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Best Forex Brokers for Beginners in 2022 • Benzinga


A solid online forex broker can help you get started as a retail forex trader. Your broker will serve as your main entry point to the forex market, so it’s a matter of making sure they offer the services and currency pairs you need, as well as sufficiently competitive spreads for your trading strategy. .

Ready to start trading forex? Learn more about which forex brokers are best for beginners.

Best Forex Brokers for Beginners:

Best Forex Brokers for Beginners

Since your online forex broker will likely be your primary interface with the forex market, be sure to choose wisely.

Your ideal choice for a forex broker should be well regulated in its local jurisdiction, accept clients from your country, have tight trading spreads, and a sufficient variety of currency pairs and other assets to meet your trading needs.

Benzinga has reviewed the realm of online forex brokers available to come up with a short list of the best forex brokers for beginners. Take your pick, open a funded account, and you’re ready to trade.

Best for zero commission and low spreads: CedarFX

  • Best for

    Investors interested in 0% commission or eco-friendly trading

Excellent for beginners, CedarFX offers a free demo and live accounts on the MetaTrader 4 platform. line for the first time.

You can trade on any mobile device, tablet or desktop computer by downloading the MT4 app or using Web Trader.

CedarFX offers 2 types of accounts – 0% commission accounts and Eco accounts. You pay $1 commission per lot traded and all commissions support environmental causes through Ecologi. All other aspects of the account, such as spreads, leverage, and instruments, are identical.

If you encounter any type of problem or have any questions, you can contact the CedarFX customer support team 24/7. Contact the company via live chat, email or by requesting a phone call.

Best for Copy Trading: eToro

Copy trading consists of selecting an experienced trader whose trades you automatically copy to your own account. eToro specializes in social trading accessible through its CopyTrader tool and offers an excellent social trading network. This trading option seems ideal for beginners since you can sit back and let experienced, expert traders lead the trades on your account.

The multi-asset broker lets you trade over 2,000 different assets, including cryptocurrencies, and you can start with a minimum deposit of just $50. eToro accepts customers from most US states.

It is registered as a money services business with the United States Financial Crimes Enforcement Network (FinCEN), instead of being an online broker regulated by the National Futures Association (NFA) and the Commodities Futures Trading Commission ( CFTC). The company is also subject to regulations in the UK, Australia and Cyprus.

eToro provides excellent educational resources that beginners will find useful, and its highly intuitive trading platforms and apps can be quickly adopted by a newcomer to trading. On the other hand, eToro does not support the popular MT4/5 platforms of MetaQuotes.

Best for US traders: FOREX.com

FOREX.com ranks #1 as our pick for the best forex broker for US-based traders. The broker is strictly regulated by the NFA and CFTC, while its subsidiaries are overseen by 6 other major regulators around the world.

You only need $100 to open a trading account that allows you to start taking positions in 80 currency pairs. All traders can use FOREX.com’s proprietary advanced trading platform, while non-US clients can use the MetaTrader suite which includes a mobile trading option.

Best for CFD trading: IG Markets

IG Markets is one of the leading Contracts for Differences (CFD) brokers supervised by the CFTC and the NFA, so it can accept US-based clients. It is also strictly regulated in the UK by the Financial Conduct Authority (FCA).

IG Markets allows clients to trade CFDs on over 17,000 different assets, including 80 forex currency pairs, as well as stocks, commodities, indices, bonds, exchange-traded funds (ETFs) and rates short-term interest. The broker requires a minimum deposit of $250 to get started and allows US clients to use a maximum leverage ratio of 50:1.

Like any good online forex broker, IG Markets keeps client money in separate accounts from its own. IG Markets has a proprietary trading platform and also supports MT4 and ProRealTime. It allows clients to automate their trading through its application programming interface (API).

Ideal for active multi-asset traders: Interactive Brokers (IBKR)

  • Best for

    GlobalAnalyst Product

    To startsecurely through the IBKR GlobalAnalyst website

Interactive Brokers is our pick for the best online broker if you want to actively trade across many different markets and asset classes. The broker offers some of the lowest transaction costs, including $0 commission for US-listed stocks and ETFs.

Interactive offers world-class brokerage services in 33 countries, covers 134 markets worldwide and allows you to trade 23 different currencies and their pairs. But you need a minimum margin deposit of $10,000 to start trading with this broker who also charges an inactivity fee.

Interactive offers its premium proprietary trading platforms, including client portal, Trader WorkStation (TWS) and mobile apps, which have received high ratings from clients. If you plan to actively trade in many markets and are looking for a sophisticated broker to grow from, then IB would be a great choice.

What is a Forex Broker?

Retail forex brokers are financial institutions that act as intermediaries between individual trading clients and the foreign exchange market. These forex brokers have an online presence in the form of an official website and target smaller traders who wish to operate in the forex market on a margin basis.

Online forex brokers generally allow traders to execute forex trades largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular third-party forex trading platforms such as MetaTrader 4 and 5 (MT4/5) from MetaQuotes.

Some forex brokers also offer very useful educational information for beginners that you can use to deepen your trading knowledge. They can also provide access to expert forex market analysis and financial news feeds to help you make better trading decisions.

Trade Forex Today

If you want to start trading forex today, select a well-regulated online broker and visit their website to begin the process of opening a margin account. You should expect to complete an online form and provide proof of your identity and address.

As a beginner, you will probably also want to open a demo account funded with virtual money so that you can practice using your chosen broker’s trading platform. You can also use a demo account to test your trading strategy in a real-time trading environment before implementing it in a live account.

Keep in mind that forex trading involves significant risk of loss, so only fund your live trading account with risk capital that you can afford to lose in full.

Frequently Asked Questions

Q

Can I trade forex with $10?

A

Yes, some online forex brokers will accept clients with a very low minimum deposit like $10 or even less.

A

Acronym for “point percentage”, a pip is the traditional smallest change in the exchange rate of a currency pair. For most currency pairs, a movement of 1 pip corresponds to a change of 0.0001.

Q

Can I trade forex without a broker?

A

Yes, you can trade in the over-the-counter (OTC) forex market with major financial institutions using lines of credit if you are a high net worth individual or business, and you can even do rudimentary forex trading via cambios local. If you are a retail trader with a modest amount of risk capital to use as margin, you will need an online forex broker to trade currency pairs.


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