Best Forex brokers for beginners 2024
Updated February 5, 2024
The forex brokers featured in this review offer low spreads and excellent platforms with a wide range of chart analysis tools to trade effectively.
Are you looking to speculate that the Dollar (USD) currency will go up in value against the Euro (EUR)? If so, you will want to trade (or bet on the spread) the EUR/USD currency pair. The forex market is the largest and most liquid market in the world, representing every global currency with trading conducted 24 hours a day, five days a week.
Choosing the right forex broker is critical to a trader's success in the international foreign exchange market. As a currency trader or investor, you may have special needs related to which platform, tool, or research requirements you have. Our Forexof.com team has prepared a ranking of the leading forex brokers. In each summary, we highlight their position in general and in comparison to other brokers. Here are our findings for 2024.
These are the best Forex brokers for beginners. The rating takes into account the most basic features and benefits of choosing the best FX broker, including commissions, differences in trading account requirements, the tools available, and the quality of customer support.
Forex broker rating
Best Forex brokers: Rating of the FX brokers for traders from Asia, Africa, Central and South America for 2024. Top 12 Forex brokers for beginners in the world:
| OLYMP TRADE | 5,0 stars. Best overall. Trading platform - Forex, Fixed Time Trades and Stocks. Demo $10000. Best broker for beginners - Open demo account |
|---|---|
| Interactive Brokers | 4,7 stars. Great for professionals and institutions. |
| Dukascopy | 4,6 stars. Reliable service. |
| Saxo Bank | 4,5 stars. Best for research. |
| IG | 4,4 stars. Overall good, reliable. |
| TD Ameritrade FX | 4,3 stars. Reliable platform, USA only. |
| eToro | 4,2 stars. Easy-to-use copy-trades services. |
| GAIN Capital | 4,1 stars. Great all-round offering. |
| OANDA | 3,9 stars. Trusted global brand, limited offering of FX pairs and CFDs. |
| FXCM | 3,8 stars. Reliable tools along with quality market research. |
| FxPro | 3,7 stars. Full suite of MT4 and MT5 platforms. |
| AvaTrade | 3,6 stars. Great for copy trades. |
The foreign exchange market is by far the largest financial market in the world. When searching for the best forex broker, both beginners and experienced traders usually look for several key features and benefits. Among the most important of them are fees (including spreads and commissions), a trading platform (s) (including software, web, mobile, charts and third-party), customer support, training, and research and reliability of currencies. All these parameters were taken into account when compiling a rating of the best forex brokers in the world in 2024.
Winner: Olymp Trade - Visit site.
Our winner, Olymp Trade, is one of the largest brokers in the world, with over 100,000 clients worldwide. Deposit from $10. The broker offers an extensive line of products including ECN Forex, Fixed Time Trades, Stocks, Commodities and Bitcoin, Ethereum, LiteCoin, Monero, Ripple on professional, mobile, PC and web trading platforms. Read full review
Best Forex trading platform
Best forex trading platform for beginners: the broker provides a demo for 10,000 conventional units and a training program for beginners - login. For experienced traders, VIP accounts, personal consultations and VIP webinars are available. Olymp Trade is the largest trading platform with the most active Forex accounts in Asia (India, Indonesia and other countries). Its size lets you offer a zero spread in the industry.
* Broker Olymp Trade provides services in more than 190 countries: Indonesia, Malaysia (Malay), Vietnam (Viet Nam), Thailand (Thai), Bangladesh, China, South Korea, India, Sri Lanka, Pakistan, Turkey (Turkish, Turkiye), Bahrain, Kuwait, Qatar, Oman, United Arab Emirates (AE), Saudi Arabia (SA), Iran, Morocco, Palestine, Argentina, Brazil, Chile, Peru, Colombia, Mexico, Ecuador, Algeria, Egypt, Tunisia, Zimbabwe, Namibia, Mozambique, Tanzania, Sudan, Ethiopia, Kenya, Nigeria, South Africa and other countries.
How to find the best Forex broker
The main criteria for finding the broker for Forex trading are as follows:
Trading conditions/Fees - This is the most important part of brokers appraisal. One broker may charge you 10 times less for the same trade than another. Take note of "hidden" fees, such as withdrawals fees, or inactivity fees.
Market coverage - You should be able to trade the currency pair of your choice / preference.
Accessibility - The minimum deposit is from $10 (or the € equivalent). It might be worth investing more for a platform that suits you better, so stay open minded.
Trading platforms - Pick the one that suits you best. Remember many trading platforms are configurable, so they can be tailored to suit you. Personal preference will play a large part here, as many offer very similar services, but look and feel very different. Is a mobile your priority, or a desktop web platform?
Mobile apps - The ability to open foreign exchange trades on the go can be very important. Some mobile apps are superior to others. Ideally, a mobile platform for online trading will function just like the web version.
Deposits and withdrawals - You have to move funds to and from the broker, quickly and preferably cheaply. The Deposit / Withdrawal methods supported by the Forex broker determine whether or not you can accomplish that. Financing an account may also require a specific payment method.
Reputation - People talk. It is well worth listening to what traders say about a fx broker they have already tried.
Regulation - When push comes to shove, legal recourse is your first, last and only hope to settle the problems you might have with your fx broker. A proper regulatory framework (regulation) is preventive in nature. It aims to keep such problems from popping up in the first place.
Customer Support - Competent support is a must. From opening an account, to help with the platform, customer support can be important.
History of the company - A listed company has to publish numerous elements of information about their balance sheet for example. You want peace of mind that your trading funds are segregated, and held safely and securely.
Education - It never hurts to improve your understanding of how the foreign exchange market works, how to analyze charts, open trades and how you can make the most of the opportunities they provide. Some brokers offer extensive educational tools.
Account opening / registration - This is a simple process to open an account with your broker? Do clients need to be verified? These processes are not always the same and might be worth considering if opening account has been problematic in the past.
Forex risk disclaimer
Important information: "CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 64% and 85% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange, off-exchange derivatives, and digital currencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."
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