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AuthorBy Chris Cammack
Updated: May 5, 2022

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 2022, according to our testing and our research.

  • FP Markets - Best Forex Broker for Beginners
  • Pepperstone - Lowest Cost Beginner ECN broker
  • Capital.com - Best Overall Support for Beginners
  • IG - Award-winning Education
  • AvaTrade - Best Mobile Trading Experience for Beginners
  • IC Markets - Best ECN Broker for Beginners
  • XM - Best Overall Education for Beginners
  • Tickmill - Lowest Commission ECN/STP Broker for Beginners

Best Forex Brokers for Beginners 2022

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Broker
Overall Rating
Official Site
Beginner Friendly
Min. Deposit
Beginner Course
Beginner Videos
Downloadable Ebook
Unlimited Demo
Support Hours
Total CFDs
Currency Pairs
Trading Cost
Platforms
Regulated
Compare
FP Markets
4.28 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 100
24/5
10099
60
USD 7
IRESS
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 100
24/7
0
70
USD 7.70
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 20
24/7
4284
137
USD 6
Capital.com
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
IG
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 0
24/5
19295
80
USD 6
L2 Dealer
ProRealTime
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Services Conduct Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Best Forex Brokers in Singapore
Dubai Financial Services Authority
Financial Services Agency
Commodity Futures Trading Association
AvaTrade
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 100
24/5
872
55
USD 9
Avatrade Social
AvaOptions
ASIC Regulated Forex Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 200
24/7
1744
64
USD 8
Zulu Trade
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 5
24/5
1510
57
USD 16
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
International Financial Services Commission
BDSwiss
4.32 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
USD 100
24/5
234
50
USD 15
CySEC Regulated Brokers
Financial Services Commission
The Seychelles Financial Services Authority
Tickmill
4.48 /5
Read Review
Visit Broker >
Your capital is at risk
Excellent
AUD 100
24/5
93
62
USD 4
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
Financial Services Conduct Authority
The Seychelles Financial Services Authority

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.

FP Markets – Best Forex Broker for Beginners

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. 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).  

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. 

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.

Pepperstone – Lowest Cost Beginner ECN broker

Pepperstone (ASFL: 414530) 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. 

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 traders who use expert advisors. 

 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.77 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.

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 0.60 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. 75.26% of traders lose money with this provider.

IG – Award-winning Education

IG (ASFL: 220440) gives all clients 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. Unique to IG 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 is a well-regulated broker offering trading on a range of 19295 CFDs a single commission-free account.  Spreads are tighter than other similar market makers, starting at 0.6 pips on the EUR/USD.  

 

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.

Avatrade – Best Mobile Trading Experience for Beginners

A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options.  With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders. 

Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts.  It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system.  Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Australian Clients. Average spread EUR/USD 0.90 pips. Minimum initial deposit 100 AUD. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

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.

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
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertLeverage limitations apply to all the EU regulated entities of the group.

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.
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. 

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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
Capital.com
4.68 /5
Read Review
513393
AUD 20
30:1
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 6
0.60 pips
1.30 pips
0.80 pips
4284
137
Fees Included in Spread
Capital.com
Pepperstone
4.61 /5
Read Review
414530
AUD 100
30:1
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 7.70
0.17 pips
0.59 pips
0.26 pips
0
70
From 7 USD / lot - Razor Account
Markets.com
4.49 /5
Read Review
424008
AUD 100
30:1
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
USD 7
0.60 pips
1.20 pips
0.70 pips
2206
67
Fees Included in Spread
AvaTrade
4.48 /5
Read Review
406684
AUD 100
30:1
ASIC Regulated Forex Brokers
British Virgin Islands Financial Services Commission
CySEC Regulated Brokers
Central Bank of Ireland
USD 9
0.90 pips
1.60 pips
1.10 pips
872
55
Fees Included in Spread
Avatrade Social
AvaOptions
IC Markets
4.46 /5
Read Review
335692
AUD 200
30:1
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
USD 8
0.02 pips
0.23 pips
0.14 pips
1744
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. 

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Broker
Overall Rating
Beginner Course
Beginner Friendly
AFSL #
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
Admiral Markets
4.34 /5
Read Review
Excellent
410681
Business Hours
AUD 100
AvaTrade
4.48 /5
Read Review
Excellent
406684
24/5
AUD 100
Capital.com
4.68 /5
Read Review
Excellent
513393
24/7
AUD 20
IC Markets
4.46 /5
Read Review
Excellent
335692
24/7
AUD 200
XM
4.25 /5
Read Review
Excellent
443670
24/5
AUD 5
Markets.com
4.49 /5
Read Review
Excellent
424008
24/5
AUD 100
easyMarkets
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.

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Broker
Overall Rating
Research Update
Research Team
Research Rating
ASFL #
Autochartist
Trading Central
Trading View
Webinars
Min. Deposit
Compare
Capital.com
4.68 /5
Read Review
Frequent
In House
5/5
513393
AUD 20
Pepperstone
4.61 /5
Read Review
Frequent
In House
5/5
414530
AUD 100
Markets.com
4.49 /5
Read Review
Frequent
In House
5/5
424008
AUD 100
AvaTrade
4.48 /5
Read Review
Frequent
In House
5/5
406684
AUD 100
IC Markets
4.46 /5
Read Review
Frequent
In House
5/5
335692
AUD 200
Admiral Markets
4.34 /5
Read Review
Frequent
In House
5/5
410681
AUD 100
Axi
4.34 /5
Read Review
Frequent
In House
5/5
318232
AUD 5

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
IG
4.69 /5
Read Review
220440
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Best Forex Brokers in Singapore
Commodity Futures Trading Association
80
Capital.com
4.68 /5
Read Review
513393
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
137
CMC Markets
4.59 /5
Read Review
238054
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Best Forex Brokers in Singapore
FMA Regulated Forex Brokers
350
FP Markets
4.28 /5
Read Review
286354
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
60
Global Prime
4.19 /5
Read Review
385620
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Vanuatu
49
Fortrade
4.18 /5
Read Review
493520
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Investment Industry Regulatory Organization of Canada
50
ThinkMarkets
4.18 /5
Read Review
424700
FCA Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
CySEC Regulated Brokers
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.

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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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