TOP 5 brokers for beginners
Dive into our list of the best regulated and reliable brokers for beginners that we have tested for real money.
Brands | Broker | Short description | Numbers | Registration |
 | JustMarkets is an international forex trading broker that has won the trust of more than millions of clients from 197 countries, taking into account the diversity of cultures, nations, trading experiences and client needs. In the Learning Center you can find online webinars, articles about Forex, a Forex glossary, as well as training videos. | The average profitability of JustMarkets traders is 7 times higher than their initial deposits. | ||
 | This brokerage company provides services throughout the world, focusing on providing high-quality services and comprehensive support to its clients and partners. The company's specialists take an active part in various industry conferences and events, where they discuss trends and prospects in financial markets. | 2,000,000 clients worldwide | ||
 | FXTM has over 1 million clients worldwide and thousands of new traders join every month. In the Trading Education section you can find the Expert Trader, Education Overview, videos and glossary. | 150+ Countries | ||
 | The broker offers both the best market breadth and liquidity depth. The platform provides a trading academy covering Forex, stocks, precious metals, energies, cryptocurrencies and indices. | 60+ currency pairs | ||
 | AvaTrade offers extensive markets, copy trading and spread betting even if the minimum deposit is a little higher, as well as a wide range of assets. The broker also offers a wide range of CFDs (1,250 in total) to meet the needs of an increasing number of traders. AvaTrade guarantees the protection of customer funds, as negative balance protection and the use of separate accounts are among its features. | - Leverage up to 1:400 |
TOP 5 brokers for experienced traders
Brand | Broker | Short description | Numbers | Registration |
| | JustMarkets is a high leverage forex broker that has won the trust of more than millions of clients from 197 countries, taking into account the diversity of cultures, nations, trading experiences and client needs. JustMarkets offers several types of trading Forex broker accounts with a wide range of trading tools, so everyone can find the one that best suits their preferences. | - Low floating spreads on all account types, spreads from 0 pips on Raw Spread accounts. | ||
 | This company is a major ECN Forex broker that continually adds additional liquidity to their ECN (Electronic Communications Network) trading environment to provide traders with the best possible Forex trading experience. The Education section contains web TV that discusses general market activity, industry trends and other broad-based economic conditions. | - 0.0 PIP Spreads | ||
 | RoboForex is a financial brokerage company offering 9 types of assets and more than 12,000 instruments for trading. The company is focused on providing the best trading conditions using innovative technologies and many years of experience. You can easily improve your trading experience with their reliable Forex broker software and maximize your potential with forex broker bonuses. | - 8 Asset Classes | ||
 | MultiBank is well structured and managed by an experienced team, has a strong presence in Asia, uses a generous bonus structure to attract new deposits and organizes high-profile events. High liquidity adds to the appeal of this Forex broker, which is constantly seeking new partnerships to improve its overall portfolio of products and services. | - Leverage: up to 1:500 | ||
 | FxPro is regulated by well-known authorities: FCA, CySEC, and others. The Forex broker stands out for its focus on technology and offers an average order execution speed of 14-30ms, setting a benchmark in the market. FxPro also provides an impressive array of trading tools and educational resources, such as Trading Central analysis. | - Leverage: up to 1:200/1:500 |
Are you looking for the best online Forex trading broker and don’t know what details to pay attention to?
We’ll tell you everything you need to know to choose the best forex broker online for you. From broker rating criteria to available tools and even some warning signs to look out for to avoid getting scammed
Understanding Forex Trading
The foreign exchange market is open 24 hours a day, except weekends: it opens in Sydney on Monday morning and closes in New York on Friday afternoon.
Differences between trading Forex and other markets
There is a very important difference between the Forex market and other markets. Unlike stocks, options and futures, Forex trading is not subject to any regulation. Forex trading is not protected by any clearing house. Currency trading for individual traders requires the mediation of a Forex broker online. When entering this unregulated market, a good measure of your protection is to choose to register and activate this broker.
