Beginner Forex brokers are rare gems, luckily we have unearthed the Best Forex Brokers that have been custom-built around beginners, so you can win trades too.
4 Forex Brokers Custom-Built For Beginner
What are Trading/Forex Brokers?
Forex Brokers are simply companies that provide to both beginners and intermediate traders access to their trading platform, which then enables them to buy and sell assets on the market via the trading brokers platform. As you're a beginner you may hear a broker be referred to as other names such as 'retail trading broker' or a 'foreign exchange currency broker' these terms all mean the same sort of thing, although trading brokers do differ greatly in reality they are all there to serve the same job to people like you. However, some forex and trading brokers offer a more bespoke and specialised service to beginner forex traders and that is why we formed the Best Beginner Brokers list above.
What are the differences between Beginner and Normal Brokers?
There are no real single defining difference between normal regular brokers and beginner brokers. A few factors will be different for beginner brokers that make the process of trading easy, below we outline a few of these.
A beginner broker will usually operate with lower spreads on certain assets than other brokers to entice in new traders. Beginner brokers will also have more content and educational resources to learn from. Beginner Broker have more customer service orientated to beginners. Beginner brokers will have easy functionality and straightforward set up.
These are just a few but there will be more, if you are completely new to trading then we promise you that having a beginner based broker will greatly improve your trading and wont take anything away from you.
Are there differences between Forex and Trading Broker?
This is a really straightforward question that holds back a lot of beginner traders from making their first choice. Simply put a Forex Broker is any broker who allows their traders to trade forex currencies on the platform. A broker is just a generic name for a company that facilitates the trading of anything, such as forex currencies. Some brokers are specialised in Forex and therefore refer themselves as Forex brokers.
What Makes a Great Beginner Forex Broker?
What exactly makes one forex or trading broker superior to other brokers in terms of their use to beginners and new traders such as yourself?
The top 3 main attributes of a Beginner Forex/Trading broker are as follows:
Account set up/fees
These factors may seem small but are huge if you've never opened or held a real broker account before.
What are the 5 things your First Broker NEEDS to have in 2020
1. Ensure your First Broker account is regulated
(All of the brokers you see above are primed for beginners and highly regulated)
Ensure that your broker account is regulated, especially if it is your first ever broker account. This is crucial as many non regulated broker accounts have scammed traders, especially new traders that don't know what they're doing yet. Make sure that your first broker account has regulation for the country that you are in, for instance, if you are in the UK make sure the broker is regulated by FCA and/or PRA. The logo for either of these should be shown on the brokers website. As mentioned all of the brokers we promote are regulated to the highest degree, in particular by the FCA or PRA for UK/USA clients.
2. Check your First Brokers Customer Agreement Policy
When signing up for an account with your first broker you should find their customer agreement policy that should be highlighted to you as you are signing up for an account on the brokers website.
This policy outlines all of the requirements/policies that you are agreeing to when signing up to the broker account. Scan over the customer agreement policy and only sign it if you feel comfortable doing so.
3. See what Free Resources/tools are available on the platform
When choosing your first forex broker as a beginner, read over our reviews, particularly the platform and resources review section, here you will lots of valuable information about the practical side of the broker and what they can offer to you.
What are some resources/tools that a beginner broker should have to help you perform your trading at its best?
Heatmaps, fundamental data, technical analysis, analytical chart tools, drawing tools, news alerts and much more.
Beginner Brokers should all have the basics of these resources mentioned above, brokers with these tools really help to solidify your trading technique and will allow you to execute more successful and accurate trades daily.
Beginner brokers that have extensive tools and resources readily available for you as soon as you open an account with them is a great sign, it shows that they want you to stay with them for when you turn professional and shows that the broker invests in its customers.
You should always check if the broker your choosing has certain tools if you've planned to use a certain strategy, imagine opening a broker account and then realising you weren't able to trade the way you wanted to.
