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Good Forex brokers for beginners will help their clients get started. The better brokers will assist with verifying a trading account, setting up and configuring a new trading platform, and making available the best learning material possible. This way, the trader has the best chance of finding and acting on profitable trading opportunities. 

To test these beginner brokers, we opened demo trading accounts to experiment with the important features for newcomers – always keeping an open line with customer service to assess their responsiveness. As part of our test, we verified the broker’s regulation, checked for well-structured Forex education and verified that the demo account never expires, so novices can practice without risking their money forever. These are the best Forex brokers for beginners in Australia for 2021, according to our testing and our research.

English

Best Forex Brokers for Beginners 2021

Last updated on 26 Oct 2021
Updated 26 Oct 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FP Markets
Min. Deposit
AUD 100
4.284.28
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
11110.54.28/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
2
BlackBull Markets
Min. Deposit
USD 200
3.423.42
Beginner Friendly
Standard
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
1110.503.42/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.
3
Pepperstone
Min. Deposit
AUD 100
4.614.61
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/7
Overall Rating
11110.54.61/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.
4
IG Markets
Min. Deposit
AUD 250
4.694.69
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.
5
XM
Min. Deposit
AUD 5
4.254.25
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
11110.54.25/ 5
AlertLeverage limitations apply to all the EU regulated entities of the group.
6
Capital.com
Min. Deposit
AUD 20
4.684.68
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/7
Overall Rating
11110.54.68/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA & CySEC. 71.2% of traders lose money with this provider.
7
Tickmill
Min. Deposit
AUD 100
4.484.48
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
11110.54.48/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
8
IC Markets
Min. Deposit
AUD 200
4.464.46
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/7
Overall Rating
11110.54.46/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
9
CMC Markets
Min. Deposit
AUD 5
4.694.69
Beginner Friendly
Excellent
Beginner Course
Webinars
Support Hours
24/5
Overall Rating
11110.54.69/ 5
AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.

How do I choose a Forex broker for beginners?

When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.

After reading through this short guide you will:

  • Understand why regulation is crucial and how to check if your broker is regulated.
  • Understand how brokers make money from traders and how these trading costs can impact your profitability.
  • Understand which trading platforms brokers offer and how they work.
  • Understand the dangers of trading without education and how to educate yourself appropriately.
  • Understand how high-quality customer support can improve life for beginner traders.
  • Understand the importance of a demo account and how to choose the best one.

Best Forex Brokers for Beginners 2021

FP Markets – Best Customer Support for Beginners

A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception, including Best Customer Support 2019 (LiveHelpNow Challenge).   Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms, and any other technical queries.

FP Markets offers competitive trading conditions on two live accounts on the MT4 and MT5 platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded.  It also offers three accounts on its IRESS platform, which is an active trader platform with advanced functionality. 

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

BlackBull Markets – Best FMA Regulated Broker

BlackBull Markets is ECN-only broker from New Zealand and regulated by the New Zealand Financial Markets Authority (FMA). As an FMA-regulated broker, BlackBull Markets can offer leverage up to 500:1 (ASIC-regulated brokers can only offer 30:1) and provides direct market access on the MT4 platform. BlackBull Markets’ ECN Standard Account has a minimum deposit of 200 USD and no commission, with a minimum spread of 0.8 pips on the EUR/USD.

BlackBull Markets offers a small but detailed education section covering video tutorials about the MT4 platform and trading guides on important aspects of Forex trading. BlackBull Markets is a true ECN/STP broker and does not operate a dealing desk. Equinix servers based in New York (NY4), London (LD5) and Tokyo (TY3) allow for fast direct market access, while Straight Through Processing prevents slippage and failed executions that can occur at other ECN brokers.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Blackbull Markets is regulated by the FMA & the FSA-Seychelles.

Pepperstone – Best ECN Broker for Beginners

A leading Australian broker, Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution.  Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade.  Most trades are executed within 30 milliseconds, which is ideal for scalpers and those who run expert advisors. 

Pepperstone offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos.  It hosts regular webinars, and archives of previous webinars are available for free on its website.  Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
    AlertAccepts Australian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and the DFSA.

    IG Markets – Best CFD Broker for Weekend Trading

    IG Markets is a well-regulated broker offering trading on a range of over 17,000 tradable assets on a single commission-free account.  Spreads are tighter than other similar market makers, starting at 0.6 pips on the EUR/USD.  Unique to IG Markets is its weekend trading and support: available 24/7, clients can trade on major Forex pairs, cryptocurrencies, and the main global indices. Weekend support is also good for part-time and beginner traders trying to get their footing in trading.    

    IG Markets also provides an award-winning educational section comprising the IG Academy, which includes courses for traders of all experience levels, materials outlining how traders can reduce their risk, and frequent webinars and seminars.  Market analysis across all CFD assets is frequently updated by the IG research team of finance professionals.

