The 6 Best Forex Brokers (Actually) for Beginners - Most Popular
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The 6 Best Forex Brokers (Actually) for Beginners - Most Popular


The 6 Best Forex Brokers who you (really) need to be using in 2020 - Increase Profits without changing your Trading (never seen before)


MOST POPULAR

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Trading 212 is Single Handley the Worlds Best Broker in 2020 That Any New Trader could get their hands on. No commission. Best Trading Platform/app. And Support like no other. Trading 212 Tops Them All.
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Beginner
Friendly
9

Visuals

10

Ease of
Setup
9

Costs

9

Total
Score
92.5%



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Robinhood is only available to US and AUS clients, and is known for its beginner based platform.
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Beginner
Friendly
7

Visuals

7

Ease of
Setup
7

Costs

7

Total
Score
70%


FREE SIGNALS

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Etoro is The FaceBook of Trading. Etoro has intertwined a social aspect into Trading, creating a lighter more enjoyable environment for all. The social aspect is perfect for new traders who require more support and may depend on signals.
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Beginner
Friendly
10

Visuals

10

Ease of
Setup
9

Costs

7

Total
Score
90%


TOP FOREX BROKER

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CityIndex has a huge focus on Forex and CFD's, enabling new Forex traders to get a head up in market.
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Beginner
Friendly
8

Visuals

6

Ease of
Setup
8

Costs

6

Total
Score
70%



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Forex.com is the Perfect Forex broker for any Forex Trader who wants leverage their Trades to make the most returns possible
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Beginner
Friendly
7

Visuals

7

Ease of
Setup
9

Costs

6

Total
Score
72.5%


PERSONAL SUPPORT

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BlackBullMarkets is the Broker that fits like a glove to Beginner Traders, small and concise they aim to please in every way possible.
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Beginner
Friendly
10

Visuals

7

Ease of
Setup
7

Costs

9

Total
Score
82.5%


6 Best Forex Brokers (Actually) for Beginners

What is a Forex Trading Broker?

Forex Brokers are companies that neatly provide traders with unlimited access to their trading platform, which enables them to buy and sell currencies (in this case being a Forex Broker - Trading Brokers, in general, allow you to buy all sorts, such as commodities, stocks and so much more). Forex Brokers may also be named a retail forex broker or foreign exchange currency trading broker. Each Forex Broker will only deal with a very small percentage of the total forex traded volume. The best Forex Brokers will have a larger volume share of the retail market. However, the biggest and the best banks will have the largest trading volume as they trade on behalf of giant institutional traders.

Retail Currency/Forex Traders such as yourself, (retail trader means individual trader), will utilise the Best Forex Brokers to buy and sell currency pairs across a Brokers platform 24 hours a day, 5 days a week. The Best Forex brokers also offer services that are aimed and dedicated to institutional clients, however, this will not affect you directly at this time.

What makes a Great Forex/Trading Broker?

So what makes a Forex Broker the best in the UK/USA? What does it take for them to rise above the rest of the Forex world and help new traders achieve their goals and profit alongside each and every one of them? There are plenty of UK Forex Brokers, many of which will never be a high enough standard for you top really earn top dollar on, luckily we`re here to tell you exactly what to look for and avoid in this quick summary.

Top 5 things to look out for are when choosing your first Forex Broker:

1. Choose a Regulated Forex Broker
Check that the UK Forex Broker is regulated. In the UK, there are two regulatory organisations - the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA.) The logo for either of these should be displayed on the Forex Broker`s website for your security. All 6 of the Best Forex Brokers for Beginners we have promoted above are all regulated to the highest degree by the FCA and PRA - so you are in safe hands.

2. The Forex Broker`s Customer Agreement Policy
Find the UK CFD broker`s customer agreement policy. This will outline the things that you are agreeing to when becoming a customer with that UK Forex broker. The Best Forex Brokers will always point you to this at the beginning of your career with them.

