Our list of the best forex brokers for novice traders is.

  • OANDA - Best Forex Trading Platform for Beginners
  • Pepperstone - Based Trading Platform for CFDs
  • IC Markets - Best Trading Platform with Low Spreads
  • ThinkMarkets - Best Selection of Beginner Trading Tools
  • FP Markets - Best Demo Account for a New Trader
  • Plus500 - Best Trading Platform for Beginner Forex Traders
  • eToro - Best Broker for Social Trading
  • FxPro - Best for Beginner cTrader Trading Platform Users
  • CMC Markets - Best Mobile Trading App for Beginners
Broker Review 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 Visit Broker
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
98 ASIC, FCA
CySEC, DFSA
1.12 1.69 1.22 0.10 0.60 0.30 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
68 FCA, FSCA
ASIC, FSA-S, CySEC
1.1 1.3 1.1 0.1 0.3 0.2 $3.50 161ms $0 46+ 21+ 30:1 500:1 Visit Site
80 ASIC,CySEC
FSCA,FSA-S,FSC-M
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
57 ASIC, CySEC, MAS
FCA, FMA, DFSA
EFSA, FSA, FSCA
1.70 2.3 1.4 - - - - 140ms $100 71+ 15+ 30:1 300:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
61 FCA, FSCA
CySEC, SCB, FSCM
1.32 1.7 1.95 0.32 0.37 0.51 $3.50 151ms $0 69+ 30+ 30:1 200:1 Visit Site
69 ASIC, MAS, FCA
CIRO, FMA, BaFin
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 338+ 19+ 30:1 500:1 Visit Site

1. OANDA Best Beginner Australian Forex Broker

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 (fxTrade)

Minimum Deposit

$0

Why We Recommend OANDA

With five Tier-1 licenses from regulators around the world – including with the Australian Securities and Investment Commission (ASIC) – we gave OANDA Corporation top marks in the trust department. If you’re new to trading, opening your first account with a forex broker committed to high regulatory standards offers great peace of mind. We also appreciate the unique degree of transparency: OANDA publishes a live stream of floating spreads 24/7 and allows traders to review its historical spread data via its website.

Pros & Cons

  • Trade partial lots on OANDA Trade
  • Three beginner-friendly platforms
  • No minimum deposit
  • Customer support is not 24/7
  • Guaranteed stop loss order only on OANDA Trade
  • No CFD shares

Broker Details

OANDA Simplifies Trading Costs

If you’re new to day trading, you’ve probably learned the hard way that tight spreads don’t always lead to high profits. Between variable spreads and difficult-to-calculate commission structures, it’s easy to get lost in the details of trading costs.

That’s why we like OANDA’s spread-only pricing model, which removes the guesswork from calculating your profits and losses. Similar to what other forex brokers might call a Standard account, OANDA’s Spread Only Pricing account includes the broker’s commission in the spread itself.

We also like the Spread Only Pricing account for its competitive spreads. While not as tight as you might find with a raw spread or commission-based account, they’re still quite competitive, starting from 0.6 pips.

If, on the other hand, you’re comfortable juggling spreads and commissions, the Core Pricing account may be a better fit. This account offers variable spreads starting from 0.0 pips but charges a commission of AUD 7.00 on round-turn trades.

Neither account type requires a minimum deposit, and you can fund your account using a debit card, credit card, bank transfer or PayPal.

oanda account types and products for Au traders

OANDA Has a Great Selection of Trading Products

Beginner traders aren’t always sure which markets or trading products best fit their risk appetite or trading style. You might start day trading out of an interest in forex but move to share trading or options as you explore. That’s why we think the best trading platform for beginners should provide access to a range of markets and financial instruments.

With OANDA Corporation, you can choose from seven classes of tradable products, including:

70+ Forex Pairs
16+ Stock Index CFDs
27+ Commodity CFDs
6+ Bond CFDs

Our Verdict on OANDA Corporation for Beginner Traders

An intuitive trading platform, straightforward pricing and a solid selection of trading products make OANDA our number one choice for anyone new to day trading.

