ForexBest forex brokers for beginners
A first account should be cheap to open, regulated by a strong authority and simple to use. These brokers stand out on those points, based on their published terms.
What beginners should look for
A low minimum deposit, an account with the cost built into one spread, a tier-one regulator for the entity you join, negative balance protection and a demo account. High leverage is a risk for new traders, not a feature; see leverage and margin.
1. Pepperstone: no minimum deposit and tier-one regulation
Watch for: Retail clients of the Bahamas entity get up to 1:200 leverage and fewer protections than at the UK, EU or Australian entities. Read our Pepperstone review.
2. Eightcap: low deposit with TradingView charts
Watch for: cTrader is not offered and swap-free accounts are at Eightcap's discretion. Read our Eightcap review.
3. XM: the smallest first deposit
Watch for: XM Global offers leverage up to 1:1000. Beginners should choose low leverage, and spreads are not published per account. Read our XM review.
How we chose. These shortlists use published terms only: costs, minimum deposit, platforms and the regulator of the entity you would join. We have not ranked brokers on scores, and the order is not a recommendation for your circumstances. Read our methodology and affiliate disclosure.
CFDs and leveraged forex are complex and carry a high risk of losing money rapidly. Most retail accounts lose money. Only trade with money you can afford to lose.