Best forex brokers for beginners in 2024

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
15h ago
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in the United States.

Find below the strengths of the best forex brokers for beginners available in the United States, updated for 2024:

  1. Forex.com is the best forex broker for beginners in 2024 - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  2. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
  3. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
  4. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  5. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
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Overview of the best forex brokers for beginners

While many forex trading brokers offer an excellent service, the ones in our toplist go the extra mile.

Broker
FX commission per lot
Demo account
Forex.com
No commission is charged
eToro
No commission is charged
Interactive Brokers
Trade value less than $1 billion: 0.2 bps * trade value; min. $2
IG
No commission is charged
Oanda
No commission is charged
Best forex brokers for beginners key data compiled for March 2024

Popularity of the best forex brokers for beginners

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Forex spread comparison

In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important forex spreads in the table below to help with your calculations.

Broker
EURUSD spread
AUDUSD spread
Forex.com
1.2
1.4
eToro
1.0
1.0
Interactive Brokers
0.2
0.3
IG
0.6
0.9
Oanda
1.0
1.2
Spreads at the best forex brokers for beginners in 2024
We collect spreads regularly, please check the tooltip for the date of the data collection.
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If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.

Other fees at forex brokers

Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.

Broker
Account fee
Inactivity fee
Forex.com
eToro
Interactive Brokers
IG
Oanda
Non-trading fees at the best forex brokers for beginners in 2024

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.

And now, let's see the top forex brokers in detail one by one, starting with the winner, Forex.com.

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

Visit broker
68% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit $100
Mobile app score 4.5 stars
Deposit method Bank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal method Bank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal fee $0
Currency pairs 84
Inactivity fee Yes
Read review For a detailed analysis of Forex.com services, check out our review for 2024

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal

eToro snapshot
Minimum deposit $10
Mobile app score 4.9 stars
Deposit method Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Withdrawal method Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Withdrawal fee $5
Currency pairs 52
Inactivity fee Yes
Read review For a detailed analysis of eToro services, check out our review for 2024

Recommended for traders looking for broad market access and a professional trading environment

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Interactive Brokers snapshot
Minimum deposit $0
Mobile app score 4.3 stars
Deposit method Bank transfer
Withdrawal method Bank transfer
Withdrawal fee $0
Currency pairs 100
Inactivity fee No
Read review For a detailed analysis of Interactive Brokers services, check out our review for 2024
IG Logo

IG

Recommended for traders of any experience level looking for an easy-to-use trading platform

Visit broker
69% of retail CFD accounts lose money

IG snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Deposit method Bank transfer, Credit/debit cards, PayPal
Withdrawal method Bank transfer, Credit/debit cards
Withdrawal fee $0
Currency pairs 98
Inactivity fee Yes
Read review For a detailed analysis of IG services, check out our review for 2024

Recommended for forex traders who value a user-friendly platform and great research tools

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit $0
Mobile app score 4.9 stars
Deposit method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee $0
Currency pairs 68
Inactivity fee Yes
Read review For a detailed analysis of Oanda services, check out our review for 2024

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How did BrokerChooser select the best forex brokers for beginners?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • We checked whether the broker offers a demo account,
  • Tested the platforms and checked whether the broker provides a good mobile platform,
  • Opened a live account and tested features, usability and customer service.


Save hours of research!

Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

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

FAQ

Which are the top forex brokers for beginners in the world?

The top 5 forex brokers for beginners in the world in 2024:

  1. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  2. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
  3. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
  4. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  5. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.

How to find the best forex brokers for beginners?

The key aspects to consider when choosing a forex brokers is safety and access. Makes sure you always select a broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany. As a next step, check to see if the broker accepts clients from your country of residence.

Save yourself hours of research and check out our broker finder tool and find the best broker for you.

Want to understand forex trading in more detail?

Check out these articles written by our broker and trading experts:

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Author of this article

Krisztián Gátonyi

Method-Man | Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

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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