View OANDA ReviewVisit OANDA

Broker Screenshots

2. Pepperstone Based Trading Platform for CFDs

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

Minimum Deposit

$0

Why We Recommend Pepperstone

We liked that Pepperstone offers a choice between MT4 and MT5, the industry’s leading forex and CFD trading platforms. While not as intuitive as some other trading platforms, we still recommend MetaTrader trading platforms for beginners due to their range of technical trading tools, extensive selection of Expert Advisors (EAs) and active user community.

Pepperstone’s extensive range of products, from commodities to cryptocurrencies, may also intrigue you if you’re still searching for your day trading niche.

Pros & Cons

  • Excellent MetaTrader broker
  • Winner of our execution speed testing
  • Good range of markets
  • Weekly educational webinars
  • Lacks copy trading capabilities
  • Demo account is limited to 30 days
  • Limited crypto markets

Broker Details

Pepperstone Is a Great Metatrader Broker With Top Execution Speed

One thing we really like about MetaTrader 4 is the availability of Expert Advisors (EAs). EAs allow you to build custom tools like indicators and algos for automation to enable the platform to do things just the way you want to. Fortunately for us, there is an EA to measure execution speed, allowing us to capture the execution speed of brokers using MT4. Our results suggest Pepperstone is the best broker for fast execution.

Execution speed refers to the amount of time it takes your broker to communicate your order to a market server holding your position. The longer it takes for your online broker to pass the information along, the more likely you are to fall victim to slippage – a difference between the quoted price and the price at which the broker actually executes your trade.

Slippage matters for all traders but can prove especially frustrating if you’re new to online trading. Working out whether you lost money due to an error in your predictions or a dip in market prices shouldn’t complicate matters in the early stages.

When we independently tested execution speeds, Pepperstone turned in some of the best performances of any online broker.

Limit Order Average Execution Speed

Pepperstone took the second-place spot for limit order execution speed: less than 75 ms and ranked in the top five for market orders: less than 150 ms. Compare that to almost 250 ms for our worst-performing brokers, and you begin to understand why we’re so impressed.

Pepperstone Offers Great MetaTrader Trading Accounts

If you’re in Australia, Pepperstone offers you a choice of two MetaTrader-compatible account types: a Standard account and a Razor account.

pepperstone account types brief australia

The Standard account includes commission in the spread, which starts at 1.0 pips. The Razor account, in contrast, offers a 0.0 minimum spread but charges a separate commission of AUD 7.00 for every round-turn trade of a standard lot. Pepperstone uses top-tier liquidity sources and determines bid-ask prices externally, giving you the best spreads available in the market.

Both Pepperstone account types offer the benefit of straight-through processing with no dealing desk. (The likely reason behind the broker’s speedy order execution.) You also won’t pay a minimum deposit and can fund your account with a bank card, credit card or PayPal.

Pepperstone and MetaTrader 4

Unlike other forex brokers, Pepperstone opted to forego developing its own trading platform. Instead, the Melbourne-based broker went all in on the MT4 and MT5 trading platforms. Based on our testing, it offers more tools, integrations and add-ons than any other broker accepting Australian clients. (Remember, you’ll want to opt for MT4 for forex trading and MT5 for share trading.)

If you’re new to MetaTrader, Pepperston offers a free 11-part course to help you get the most out of the trading platform. It’s impressively comprehensive, far more so than other ‘Trading 101’ webinars and web courses we’ve reviewed. It guarantees a solid grip on the platform by covering topics ranging from setting up a VPS to installing EAs to opening and closing a position and using drawing tools.

If you’re already familiar with MT4, you can take advantage of Pepperstone’s Smart Trader Tools package. Designed to enhance the MetaTrader trading experience, it includes a number of additional trading tools that may interest you if you’re transitioning from novice to intermediate trader:

  • Custom notifications and alarms
  • Real-time market sentiment data
  • Correlation matrices
  • Trade simulators
  • Stealth orders / concealed pending orders
  • Session maps

Our Verdict on Pepperstone for Beginner Traders

If you’re committed to mastering MT4, the world’s top forex trading platform, Pepperstone may be the best broker for you. It offers an impressive package of trading tools tailored to the platform and a dedicated course to help you maximise your trading experience. This was why names Pepperstone the best forex broker in Australia for 2024.

Broker Screenshots

3. IC Markets Best Trading Platform with Low Spreads

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend IC Markets

No matter how new you are to trading forex or trading CFDs, you understand why tight spreads matter. That’s why IC Markets earned the number three spot in our rankings: the best standard account spreads of any broker we tested.

