Best Forex Brokers for beginners ❤️ Complete guide 2023

Instead of spending several days or even weeks researching various aspects to choose the best best forex brokers for beginners, we have gathered the best options for you. Of course, no company can be considered perfect and flawless, and every broker certainly has its own advantages and disadvantages. That’s why you can generally review the list of forex brokers along with some key features and characteristics on this page. If needed, you can visit each broker’s dedicated page to gather detailed information about that company.

We have diligently and responsibly examined all these companies and regularly monitor them. We will inform you of even the slightest changes in their conditions through this page, allowing you to confidently open an account with a forex broker.

List of the Best Forex Brokers for beginners

Rank	Company Name	Broker Logo	Minimum Deposit	Withdrawal Methods	Leverage	Regulation	Platform	Review
1	Lite Forex		50$	WebMoney | Perfect Money | BTC , Tether	۱۰۰۰	CYSEC, Marshall Islands	MT4 MT5	Liteforex Broker Review
2	Alpari		1$	WebMoney(just withdrawal) | Crypto	۳۰۰۰	FSASVG ,FINACOM	MT4 MT5	Alpari Broker Review
3	IFCMarkets		1$	WebMoney |Perfect Money | Crypto	۴۰۰	BVI FSC, LFSA, CySec	MT4 MT5 NetTradeX	IFC Markets Broker Review
4	HYCM		100$	Perfect Money |BTC, Crypto	۴۰۰	FSASVG ,CySEC ,FCA ,CIMA ,DFSA	MT4 MT5 cTrader	HYCM Broker Review
5	Amarkets		100$	ریالی | WebMoney |Perfect Money | Tether	۱۰۰۰	FSASVG ,FINACOM	MT4 MT5	Amarkets Broker ❤️ Complete Review and account opening 2023
6	Ingot		100$	WebMoney | Perfect Money	۵۰۰	FSASVG ،ASIC ،JSC, FSASeychelles	MT4 MT5	INGOT Broker Review 2023
7	Errante		10$	WebMoney | Crypto	۲۰۰	IFSC	MT4 MT5	Errante Broker review
8	USGFX		50$	Perfect Money | BTC,  Crypto	۵۰۰	FSASVG ,FCA	MT4 MT5	USGFX Broker Review
9	Orbex		200$	WebMoney	۵۰۰	FSC Mauritius ,CySEC	MT4	Orbex Broker Review 2023 ❤️ Safe or Scam?
10	Fibogroup		100$	WebMoney | Crypto	۴۰۰	FSC ,CySEC	MT4 MT5 cTrader	FIBO Group Broker Review ❤️ How to open an account?

What to Consider When Opening an Account?

When opening an account with a forex broker, there are several important factors you should pay attention to simultaneously. First and foremost, you should be able to deposit and withdraw funds easily. Therefore, the broker’s methods and processing times for depositing and withdrawing funds are of great importance.

After depositing funds, you should be able to trade your preferred instruments with competitive spreads and low commission costs. Here, it’s essential to pay attention to the leverage or leverage ratio on your account so that when opening a new trade, a reasonable amount of margin is set aside, allowing you greater flexibility in managing that trade. In the next step for choosing a forex broker, consider that the Margin Call levels, are set at a reasonable threshold to prevent your account from being immediately closed in case of a losing trade.

The number of tradable instruments offered by the best forex broker is also a very important consideration. Some companies still offer the same instruments they did 20 years ago in 2022! There’s no sign of crypto currencies or international company stocks. Therefore, be sure to review the list of tradable instruments. The more comprehensive this list, the less likely you’ll need to change brokers in the future.

Always keep in mind that you might encounter issues at any moment and need to chat with someone at the forex broker through online chat or on Telegram and WhatsApp. Therefore, having Farsi-speaking support at the broker is of great importance. Some brokers without Farsi support may attempt to communicate with you using Google Translate, but rest assured that this approach will likely cause you more trouble.

Finally, when it comes to choosing the best forex brokers for beginners, we arrive at the trading platform. Since the only usable platform is MetaTrader 4 and MetaTrader 5, and traders do not have a strong connection with cTrader and NetTradeX, while other platforms are sanctioned and unusable for compatriots, there is not much difference between brokers in this regard.

However, the speed of access and servers for MetaTrader differ among different forex brokers, which is crucial for those using expert advisors for trading. So, be sure to create a demo account with the broker you’ve chosen and personally test the server’s ping. Then, you can connect your expert advisor to the real account with more peace of mind.