3. Trading Tools, Courses and Resources
Does the UK CFD broker offer a forex news service? They may also offer diagramming instruments which will give you an insight on forex trading. If a CFD broker offers these services, it is likely to help you in your forex journey. When choosing a Forex Broker as a beginner, the best one for you will always have plenty of on-platform tools and courses for free so you are able to learn and trade at the same time. A brilliant Forex/CFD Broker for this is (insert) Etoro, they have a large selection of tools and resources for you to choose from, such as their signal service tool that lets you automatically follow forex trading signals from pro traders at a click of a button.

4. Customer Service
What is their customer service like? If there are several ways to contact the Forex broker, they are more likely to be a better broker as they are easily accessible for support. Again as a beginner, having support from your Forex Broker is essential as you will have plenty of questions that will need to be answered. The Best Forex Brokers will always provide you with live chat support, such as insert Trading 212 - who have dedicated 24/7 live chat support built into the system.

5. The Forex Brokers Deposit and withdrawal procedure
Check the deposit and withdrawal procedure. The UK Forex broker will hold your funds for you and should allow you to withdraw them whenever you need to. The Best Forex Broker such as insert BlackBullMarkets has a really simple and easy to follow deposit and withdrawal procedure, this makes opening an account and starting to trade super easy and reduces friction in the process. BlackBullMarkets is a prime Beginner Broker.

What is the Role of a Forex Broker?

Forex Brokers provide immediate access to currency pairs that retail traders such as yourself are able to capitalise on. The Best Forex Brokers will always stock the top major currency pairs such as EUR/USD, GBP/USD, USD/JPY and many more. The minor and exotic pairs are also stocked by the best of the best Forex Brokers however, as a beginner retail trader you will rarely use minor or exotic pairs at the beginning of your forex career.

Forex Brokers make it possible for you to open and close trades of the same currency pairs and profit the difference. For example, if you wanted to buy USD/JPY it would be because you were predicting USD to rise against the JPY. When the price does go up you are then able to sell the currency and profit the difference. Although not all of the profit goes to you. A percentage of your profit will go to the forex broker in terms of fees and costs (it`s how Forex Brokers make their money and enable them to let you trade 24/5). - This is why it`s so important to choose a cheap and highly rated Forex Broker as a proportion of all of your profit goes to the Forex Broker on every single trade, as commission/spread.

The Best Forex Brokers who are regulated by the (UK) FCA have made leaps in their customer experience in recent years, opening a forex broker account is simpler than ever and is pretty much as easy as getting on Facebook. Before trading, the forex broker will require you to deposit some capital into the account as collateral. For the brokers that we have reviewed and rated this is usually below GBP100 and some are even as less as GBP1, due to them being a beginner based Broker platform.

How Forex Brokers are Regulated and Why You Need a Regulated Forex Broker

The main two entities that regulate Forex Brokers are CTFC and the NFA, these groups are designed to eliminate any fraudulent practices.

The best broker for you is always going to be the one that is rated highly, reviewed very well by forex comparison sites (such as TradingCompared) and the customers they serve, only the best-regulated brokers receive this type of feedback.

Unregulated brokers are usually clever scams designed to take the most amount of capital out of you as possible. Some scamming Forex brokers have been reported of literally stealing money from clients accounts, locking clients out of their account, and so much more. You must always use the Best Forex Broker that is regulated by the FCA, CTFC and NFA.

How to Get started in Forex Trading with a Forex Broker?

Most Forex Brokers will allow you to use a practice account before trading real money (if they allow this, this is also a really positive sign - all of the brokers we review allow practice accounts), you should use this practice account for the first 15-30 days at least, and then when you feel ready you should simply swap over to a real account.

It`s super straightforward to get started with a Forex Broker, opening an account has never been so easy, especially practice accounts - as no deposit or any card information is required.

When choosing your first Forex Broker, see which one best fits your individual trading/lifestyle. What do you want to trade? Do you even want to trade Forex? Maybe Cryptocurrency would be a better option for you? Therefore we would suggest the Best Crypto broker being insert Etoro. Perhaps you want the best Trading app forex Broker, therefore we would suggest insert Trading 212. There`s many different reasons why you would choose one broker over another.