Additionally, the broker’s comprehensive educational resources set it apart, making IC Markets an excellent choice for Australian tbeginner traders eager to learn.

Pros & Cons

  • Winner of our tests for lowest spreads
  • Has MetaTrader 4 and 5 platforms (plus cTrader)
  • Top customer support with TeamViewer
  • Could have more social trading tools
  • Lack of advanced charting tools
  • Slow live chat support

Broker Details

IC Markets Has Tight Spreads

When Ross Collins, our Chief of Research, set out to measure average spreads, he wanted to see just which brokers are best when it comes to spread testing. In his test, he captured the spread of 20 MT4 brokers for 24 hours over 2 different weeks and then averaged these spreads. Overall, we can say IC Markets is not only one of the best but consistently low.

Below are the results of the Standard account tests. As can be seen, IC Markets averages 1.03 when we combine the 6 currency pairs we tested (EURUSD, AUDUSD, USDCAD, USDJPY, GBPUSD and USDCHF) and was in the top 3 for each of the pairs

Broker Average Spread EURUSD AUDUSD USDCAD USDJPY GBPUSD USDCHF
IC Markets 1.03 0.73 0.82 1 1.09 1.15 1.4
CMC Markets 1.11 0.8 0.77 1.5
1.17 1.08 1.31
Fusion Markets 1.19 1.01 1.02 1.17 1.27 1.23 1.44
TMGM 1.21 1 1.03 1.31 1.26 1.21 1.43
Admiral Markets 1.31 0.74 1.1 1.83 1.32 1.11 1.75
FXCM 1.47 0.93 1.31 1.96 1.38 1.39 1.84
Pepperstone 1.46 1.21 1.24 1.6 1.55 1.5 1.67

It’s a similar story for RAW spreads. When the 6 currency pairs are combined to give an overall average, IC Markets came out on top with 1.03 pips ahead of CMC Markets with 1.11 and Fusion Markets with 1.19 pips. With this average, it’s no surprise to find the broker finished top for 5 of the 6 pairs.

Broker Average Spread EURUSD AUDUSD USDCAD USDJPY GBPUSD USDCHF
IC Markets 0.32 0.19 0.23 0.45 0.24 0.27 0.57
Pepperstone 0.36 0.19 0.19 0.61 0.36 0.41 0.39
FP Markets 0.41 0.20 0.31 0.51 0.39 0.31 0.71
EightCap 0.50 0.20 0.48 0.64 0.47 0.44 0.76
CMC Markets 0.73 0.44 0.68 0.75 0.64 0.90 0.94
Admiral Markets 0.79 0.21 0.70 1.46 0.58 0.73 1.08
BlackBull Markets 0.94 0.46 0.85 1.01 0.43 0.96 1.31

IC Markets knocked the competition out of the park in both respects. The broker advertises a minimum variable spread of 0.6 pips for its Standard account and posted an average of 1.63 pips in our tests. Not only did it fare the best amongst all our brokers in terms of actual trading costs – USD 9.63 per trade – it also showed the least variation between the advertised minimum spread and tested average.

IC Markets also performed well when we tested commissions. While not quite as impressive as its Standard account spreads, its round-turn commission of USD 7.00 falls in line with other brokers of its size.

IC Markets Low-Spread Trading Accounts

If you opt to trade with IC Markets, you’ll choose between a Standard and Raw Spread account. the Standard account includes commissions in the spread, which should simplify matters for new traders, while the Raw Spread account starts at 0.0 pips and charges a commission for opening and closing a position.

ic markets account types

In both cases, you’ll have access to institutional-grade spreads with no markups.

Our Verdict on IC Markets for Beginner Traders

If you’re primarily concerned with controlling direct trading costs or starting your online trading journey on a tight budget, you’ll benefit from IC Markets’ tight spreads and competitive commissions.

Broker Screenshots

4. ThinkMarkets Best Selection of Beginner Trading Tools

ThinkMarkets

Forex Panel Score

70

Average Spread

EUR/USD = 1.1
GBP/USD = 1.3
AUD/USD = 1.1

Trading Platforms

MT4, MT5, ThinkTrader

Minimum Deposit

$0

Why We Recommend ThinkMarkets

We liked ThinkMarkets’ ThinkTrader platform, which was designed with newcomers in mind. Its intuitive layout and user-friendly tools make the trading process straightforward for beginners. Features like Autochartist and one-click trading further streamline the experience, helping you access the world of online trading quickly.

