Best forex brokers for beginners in 2022

CMC Markets
4.6
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65% of retail CFD accounts lose money
Forex.com
4.4
Visit broker
80% of retail CFD accounts lose money
Capital.com
4.7
Visit broker
79.17% of retail CFD accounts lose money
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Best forex brokers for beginners in 2022
CMC Markets logo
Forex.com logo
Capital.com logo
City Index logo
TD Ameritrade logo

To help you find the best forex brokers for beginners in 2022, we first looked at 101 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.

Our top 5 picks for the best forex brokers for beginners in 2022:

  1. CMC Markets is the winner, the best forex broker for beginners in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  2. Forex.com takes second place. Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  3. Capital.com rounds out the top three. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  4. City Index is ranked fourth. Low fees for forex. Fast and smooth account opening. Diverse research tools.
  5. TD Ameritrade just made it on the list, taking the number five spot. Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
Top forex brokers for beginners in 2022
Broker Accepts clients from Minimum deposit Forex fee score
#1 CMC Markets Globally $0 3.7 stars
#2 Forex.com Globally $100 4.6 stars
#3 Capital.com Globally $20 3.7 stars
#4 City Index Globally $100 4.4 stars
#5 TD Ameritrade US, China, Hong Kong, Malaysia, Singapore, Thailand, Taiwan, Canada (through TD Direct Investing) $0 4.1 stars

What makes a top forex broker for beginners?

  • First of all, fair forex fees.
  • A lot of currency pairs.
  • A great platform with advanced charting.
  • Educational tools to guide you through the basics of trading.


If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

And now, let's see the top forex brokers for beginners in 2022 one by one, starting with the winner, CMC Markets.

CMC Markets Logo

#1 Best forex brokers for beginners
CMC Markets

4.6

CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.

Having a long track record, being listed on a stock exchange and being regulated by top-tier authorities are great signs for CMC Markets' reliability.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an advanced trading platform with many research tools

Visit broker
65% of retail CFD accounts lose money

#1 CMC Markets
Fees

CMC Markets has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CMC Markets trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
EURUSD benchmark fee $8.8 $5.9 $8.7 $6.4 $7.0
GBPUSD benchmark fee $5.8 $3.6 $6.6 $4.5 $4.9
AUDUSD benchmark fee $8.2 $5.6 $6.1 $5.9 $8.0
EURCHF benchmark fee $8.9 $5.8 $9.6 $6.0 $7.2
EURGBP benchmark fee $10.2 $7.1 $10.9 $7.9 $9.3

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

CMC Markets non-trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
65% of retail CFD accounts lose money

#1 CMC Markets
Markets and products

CMC Markets gives access to 338 currency pairs.
CMC Markets currency pairs
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Currency pairs (#) 338 91 138 84 140

Visit broker More
65% of retail CFD accounts lose money

Forex.com Logo

#2 Best forex brokers for beginners
Forex.com

4.4

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for low fees and great research tools

Visit broker
80% of retail CFD accounts lose money

#2 Forex.com
Fees

Forex.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex.com trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
EURUSD benchmark fee $8.8 $5.9 $8.7 $6.4 $7.0
GBPUSD benchmark fee $5.8 $3.6 $6.6 $4.5 $4.9
AUDUSD benchmark fee $8.2 $5.6 $6.1 $5.9 $8.0
EURCHF benchmark fee $8.9 $5.8 $9.6 $6.0 $7.2
EURGBP benchmark fee $10.2 $7.1 $10.9 $7.9 $9.3

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Forex.com non-trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
80% of retail CFD accounts lose money

#2 Forex.com
Markets and products

Forex.com gives access to 91 currency pairs.
Forex.com currency pairs
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Currency pairs (#) 338 91 138 84 140

Visit broker More
80% of retail CFD accounts lose money

Capital.com Logo

#3 Best forex brokers for beginners
Capital.com

4.7

Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.17% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for investors and cfd traders looking for a great trading platform and excellent customer service

