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Best forex brokers for beginners in Western Sahara in 2022

Capital.com Logo
1st place
Capital.com
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81.40% of retail CFD accounts lose money
Interactive Brokers Logo
2nd place
Interactive Brokers
XTB Logo
3rd place
XTB
Visit broker
76% of retail CFD accounts lose money

To help you find the best forex brokers for beginners in Western Sahara in 2022, we first looked at 103 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 Western Sahara in 2022:

  1. Capital.com is the winner, the best forex broker for beginners in Western Sahara in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  2. Interactive Brokers takes second place. Low trading fees. Wide range of products. Many great research tools.
  3. XTB rounds out the top three. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  4. Questrade is ranked fourth. Low stock and ETF fees. Solid research tools. Superb customer service.
  5. Oanda just made it on the list, taking the number five spot. Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
Best forex brokers for beginners in 2022 for Sahrawian citizens
Broker Info Minimum deposit Forex fee score
#1 Capital.com Global CFD broker $20 3.7 stars
#2 Interactive Brokers International broker providing all asset classes $0 3.3 stars
#3 XTB Global CFD broker $0 3.9 stars
#4 Questrade Canadian stockbroker $1,000 4.1 stars
#5 Oanda US forex broker $0 3.9 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 for Sahrawian citizens one by one, starting with the winner, Capital.com.

Capital.com Logo

#1 Best forex brokers for beginners
Capital.com

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 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), respectively.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.40% 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

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81.40% of retail CFD accounts lose money

#1 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
Capital.com Interactive Brokers XTB Questrade Oanda
EURUSD benchmark fee $8.7 $10.4 $8.3 $7.4 $7.9
GBPUSD benchmark fee $6.6 $8.3 $5.8 $5.7 $6.2
AUDUSD benchmark fee $6.1 $7.9 $7.0 $6.0 $8.0
EURCHF benchmark fee $10.3 $7.5 $6.1 $9.1 $5.9
EURGBP benchmark fee $10.9 $10.7 $9.7 $9.4 $9.6

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

Capital.com non-trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
Account fee No No No No No
Inactivity fee No No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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81.40% of retail CFD accounts lose money

#1 Capital.com
Markets and products

Capital.com gives access to 138 currency pairs.
Capital.com currency pairs
Capital.com Interactive Brokers XTB Questrade Oanda
Currency pairs (#) 138 105 57 116 69

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81.40% of retail CFD accounts lose money

Interactive Brokers Logo

#2 Best forex brokers for beginners
Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

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

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#2 Interactive Brokers
Fees

Interactive Brokers has average 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.

Interactive Brokers trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
EURUSD benchmark fee $8.7 $10.4 $8.3 $7.4 $7.9
GBPUSD benchmark fee $6.6 $8.3 $5.8 $5.7 $6.2
AUDUSD benchmark fee $6.1 $7.9 $7.0 $6.0 $8.0
EURCHF benchmark fee $10.3 $7.5 $6.1 $9.1 $5.9
EURGBP benchmark fee $10.9 $10.7 $9.7 $9.4 $9.6

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

Interactive Brokers non-trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
Account fee No No No No No
Inactivity fee No No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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#2 Interactive Brokers
Markets and products

Interactive Brokers gives access to 105 currency pairs.
Interactive Brokers currency pairs
Capital.com Interactive Brokers XTB Questrade Oanda
Currency pairs (#) 138 105 57 116 69

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XTB Logo

#3 Best forex brokers for beginners
XTB

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.

HEADS UP: Recent feedback about deposit and withdrawal – The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the 'Deposit and withdrawal' section of the review, where we explain how to make a free wire deposit to your XTB account under the section's 'Deposit and fees and options' heading.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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 fees and great deposit/withdrawal service

Visit broker
76% of retail CFD accounts lose money

#3 XTB
Fees

XTB 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.

