Top 8 Forex Brokers for Beginners

The best beginner forex brokers by each forex broker category are as follows.

  • ThinkForex (ThinkMarkets) – Best Overall Forex Broker For Beginners
  • IC Markets – Top Forex Broker With The Lowest Spreads And Costs
  • Pepperstone – Best Forex Trading Platform For Beginners UK Traders
  • Plus500 – Best Europe Regulated Broker With Beginner Forex Platform
  • AvaTrade – Best Forex Trading Platform In South Africa For Beginners
  • EasyMarkets – Unique Forex Trader Protection With High Fees
  • FP Markets – Top Demo Account For Beginner Virtual Trading
  • CMC Markets – Most Currency Pairs And Stockbroker Services

Broker Reviewed

EasyMarkets
Pepperstone
Plus500
IG
City Index
Our Rating
7.33
9.17
5.83
6.67
6.83
Ideal For Beginner Traders
Further Active Trader Discounts
Ideal For Beginners
75% of retail CFD accounts lose money
72% of retail CFD accounts lose money

Regulations and Licenses

Feature
EasyMarkets
Pepperstone
Plus500
IG
City Index
ASIC (Australia)
FCA (UK)
MAS (Singapore)
CFTC (U.S.A)
FSCA (South Africa)
Pending
FINMA (Switzerland)
CYSEC (Cypus)
IIROC (Canada)
FMA (New Zealand)

Brokerage

Feature
EasyMarkets
Pepperstone
Plus500
IG
City Index
EUR/USD Avg. Raw Spread
0.13
0.17
GBP/USD Avg. Raw Spread
0.51
0.6
AUD/USD Avg. Raw Spread
0.18
0.3
EUR/USD Standard Spread
1.2 (VIP)
1.13
0.6
0.7
0.8
EUR/USD Fixed Spreads
1.2
Commissions (USD Base)
AUD/USD$3.50
Commission Rebates
Minimum Deposit
USD $200
AUD/USD $200
$0
Has Islamic Account
No Inactivity Fees
Funding Methods
16
16
3
4
6
No Funding Fees

Markets and Instruments

Feature
EasyMarkets
Pepperstone
Plus500
IG
City Index
Currency Pairs
70+
66+
60+
80+
84+
Cryptocurrency CFDs
3+
4+
10+
5+
5+
Index CFDs
14+
2+
67+
34+
21+
Share CFDs
26+
5+
1816+
12000+
4500+
Commodities CFD
12+
4+
17+
38+
29+
Stockbroking
Retail Max. Leverage
30:1 (Cysec) 400:1 (ASIC/International)
500:1
FCA 30:1 ASIC 300:1 MAS 20:1
30:1
20:1
Professional Leverage
400:1
500:1
300:1
200:1
400:1

Trading Platforms + Tools

Feature
EasyMarkets
Pepperstone
Plus500
IG
City Index
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automated Trading
MetaTrader 4 only
MetaTrader 4 only
MT4 only
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Guaranteed Neg Protection
ESMA regulated territories only
Demo Account
Unique Feature 1
DealCancellation / Freeze Rate
Smart Trader Tools
Trade cannabis index and share CFDs
Guaranteed stop loss orders
Best for beginners
Unique Feature 2
Guaranteed Negative Balance Protection / Fixed Spreads
Fast Execution Speed
Guaranteed stop loss trading option

Overall