Key Points in Choosing a Forex Broker

To understand what a broker is and what they do, let’s briefly explain the market they operate in.

The forex market is decentralized, meaning there’s no single exchange where all transactions take place, unlike, for example, the New York Stock Exchange or the London Stock Exchange. Instead, the forex market operates on a global interbank system—a worldwide network where financial institutions directly exchange currencies.

For retail traders to access this network, they need to use a broker. Brokers provide retail traders with the ability to buy and sell currency pairs and offer services such as leverage trading. In return, brokers earn revenue from spreads—the difference between buying and selling prices—and other fees like commissions.

Here are some key considerations when choosing the best forex broker:

1. Regulation: Ensure the broker is regulated by a reputable authority like the FCA, CySEC, or ASIC. Regulatory oversight provides security for your funds.

2. Trading Costs: Evaluate spreads, commissions, and any additional fees in the forex broker. Lower costs can significantly impact your trading profitability.

3. Leverage: Be mindful of the leverage offered. It can amplify gains, but also losses. Choose a level that matches your risk tolerance and trading strategy.

4. Trading Platforms: Check if the forex broker offers user-friendly and reliable trading platforms, such as MetaTrader 4 or MetaTrader 5.

5. Customer Support: Access to responsive and knowledgeable customer support is essential for resolving issues or seeking assistance. A good customer service is one of the most features of the best forex brokers.

6. Deposit and Withdrawal Methods: Ensure the broker supports convenient deposit and withdrawal methods with reasonable processing times.

7. Asset Availability: Consider the range of tradable instruments, including forex pairs, cryptocurrencies, commodities, stocks, and indices.

8. Educational Resources: Look for forex brokers that provide educational resources to learn forex and analysis tools to improve your trading skills.

9. Security: Assess the forex broker’s cybersecurity measures and the safety of your funds.

10. Reputation: Research reviews and feedback from other traders to gauge the broker’s reputation and reliability.

11. Demo Account: Utilize a demo account to test the broker’s platform and your trading strategies before committing real capital.

12. Trading Tools: Evaluate additional trading tools and features offered, such as technical analysis, economic calendars, and risk management tools.

By considering these factors, you can make an informed decision when selecting the best forex broker to suit your trading needs.

How to Choose The Best Forex Broker

Choosing a forex broker for trading is not as difficult as traders often think, even if they are new to trading. Start by reading the list below of important factors for traders, and then use the information to help compare and select a broker.

• Spreads, Costs, and Commissions
• Types of Markets for Trading
• Types of Brokerage Methods
• Execution Speed and Slippage
• Trading Platforms and Tools
• Regulations
• Customer Support
• Leverage and Margin
• Risk Management Options
• Trading Education

By considering these factors, traders can make an informed decision when selecting the best forex broker that suits their trading needs.

1. Spreads, Costs, and Commissions

The spread is the difference between the buying (bid) and selling (ask) prices of a currency pair. In general, lower spreads are better for traders. This is why you often see brokers advertising “low spreads.”

For example, if EUR/USD is priced at 1.1610/11, a trader can buy the currency pair at 1.1611 and sell it at 1.1610. The difference (1 pip) is what the trader pays as the transaction cost. Remember, most brokers primarily earn their income from spreads.

Commissions are another aspect to consider. Many brokers offer various types of accounts tailored to different trading styles. These accounts may have different commission structures.

For example, one account may not charge any commission on trades but might have slightly higher spreads, while another account may offer lower spreads but has a separate commission fee. This structure is designed to allow traders to choose the type of account that best suits their trading strategy and incurs lower costs for them.

Swap, or rollover, is another important consideration for traders who hold currency positions overnight. These types of trades have a fee known as the swap rate, which can be positive or negative depending on the currency pair traded and whether the position is long or short.

2. Asset Variety

A strong forex broker should offer a diverse range of trading products. Even if a trader primarily focuses on currencies, it’s good to know that there are other options available.

For example, traders might spot trading opportunities in commodities, crypto currencies, or the stock market that they want to take advantage of. If they can’t do this simply because their broker doesn’t offer these products, it can be frustrating.

Apart from currencies, look for a broker that provides access to commodities, stock indices, stock CFDs (Contracts for Difference), and crypto CFDs.

