7 Best Forex Trading Platforms for Beginners for October 2024

Top Forex Trading Platform for Beginners – List for October 2024

This list is not a comprehensive guide; it is designed to give you a starting point to know what features to look for and how they compare and differ.

There are many Forex trading platforms, all with different products, services, strengths and weaknesses.

The brokers mentioned below are currently the most popular brokers. They have all won various awards and are known for their reliability.

1. One of the high leverage CFD brokers: Plus500
2. Best for beginners looking for a user-friendly trading platform: Spreadex
3. Best trading platform UK for beginners: eToro
4. Multi-platform Forex broker for beginners: AvaTrade
5. Best Forex broker for beginners with low fees: XTB
6. Broker for beginners with best Forex demo account: IG
7. Best Forex trading platform UK for beginners with social trading: Switch Markets

Best Forex Trading Platform for Beginners – Comparison Chart for October 2024

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Best Forex Trading Platforms & Brokers for Beginners in the UK – Reviewed (October 2024)

Regulated: CySec, FCA, ASIC, MAS, FSA, EFSA, DFSA
Minimum deposit: $100
Costs and fees: Free withdrawals, overnight funding fee, currency conversion fee, inactivity fee, guaranteed stop order fees
Educational resources: Basic videos and articles, pdf
Demo account: Yes
Social copy trading: No
Customer service: 24/7 support through email, live chat and WhatsApp

Plus500 instruments are available for trading exclusively via CFDs and the service offered on the platform is CFD-based.

Plus500 was founded in Israel in 2008; therefore, while it is regulated, it has yet to survive a recession.

The educational resources are not as good as other Forex trading platforms, and the platforms lack when it comes to research and analysis.

It is user-friendly and easy to set up an account, however.

Beginners must start with a demo account before trading with real capital since trading CFDs is a risky activity, Plus500 is not suitable for pure beginners.

Spredex stands out as one of the best forex trading platforms for beginners due to its comprehensive offerings and user-friendly features.

Its commitment to delivering a top-notch user experience is evidenced by its recognition in the industry, having won awards for the "Best Mobile App" and "Best Platform Reliability."

These accolades underscore its capability to provide a stable and intuitive trading environment that can significantly benefit novice traders.

One of the key advantages for beginners at Spredex is its integration with TradingView, a leading financial visualization platform. This integration allows novice traders to access advanced charting tools and perform technical analysis with ease, a feature that is essential for making informed trading decisions.

The user-friendly interface and robust support system further contribute to a seamless learning curve for those new to forex trading.

Moreover, Spredex offers extensive resources to help beginners get started. For instance, new users who deposit £500 or more receive a free subscription to Financial Tomes, offering a wealth of information that can enhance their understanding of forex markets and trading strategies.

Another significant benefit for beginners is the absence of a minimum deposit requirement and no inactivity fees.

This approach allows new traders to start small and learn at their own pace without the pressure of accumulating costs, making it an ideal platform for those just starting out in forex trading.

While Spredex does not offer physical share dealing or MetaTrader 4 (MT4), its focus on CFDs and spread bets through a user-friendly platform equipped with necessary educational resources makes it a highly suitable choice for beginners looking to enter the forex market.

This specialization ensures that newcomers can focus on learning the intricacies of forex trading without the complexity of additional trading options that might be more suited to experienced traders.

Regulated: Two tier-1 regulators – UK, Australia
Minimum deposit: $100
Costs and fees: Low forex fees, $10 per month inactivity fee, $5 withdrawal fee, additional fees may occur for some trades
Educational resources: Basic education videos, integrated educational content, YouTube channel
Demo account: Yes
Social copy trading: Yes
Customer service: Live chat, web-based ticketing with email replies

Below content does not apply to US users.

eToro is one of the most popular Forex trading platforms.

For beginners, there is very little educational material to guide you, however.

Where eToro does excel as a Forex trading platform for beginners is their social trading, which allows you to copy another trader's portfolio.

The trading platforms are also user-friendly.