Visit broker
79.17% of retail CFD accounts lose money

#3 Capital.com
Fees

Capital.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Capital.com trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
EURUSD benchmark fee $8.8 $5.9 $8.7 $6.4 $7.0
GBPUSD benchmark fee $5.8 $3.6 $6.6 $4.5 $4.9
AUDUSD benchmark fee $8.2 $5.6 $6.1 $5.9 $8.0
EURCHF benchmark fee $8.9 $5.8 $9.6 $6.0 $7.2
EURGBP benchmark fee $10.2 $7.1 $10.9 $7.9 $9.3

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Capital.com non-trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
79.17% of retail CFD accounts lose money

#3 Capital.com
Markets and products

Capital.com gives access to 138 currency pairs.
Capital.com currency pairs
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Currency pairs (#) 338 91 138 84 140

Visit broker More
79.17% of retail CFD accounts lose money

City Index Logo

#4 Best forex brokers for beginners
City Index

4.5

City Index is a global CFD and FX broker founded in 1983. City Index is the trading brand of StoneX Financial Ltd., whose parent company StoneX Group Inc. is listed on the NASDAQ Stock Exchange. The company is regulated by top-tier financial authorities, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS). 

City Index is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low forex fees and great research tools

Visit broker
73% of retail CFD accounts lose money

#4 City Index
Fees

City Index has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

City Index trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
EURUSD benchmark fee $8.8 $5.9 $8.7 $6.4 $7.0
GBPUSD benchmark fee $5.8 $3.6 $6.6 $4.5 $4.9
AUDUSD benchmark fee $8.2 $5.6 $6.1 $5.9 $8.0
EURCHF benchmark fee $8.9 $5.8 $9.6 $6.0 $7.2
EURGBP benchmark fee $10.2 $7.1 $10.9 $7.9 $9.3

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

City Index non-trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73% of retail CFD accounts lose money

#4 City Index
Markets and products

City Index gives access to 84 currency pairs.
City Index currency pairs
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Currency pairs (#) 338 91 138 84 140

Visit broker More
73% of retail CFD accounts lose money

TD Ameritrade Logo

#5 Best forex brokers for beginners
TD Ameritrade

4.7

If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.

Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

Visit broker

#5 TD Ameritrade
Fees

TD Ameritrade has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

TD Ameritrade trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
EURUSD benchmark fee $8.8 $5.9 $8.7 $6.4 $7.0
GBPUSD benchmark fee $5.8 $3.6 $6.6 $4.5 $4.9
AUDUSD benchmark fee $8.2 $5.6 $6.1 $5.9 $8.0
EURCHF benchmark fee $8.9 $5.8 $9.6 $6.0 $7.2
EURGBP benchmark fee $10.2 $7.1 $10.9 $7.9 $9.3

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

TD Ameritrade non-trading fees
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#5 TD Ameritrade
Markets and products

TD Ameritrade gives access to 140 currency pairs.
TD Ameritrade currency pairs
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Currency pairs (#) 338 91 138 84 140

Visit broker More

Best forex brokers for beginners
Forex broker fees

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

Best forex brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022:

Top forex brokers for beginners in 2022
CMC Markets Forex.com Capital.com City Index TD Ameritrade
Fees score 3.6 stars 3.8 stars 4.4 stars 3.7 stars 4.2 stars
Markets and products score 2.6 stars 2.4 stars 3.1 stars 2.4 stars 3.8 stars
Education score 5.0 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Charting quality High High High High High
Visit broker
65% of retail CFD accounts lose money
Visit broker
80% of retail CFD accounts lose money
Visit broker
79.17% of retail CFD accounts lose money
Visit broker
73% of retail CFD accounts lose money
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CMC Markets is our winner, the best forex broker for beginners in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our broker finder to pick the best broker for you.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit CMC Markets
65% of retail CFD accounts lose money
Visit Forex.com
80% of retail CFD accounts lose money
Visit Capital.com
79.17% of retail CFD accounts lose money
Visit City Index
73% of retail CFD accounts lose money
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