How to Choose a Broker – Video Tutorial

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How to Choose your Broker: Guide for Beginner Trader

Everyone serious about trading on financial markets will inevitably face the necessity to choose a broker. The Internet is full of various offers and ads. At first glance, it seems virtually impossible to tell a lousy broker with a good advertising campaign from a trustworthy partner providing high-quality service. In this review, we will discuss the main criteria for distinguishing between them.


Any broker needs to be licensed for their business; the information about the license should be provided on the broker’s website. The license is a document permitting the broker to carry out their professional activities. The licenses are given by special entities – regulators; on their official websites, you may check if the broker has the license.

Almost all countries have their financial regulators. They might be state entities, central banks, non-state organizations and associations of market players. For example, the following US and European regulators are considered authoritative and famous: CFTC (Commodity Futures Trading Commission), FCA (Financial Conduct Authority of Great Britain), CySEC (Cyprus Securities And Exchange Commission).

To get the license, the broker is required to own a substantial capital and to comply with the market requirements. Brokers are revised from time to time, and if some violations are detected, the regulator may charge a large fee or even call the license back. Regulators may also act as referees in the cases of arguments between the broker and the client.


An important criterion of the company’s reliability is its age. If a company is just starting its broker activity, it is possible that it will not be able to provide excellent services at once or that it will close soon falling prey to the rivalry. It is more reliable to choose the brokers that have been on the market for a minimum of 5, better 10 years. As with good cognac, the more it ages, the better.

It is considered good practice for Forex brokers to participate in organizations providing additional protection of the clients’ interests. Such entities (FinaCom, Commission For Regulation Of Relationship Between Financial Market Participants) not only act as referees in the cases of arguments but also accumulate compensation funds. These funds act as insurance if the client was decided to be right in the argument but the broker declines to pay the compensation; then it will be paid from the fund.

A fast and professional client support team is also a sign of the trustworthiness of the broker. A serious company has several feedback channels: a member’s area, e-mail, 24/7 support phone number. For example, if your Internet connection is bad, you can always call the support, ask for the current quotations and open or close your positions.


Apart from the two criteria above, the reputation of the company should also be evaluated. The latter implies the popularity of the broker, its openness to the client, a lack of loud scandals or troubles with money withdrawal. On the Net, there are plenty of resources providing ratings of broker companies. A good company with a clean reputation is likely to be in the top ten of the most ratings.

Regular participation in exhibitions and prizes in various categories adds up a lot to the broker’s reputation. The prizes confirm the broker being devoted to their work. Also, the reputation of the company is filled up with the feedback of real clients. Of course, there will always be those who were dissatisfied but most of the feedback on a good broker will be positive.

The website of a company is its face. It should feature all the necessary information: licenses, the company’s history, prizes, trading conditions, contacts. A blog, a forum of its own is also good for a company. Such resources feature learning materials, provide an opportunity to ask questions from the company’s employees or share your thoughts with peer market players.

Trading conditions

After you have made sure that the company has a license, trustworthiness, and a good reputation, you need to assess its trading conditions. Below, we will discuss the most important ones but you should pay attention to those that are crucial for your trading preferences.

Money depositing/withdrawal

Before you start trading, you need to get to know the conditions of money depositing/withdrawal on your account. On the company’s website, there should be all the information in detail, including the banks and payment systems the broker works with, the commission fee size, the available currencies and whether there is currency conversion provided.

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Spreads, fees, leverage

A serious broker company normally provides several types of trading accounts with slightly different spread, commission fees, and leverage sizes. You should study the conditions of each type and choose the one that suits you best. The spreads and fees must not be much higher than generally on the market; the possibility to choose the leverage size yourself is a good option.

Minimal deposit, currency

For beginner traders, the minimal deposit size might be an important criterion. Some large Western brokers do not like to fiddle with “peanuts” and raise the entrance threshold rather high. So, you need to make sure that the broker’s conditions suit you as well as check the currency you may open the account with.

Financial instruments available

You need to make sure that the broker allows for working with the financial instruments you prefer. As for me, the more instruments the company features, the better. It provides an opportunity to choose: if the trading situation on currency pairs is poor, you can switch to other markets: crypto, oil, gold, ETF, stocks, etc.

Trading platforms

As a rule, a good broker provides access to several trading platforms, sometimes including those designed by the company. You need to choose one or more that suits you. If you use mobile trading, make sure that mobile versions of the platforms exist.


Choosing a broker is a difficult task that requires maximal responsibility. The broker company should feature the license, high reliability, good reputation, and trading conditions that suit you. This is needed for you to work comfortably on the market, free of fear for your capital and enjoying high-quality service.

Choosing an Online Broker

With hundreds or even thousands of online Forex brokers to choose from, the abundance of choice can be bewildering. How to know which one of these brokers is right for you when you are ready to choose an online broker?

In this lesson, we will explain a little about how online Forex brokerages work, and outline the important questions you should ask in determining which one to open an account with, when you are finally ready to take that step.

