In the financial market, you can find many alternatives to make a profit from your existing savings. Therefore, we will figure out which brokers are best for beginners to invest in to avoid risks. In this sense, it is important to find the best forex trading platform for beginners that offers better service, and educational materials and charges lower fees for investing through financial products such as shares, CFDs, futures or currencies.
Forex trading strategies for beginners
Forex trading for beginners is quite a challenging task. To simplify this task and minimize risks, there are Forex trading strategies for beginners. Here are the main ones:
- Pin Bar Trading Strategy
It is not only one of the most profitable forex strategies but also very suitable for beginners because it is straightforward to determine and trade. The pin bar trading strategy is a union of pin bar candlestick pattern and support/resistance strategy. In a Bullish trend, the price makes higher highs and higher lows most of the time Bullish Pin Bar is traded. For this reason, you are supposed to mark a very strong support zone when we are in a bullish trend before waiting for any test to be done on the same.
- Inside Bar Trading Strategy
Another highly effective Forex trading strategy for beginners is the inside bar strategy. An “inside bar” pattern is a two-bar price action trading strategy whereby the inside bar is smaller and falls within the high to-low range of a prior bar indicating that its high is lower than that of the preceding one while its low is higher.
- Forex Breakout Strategy
Trading Forex for beginners isn’t easy. When it comes to entering a trade immediately after prices break out of their ranges, breakout strategies are the most widely used. Traders look for strong momentum, and real movement is seen as a sign of entry into the market to profit from subsequent market trends. Open positions then need to be closely watched to understand the direction of the market by traders who prefer to adjust stop levels from time to time rather than follow set rules, except that they always place it just below what was resistance before, and above what acted as support.
Top Online Brokers Ideal for Beginners
Justmarkets for beginners
Justmarkets is one of the best forex trading platforms for beginners. Its user-friendly platform makes it a highly recommended trading platform especially for newbies as it provides a large number of extensive educational resources, a demo account, and a low minimum deposit. In addition, excellent customer support is available 24/7, with Justmarkets having competitive spreads along with leverage, as well as multi-asset trading including mobile options – all of which allow beginners to get the support they need to practice what they know about trading before confidently starting their trading career.
Justmarkets Key Points for Newbies
- Beginners can benefit from a variety of webinars, tutorials, guides, and regular market analysis as well as they can take a forex trading course for beginners.
- Named MT4 and MT5, the intuitive platforms are renowned for being user-friendly and dependable.
- New traders can use virtual money to learn trading without any financial risks.
- You can sign up with just $1, reducing the entry barrier and financial risk for newbies.
- There are a variety of account types to choose from, including cent accounts, which are suitable for trading small amounts of cash.
- Instant help via chat, email or phone, making this platform even more beginner-friendly.
- Justmarkets is regulated by the IFSC in Belize and hence the interests of all traders are kept safe.
Icmarkets for beginners
IC Markets is an attractive destination for new traders as it offers reliable yet accessible platforms, detailed educational materials where you can learn forex trading for beginners, simulation accounts, low initial deposits, a variety of account packages, and top-notch customer service while remaining compliant with regulations. The broker provides a wide selection of trading instruments, as well as fast execution of transactions, with all orders executed in less than 1 second. It has some social trading tools and other mobile trading options for those clients. These features create a favorable environment for the development of novice traders.
Icmarkets Key Points for Newbies
- Access to MT4, MT5 and cTrader, which are intuitive and allow one-click trading, as well as advanced charting.
- Webinars often provide a variety of free resources, such as marketing articles, videos, etc.
- Standard and Raw Spread accounts that suit different trading needs.
- Tight spreads from 0.0 points and leverage up to 1:500.
- Easy access to support is available via chat, email and phone 24 hours a day to assist newbies.
- Regulated by ASIC and CySEC.
- Offers trading in instruments such as forex, commodity indices, cryptocurrencies, bonds and stocks to achieve a balanced portfolio.
Roboforex for beginners
RoboForex is recommended for beginners as it offers easy-to-use trading platforms, comprehensive educational materials, demo accounts, very low initial deposits, multiple account types, excellent customer service, the most competitive spreads and leverage, and a wide range of trading tools, as well as forex trading app for beginners. It also allows clients to take advantage of numerous bonuses and promotions when conducting copy trading.
RoboForex Key Points for Newbies
- Thanks to its user-friendly interface and advanced technology, this broker provides MT4 cTrader as well as MT5 and R Trader.
- Beginners can use the webinars, tutorials + guides provided for them and also have access to the market analysis provided by the broker.
- You can start practicing using virtual funds without any risk to gain experience or try out different trading strategies.
- It offers ProCent, Pro, ECN, and Prime accounts to suit different needs and experience levels.
- For just $10, you can open a trading account and also practice using this resource that allows beginners to take part in trading.
- Regulated by IFSC in Belize, ensuring adherence to standards of conduct.
Amarkets for beginners
AMarkets is a great choice for beginners because of its affordable trading platforms that are very user-friendly for all users. This includes educational resources ranging from short trading tutorials to long, detailed guides written by professionals who know everything about finance so you can learn at your own pace. AMarkets also provides virtual accounts and low minimum deposits, quality customer service, tight spreads, good leverage, and many currency pairs.
AMarkets Key Points for Newbies
- MT4, MT5 and WebTrader are available with intuitive interfaces and comprehensive tools.
- Here you can find webinars, video tutorials, e-books, articles and structured courses on trading.
- To help newbies get started with trading, a minimum deposit of $100 can be used.
- Three different account types are available: standard, fixed and ECN, to suit different needs and experience levels.
- Low spreads and flexible leverage options.
- The Financial Commission is a reliable regulator that provides security and creates compensation funds.
- For diversification, you can trade Forex, assets such as oil, stock indices such as the Dow Jones Industrial Average or Apple Inc. shares, and even virtual money (cryptocurrencies).
Comparing Prices and Commissions
| Top broker for beginners | Commission | Minimum deposit | Withdrawal fee |
| Justmarkets | from 0 pips | from $1 | only the Raw Spread account |
| IC Markets | from 0 pips | from $200 | no |
| RoboForex | floating from 0 points | from $10 | no |
| AMarkets | ECN – floating from 0 pips, Standard – floating from 1.3 pips, Fixed – fixed from 3 pips, Crypto – floating from 1.3 pips. | from $100 | yes |
FAQs
Many apps are suitable for beginners. Especially easy to use are the Justmarkets app, Icmarkets, Roboforex, and AMarkets.
Before you can open a brokerage account, there is one thing you should know. Consider trades and brokerage commissions based on trade frequency, trading style, or market. For the money, determine the amount you plan to deposit into your account and the smallest amount you need to maintain to make transactions, and so on.
You can trade anything from 1$ to 100$, 1000$ or even more. The more you can invest, the higher your likelihood of getting more out of the possible income. To make huge profits from Forex trading, relatively higher input costs are required.
