE page on brokers and their UAE trading platforms to better understand the options available to Dubai forex brokers.

Our experience with SaxoInvestor highlighted its extensive range of share CFDs and a handy portfolio management tool, which gives a comprehensive view of asset exposure. Several trading tools are at hand, such as handpicked stock lists from seasoned analysts and real-time market trends, assisting in identifying top-performing stocks and trading ideas.

SaxoBank Broker Verdict

Based on our experiences, SaxoBank positions itself as a multi-asset broker offering a broad spectrum of trading products. Coupled with its wealth of CFD trading tools, it’s a platform that can enrich one’s trading journey and enhance the overall trading experience.

4. IG GROUP Top Risk Management Tools For Novice Traders

IG GROUP

Forex Panel Score

70

Average Spread

EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform,
L2 Dealer, ProRealTime

Minimum Deposit

$300

Why We Recommend IG

We liked that IG Markets has consistently offered various financial products. They are one of the most prominent retail foreign exchange brokers online today. Practical risk management solutions safeguard transactions, and their outstanding research and trading tools further enhance the trading experience.

Beginners looking for a reliable start can do well with their integrated risk-management modules, diverse trading platforms, and extensive CFD products.

Pros & Cons

  • Excellent range of tradeable CFDs
  • Top risk management tools
  • Solid selection of trading platforms
  • Customer service is only 24/5
  • Has minimum deposit requirements
  • MT4 has limited access to CFD products

Broker Details

We’ve had first-hand experience trading with IG Markets, a renowned forex and CFD broker that’s been in the industry since 1974. Throughout our trading journey, we’ve recognised IG as one of the foremost online retail foreign exchange brokers, boasting an expansive assortment of CFDs, including some products that are not readily available with other brokers. Moreover, their risk management tools are quite invaluable for safeguarding our trades.

The benefits you will obtain as an IG Markets client are:best finma regulated broker

  • Massive range of tradeable CFDs
  • Top risk management tools
  • Good range of CFD trading platforms

IG Markets Trading Accounts And Products

There are primarily two types of accounts we experimented with. The first is a CFD account based on a Standard account model without commissions. The second embraces Direct Market Access (DMA), which implies ECN pricing and commissions.

The CFD Account

Our IG Markets CFD Account trades are set up with IG Markets as the counterparty, based on a market maker model. We observed that IG can maintain competitive spreads since they derive their prices from various liquidity providers and continuously augment new sources to their liquidity mix. Although there are instances where slippage might occur, IG generally fills the order at an optimal price unless it’s worse than the one we stipulated. It’s essential to be aware that IG could decline the order if there’s a substantial shift in the spread in one direction.

This account offers spreads starting at 0.6 pips (EUR/USD) with no commission charges. From our perspective, this account is ideal for retail traders, primarily because it doesn’t demand the specific expertise that the DMA account does. We also appreciated the flexibility to trade all IG instruments and access various trading platforms (except L2 Dealer) with this account.

The DMA Account

The DMA account is for serious traders, allowing you to view the order books at the IG exchange and choose your desired spread. The DMA account has spreads from 0.1 pips. However, you will need to pay commission costs in addition to the spread. IG uses tiered commissions, meaning the more you trade in one month, the less your commissions will be for each trade in the next month. While DMA can save on spread costs (even with commission), it is not always true. It is best for professional traders with experience to utilise DMA trading to their advantage.

You must use L2 Dealer, IG Markets Trading Platform Desktop, or IG Markets Mobile Apps for Mobile/Tablet to utilise this account. L2 Dealer allows trading with Forex and shares, while IG Trading Platforms only allow DMA trading for shares.

IG Markets Account Types Products UAE

With 18,000 markets for trade, IG Markets has one of the largest ranges of products of all brokers. Very few brokers offer 100 currency pairs for trade, so IG Markets is a suitable broker if you are looking for exotic combinations such as USD/PHP, ZAR/JPY, and NOK/SEK.

If you are trading OTC, you will be trading using contracts, while if you are trading with DMA, you will be trading using lots.

IG Trading Platforms

There are four trading platforms available with IG Markets. The IG Trading Platform is their flagship platform, available for Windows desktop, Android, and IG mobile and as a WebTrader.

Advantages with the IG trading platform include a fast execution speed of 0.014 per second and complete control of your orders through partial fills and points through current. The platform has 28 indicators and allows 4 timeframes per chart from which you can trade directly. You can get integrated charting access to ProRealTime for more charts.

For traders that are risk averse, the IG Markets trading platforms have a guaranteed stop loss order. It ensures your stop will be triggered at the level you place, even if slippage occurs.

ig markets mobile platform

Additional platforms include the popular MetaTrader 4, best suited for Forex trading, L2 Dealer, which allows DMA (direct market access) trading for centralised products such as share CFDs, and ProRealTime, a charting and standalone trading platform in its own right, that comes with over 100 indicators.

L2 Dealer and ProRealTime also offer algorithmic trading in different ways. ProRealTime lets you build your algorithm with in-platform help or code from scratch. L2 Dealer has support for sophisticated algorithmic order types.

IG Markets Broker Verdict

Concluding our experiences, we found IG Markets to be equipped with exemplary research and trading tools, incorporating integrated risk-management modules. The broker’s extensive platform range and vast CFD product listing cater to various trading preferences and proficiency levels.