To find out more, read our eToro review.

51% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Regulated: Yes, by multiple regulators including the Central Bank of Ireland and ASIC in Australia.
Minimum deposit: $100
Costs and fees: Competitive spreads, $50 inactivity fee after three months, $100 administrative fee after 12 months, overnight fees may apply.
Educational resources: Extensive, including trading guides, webinars, FAQs.
Demo account: Yes
Social copy trading: Yes, via platforms like ZuluTrade and DupliTrade.
Customer service: 24/5 live chat, email, phone support in various languages.

AvaTrade is often considered one of the best forex trading platforms for beginners for several reasons:

• User-Friendly Platform: AvaTrade offers a straightforward and intuitive Forex trading platform, which is beneficial for new traders who are still learning the ropes. The platform is easy to navigate, making it simpler for beginners to execute trades and manage their accounts.
• Educational Resources: AvaTrade provides a wealth of educational materials, including webinars, video tutorials, eBooks, and articles. These resources cover a range of topics from the basics of trading to more advanced strategies, which can be incredibly valuable for beginners.
• Demo Account: The availability of a demo account is a significant advantage for beginners. It allows new traders to practice trading with virtual money, helping them gain experience and confidence without risking real capital.
• Risk Management Tools: AvaTrade offers various risk management tools, such as stop-loss orders, which are essential for new traders to help manage and limit potential losses.
• Regulation and Security: AvaTrade is a regulated broker, which can offer beginners a sense of security. Knowing that the broker adheres to certain regulatory standards can provide peace of mind.
• Customer Support: Good customer service is crucial for beginners who may have many questions. AvaTrade is known for providing solid customer support.

However, it's important for beginners to be aware that trading involves significant risks, and they should only invest money that they can afford to lose. While AvaTrade offers a beginner-friendly environment, the inherent risks of trading in the financial markets are still present.

Regulated: One tier-1 regulator – UK
Minimum deposit: $0
Costs and fees: Overnight financing costs, spread costs, inactivity fees, no withdrawal fees over $100, low forex fees
Educational resources: Texts, quizzes, videos
Demo account: Yes
Social copy trading: No
Customer service: Multi-language, live chat, phone, not available 24/7

XTB is a Polish Forex and CFD broker founded in 2002. While it is regulated by a single top-tier regulator, it has gained a reputation for its user-friendly platform and comprehensive educational resources, making it a popular choice when it comes to Forex trading platforms for beginners.

Features for Beginners:

• User-Friendly Trading Platforms: XTB offers two trading platforms, its own xStation 5 and the popular MetaTrader 4, both designed with beginners in mind. Both platforms feature intuitive interfaces, clear navigation, and a range of charting tools and indicators to help novices understand market movements and make informed trading decisions.
• Comprehensive Educational Resources: XTB provides a wealth of educational resources tailored to beginners, including webinars, video tutorials, articles, and glossaries covering a variety of trading topics, from basic concepts to more advanced strategies. These resources help beginners grasp the fundamentals of trading and develop essential skills for successful trading.
• Demo Account: XTB offers a free demo account that allows beginners to practice trading with virtual funds before risking real money. This valuable tool provides a safe environment to familiarize oneself with the trading platform, test different strategies, and gain confidence before venturing into real-world trading.
• Low Minimum Deposit: XTB requires a relatively low minimum deposit, making it accessible to beginners with limited capital. This allows them to start small, gradually increase their trading activity as they gain experience and confidence, and avoid exposing large sums to potential losses.
• Competitive Spreads: XTB offers competitive spreads on a wide range of trading instruments, including forex, indices, commodities, and shares. This helps beginners reduce their trading costs and improve their profitability.
• Responsive Customer Support: XTB provides responsive customer support to assist beginners with any questions or issues they may encounter while using the platform or navigating the trading process. Their knowledgeable and friendly support team is readily available to help beginners resolve problems, clarify doubts, and provide guidance.

