Finding the top10best forex brokers for beginners is hard because there so many different types of accounts and brokers to choose from. It can be confusing when you are first starting. Don’t worry though. We have your back and will help you pick the right broker to start making trades right away. You need a forex broker to trade forex. No question about that. There are 3 most important things to look for in a forex broker:
Legitimacy and Reputation: The forex broker must have a good reputation in terms of its legitimacy so that you don’t send your money to a fly-by-night operation.
Trading Platforms: most forex brokers offer the widely used MetaTrader 4 (MT4) platform, some others offer their proprietary trading platform, some offer both. All the platforms are free to use. No forex brokers charge a platform fee. Most forex brokers offer a free demo account for you to paper trade and get familiar with the platforms.
Forex.com, established in 2001, is part of GAIN Capital, funded in 1999, a New York Stock Exchange-listed public company based in the US.
Forex.com has two different desktop trading platforms you can choose from. Their in-house desktop platform as well as the MetaTrader 4 (MT4) desktop trading platform, along with mobile and tablet trading apps. They also have a web (browser) based trading platform.
Forex.com has one of the easiest interfaces to understand and help you start trading from day one. That’s why we rate this as the top beginner forex broker account.
What Forex.com offers in forex trading?
- Minimum deposit: com has a very low minimum initial deposit of just USD 100.
- Base Currencies: Forex offers various currencies depending on your country of residence as your account’s base currency.
- Minimum lot sizes for forex trading: you can trade as small as 0.01 lots (just 1% of the full lot).
- Funding options: you can fund your account with:
- bank transfer (ACH for US traders)
- credit/debit cards
- Commissions and fees: like most other forex brokers reviewed here, Forex.com doesn’t charge commissions or fees other than the spreads of the currency pairs you trade. The spreads are the normal spread charged by most other brokers. Not higher, not lower.
- Trading platform: they do offer MT4, mobile/tablet apps, and web-based trading platforms, as well as their in-house trading platform.
- Free demo account: com offers a free demo account for 30 days for you to get familiar with their trading platforms.
- Low minimum funding requirements and multiple funding methods
- Very beginner friendly with room to grow as you grow
- Offers the MT4 platform, if you don’t like their in-house platform
- Well, invest in technologies, speedy executions, and high server uptime.
- Generally low forex trading costs and low non-trading related fees
- Used by all kinds of forex traders, from beginners to veteran traders
- You must choose which platform to use when opening your account, it can’t be changed once the account is open.
- Their in-house trading platform can be less user friendly
- You need to open another demo account (with a different email) if you want to try out a different platform