    Pros
    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    Cons
    • High minimum deposit
    AlertAccepts Australian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

    XM – Best Overall Education for Beginners

    A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares.  Traders can choose between four live accounts on both the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second. 

    XM also provides some of the best educational and market analysis materials in the industry.  Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway. 

    Pros
    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals
    Cons
    • Dealing desk
    AlertLeverage limitations apply to all the EU regulated entities of the group.

    Capital.com – Best Overall Support for Beginners

    Capital.com is a well-regulated market maker broker with excellent support for beginner traders.  With trading on over 2,000 assets, including 135 currency pairs, it offers three live account types on its proprietary platform.  Capital.com’s trading conditions are highly competitive, with spreads starting at 0.6 pips on the EUR/USD, and a low minimum deposit of 20 USD, making it accessible to new traders.  It also provides an unlimited demo account for beginner traders to practice trading without risking real money, and excellent customer service to help with account setup and technical queries. 

    Capital.com provides an extensive, well-organised selection of educational and market analysis materials that cater to traders of all experience levels, far exceeding that of other brokers.  Warranting notable mention is its proprietary Capital.comTV, which stages numerous high-quality videos covering a range of trading-related content and trading ideas related to current events.  It also offers in-depth guides covering topics such as the basics of trading, trading strategies, and trading psychology, among others.  Webinars are held weekly and are run by professional technical analyst, David Jones who also leads the in-house research team.  The Financial News and Features section is filled with well-presented written analytics and fundamental news.

    Pros
    • Tight spreads
    • Low minimum deposit
    • Excellent education
    Cons
    • Limited account options
    AlertAccepts Australian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 30:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA & CySEC. 71.2% of traders lose money with this provider.

    Tickmill – Lowest Commission ECN/STP Broker for Beginners

    Tickmill is an ECN/STP broker offering trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds.  With three live accounts, Tickmill has won numerous awards for its excellent trading conditions, including its low commissions.  Spreads start at 1.6 pips (EUR/USD) on its commission-free Classic Account, which is wider than other similar brokers, but tighten to an average of 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 2 USD per side per lot traded.

    In addition to its attractive trading conditions, beginners will find Tickmill’s education section a welcoming experience.  Tickmill offers a free 46-page ebook titled The Majors – Insights & Strategies, a well-illustrated resource explaining Forex Trading Basics and how Forex trading works.  It also runs frequent webinars in four languages and runs seminars around the world.  Overall, Tickmill is a good choice for beginner traders looking for good trading conditions and educational support. 

    Pros
    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets
    Cons
    • Limited base currencies
    AlertAccepts Australian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.

    IC Markets – Best ECN Broker for Beginners

    IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders.  Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material.  IC Markets’ extensive education hub is free to all visitors of the website and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others.  Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone.

    IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms.  The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

    Pros
    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    Cons
    • High minimum deposit
    • Limited market analysis
    AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

    CMC Markets – Largest Set of FX Pairs for Beginners

    A well-regulated market maker broker, CMC Markets offers trading on multiple assets, including indices, commodities, treasuries, cryptocurrencies, and over 330 Forex pairs, one of the largest sets in the industry.  With a single live account, CMC Markets requires a minimum deposit of 5 GBP, and minimum spreads starting at 0.7 pips on the EUR/USD, which is tighter than other market maker brokers. 

    CMC Markets provides an extensive education section and frequent and insightful analysis of the markets.  Educational materials are comprised of various articles explaining the basic concepts and terminology of Forex trading, ebooks covering topics such as economic data, risk management and pattern recognition, video trading guides covering strategies and concepts in CFD trading, and regular webinars.  Its market analysis section is also excellent, with daily updates from its team of in-house analysts, weekly videos, and its popular Five Minutes a Day Trading – which follows a senior CMC analyst as they trade for five minutes a day on a popular Forex asset over a month.

    Pros
    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis
    Cons
    • No swap-free account option
    AlertAccepts Australian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & CMC Proprietary platforms supported. CMC Markets is regulated by the ASIC, FCA, MAS and the FMA.
    beginner-brokers

    What is Forex Trading?

    Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).

    Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.

    Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.

    What is a Forex Broker?

    Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.  To connect to the Forex market with a broker, traders need to open a trading account, which requires funding.

    Comparing Forex Brokers for Beginners

    When comparing Forex brokers consider the following broker and account components.

    Regulation in Forex Trading

    Regulation is the single most important aspect of judging a Forex broker. Unregulated brokers cannot be trusted with your money and have no legal requirement to provide a fair trading environment. Having a regulated broker is not optional. Regulation ensures the security of your funds and offers protection against broker bankruptcy and also ensures that Forex traders have a complaint channel and access to investor insurance.

    Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a certain way to know that a broker should not be trusted, and broker regulation should always be verified independently.

