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5 Best Forex Brokers for Beginners by Shalini Mittal

5 Best Forex Brokers for Beginners by
Article Posted: 05/05/2022
Article Views: 251
Articles Written: 185
Word Count: 735
Article Votes: 0
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5 Best Forex Brokers for Beginners

Every day, a number of forex brokers is coming up online, so it is difficult to choose the best forex broker for yourself. Do a lot of research and have patience while selecting a forex broker for yourself. Following is the guide for beginner traders to help them save time and select the best and most reliable forex broker in the market. 

  • OANDA is one of the trusted brands in forex trading that is highly known for its quality market research and great reputation. It was founded in the year 1996 with a strong regulatory tracking record. Its features and wide range of CFDs make it the best forex broker. It is a safe broker to engage in CFD trading and forex trading. It offers amazing research tools as well as market analysis. The trading costs are steep and offer a highly effective spread. OANDA Review makes them a trustworthy broker to keep your money safe.

    OANDA offers CFD and forex brokers everything they require to navigate the market successfully with several articles, research tools, and podcasts. It carries a trust Score of 92/99 and involves much low risk. Although it isn’t publicly traded, it is authorized and regulated by tier 1 regulators: ASIC, MAS, CFTC, IIIROC, JFSA, CFTC, and FCA. It offers a range of instruments ranging from Litecoin, CFD, Ethereum, Bitcoin, forex, etc.

    OANDA offers great educational content that is helpful for beginners to learn. OANDA educational webinars, tutorials, and educational videos help traders belonging to all competencies. There is no minimum deposit required to active OANDA live account

  • XTB
  • XTB is a reliable, award-winning, and popularly known CFD platform that supports Forex, Cryptocurrencies, commodities, indices, ETF CFDs, and stock CFDs. XTB supports forty-eight currency pairs with less expensive spreads for Forex. It offers leverage up to 200:1. It consists of a free demo account and a set of courses of Trading Academy for both intermediate and beginner traders.


  • You can select between two amazing trading platforms: MT4 platform and xStation.
  • Low spreads.
  • A great collection of more than 3000 trading instruments in 6 asset classes.
  • Cons 

  • 24/7 support is not available.
  • Few forex pairs.
  • BDSwiss
  • BDSwiss is another forex broker founded in 2012, which offers many trading accounts regulated under Cyprus Securities and Exchange Commission and Mauritius Financial Services Commission. It offers users to trade on 250+ CFD instruments such as indices, cryptocurrencies, forex, and equities. Users can easily trade on three account types such as Raw, VIP, and classic, on following trading platforms-

  • MetaTrader 4
  • BDSwiss Mobile App
  • BDSwiss Web Trader
  • MetaTrader 5
  • It offers educational events such as educational webinars, live analysis, seminars, and courses for beginners and advanced in its own trading academy.


  • Avail commission-free trading.
  • Multiple regulations.
  • Trade on MetaTrader 4 as well as MetaTrader 5.
  • Raw spreads are available.
  • eToro
  • Beginners consider eToro as the best platform. The best feature that makes it stand out is the ability to view and copy the strategies of other traders. This broker takes your fear factor away by showing what other traders perform. It has an intuitive platform and helps new traders to gain resources and education from its site.


  • It consists of a trading platform that is quite innovative. 
  • High regulated brokers such as ASIC, CySEC, FCA.
  • Trade with a wide range of assets. 
  • Higher than average spreads.
  • Cons 

  • Doesn’t include MetaTrader platform.
  • FP Markets
  • FP market is a famous broker founded in 2005 and is regulated by ASIC (Australian Securities and Investment Commission). It is a group of companies consisting of First Prudential Market Ltd and is authorized and regulated by Cyprus Securities and Exchange Commission. This broker allows you to trade on more than ten thousand financial instruments covering Forex, Commodities, Metals, Cryptocurrency CFDs, Equities, and Indices. There are different accounts to choose from, such as Standard Account and Raw account for people using MetaTrader. There are commission-based Iress accounts


  • Access to more than 10000 tradable financial instruments.
  • ASIC regulated.
  • DMA trading and ECN pricing are available. 
  • A wide range of trading tools and platforms are available. 
  • Excellent education tools and customer support.
  • Cons

  • It can be overwhelming for most the beginner traders to choose from a great volume of accounts and markets.
  • Related Articles - Oanda Review, Forex Brokers for Beginners, Forex Brokers,

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