Overall, XTB's user-friendly trading platforms, comprehensive educational resources, demo account, low minimum deposit, competitive spreads, and responsive customer support make it a compelling choice for beginner traders seeking a supportive and well-equipped trading environment.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Regulated: Six tier-1 – Australia, Japan, Singapore, Switzerland, UK
Minimum deposit: $250 for US accounts
Costs and fees: No withdrawal fees, $12 inactivity fee, spread cost, overnight financing costs
Educational resources: DailyFX which features over 20 articles, IG Academy with eight courses, webinars, YouTube channel, live videos
Demo account: Yes
Social trading: Not fully integrated, but elements of social trading are available
Customer service: Email, live chat, phone

IG was founded in 1974 in London and is considered one the most trusted Forex trading platform for beginners.

For beginners, IG offers industry-leading educational material and easy-to-use platforms.

Presently, it does not have a desktop trading platform.

The web and mobile app platforms are secure and come with a host of resources and tools, however.

The downside of IG is that:

• Live chat function is often offline
• Forex fees are higher than most of the competitors

Regulated: ASIC
Minimum deposit: $50
Costs and fees: Competitive spreads, no inactivity fees, and no deposit or withdrawal fees. Overnight fees (swaps) may apply.
Educational resources: Offers educational resources including trading guides, webinars, and market analysis.
Demo account: Yes, offering a risk-free environment to practice trading strategies.
Social copy trading: MetaQuotes copy trading/signal solutions integration.
Customer service: 24/5 customer support through live chat, email, and phone.

Founded in 2019, SwitchMarkets.com styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, SwitchMarkets.com has a lot to offer.

The parent company of SwitchMarkets.com (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.

With SwitchMarkets.com you can trade:

• 62 Forex pairs
• 8 metals
• 21 indices
• 86 share CFDs
• 4 cryptocurrencies

Switch Markets offers several features that are beneficial for beginners in forex and CFD trading:

• Low Minimum Deposit: A low minimum deposit of $50 makes it an accessible forex trading platform for beginners to start trading without a significant initial investment.
• Demo Account: They provide a demo account, which is an essential tool for beginners. It allows new traders to practice and develop their trading skills in a risk-free environment using virtual funds.
• Educational Resources: Switch Markets offers a range of educational materials, such as trading guides, webinars, and market analysis. These resources are valuable for beginners to learn the basics of trading and understand market dynamics.
• User-Friendly Trading Platforms: They offer access to popular and user-friendly trading platforms like MetaTrader 4 (MT4), which is known for its ease of use, reliability, and range of features suitable for beginners.
• Competitive Spreads and No Hidden Fees: Beginners can benefit from the competitive spreads and the absence of hidden fees, inactivity fees, or unnecessary charges, making it easier to manage trading costs.
• Customer Support: Having access to responsive customer support is crucial for beginners, and Switch Markets provides support through various channels like live chat, email, and phone.

These features combined create an environment that can be very conducive for beginners to start their trading journey. However, it's important for beginners to be aware of the risks involved in trading and start with only what they can afford to lose.

Is Forex Trading Worth It for Beginners?

Foreign exchange trading, or Forex trading, involves the buying and selling of currency pairs to make a profit.

Since the pandemic, forex trading has increased by 300%, indicating how popular this type of investment is.

There are many benefits of Forex trading, including it being part of a large and global market and being an accessible security for beginner traders.

However, as trading can be complex and comes with risks, it is essential to choose the right forex trading platform for beginners.

As a beginner, there are several things to consider before committing to a broker. As you become more experienced, these factors will change, leading to a possible change in broker.

When making your decision, look for tools and features that suit your trading level.

Committing to a platform with the best research tools but little education or support will not help you become a good trader.

The data trading platforms generate can be overwhelming and challenging to understand at first.

Start with the simple tools, and build your way up.

How to Choose a Forex Trading Platform for Beginners – Key Considerations in 2024

When deciding what broker to commit to, there are several factors you need to consider.

Is It Regulated?