Video Tutorial

Lesson Quiz

Risk Disclaimer: FX Academy will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of FX Academy or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.

Admiral Markets Group consists of the following firms:

Admiral Markets Cyprus Ltd

Admiral Markets Pty Ltd

Admiral Markets UK Ltd

Reading time: 18 minutes

Are you looking for the best forex & CFD broker in 2020, and are unsure as to what details you should be looking out for? In this article, we will go over everything you need to know in order to choose the best forex broker for you. From the types of accounts, the instruments available, and even some of the warning signs you need to look out for to avoid scams.

What is a Forex Broker?

To begin trading foreign exchange currency, you need to first find a reliable forex broker. A forex (or FX for short) broker is a company that provides traders with access to a forex trading platform that enables them to buy and sell foreign currencies. Brokers provide these platforms to allow clients access to trade on the 24-hour forex market. They are mainly compensated through the ‘bid-ask spread’ of a currency pair.

Your first priority is to carry out research so you can make an informed decision as to which broker to trade with. You should also make sure they have a positive reputation, and whether they are able to meet your trading requirements.

The vast majority of forex brokers will permit prospective clients to test their services with a practice or demo trading account, so that traders can obtain a good understanding of what the system is actually like. It would be wise to test out many trading platforms prior to deciding which broker to use, to see which is the best for you.

The Primary Criteria for Choosing a Forex Broker

Here is a list of twelve important points that traders should consider when choosing a broker:

  • Range of Trading Instruments – It is beneficial to be able to invest in several financial markets at the same time. A good choice is to work with a forex broker that offers a wide variety of markets to trade on, such as CFDs on indices or commodities and cryptocurrencies, stocks, or ETFs.
  • Different Types of Trading Accounts – A good broker should offer you several types of accounts with different benefits for specific styles of trading, such as those with higher protections, or greater leverage or spreads, or different ranges of instruments.
  • Spreads – There’s nothing wrong about searching for a broker with the lowest spreads, but watch out for marketing techniques. A lower spread advertised on the website does not necessarily mean that you will continuously have the spread

    Looking for a competitive Forex broker by focusing on offerings of low spreads is not necessarily the best idea, as a displayed average spread does not guarantee that it applies to your specific type of order.

  • Optional Leverage – Forex is a market that is often traded with leverage. To manage a trading position and account, being aware of your leverage allowance is very important.
  • Order Execution Quality and Slippage – Having low spreads is a good start, but having orders executed at the asking price is an even more useful offer.
  • Allows for Scalping – If you are looking for high-frequency day trading, make sure the brokers you are considering do not place limits on trading styles. A scalping broker has no minimum period of time to wait between the market price, the stop-loss, and the take-profit.
  • Trading Platform – Choose a broker that offers a Forex & CFD trading platform that you are comfortable with, and that fits your individual needs. For example, Admiral Markets offers several options including MetaTrader 4 (MT4), MetaTrader 5 (MT5), MetaTrader WebTrader, and the MetaTrader Supreme Edition plugin for MT4 and MT5.
  • Custom Tools and add-ons – Good Forex brokers should offer valuable support for their traders. For instance, Admiral Markets created both the MT4 and MT5 Supreme Edition add-ons and made them available for its live Forex and CFD trading account, and its demo trading account. These tools aim to help Forex and CFD traders make more money, with less effort.
  • Forex Broker Regulation – It is important to open an account with a regulated broker.
  • Fund Security – Choose a Forex broker with bank accounts in Europe, in particular, with diversified bank accounts.
  • Customer Service – Having a FX broker that is dedicated to its customers is much more practical and reliable for traders.
  • Education – Forex brokers offer training sessions and education. For beginners in trading, it is essential to understand the trading terminology, so a broker with proper training tools is always a better choice. Admiral Markets offers several courses, including Forex 101, Zero to Hero, and a whole library of articles on Forex, trading CFDs, and trading in general.

Trade With Admiral Markets

If you’re feeling inspired to start trading, or this article has provided some extra insight to your existing trading knowledge, you may be pleased to know that not only does Admiral Markets exceed all the criteria above, but also provides the ability to trade with forex and CFDs on up to 80+ currencies, with the latest market updates and technical analysis provided for FREE! Click the banner below to open your live account today!

What Is the Broker’s Range of Instruments?

While there is a vast number of currencies accessible for trading, only a few receive a lot of attention, and attract the most traders and the highest profitable volatility. The major currency pairs include USD/JPY, EUR/USD, USD/CHF, and also GBP/USD. Forex brokers offer a wide choice of forex pairs, and you can choose from the most active, to more exotic pairs given your trading strategy.

Admiral Markets offers over 8,000 different instruments from a wide range of markets, for example. There’s a huge number of CFD trading instruments from forex, commodities, indices and more, as well as the ability to directly purchase and own stocks and ETFs.

Spreads, Commissions, and Leverage: the Cost of Trading

Every forex broker has a variety of account offerings (or account types) which offer different spread and leverage offerings. Let’s discuss leverage and margin. In Europe, Forex traders have access to a range of leverage amounts depending on the type of the account, up to 1:30 for retail clients and up to 1:500 for professional clients. Leverage is a loan extended to margin account holders by their brokers.