3. Types of Brokerage Execution

One of the essential things to understand about a forex broker is how they operate in the currency market. Discover some types of forex brokers below:

• Market Makers: Market makers don’t cover their clients’ positions with liquidity providers. Instead, they assume the risk themselves. This means that a client’s loss is the market maker’s gain, and vice versa.
• STP (Straight Through Processing):STP means that there is no manual intervention when executing orders. For a forex broker, it’s in their interest to have clients profit because active traders usually generate more trades and stay with the broker longer.
• DMA (Direct Market Access): DMA is similar to STP but involves sending orders directly to the market and filling them based on the pricing received from liquidity providers.
• ECN (Electronic Communication Network) Brokers: ECN brokers use an electronic communication network to automatically match buy and sell orders.

4. Trade Execution Speed and Slippage

For most traders, speed of execution is crucial when choosing the best forex broker because it provides more accurate pricing in a fast-moving market. However, it’s especially important for scalpers or expert advisors (also known as automated trading or “forex robots”) that process many transactions in a short time. In these scenarios, delays, even in milliseconds, can be costly. Note that demo accounts, which allow traders to test a broker’s services, don’t always provide an accurate representation of the live trading environment.

Slippage occurs when a trade is executed at a price different from the initial price set. For example, if a trader sets a stop-loss order at 1.1020 but it gets filled at 1.1019, they have just experienced negative slippage of 1 pip. Slippage can be both positive and negative; sometimes a trader might receive a better price than initially set. It’s important to note that slippage cannot be entirely eliminated by brokers, but in high volatility market events, such as NFP (Non-Farm Payrolls) or central bank sessions, where liquidity can be thin, it can be more noticeable. Therefore, traders should be aware of the possibility of slippage and be prepared accordingly.

5. Trading Platform and Tools

The best forex brokers typically provide their clients with access to the MetaTrader 4 (MT4) trading platform and complement it with additional trading tools and resources. Here are a few examples of these:

• Copy Trading Software: This allows traders to copy the trades of proven traders based on their performance.
• Automated Technical Analysis Tools:Such as AutoChartist, which automatically analyzes the market and provides technical analysis alerts.
• Market Analysis and Sentiment Tools: These help traders analyze the market, gain insights, and understand market sentiment, such as services provided by Trading Central.

6. Regulation and Oversight

Trading with a regulated and supervised broker is crucial. At the most basic level, it ensures traders that there are specific standards in place, and if any issues arise that the broker can’t resolve independently, there’s the possibility to turn to a regulatory authority for fair resolution.

If the company you’re considering as the best forex broker operates in multiple jurisdictions, look for the relevant regulations. Examples include the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, the Financial Markets Authority (FMA) in New Zealand, and the Monetary Authority of Singapore (MAS) in Singapore.

7. Customer Support

Like any other service, things can go wrong unexpectedly – a platform error, pricing glitch, incorrect statement, or various other technical issues. No broker is immune to this, but as a trader, it’s essential to know that the company you’re opening an account with is accessible and responsive. They should promptly address and resolve issues in a fair manner. It’s also worth checking if the broker offers customer support in your native language.

8. Leverage and Margin

In specific jurisdictions, the maximum leverage available is determined by the local regulator, and there won’t be any difference among brokers. In other jurisdictions , leverage can be chosen by the customer without limitations, up to the levels available. In some of the companies we’ve mentioned as the best forex brokers for beginners, you can even choose up to a leverage of 1:3000 for your account.

9. Risk Management Options

Most brokers offer free access to a demo account, allowing traders to open trades in a simulated trading environment using virtual funds. While demo accounts typically expire after a set period (usually one month), customers who open a live account often have the option to use the demo account indefinitely.

Initially, demo accounts are useful for testing products, pricing, and broker services. Later on, they can be valuable for testing new strategies without risking real money.

10. Trading Education

The best forex brokers often provide education and tools to help their clients build trading skills and knowledge. This can range from simple blog posts to books and e-learning courses or online academies with participation from expert instructors. In-person seminars and online webinars are also popular methods to assist traders in advancing their trading skills.

Frequently Asked Questions

Is every forex broker trustworthy?

No. You should conduct thorough research and investigation before opening an account and depositing funds with a broker. We recommend using the table above on this page and visiting the review page of the brokers you are interested in to read the terms and details in detail.

Is it easy to register with a forex broker?

Yes and no! Registering with a forex broker is easy when you have the official registration link. With it, you can complete the registration process in just a few minutes. However, if you click on online advertisements, you might land on a website that looks similar but is not the actual broker’s site, and there’s a risk of losing your capital.

How can I find the official links of brokers?

Please note that website links can change from time to time due to factors like filtering or other reasons. To ensure a secure registration, we continuously verify the links on Brokerland. You can find the official link by clicking on the forex broker’s logo on their dedicated page here or by visiting the broker’s official website.”