Pros & Cons

  • Top backtesting software with Traders’ Gym
  • Extensive educational content
  • No minimum deposits
  • ThinkTrader has great technical analysis
  • Cannot use the ThinkZero on ThinkTrader
  • Need a minimum balance of $500 to access some services
  • Trading tools are limited to the broker’s platform

Broker Details

ThinkMarkets Designed its Trading Platform for Beginners

As you begin learning how to day trade, you’ll likely spend more than a few hours comparing platforms, trying to decide which best suits your needs. Are you looking for copy trading tools? what about social trading? Or trading directly from charts? How many technical indicators do you really need?

If you need help navigating or understanding some challenging platforms, we suggest ThinkMarkets. The broker boasts a clean, straightforward interface and a handpicked set of features. This combination greatly simplified our process to shape our trading strategy and actually trade. The user-friendly trading tools, complemented by extras like Autochartist and one-click trading, enabled us as beginner traders to execute orders efficiently and better grasp currency trading.

ThinkTrader Desktop App

ThinkTrader Desktop App

Even for us, who started with minimal experience in trading financial instruments, ThinkTrader’s charting tools proved invaluable in deepening our understanding of technical analysis. The platform offers over 125 technical indicators, more than 50 drawing tools, and an array of chart types to scrutinise the forex markets. We also found the ability to set preset alerts especially helpful, ensuring we always stayed in the loop with market fluctuations and never missed a trading opportunity.

Our Verdict on ThinkMarkets for Beginners

An intuitive, easy-to-understand platform and trading app make this broker an excellent choice if you find Metatrader and other trading platforms overwhelming.

Broker Screenshots

5. FP Markets The Best Demo Account for a New Trader

FP Markets

Forex Panel Score

80

Average Spread

EUR/USD = 1.1
GBP/USD = 1.3
AUD/USD = 1.3

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$100

Why We Recommend FP Markets

We liked FP Markets for its seamless access to forex and CFD markets. Their platform options, which include MetaTrader 4, MetaTrader 5, cTrader and TradingView, cater to various trading styles, whether on desktop, mobile, or web. Especially if you’re new to online trading, having the flexibility to choose between these industry-leading platforms ensures a smooth journey.

Plus, with options for retail traders to explore diverse CFD asset classes, FP Market is a comprehensive gateway for those starting out.

Pros & Cons

  • Unlimited demo account access
  • Has copy trading tools
  • Solid range of trading products
  • Fast account opening
  • Time-limited demo accounts
  • Basic mobile trading app
  • IRESS platform is complicated for beginners

Broker Details

FP Market Has a Great Demo Account

FP Market really stands out for its CFD and forex trading demo accounts on MT4, MT5, cTrader and TradingView. Unlike some other brokers with tight restrictions, it offers unlimited access and a generous virtual trading balance of USD 100,000.

If we found our balance dwindling, a quick chat with customer support replenished it with more virtual funds. Alternatively, we could simply kick off with a new demo account. It’s worth noting that when looking into the IRESS demo account, FP Market provides the same USD 100,000 in virtual funds but with a 30-day access cap.

FP Markets Demo Acc

When we decided to transition to a live FP Market account, we were particularly impressed by the market order execution speeds. According to our tests, this broker turns around a trade in under 100 ms.

Our Verdict on FP Market for Beginners

If you’re on the fence about online trading, generally, FP Market makes it easy to get your feet wet with a virtually forever-free demo account.

Broker Screenshots

6. Plus500 Best Trading Platform for Beginner Forex Traders

Plus500

Forex Panel Score

57

Average Spread

EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4

Trading Platforms

Plus500 Trading Platform

Minimum Deposit

$100

Why We Recommend PLUS500

We were impressed with Plus500’s clear and beginner-friendly approach to CFD and forex markets, as well as its custom web trader platform. Specifically designed to cater to beginners, it includes an attractive package of user-friendly features and powerful risk mitigation tools.