4. Customer Service team and tools
As a beginner trader we are 100% sure you will need some sort of assistance throughout your trading career, and that support will either come from us or your broker. Therefore it is very important.
Each Forex/Trading Broker should have multiple ways of contacting them, such as text, online chat, email, phone and any other way is a bonus. Chat features that are manned by actual humans are the number 1 way a customer service team can be of benefit to traders, specifically new traders who need expertise there and then in the instant.
You are bound to have questions as you are trading on the broker platform and therefore having access to instant chat support from a specialized team of broker support will be of immense benefit to you - you can't get better service than that.
A few of the beginner brokers above will provide this service, the best one we have found is Trading 212 with its built in chat support system that is super fast and is manned with staff who are able to help with a range of queries.
5. The Beginner Brokers Deposit and Withdrawal Procedure
Before you use any broker, particularly your first broker, check to see what the withdrawal and depositing procedure is. This will be available to view in every one of our beginner brokers reviews or will be available on the beginner brokers website.
You want a beginner based broker who will instantly accept withdrawals and deposits, in many different currencies at little to no cost. Few brokers have really good withdrawal and deposit procedures, but two that stand out are Trading 212 and BlackBullMarkets. They make opening an account and starting to trade an absolute breeze.
What is the Real Role of a Beginner Broker?
Simply put a beginner broker or any broker for that matter is a company that facilities the trading between two parties. In the case of a Forex Broker that would be facilitating a trade between a user who is buying the currency pair and a user who is selling a currency pair.
How Beginner Brokers are Regulated and Why You Need a Regulated Broker
The three main bodies that regulate brokers in general are the CTFC, FCA and NFA. These groups are designed to eliminate and fraudulent practices within the industry, protecting you from them.
The best beginner brokers are always going to be the ones that are highly rated by comparison sites such as TradingCompared, has relevant and high scoring user reviews and is regulated to the highest degree by one of the main bodies.
Unregulated brokers can be scams, especially those aimed at beginner traders as you are the easiest to take advantage of. Therefore you should always stick to the big trading brokers that are regulated, certified and served millions of happy users daily.
There have been reports of unregulated brokers literally stealing money from users accounts, freezing accounts and not allowing the user to withdraw anything. This is obviously a huge concern and we really don't want the same thing happening to you.
How to Get Started with Your First Beginner Broker
Every Beginner Broker should let you open a demo/practice account when first using the broker platform, this should be a given for any broker. Every broker we review above does have this option obviously.
The demo account you use should be used for a minimum of 14-30 days before then entering onto a real account.
It is really straightforward and easy to open an account with any of the above brokers, they all make the process really easy to follow and set up. Some brokers have difficult and tedious set up processes, so before4 we created this beginner broker list we eliminated each and everyone of the brokers that have long and drawn out set up procedures.
It's never been so easy to set up an account with a broker, the hardest part is answering 5-10 simple questions about your background, if you answer honestly there will be no issues at all. Opening a demo account is even easier, simply as there is no need to deposit any capital or anything - almost like a video game.
Overview of Beginner Trading Brokers
When you are choosing your first Beginner Broker you need to take it with the mindset that they have to fit around you, not you around them.
This means picking a broker that suits your trading style, trading assets choice, and general lifestyle. There is no single best beginner broker out there, each is different and unique that serves additional benefits in each area.
Scan over the reviews we have made and see which one you truly believe suits you and your trading - if you still can't decide then go with the one you like the look of the most, e.g logo!
Even if you don't use TradingCompared to find your first broker then please remember that the Best Beginner Brokers are all highly regulated, highly respected and designed with you in mind completely.
The Beginner Brokers above are all hyper focused on beginner traders, making them ideal for you.
If you need any more info on this then please check out our free guides page. If that's not enough then you can always go to ForexFactory where there is loads of useful content as it is a database/chat room of forex traders all voicing their opinions.
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