If you are a beginner dreaming of stepping into forex trading, we are sure that the biggest issue you must be facing is confusion while choosing the best possible forex broker. When you have to select one among plenty of options without having the experience, then it seems challenging.
But don’t worry and have a look at the following things that you must need to consider.
- Choose a highly-regulated broker.
- Must have great educational material
- Should have an easy-to-use web-based platform
- Provide access to actionable and high-quality market research
If you keep all of the points mentioned above, there is a huge possibility that you will choose the right broker. For your guidance, here we will review the top-ranked broker for beginners.
Best Forex Brokers For Beginner
This section makes a list of five top forex brokers regulated by top jurisdictions and have amazing features. Additionally, their educational content is helpful for beginners.
IG – Top One
IG provides you with an extensive range of excellent facilities that include impeccable research and trading tools, education regarding the industry, and a large number of tradable markets.
This broker is legit and authorized worldwide by renowned regulatory bodies such as the Australian Securities &Investment Commission (ASIC) Financial Conduct Authority (FCA).
Furthermore, owing to its remarkable features, it has ranked at number 1. The minimum investment you need to start trading with the IG is 250.00. In addition, they have a trust score of 99 that plays a vital role in registering this broker as authentic.
Pros
- Regulated by six top-notch jurisdictions of tier-1
- Offering a whopping 19,000 tradable assets
Cons
- Only offering 76 tradable instruments on MetaTrader.
AvaTrade
AvaTrade is another globally recognized broker that offers CFD and forex traders a wide list of trading platforms. It is a great platform for beginners because they provide amazing educational content.
It is worth mentioning that the 3 tier-1 regulators regularize it and 4 jurisdictions of tier2, and one low trust or tier 3 regulatory body when it comes to legitimacy. The list of regulatory bodies includes some big names such as ASIC, JFSA, and IIROC.
The number of tradable products offered by the broker relies on the platform you have chosen for trading. For instance, if you have selected MetaTrader 5, you will get 1260 symbols.
Pros
- Highly regulated
- Backed by Sentry Derivatives
- Offer a mobile trading platform with great forex options.
Cons
- The desktop platform has an outdated design
- It takes a lot of time to load
Capital.com
Capital.com exhibits excellent qualities such as powerful educational material, high-quality research, and amazing web platforms responsible for its immense popularity. This broker is appropriate for both newbies and veterans.
The minimum deposit to initiate trading with Capital.com is $20.00. In addition, they support a total of 4056 tradable symbols that is lower than multiple top-notch brokers but still better than average ones. It is regulated by high trust jurisdictions such as ASIC and FCA.
Pros
- For the market analysis, they provide top-notch video content
- Provides more than 200 cryptocurrencies
- Integration of Emotional Quotient (EQ) AI tool
Cons
- Unavailability of MetaTrader5
- Limited licenses
Plus500
Plus500 is a renowned brand that provides a trading platform that is easy to operate. In addition, it also offers you to perform share trading and allow the thorough selection of CFDs.
Owing to its easy-to-use nature, it is suggested for beginners, but there is a lack of educational material. Plus500 has the license from 3 highly trusted regulators and has two from the average ones.
If you plan to begin trading through this broker, you must have a minimum deposit of 100. There is also a lack of tradable products as it offers 1896 tradable products.
Pros
- Well-regulated by authorities
- Featuring robust charting in the mobile as well as the web platform
- Offering CFD contracts on 24 famous symbols.
Cons
- Limited features
- No news headlines
TMGM
The most significant feature of TMGM is its immaculate educational toolset. Although it offers great educational material, it lacks several other top-notch brokers’ features. For instance, there is a limited offering of the markets.
The minimum deposit for this broker is $100. Another great thing about this brand is that it offers trading in 12000 tradable instruments, which is quite higher than many other brokers.
It is also worth mentioning that TMGM has the license from the ASIC’s one high trust regulatory body. In addition, it has also got regulations from two average-rated jurisdictions.
Pros
- On the Edge account, the commission rates are competitive
- Their educational tools have quizzes
- Has interactive material that is helpful for newbies.
Cons
- Many tradable symbols are only available for the IRESS platform
- Needs a $5000 deposit as it is not optimized for forex trading.
Final Thoughts
To summarize the review, we must say that your future as a forex trader greatly depends on the broker you have chosen. So, this momentous decision demands a lot of attention and hard work.
Give time, do proper research, and evaluate which brand can work best for you. We are hopeful that this review will prove helpful in this context.