In fact, Forex trading opens the door to insider trading. If a financial institution receives information that a major central bank is going to raise interest rates at its next meeting, there is nothing stopping it from buying up all of that country’s currency that it wants (or can).
Why choosing a broker matters
In Forex trading, one of the most important steps a trader can take is choosing a broker. First, let’s figure out what a Forex broker is. A broker Forex acts as an intermediary between traders and the foreign exchange market. Forex brokers provide the platform and all the necessary infrastructure to connect their traders with the foreign exchange market. However, every broker is different and choosing the wrong one can be a big hassle and have unpleasant consequences. Trade smarter with introducing broker Forex.
What is Forex Trading?
Forex or foreign exchange market, also known as Forex (Foreign Exchange), is a global market for buying and selling currencies and is also known as FX. The foreign exchange market is a decentralized market where currencies are traded. Each of these currencies has a conversion rate called the exchange rate. For example, if the EUR/USD exchange rate is 1.05, this means that 1 Euro is equivalent to 1.05 US Dollars.
Choosing the Right Forex Broker in 2024
The number of brokers available today is huge. If you are just starting out in Forex trading, choosing the right one can be challenging and you will probably have a thousand questions such as “How to choose a Forex broker for me in 2024?” or “How do I know if broker X is a good broker?”
Forex broker rating criteria
Choosing the right broker Forex for a trader is crucial. Here are the main criteria that will help you with this:
Safety and reliability
The broker’s reputation plays an important role in the safety of your funds. A reputable broker will be regulated by a recognized financial authority, giving you peace of mind that your money is in safe hands. One way to check the reliability and good reputation of a broker is to read reviews about the broker left by other traders.
Commercial terms
Broker trading conditions require special attention when choosing. These terms include spreads, commissions, leverage and execution speed. Lower forex broker spreads and commissions cut down your trading costs, while a higher level of leverage allows you to expand your trading positions. Order execution speed is a very important parameter for traders who practice forex broker for scalping or short-term trading.
Experience and knowledge
One of the main reasons why choosing the right broker is so important is their experience and knowledge in the investment field. An experienced trusted Forex broker has in-depth knowledge of the market and economic trends. They can provide you with additional information about the market that will help you conduct your own technical analysis.
Range of available services
Another important factor to consider when choosing a broker is the range of services they offer. Some online Forex trading brokers provide execution-only services without providing any advice or analysis. On the other hand, full-service brokers provide a comprehensive set of services, including market research, investment advice and customized portfolio management. The choice between these options depends on your level of experience and the amount of time you can devote to managing your investments.
Fees
Commission is also a very important factor when choosing an online Forex broker. Different brokers have different commission structures, and it is important to understand how these commissions can affect your investment performance. Most of the broker’s commissions are covered by bid-ask spreads and trading commissions. Additionally, some brokers may charge additional fees for services such as account maintenance or inactivity. It is important to compare the commission structures and Forex broker regulations of different brokers to ensure you choose the option that suits your trading goals and budget.
Instruments
An important factor when choosing a broker is the large number of instruments available for trading to the company’s clients. It is very important to try your luck in different markets, with different instruments and conditions. Many brokers offer the opportunity to trade, in addition to currencies, synthetic instruments, such as CFD contracts on US and European stocks. And some companies even look at Mexican stocks, world indices, gold, oil, etc.
Risk Policy
Every broker should have a section on their website dedicated to their risk policy, where you can find out how the platform will protect your money in any eventuality.
Customer service
When choosing a broker, you should also pay attention to customer service. When you need help or have questions about your investments, fast, expert support can greatly improve your overall investing experience.