There is no single Best Trading Broker, each Broker is completely different and will there will always be one broker better than another. However, here is a quick rundown of the best Broker for each section:

Best Forex Broker: Trading 212
Best Social Broker: Etoro
Best Trading apps Broker: Trading 212
Best USA Beginner Broker: Robinhood
Best Beginner Broker: BlackBullMarkets
Best Promotional Broker: Trading 212
Best Cryptocurrency Broker: Etoro
Best CFD Broker: Etoro
Best Signal Providing Broker: Etoro
Best UK Forex Broker: Trading 212

Scan over the reviews we have made above of the 6 best Forex Brokers for Beginners, see which one feels right to you. At the end of the day, your first trading broker will unlikely be your last, you won't realise what you want until you start, but you can always come back and pick another at any time without any issues occurring.

Overview of Forex Brokers

A Forex Broker acts as a sort of middleman (some known as market makers), that is obviously crucially needed in order for retail traders such as yourself reading this to trade and invest in currencies.

Forex Brokers come in many different shapes and sizes, all differing to a certain degree. Each broker will offer you a range of benefits and drawbacks as no single broker will be perfect for you, but one Forex Broker will ultimately be the best for your lifestyle/trading.

The 6 Forex Broker above are all regulated, safe and designed around beginners in particular. They`re hyper-focused on new traders, how you operate and getting the most for you. You are in safe hands with any of the above Brokers you pick.

You can get a lot of free content from other places such as ForexFactory (which is a giant forum of traders who voice their opinions), this might be a helpful way to hear what others have to say, or check out our user`s reviews on each of the Forex Brokers Review pages. These reviews may be more organised than ones posted on ForexFactory.

A Summary of each of the Best forex Brokers Available



1. Trading 212 Forex Broker Review

Trading 212 has a zero commission policy which definitely stands out. Beginners and experienced traders will benefit from using this broker. With over fourteen million downloads, Trading212 is a well-known UK Forex/trading broker. Rated as having the number one trading app in the UK since 2016, Trading212 charges no commission when trading CFDs. Too good to be true?

They have a demo account which means you can learn to trade without having to use your money. You can practice for free before you start trading with your own money. There are also plenty of instruments to choose from, meaning you can trade in the way you prefer out of their options. Trading 212 fees are really great and are one of the reasons they're number one on our list - There are ZERO commissions on any CFD products (contract for difference), so if you're serious about trading and making profit, then Trading212 has your back.

Trading 212 deposit and withdrawal is simple and easy to complete, Trading 212 has a small setup fee when opening a trading account. Furthermore, there is a minimum deposit condition of GBP100. However, there's no charge on any withdrawal, and the process goes fast and easy. There only main downfall is there is an inactivity fee, so be aware of this when setting the account up.

Trading 212 is a complete CFD and Forex broker, they stand out of the crowd with their zero commission policy. Offering fantastic trading conditions and unparalleled trading experiences, we recommend Trading 212 to both beginners and experienced traders alike. Trading 212 can be considered a Forex factory, with its simplistic and perfect environment for trading both CFD and especially Forex asset, ideal for any beginner.

Our full Trading 212 review can be found on the broker page Here That contains every question you will have about this broker, including but not limited to:

Trading 212 fees
Trading 212 tips
Trading 212 leverage
Trading 212 safety
Trading 212 legit
Trading 212 Deposit and Withdrawal

2. Etoro Forex Broker Review

A social networking UK Forex/CFD broker for traders, Etoro (UK Broker) exists since 2017. It quickly became a leading brokerage house, offering a unique trading experience. For instance, this is the single best UK CFD broker to receive FREE professional signals. Etoro provides Forex and CFD signals for free to traders which is a huge bonus. The forex and CFD signals are easy to follow too.

You can open an account with no minimum balance. Opening an account is a swift process - enabling a client to trade Forex, stocks, ETFs (Exchange Traded Funds), Crypto, CFDs and several other markets.

