Best forex brokers for beginners in 2024

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

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.

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.

If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.

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.

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

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69-77% of retail CFD accounts lose money

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

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

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

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75% of retail CFD accounts lose money

Recommended for investors and traders looking for solid research, low fees and great customer service

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

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75% of retail CFD accounts lose money

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

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83.51% of retail CFD accounts lose money

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

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69% of retail CFD accounts lose money

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

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71% of retail CFD accounts lose money

Recommended for forex traders looking for great account opening and customer service

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75.2% of retail CFD accounts lose money

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• 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.

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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.

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 - Extremely low fees. Wide range of products. Many great research tools.
4. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
5. Charles Schwab - Free stock and ETF trading. Outstanding research. Great customer service.
6. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
7. Capital.com - Low forex CFD fees. Great account opening experience. Excellent email and chat support.
8. City Index - Low fees for forex. Fast and smooth account opening. Diverse research tools.
9. CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
10. Pepperstone - Fast and fully digital account opening. Seamless and free deposit and withdrawal. Great educational materials.

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:

• Forex trading explained
• Top forex trading strategies
• Is forex trading legit? How to spot a scam
• How to trade forex - a practical example