Forex broker key standards
| Generally accepted standards | Standards of the largest brokers |
| Availability of a free demo account, such as Justmarkets practice accounts (i.e. the opportunity to practice on virtual money, test trading strategies). | Daily analytical research of the markets of currencies, stocks, indices, metals. |
| Graphical support, technical analysis capabilities or data export to technical analysis systems. | 24-hour news support for clients in the trading terminal. 24/7 technical support |
| Reliable operation and low requirements to the user’s computer and Internet connection speed. | Having a personal manager for large clients |
What is the best Forex broker for you?
Choosing the best forex broker depends on your trading style and the goals you want to achieve.
Determining your trading needs
To determine your Forex trading needs, it is important to conduct an in-depth analysis of your current situation. Here’s what to consider:
- Clearly define your goals in Forex trading. Do you want to earn additional income, primary income or simply diversify your investments? Your goals will determine your strategy and level of risk.
- Rate your level of experience and knowledge in Forex trading. If you are a beginner, it is recommended that you take the time to educate yourself and practice on a demo account before trading with real money.
- Determine how much capital you are willing to invest in Forex trading.
- To choose the right strategies and tools, determine your preferred trading style. Do you prefer short-term trading (day trading) or do you prefer a longer-term approach?
- Develop a solid risk management strategy that includes the use of entry and exit orders and a money management plan to control your risks.
Avoiding common mistakes
It is necessary to analyze reviews on the Internet.
Try to pay attention to reviews about the software, technical support, withdrawals and slippages. The quality of service in this case will play a decisive role.
How does the broker treat complaints?
A reliable online Forex broker is distinguished by a quick response to requests, full assistance and appropriate advice.
Process of withdrawal and deposit of funds.
If you have a cent account with a broker, it is recommended to check for yourself how quickly and painlessly the withdrawal of money is carried out. A reliable broker Forex does not delay payments.
Official registration of the company.
It is advisable that the broker be registered in your country or at least not in an offshore zone.
Forex trading broker reviews
You should not trust unofficial forums – a good professional may well be denigrated by competitors. As a rule, reliable information is published in publications that publish broker ratings.
You should be wary of the following information from traders:
- the order was closed or opened without notifying the client
- the client received an unmotivated refusal to withdraw funds
- the system is characterized by inconvenient navigation and constant communication interruptions
- there are facts of failure to fulfill any obligations of the broker to clients
Based on this information, you will be able to form the most objective impression of the service provider.
Artificial intelligence and its role in Forex trading
Artificial Intelligence is the driving force shaping the future of Forex trading. Its influence is constantly expanding, gradually changing the way the sector operates.
AI’s ability to analyze massive amounts of data, identify hidden patterns, and predict future market movements is unparalleled. This allows anyone to capitalize on market opportunities in real time with unprecedented accuracy. Additionally, AI offers the ability to automate market operations, freeing the trader from repetitive tasks and allowing him to better focus on complex investment strategies.
Benefits of using AI for Forex trading
- AI removes the element of human uncertainty by reducing the risk of errors caused by emotional factors or cognitive biases.
- Its ability to operate 24/7 ensures that no trading opportunity is missed.
- AI can learn and adapt to changing market conditions, constantly improving its performance.
Will AI replace traders in the future?
When examining future trends in the use of AI in Forex trading, a complex picture emerges. AI is changing the way data is analyzed and interpreted. With its ability to process vast amounts of information in real time, AI can identify patterns and trends that elude the human eye. This allows everyone to make more accurate forecasts and make more informed money management decisions.
However, despite this potential, AI is unlikely to completely replace traders. The world of Forex is not only based on data analysis, but also requires skills such as risk management, interpretation of the global economic environment and understanding of market psychology. These aspects require human intuition, which AI, at least for now, cannot replicate.
Rather than replacing traders, AI is likely to become an indispensable tool for market traders. The best broker for forex of the future will be the one that can effectively integrate artificial intelligence into their platform, offering us the tools to successfully navigate the dynamic world of the foreign exchange market. In this scenario, AI is not seen as a threat, but as a valuable ally that can enhance human capabilities and transform Forex trading into a more efficient, accurate and profitable activity.