There are three regulatory tiers:

• Tier-3 has low trust
• Tier-2 is medium
• Tier-1 is complete trust

When choosing a broker, you want it to be regulated by tier-1 jurisdictions, preferably in your country of residency.

Any broker that does not have a tier-1 regulator should be treated with caution.

You should also check if it is listed on any stock exchanges or indices and what year it was established.

Those companies that have survived a recession are assumed more reliable. Those listed on stock exchanges are more transparent with their finances.

What Are the Costs?

Always read the fine print for hidden and additional fees.

The best Forex trading platforms for beginners are transparent in their trading fees and provide a full breakdown before making a trade.

You should also be aware of:

• Minimum deposits
• Account opening fees
• Withdrawal fees
• Transfer fees

Costs can also vary between countries, so ensure you are checking for your region.

What Educational Materials Does It Offer?

As a beginner, you will need as much help as possible.

Every Forex broker has an education section explaining the basics of trading and how to use the platform.

Some brokers understand the value of educational materials and offer a wide variety that include:

• Webinars
• Guides
• Quizzes
• Videos
• Courses

While spending more time learning may not sound appealing, it is the best route to becoming a successful trader.

Does It Provide a Demo Account or Social Copy Trading?

In demo accounts, the broker gives you a fake amount of money to make trades and investments.

You work with real-time data and make trades and investments as you would if the money were real.

However, as the money is not real, you can make as many mistakes as you want without any consequences.

You can also test different strategies, tools and resources to see which ones work for you.

This ensures that when you start live trading you have a winning formula and less chance of losing your money or making rookie mistakes.

Social copy trading allows you to see another trader's portfolio. Some brokers give you the option to copy their trades.

Others are more social in that you discuss the choices someone made for a better understanding.

Does It Have Good Customer Service?

No matter the industry, good customer service is always a beneficial thing to have.

When working with technology, especially complex trading platforms, there may be issues that you need to resolve and quickly.

Before committing to a broker, research the communication methods and how effective they are.

Factors to consider are:

• Customer service working hours
• Location of the customer service department compared to you
• How quickly they respond

Some Forex brokers have multiple communication routes, but they are not always effective.

Check reviews to see if the live chat is mostly online or offline, if you can access a real person, and what the average response time is.

Are the Trading Platforms Easy to Use?

Trading platforms are complex. They involve a lot of data, third-party integrations, calculations, charts, graphs and real-time updates, to name but a few.

When starting, you want a Forex trading platform for beginners that is:

• Easy to use
• Customizable
• Modern and clean interface
• Clear sections

You may also want to consider how you will spend most of your time trading.

If you are constantly on the go, do you need a mobile trading app, or would you prefer the detail available on web-based or desktop platforms?

Does It Allow For Greater Profit Margins?

Some trading platforms offer better rates to those who trade with larger amounts of money and bigger trade volumes.

As a beginner, you want to avoid these.

Look for Forex trading platforms with low Forex fees and little or no commissions so you can make a profit as soon as you start trading.

Does It Have Flexible Withdrawal Options?

As a beginner Forex trader, you may only have a small budget to work with, and you may want to withdraw any profit you make.

Check what the withdrawal options are for the Forex trading platform for beginners that you are choosing, how often you can make a withdrawal and any associated fees.

Some brokers allow one free withdrawal per month and charge a flat fee for any additional withdrawals.

Frequently Asked Questions

Final Thoughts

Forex trading is exciting but can come with a high risk. A good Forex trading platform for beginners can help you navigate choppy markets and execute your investment strategy.

Before making your final decision, trial every demo account so you can get a feel for all the platforms.

When you find a Forex trading platform you like using, check that it has all the features you need right now.

Do not settle for the broker that your friend uses or that you have seen advertised.

eToro is widely promoted and therefore attracts more clients. It has a reputation as a good broker with excellent social trading. But it lacks support material and requires a $200 deposit.

On the other hand, AvaTrade is less popular but also offers social trading, has a lower minimum deposit and more educational materials.

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