We also appreciated the broker’s unlimited-duration demo account, which sets Plus500 apart. Online brokers typically limit demo access to just 30 days.

Pros & Cons

  • Good proprietary trading platform
  • Guaranteed stop-loss available
  • Sentiment-based trading with +Insights tool
  • Simple education videos
  • Inactivity fees after three months of dormancy
  • No MetaTrader 4 or Metatrader 5 available
  • No automated or social trading
  • No raw spread accounts

Broker Details

Plus500 Is the Best Broker for Beginner Forex Specialists

We found the Plus500 CFD trading platform exceptional for newcomers, given its clear, easy-to-understand layout and multiple strategies to navigate the inherent risks of CFD trading. Plus500 provides an array of risk management tools that allow forex traders like us to mitigate potential losses by utilising demo accounts, various order types, and benefiting from stringent financial regulations.

Order Types

At Plus500, we experienced a variety of order types aimed at managing the inherent risks of forex trading, especially considering the leverage and volatility factors. While no specific time limits are set for orders, the different types available allowed us to safeguard our profits and limit capital losses during unexpected market shifts or heightened volatility. A Market Order is a standard order type executed at the current market price. Pending orders include:

Stop-Limit & Stop-Loss Orders

These allow Plus500 traders to specify the price at which a position should be opened or closed to maximise profits and minimise losses. Unlike a guaranteed stop-loss order (GSLO), slippage may occur with standard Stop-Limit and Stop-Loss Orders if prices suddenly fluctuate beyond stop levels.

Stop Loss Order

Guaranteed Stop-Loss Orders

By paying an additional fee, we utilised the Guaranteed Stop-Loss Orders to set a firm cap on any looming losses. If prices ventured in an undesired direction, the order was automatically terminated at our designated rate, eliminating any slippage concerns.

Trailing Stop Order

It proved handy in preserving a certain profit level. The order would remain active when prices favoured us, but it would automatically conclude if there were a shift by a specified number of pips.

Plus500 Trailing Stop

Our Verdict on Plus500 for Beginners

Given the comprehensive array of order types, including several stop options, Plus500 equipped us and other budding traders with the tools to manage our investments and circumvent significant losses efficiently.

Broker Screenshots

7. eToro Best Broker for Social Trading

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50 or $100

Why We Recommend eToro

We liked how eToro gives beginners a real chance to learn from the pros by leveraging the benefits of social trading. With a massive user base worldwide, their account mirroring service lets you mirror the moves of top-tier ‘Popular Investors’. This not only streamlines the trading journey but also lessens the reliance on complex technical analysis.

Pros & Cons

  • User-friendly platform to copy trade
  • 30M+ traders to choose to copy from
  • Good selection of trading products
  • Limited trading education
  • Slightly more expensive to trade
  • No MetaTrader 4

Broker Details

eToro Has the Best Trading Platform for Beginners Interested in Social Trading and Copy Trading

Social trading is an excellent way for beginner traders to gain experience by following and copying more experienced traders’ strategies. Through eToro’s account mirroring service, we were able to do precisely this, simplifying our trading journey and sidestepping the intricacies of technical analysis.

By mirroring the actions of Popular Investors, we not only gained insights into forex trading but also observed that Popular Investors are rewarded with bonuses when strategies are successful.

eToro Popular Investors

You can scope out Popular Investors that develop strategies aligned with their risk level and trading objectives. To assist you in finding suitable strategies to copy, Popular Investors are ranked based on past performance parameters such as success (% of winning trades), profitable weeks, and asset classes.

eToro Copyportfolios for Beginners

In addition to having a large social trading community, the online broker’s pricing structure is simple and transparent. Perfect for those new to trading, eToro offers fixed spreads on currency pairs as well as straightforward investment products, such as portfolio bundles.

  • Market CopyPortfolio: A bundle of financial instruments based on an asset class, strategy, or theme
  • Top Trader CopyPortfolio: A collection of the most successful, top-performing traders (Popular Investors)

Navigating the eToro trading platform was a breeze for us. While it might not contain the advanced features found in platforms such as MetaTrader 5 or cTrader, its central emphasis remains on social trading. Hence, it’s particularly well-suited for beginners who might not need sophisticated trading tools.

Our Verdict on eToro for Beginners

If you’re casually interested in trading or lack the bandwidth to devote yourself to learning technical trading, eToro offers an accessible way to experiment with day trading.