    ASIC is Australia’s regulatory authority, and Australian clients may prefer to trade with an ASIC regulated broker. Locally based ASIC-regulated brokers will keep your trading capital segregated in local bank accounts are are required to offer negative balance protection, meaning you can never end up owing your broker for a negative account balance.  That said, there are the best 5 ASIC-regulated beginner-friendly brokers by overall score. 

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    AFSL #
    Min. Deposit
    Max. Leverage (Forex)
    Regulators
    Cost of Trading
    EURUSD (Best)
    GBPUSD (Best)
    USDJPY (Best)
    Total # CFDs
    No. of FX Pairs
    Trading Commission
    Platforms
    Compare
    4.68 /5
    Read Review
    513393
    AUD 20
    30:1
    USD 6
    0.6 pips
    0.8 pips
    0.7 pips
    4012
    137
    Fees Included in Spread
    Capital.com
    4.61 /5
    Read Review
    414530
    AUD 100
    30:1
    USD 6.90
    0.1 pips
    0.6 pips
    0.3 pips
    1016
    60
    From 7 USD / lot - Razor Account
    4.49 /5
    Read Review
    424008
    AUD 100
    30:1
    USD 7
    0.6 pips
    1.6 pips
    0.9 pips
    2235
    67
    Fees Included in Spread
    4.48 /5
    Read Review
    406684
    AUD 100
    30:1
    USD 9
    0.9 pips
    1.6 pips
    1.1 pips
    857
    55
    Fees Included in Spread
    Avatrade Social
    4.46 /5
    Read Review
    335692
    AUD 200
    30:1
    USD 8
    0.1 pips
    0.4 pips
    0.2 pips
    1723
    64
    7 USD / lot - Raw Spread Account
    Zulu Trade

    Trading Costs Explained

    All brokers will expect a trader to make a minimum deposit when opening an account and will then charge a spread on each trade. Another common cost is the swap-fee paid for holding trading positions overnight. Some broker will also charge a commission or other types of fees. A good understanding of these costs is important for beginner traders as some brokers charge more than others.

    Minimum Deposit

    The first cost that beginner traders will come across is the minimum deposit requirement. Though not really a fee – as this is the money you will be trading with – this is an important cost for beginners to consider. Some brokers have relatively high minimum deposit requirements, often 1000 GBP or more, which may put their trading accounts out of reach of beginners. Generally speaking, the higher a minimum deposit on an account the better trading conditions will be available on the account. Brokers will sometimes offer free access to advanced trading tools, one-on-one training, VPS services or personalised customer support with higher minimum deposits.

    Spread

    The most common fee that brokers charge is the spread. This is the difference between the buy and sell price of a trading asset and is measured in pips (the 5th decimal place of an asset’s price). Brokers will artificially widen the spread from the original market price of an asset. This means that when you are buying or selling an asset on the spread, you are buying it below or above the true market price – therefore requiring a larger fluctuation in the market for the trade to make a profit.

    Some brokers will offer a fixed spread, meaning the difference between the buy and sell price of an asset never changes. Others will offer a floating or variable spread, meaning that the spread will get wider or tighter depending on demand and volatility. Many beginners prefer to trade with a fixed spread as this makes trading costs easier to calculate.

    Swap-fee

    Another common fee is the swap-fee or Islamic account. Forex trading is leveraged trading, this means that traders borrow money from their broker to artificially enlarge their trading position. As in life, borrowing money requires paying interest on the loan. When a trading position is held overnight, the leverage borrowed from the broker is also held overnight and will incur an interest charge – this is called the swap-fee. The cost of the swap-fee will depend on the asset traded, the amount of leverage used and the size of the trade itself.

    Commission

    Some brokers will also charge a commission. Commissions are generally charged by DMA (direct market access) brokers. Direct market access brokers generally do not widen the spread artificially (or only slightly) and instead will charge a flat commission as a fee for providing the direct market access service. Direct market access brokers do not generally target beginner traders and often have higher minimum deposits.

    Brokers will also charge other fees, though these are not directly involved in trading costs. Brokers may also charge deposit and withdrawal fees, inactivity fees or VPS hosting fees. Most Islamic trading accounts (swap-free accounts) will also have additional fees to cover the cost of the removal of the overnight interest charge.

    Trading Platforms

    Trading platforms are the software that connect traders, via their broker, to the Forex market and allows them to open and close traders. Beginner traders will often be happier on a simple platform, and many brokers offer their own, easy-to-use, web-based platforms. Most traders, however, use third-party trading platforms that need to be downloaded to their computer.

    The most important consideration for beginners when choosing a trading platform is whether it is reliable and easy to understand. Trading platforms with large, detailed charts and labelled functions will help beginners make fewer errors. Beginner traders also benefit from trading platforms with integrated news feeds and market analysis, to better help them understand the Forex market’s movements.

