Brokerchooser blog - Best brokers


Best brokers for beginners in 2018

Best brokers for beginners in 2018
| Gergely Korpos Gergely Korpos

The brokerage world can be intimidating and confusing, especially for a beginner. Complicated words, complex definitions, and head-spinning graphs can discourage people from investing themselves. 

Our aim is to help people invest, and with this article, we wish to help the beginners. The article will include the best brokers to choose as a beginner and will outline each broker's strength.

We have tested a total of 17 brokers on our site and picked the best 10 brokers for beginners. At the end of the post, we have also compiled a useful educational resource 101. This consists of useful educational content from our previous posts.

This post will focus on two sections: brokers for beginner buy and hold investors, and brokers for beginner frequent traders. Beginner buy and hold investors are people who wish to invest their money in the long run, and make few trades per month. Beginner frequent traders are people who are new to trading. 

Take a moment to look through the following table. It is a compiled list of all the brokers in this article, and also a useful resource to see which broker you can open an account at:

Broker Description From which regions you can open an account?
Best brokers for beginner buy-and-hold investors
Saxo Bank Danish investment bank Worldwide except for the US
Strateo Swiss online broker Europe
DEGIRO Upcoming Dutch discount broker Europe
Swissquote Swiss online broker Worldwide except for the US
Tradestation US-based broker Worldwide
Best brokers for beginner traders
DEGIRO Upcoming Dutch discount broker Europe
Pepperstone Australian discount forex broker Worldwide except for the US
Tastyworks US-based options-specific broker Worldwide
Oanda US-founded forex and CFD broker Worldwide 
eToro Israeli CFD broker Worldwide except for the US

The two sub-groups differ in the style of trading you wish to start investing with. Let's take a look at each.

Brokers for beginner buy-and-hold investors

best-brokers-for-beginners-blogpost-buy-and-hold-investors-infographic

Buy-and-hold investors are characterized by buying a portfolio of assets and holding them in the long run. They adjust their investment portfolio usually once every two-three months.

The brokers we chose for a beginner buy-and-hold investor have the following characteristics:

  • Competitive pricing - to ensure low long-run costs
  • User-friendly trading platform - for an easy learning curve
  • Wide product portfolio - for many investment opportunities

Brokers for beginner traders

best-brokers-for-beginners-blogpost-beginner-frequent-traders-infographic

Beginner traders are characterized by making many trades a day to maximalize their potential return. They will adjust their portfolio several times a day. 

NOTE: Trading frequently, also known as day trading, carries high levels of risk, and can incur high transaction cost with your broker. Each time you make a trade, you are subject to the volatility of the market, and transaction fees may occur. Also, day traders usually use leverage, that carries on further risk to your invested money. Please go to the learning section of this article if you are not fully aware of these risks.

The brokers we chose for a beginner buy-and-hold investor have most of the following characteristics:

  • Competitive pricing - to ensure low transaction costs
  • Asset classes with high leverage - Forex, and CFDs if possible
  • Good educational content - to enable beginners to learn through quality content

Now that it is clear, how, and why the two categories are divided. Let's go, and take a closer look at each of the brokers, to get you up to speed learning, and make the right choice for you today.


Best forex brokers in 2018

Best forex brokers in 2018
| Gergely Korpos Gergely Korpos

Choose the best forex broker, we did the research for you. We tested in-depth only quality online brokers available for European and US customers. We evaluated fees, funding, withdrawal, product portfolios, account opening, trading platforms and more.

As a result, we filtered out the forex brokers with the highest quality and the lowest fees.  

Our top five picks for the best forex brokers in 2018 are:

Broker Description From which regions you can open an account?
Saxo Bank Danish investment bank Worldwide except for the US
Interactive Brokers Leading discount broker from the US Worldwide
Pepperstone Australian discount forex broker Worldwide except for the US
FXCM UK forex broker Worldwide except for the US
Oanda US discount forex broker Worldwide

Head to our country selector to get detailed info on which broker is available in your country.

We have created two forex broker categories: stockbrokers offering forex and forex-only brokers. At the stockbrokers, you can also trade with other instruments like stocks and bonds. At forex-only brokers, you can trade with forex and in some cases CFDs.

 

BEST STOCKBROKERS OFFERING FOREX

  Saxo Bank Interactive B.
Fee structure ★★★★ ★★★★★
Funding and withdrawal ★★★★★ ★★
Forex product portfolio ★★★★★ ★★★★★
Account opening ★★★ ★★
Trading platform (web) ★★★★ ★★
Overall rating 4.8 4.4

BEST FOREX-ONLY BROKERS

  Pepperstone FXCM Oanda
Fee structure ★★★★ ★★★★ ★★★★★
Funding and withdrawal ★★★★★ ★★★★★ ★★★★
Forex product portfolio ★★★★ ★★ ★★★
Account opening ★★★★★ ★★★★★ ★★★★★
Trading platform (web) ★★★★★ ★★★ ★★★★
Overall rating 4.3 4.2 4.1

If you are a beginner, be very careful with forex trading. You can easily lose all of your money within a couple of seconds. The best way to start is to open a demo account and start learning. All of the mentioned brokers above offer a demo account. A demo account is where you can try out trading with paper money, without risking your own savings. Improve your learning further at the forex trading 101 chapter.

best-forex-brokers-number-of-currency-pairs

Not sure which forex broker to choose? For a personal broker recommendation, check out Brokerchooser's broker selection tool. You input your preferences and you get a personal recommendation fitting your needs.

Want to see more options? For comparing all the brokers, visit our comparison page.