Broker Screenshots

8. FxPro Best for Beginner cTrader Trading Platform Users

FxPro

Forex Panel Score

61

Average Spread

EUR/USD = 1.32
GBP/USD = 1.7
AUD/USD = 1.95

Trading Platforms

MT4, MT5, cTrader,
FxPro Trading Platform

Minimum Deposit

$100

Why We Recommend FxPro

If you’re prepared to experiment with an institutional-grade trading environment right out of the gate, cTrader is the platform for you. We recommend FXPro as the most suitable broker not only for its ECN-like trading environment, but its extensive library of automated trading robots, known as cBots.

Pros & Cons

  • No minimum stop loss limits
  • Lower spreads on cTrader
  • Cleaner interface than MetaTrader platforms
  • Fixed spread for selected currency pairs
  • Trading tools are not as popular on cTrader
  • High spreads if you don’t use cTrader
  • $100 minimum deposit required
  • Not regulated by ASIC

Broker Details

FXPro Is Best if You’re Looking to Trade with cTrader

While numerous trading tools cater primarily to in-depth technical analysis and intricate trading approaches (like level 2 market depth), we found that beginners can also harness the advantages of ultra-fast order execution and ECN-esque tight spreads. Like MetaTrader 4 and MT5’s Expert Advisors, cTrader users can automate trading and create technical indicators using cBots and the C# programming language.

FxPro cTrader

cTrader Tools and Features:

  • Access to forex markets and other CFDs
  • Designed for NDD (no dealing desk), ECN (electronic communications network) or STP (straight-through processing) online brokers
  • Ultra-fast execution
  • Multiple order types
  • Automated trading with C# and cBots (cAlgo)
  • Sophisticated backtesting
  • Level 2 Depth of Market

FxPro Account Type

Our Verdict on FXPro for Beginners

If you already know you’ll eventually need the ECN-like processing and institutional-grade spreads cTrader offers, FXPro may be the best beginner trading platform for you.

Broker Screenshots

9. CMC Markets Best Mobile Trading App for Beginners

CMC Markets

Forex Panel Score

69

Average Spread

EUR/USD = 1.12
GBP/USD = 1.3
AUD/USD = 1.64

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Why We Recommend CMC Markets

We discovered that CMC Market’s Next Generation apps, both for Android and iOS, truly shine with their intuitive design. They seamlessly incorporate all the vital technical tools, making it simpler than ever to craft advanced trading strategies while on the move. For Australian traders keen on balancing mobility with top-notch functionality, this platform is a standout choice as the best mobile trading app for beginners.

Pros & Cons

  • Mobile-optimised charts
  • Charts sync between Mobile and Web App Platforms
  • Low spreads with FX Active account
  • Guaranteed stop loss order with NGEN Platform
  • Limited social trading tools
  • Lacks customer support via mobile app
  • Too many FX pair variations may confuse beginners

Broker Details

CMC Market Makes It Easy to Trade on Mobile

Available on both Android and iOS devices, CMC Markets Next Generation mobile trading apps are user-friendly yet provide all the technical tools required to develop sophisticated trading strategies. The award-winning mobile app provides tools to conduct in-depth analysis, including 35 drawing tools and 115 technical indicators.

CMC Markets Next Generation AppsCMC Markets Mobile Trading AppOther Next Generation trading app features include:

  • Multiple order types
  • Alerts and notifications
  • In-app customer support
  • Client sentiment data
  • Real-time Reuters news
  • iPhone, iPad, and Android compatibility

Share Dealing Platform

CMC Markets Australia includes an online share trading platform as an additional option for traders looking to trade the stock market. The two options they offer to deal with are their standard and pro platforms. The main difference between the two is a $49 per month charge for the pro version, which gives you access to live pricing data for free and a range of user interface upgrades.

Regardless of how you choose to trade, we observed that this broker offers impressive value in terms of trading costs. According to our tests, CMC Market has some of the tightest standard account spreads – 1.11 pips – as well as ultra-low commissions at AUD 2.00 per side.

Our Verdict on CMC Market for Beginners

Low trading costs and a superlative mobile experience make this broker a great pick if you’re intending to trade primarily on mobile.

Broker Screenshots