    The most reliable and popular trading platforms are MetaTrader 4, MetaTrader 5 and cTrader. These are all third-party applications that can be downloaded to a computer. While not as simple as many broker-owned platforms, they do have the advantage of being tied to your personal account rather to any particular broker. This means that if you decide to switch broker your trading platform, with any customisations you may have made, can move with you.

    Education Material For Beginners

    Most beginner Forex traders will need some form of Forex education, and the best Forex brokers for beginners provide quality educational material in a range of formats.

    This is not entirely selfless behaviour on the broker’s part. Educated Forex traders become successful and profitable traders, and the more successful traders a broker has on its books, the more successful the broker will be.

    Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading for beginners, and market analysis and research. Forex brokers sometimes hire third-party analysis companies to produce and deliver market analysis to their customers. Market analysis and research are especially helpful once a trader has a firm grasp of Forex trading basics, including terminology and common themes.

    Education and Beginner Trading Courses

    Better Forex brokers for beginners are good at created structured Forex trading courses. These are the ASIC regulated brokers with the highest quality structured courses in the industry. 

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    Beginner Course
    Beginner Friendly
    AFSL #
    Experienced Course
    Webinars
    Printable Ebook
    Unlimited Demo
    Support Hours
    Min. Deposit
    Compare
    4.24 /5
    Read Review
    Excellent
    410681
    Business Hours
    AUD 100
    4.48 /5
    Read Review
    Excellent
    406684
    24/5
    AUD 100
    4.68 /5
    Read Review
    Excellent
    513393
    24/7
    AUD 20
    4.46 /5
    Read Review
    Excellent
    335692
    24/7
    AUD 200
    4.25 /5
    Read Review
    Excellent
    443670
    24/5
    AUD 5
    4.49 /5
    Read Review
    Excellent
    424008
    24/5
    AUD 100
    3.98 /5
    Read Review
    Standard
    246566
    24/5
    AUD 200

    Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:

    • Forex Terms: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
    • Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
    • Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?

    Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. This is particularly useful from a beginner’s standpoint, as these detailed learning experiences are all available free of charge and without registration.

    Market Analysis and Research For Beginners

    Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading.  These are the ASIC-regulated brokers with the best research and market analysis teams in the industry.

    Scroll for more detailsPreviousNext
    Broker
    Overall Rating
    Research Update
    Research Team
    Research Rating
    ASFL #
    Autochartist
    Trading Central
    Trading View
    Webinars
    Min. Deposit
    Compare
    4.68 /5
    Read Review
    Frequent
    In House
    5/5
    513393
    AUD 20
    4.61 /5
    Read Review
    Frequent
    In House
    5/5
    414530
    AUD 100
    4.49 /5
    Read Review
    Frequent
    In House
    5/5
    424008
    AUD 100
    4.48 /5
    Read Review
    Frequent
    In House
    5/5
    406684
    AUD 100
    4.46 /5
    Read Review
    Frequent
    In House
    5/5
    335692
    AUD 200
    4.34 /5
    Read Review
    Frequent
    In House
    5/5
    318232
    AUD 5
    4.28 /5
    Read Review
    Frequent
    In House
    5/5
    286354
    AUD 100

    These brokers offer market news with deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.

    Some Forex brokers, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.

    Demo Accounts for Beginners

    All Forex brokers will offer free demo accounts to all clients. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money. Demo accounts provide an exact simulation of real market conditions

    Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. These are best ASIC Forex brokers for beginners that provide free and unlimited Forex demo accounts.

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    Broker
    Overall Rating
    Unlimited Demo
    ASFL #
    All Regulators
    Beginner Course
    Experienced Course
    Beginner Videos
    Advanced Videos
    Webinars
    No. of FX Pairs
    Compare
    4.69 /5
    Read Review
    238054
    350
    4.69 /5
    Read Review
    220440
    80
    4.68 /5
    Read Review
    513393
    137
    4.28 /5
    Read Review
    286354
    60
    4.18 /5
    Read Review
    493520
    50
    4.18 /5
    Read Review
    424700
    46

    Customer Support

    Beginners need good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. The best customer support will be available 24 hours a day (Monday-Sunday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.

    How much money do you need to trade Forex?

    Most brokers require a minimum deposit to start trading. This varies from as low as 5 GBP to as high as 2000 GBP, depending on the broker and the account type you are opening.

    Can you get rich by trading Forex?

    It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme and while large profits are possible, so are large losses. Most successful Forex traders have developed a strategy that allows them a steady stream of income.

    The Bottom Line

    As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.

    Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.

    Forex Risk Disclaimer

    Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

    Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

    Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

    Our Methodology

    Our State of the Market Report and CFD Brokers to Avoid Report are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

    With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

    In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

    All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.

    References

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    Featured Brokers

    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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