Best Forex Trading Platforms for Beginners

BDSwiss was established in 2012 in Zurich, and currently, the firm has over €20bn in foreign exchange trading per month. BDSwiss is regulated forex and licensed by the EU’s Cyprus Securities and Exchange Commission CySEC, the FSC, and the United States National Futures Association. Founded in 2002 as Poland’s first leveraged foreign exchange brokerage house, X-Trade morphed into X-Trade Brokers in 2004 to comply with new Polish regulations. The company went public in 2007, listing on the Warsaw Stock Exchange under the ticker symbol XTB, and it was rebranded as XTB Online Trading (XTB) in 2009. We research and reviewed dozens of forex brokers to help you decide which broker is right for your needs. Some brokers charge fees when you deposit or withdraw money from your trading account.

It’s a high-powered broker that nevertheless offers many features, such as a demo account, that may help novice traders. The broker offers a web platform, a mobile app and access to MetaTrader4 and ProRealTime platforms. Interactive Brokers is well known Best Forex Trading Platforms for Beginners for its low costs and powerful trading platforms preferred by active and professional traders. Forex traders won’t be disappointed by the advanced trading tools available as well as real-time quotes from many of the world’s largest forex dealing banks.

Best Day Trading Platform for Education

The brokerage you choose should allow you to trade the products you’re interested in and have low commissions for said products. If your trades with this borrowed money are successful, you earn more, the broker earns more via commissions – everyone’s happy. Also, some brokers charge you withdrawal fees when you transfer the money from your account to your bank or e-wallet. There’s also the inactivity fee that will hit you if your account remains inactive for a long time – it’s best if you find a broker that doesn’t charge these fees at all. IG manages to offer a set of powerful yet accessible platforms, very competitive fees, strong regulatory licenses, and a well-made educational section – and because of that, it is number one on our list.

Online forex brokers generally allow traders to execute forex deals largely using their supported electronic trading platforms. In addition to offering their own proprietary trading software, many online forex brokers support popular 3rd party forex trading platforms like MetaTrader 4 and 5 (MT4/5)  from MetaQuotes. Our team opened up trading accounts with the most well known, regulated forex brokers. Using their demo and live accounts we tested them based on ease of use and customer support.

Pepperstone – Best ECN forex broker

This comprehensive approach provides beginners with the knowledge and confidence they need to start live trading. This unique approach enables clients to leverage the expertise of seasoned traders without incurring management fees or hidden costs. EToro’s commitment to accessibility and community makes it the go-to platform for social trading, offering European traders an unparalleled opportunity to share ideas, learn, and grow their trading portfolios. Eightcap’s Raw account, which is a popular choice among traders, offers some of the tightest ECN style spreads in the industry, and I must say it’s quite impressive. Looking at the raw spread for the EUR/USD currency pair, Eightcap provides an exceptional 0.06 pips, which is 73% lower than the industry average of 0.22 pips.

With these thresholds, CMC provides a guaranteed stop-loss order but to use this service; there is a premium that is ultimately refunded if the stop-loss order does not trigger. The best trading platforms are those that are most comfortable to work with and meet your requirements. Below you will find brief reviews of the top exchange and OTC platforms, their advantages and disadvantages.

How to find the best forex brokers for beginners?

Depending on the location of the trade, some offer debit cards, ensuring swift access to funds. Other major currency pairs include the EUR/JPY, the EUR/GBP, the EUR/CHF, the GBP/USD, the USD/JPY, the USD/CHF, the USD/CAD, the AUD/USD, and the NZD/USD. Per the latest Triennial Survey by the Bank for International Settlements (BIS), 88% of all Forex traders include the US dollar. The Chinese yuan (CNY) is the eighth most traded currency globally, positioned to become more dominant moving forward. Other emerging currencies to monitor are the Russian ruble, the Mexican peso, the Indian rupee, the Brazilian real and the South African rand.

Best Forex Trading Platforms for Beginners

Complying with robust regulations from ASIC and CySEC, it’s a top choice for European traders looking for standard spreads without commission fees. For beginners, the Standard account is a simple introduction to forex trading with commission included in the spread. While spreads are higher averaging 1.12 pips for the EUR/USD, I didn’t need to worry about commission here; the bid-ask spread was my main trading cost. Most CFD brokers charge €2.75 which is 4.18% below the industry average of €2.87. With a commission fee of €2.60, Pepperstone offers a rate that’s 9.41% below the industry average.

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