The Best Forex Brokers for Beginners
Are there any Forex brokers for beginners? No, there aren't any. But there are some brokers that offer more convenient trading conditions for newcomers. Usually, such platforms provide a strong variety of educational resources and access to quality market research. In this post, you will see the list of Forex brokers with the best offering to beginners.
London Capital Group (LCG) is a pioneer in the online trading sector. By offering full access to MetaTrader 4 and their own LCGTrader platforms, LCG cooperates with cAlgo for automated trading and with cMirror for social trading purposes. Once you succeed in trading operations, you can proceed with premium services for 25,000$ deposit. Meanwhile, commissions based on trade volumes are usually more than just reasonable. Also, there is an option to use a guaranteed stop-loss order for additional pips, which is a great thing for beginners before you master the trading routine. For instance, Classic account holders have average spreads on EUR/USD as high as 1.45 pips, while ECN account holders get it as high as 0.65 pips.
eToro is an online broker with the major focus on social and copy trading. With over 10,000,000 traders worldwide, the platform provides these services in the cryptocurrency space. The core benefit of this proprietary platform is the simplicity of a copy trading process. This accessibility makes it possible for retail account users to mimic the trades and trading approaches of the most successful customers. While many online brokers feature this capability, none of them integrated it with social media communication like eToro. The platform's considerably high average trading costs for forex trades and an online-only customer support portal encourage an environment where the beginner feels comfortable.
Markets.com belongs to the UK publicly-listed company. Being administered in two tier-1 jurisdictions, it is considered to be a safe broker for forex and CFDs trading activities. Thanks to its lower comparable spreads and access to a great number of tradeable tools, this online broker has turned into an excellent choice for beginners. Its easy design enables easy to use and a respectable offering of features. The broker cooperates with forex and CFD traders through its proprietary and third-party trading resources under the Markets.com brand.
Reviews about Market.com state that the trader and investor can pick up the most suitable type of account, while the broker aims to ensure the transparent trading conditions.
Trader's Way was developed to spread the values of unlimited trading capabilities. The broker's rating keeps increasing due to great possibilities to earn extra cash. This company has integrated advanced technologies, products and services in order to enable maximum satisfaction level for all its traders and investors. Feedback on Trader's Way says that this broker aims to address customers' needs to the full extent. The broker offers a convenient and transparent MetaTrader 4 trading terminal. Also, there is a chance to trade via Trader's Way Web Trader platform that allows all clients to talk to each other whenever and wherever they feel like it. Due to the lack of trading limitations, reasonability of prices rates, and wide spectrum of the trading tools, this online broker has taken the strong positions on the trading market.
Forex.com is a Forex broker offering robust trading platforms for the beginner and professional traders. GAIN Capital Holdings, its parent company, trades on the NYSE under the GCAP terms and conditions. Having a transparent pricing strategy, Forex.com can offer a few types of accounts. For instance, one account type is used to pay the spread on every trade, while another one is used to charge a commission. Forex.com offers the average spreads for all the available types of accounts.
With a wide spectrum of tradable currencies and low account minimums, Forex.com has become an excellent choice for brokers looking for currency trading. Also, it offers extensive education and research center with informative trading courses at different competence levels.
The Bottom Line
The time and resources you invest into the complex trading world requires extensive patience and study. If you have all the resources to commit, you learn how to be a good trader. As a beginner trader, you want to join a user-friendly trading platform with a vast array of automated trading mechanisms, efficient customer support and low spreads. All these things you can get from each of the above-mentioned brokers. Even if you have some doubts, you can create a demo account to explore the resource. Luckily, most brokers offer these options. Have a look at the list once again before you make a final choice.