Etoro fees may seem complicated to a few, so we thought we'd clear then air. There are no fees for depositing funds but there are fees if you withdraw, charging $25 for each withdrawal. The unique social experience comes at a high price. While keeping the trading costs low, the adjacent fees make it overall quite expensive. Etoro charges a withdrawal fee, inactivity fee, overnight fees, and has an overall high financing rate. Etoro fees are on the higher side as mentioned, however, this is due to the luxury of having low spreads, commissions and an amazing platform with so much opportunity to make money from the free Forex signals available.

The only way you can contact Etoro for support is via email, they do not offer any live chat or phone support.

When looking for a Forex signals comparison, Etoro comes on the top of the list every time. With a fun, an interactive trading platform, the overall experience, from funding the trading account until cashing out, is excellent with Etoro.

If you plan to use Forex signals then 100% they are the best Forex UK broker for you without a doubt, you can make a profit in the market with little to no experience - if you need any help setting up the forex signals on the platform then you can speak to us or Etoro support.

Our full Etoro review can be found on the broker page Here.

Our full Etoro review contains all the information you need to know about them, including:

Etoro fees
Etoro xrp and crypto
Etoro minimum deposit
Etoro leverage

3. City Index Trading Broker Review

This Uk Forex broker is honest and makes it clear that traders should be aware that scamming is a possibility when trading. It is the UK's most promising and possibly best Forex broker.

There are relatively low fees when trading Forex. No commissions exist when using this broker, plus the deposit and withdrawal process is simple. CityIndex offer various forms of support, including phone, email and a chatbot.

City index fees, City Index has no withdrawal or deposit fees. The inactivity fee activates if no trades are taken in one year (GBP 12/month). Stock trading fees, on the other hand, top the highest range when compared to other online UK forex brokers. All in all, for both stock and Forex fees, City Index does have trading fees (commission and spreads) on the higher side yet this is the price you pay for a bespoke broker. This broker does not accept clients from the US or Canada.

Trading with City Index is safe and the environment extremely competitive. A true Uk forex broker that cares for the retail trader, it offers low fees and your funds are in safe hands.

Our full City Index review can be found on the broker page Here.

Our full City Index review contains the following:

City Index full review
City Index demo
City Index login help

4. BlackBull Markets review

This UK Forex broker has a focus on individual traders. They are beginner-focused which is positive for people learning to trade.

Black Bull Markets have an FX Academy (trading course), giving all clients a wide range of videos of trading. As they are a smaller broker, they can dedicate more time to giving their clients a helping hand with their trading.

There is a free demo account available if you would like to practice trading first. In order to trade, there are some minimum deposits required. For a standard account, the minimum deposit is GBP200, GBP2000 for the prime account and GBP20000 for the institutional account.

Our full Blackbull Markets review can be found on the broker page Here.

5. Robinhood Trading Broker UK Review

Robinhood is a beginner-focused UK trading broker which has a place for crypto speculators as well as Stocks, ETFs and Options. A UK trading broker that is hyper-focused on newcomers to the financial markets, Robinhood UK trading broker offers a commission-free trading environment. A perfect UK trading broker for traders eager to begin trading financial markets.

There is no minimum deposit so you can start trading with $0 to gain experience. This broker does not charge any inactivity or withdrawal fees, so if you change your mind - you won't be charged for this as you would with some of the other CFD and Forex brokers. However Robinhood does offer analysts ratings and fundamental data, Robinhood's platform allows newbie traders to benefit the most from what's ahead. On the customer service side, Robinhood only offers email support. Though well managed and performant, it lacks the advantages of having live chat support or even phone support as other brokers have (e.g. Trading 212).

Robinhood does not offer any trading education or online trading courses which is not helpful for beginner traders. There is a commission fee for non-US stocks but they do not charge a commission fee for US stocks. Robinhood guarantees investment protection up to $500,000, functioning under the umbrella of a top tier financial authority.

Our full review can be found on the broker page Here.




Most Related/Top Read Articles:

Top 5 Trading Brokers for UK Beginner Traders
Top 5 Forex Signals for Uk Beginner Traders
Choosing your Very First Broker in 2019
10 Questions Every New Trader has - Answered
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