XTB trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
EURUSD benchmark fee $8.7 $10.4 $8.3 $7.4 $7.9
GBPUSD benchmark fee $6.6 $8.3 $5.8 $5.7 $6.2
AUDUSD benchmark fee $6.1 $7.9 $7.0 $6.0 $8.0
EURCHF benchmark fee $10.3 $7.5 $6.1 $9.1 $5.9
EURGBP benchmark fee $10.9 $10.7 $9.7 $9.4 $9.6

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

XTB non-trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
Account fee No No No No No
Inactivity fee No No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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76% of retail CFD accounts lose money

#3 XTB
Markets and products

XTB gives access to 57 currency pairs.
XTB currency pairs
Capital.com Interactive Brokers XTB Questrade Oanda
Currency pairs (#) 138 105 57 116 69

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76% of retail CFD accounts lose money

Questrade Logo

#4 Best forex brokers for beginners
Questrade

Questrade, founded in 1999, is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.

Recommended for traders and investors focusing on the canadian and us markets

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#4 Questrade
Fees

Questrade 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.

Questrade trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
EURUSD benchmark fee $8.7 $10.4 $8.3 $7.4 $7.9
GBPUSD benchmark fee $6.6 $8.3 $5.8 $5.7 $6.2
AUDUSD benchmark fee $6.1 $7.9 $7.0 $6.0 $8.0
EURCHF benchmark fee $10.3 $7.5 $6.1 $9.1 $5.9
EURGBP benchmark fee $10.9 $10.7 $9.7 $9.4 $9.6

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

Questrade non-trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
Account fee No No No No No
Inactivity fee No No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

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#4 Questrade
Markets and products

Questrade gives access to 116 currency pairs.
Questrade currency pairs
Capital.com Interactive Brokers XTB Questrade Oanda
Currency pairs (#) 138 105 57 116 69

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Oanda Logo

#5 Best forex brokers for beginners
Oanda

Oanda is a US-based forex broker founded in 1996. It is a private company and therefore not listed on any stock exchange.

Oanda operates via several entities worldwide and is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA).
 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.3% 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.

The services offered by Oanda's various entities differ slightly. In this review, we mainly focus on the UK one.

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

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78.3% of retail CFD accounts lose money

#5 Oanda
Fees

Oanda 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.

Oanda trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
EURUSD benchmark fee $8.7 $10.4 $8.3 $7.4 $7.9
GBPUSD benchmark fee $6.6 $8.3 $5.8 $5.7 $6.2
AUDUSD benchmark fee $6.1 $7.9 $7.0 $6.0 $8.0
EURCHF benchmark fee $10.3 $7.5 $6.1 $9.1 $5.9
EURGBP benchmark fee $10.9 $10.7 $9.7 $9.4 $9.6

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

Oanda non-trading fees
Capital.com Interactive Brokers XTB Questrade Oanda
Account fee No No No No No
Inactivity fee No No Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
78.3% of retail CFD accounts lose money

#5 Oanda
Markets and products

Oanda gives access to 69 currency pairs.
Oanda currency pairs
Capital.com Interactive Brokers XTB Questrade Oanda
Currency pairs (#) 138 105 57 116 69

Visit broker More
78.3% of retail CFD accounts lose money

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 for citizens in Western Sahara:

Top forex brokers for beginners in 2022 for Sahrawian citizens
Capital.com Interactive Brokers XTB Questrade Oanda
Fees score 4.4 stars 4.5 stars 4.4 stars 3.6 stars 4.2 stars
Markets and products score 3.1 stars 5.0 stars 2.9 stars 4.4 stars 1.8 stars
Education score 5.0 stars 4.5 stars 5.0 stars 4.0 stars 4.8 stars
Charting quality High High High High High
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81.40% of retail CFD accounts lose money
Visit broker Visit broker
76% of retail CFD accounts lose money
Visit broker Visit broker
78.3% of retail CFD accounts lose money

Capital.com is our winner, the best forex broker for beginners for Sahrawian citizens in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.

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

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

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

Visit Capital.com
81.40% of retail CFD accounts lose money
Visit XTB
76% of retail CFD accounts lose money
Visit Oanda
78.3% of retail CFD accounts lose money

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