For example, by applying 1:50 leverage, a forex trader with an account size of $1,000 can hold a position that is valued at $50,000. Leverage works in the trader’s favour with winning positions, as the potential for profits is considerably amplified. However, leverage is capable of hastily destroying a trader’s account, because the potential for losses is increased as well. Keep in mind that leverage should only be utilised with caution.

Secondly, the other main significant offerings which affect your trading positions are spreads and commissions. A forex broker makes money through their stated commissions and spreads.

A broker that uses commissions may charge a percentage of a position’s size (having said that, this is more common with instruments like shares and share CFDs than Forex pairs).

Nonetheless, a lot of FX brokers advertise that they don’t charge commissions, and instead make their money with spreads, which are the difference between the bid and ask price of a currency pair. The wider the spread, the higher the charge (and the lower your potential profits). For instance, the spread could be a fixed spread of three pips, or the spread could be variable depending on market volatility.

Imagine that a EUR/USD quote of 1.3943 – 1.3946 has a three pip spread. This implies that once a market participant purchases at 1.3946, the position has already lost three pips of value, as it could solely be sold instantly for 1.3943. Therefore, the wider the spread, the more complicated it can be to make a profit. In fact, common trading pairs like the GBP/USD and EUR/USD will generally have tighter spreads than the more thinly-traded pairs.

A third cost is the initial deposit that an online Forex broker may offer. The majority of Forex accounts can be funded with a very limited initial deposit (even being as low as $50). Of course, with leverage purchasing power it can be considerably greater than the minimum deposit. That is one of many reasons why Forex trading is so appealing to new traders and investors. Many brokers offer standard, mini, and micro-accounts with changes in initial deposit requirements.

And the last cost is the ease of deposits and withdrawals. Every FX broker has their own account withdrawal, as well as funding policies. Brokers may permit account holders to fund trading accounts online via PayPal, simply with a credit card, or via ACH payment, not to mention wire transfer, bank cheques, or either business or personal cheques if specified. Usually, withdrawals can be made by cheque or by wire transfer. Brokers may, or may not, charge a fee for each service.

The Forex Broker’s Trading Platform

The trading platform is the investor’s portal to the market. As such, forex traders should make sure that the trading platform, and any kind of trading software, is simple to use and visually attractive. It also should have a range of technical analysis and fundamental analysis tools, and it should be easy to enter and exit trades without additional effort.

This point is crucial when considering how to choose a Forex broker worthy of your attention: a well-designed Forex trading platform will have simple ‘buy’ and ‘sell’ buttons – and some even have an emergency button that closes all of the open positions. A poorly designed user interface could lead to costly order entry mistakes, such as accidentally adding to a position rather than closing it, or going short when you meant to go long.

These discrepancies and mistakes can make your trading process unprofitable and emotionally draining. Be sure to choose a reliable one such as MetaTrader 4, as it is the most popular choice amongst the best Forex brokers. Other considerations to include are: the ability to customise, order entry types, automated trading options, backtesting, strategy builders, and also trading alerts. Most brokers offer free demo trading accounts so that Forex traders can try out the trading platform without any risk, before they move to live market trading.

The MT4/MT5 Supreme Edition Overview (MT4/MT5 SE)

Admiral Markets’ Supreme Edition plugin is a first-class add-on package that offers dozens of unique tools to empower trading decisions. No matter if you are an experienced trader or a beginner trader, SE is an invaluable tool for helping you make informed trading decisions. Here is the list of exclusive indicators available in the MT4/MT5 SE package:

Source: MetaTrader 4 Special Edition Add-on

It’s interesting to note that MT4/MT5 SE is client-driven, as Admiral Markets’ clients have also helped to develop the tool. For example, the ‘Correlation Matrix’ is a tool that is unique to Admiral Markets traders, developing data from its clients. The Correlation Matrix provides invaluable and in-depth market information across all currency pairs in different time-frames.

This will enable you to make informed decisions that significantly mitigate the risk involved when planning your trading. (Additionally, it is recommended that all traders implement risk management strategies within their trading, to ensure that they are managing the risks effectively.)

The Supreme Edition is not just a simple trading solution. It offers more complex tools such as the Admiral Renko indicator, that also offers extensive customization of the standard Renko indicator.

For instance, with the Admiral Markets Renko indicator you can modify:

  • Renko block size inpips – sets the size of the Renko blocks
  • Symbol pip size – sets the pip size of the instrument
  • Colour for up and down blocks – customises the colour of the Renko blocks
  • Draw blocks as continuous – adjusts whether the blocks are continuous or not
  • Target lines for next blocks – changes the style of the indicator lines
  • Draw on top of the chart – decides whether Renko blocks appear in the foreground or the background
  • Alerts on new blocks – sets up alerts for when new blocks are being drawn
  • Round the starting price – decides whether the starting price should be rounded
  • Maximum historic blocks – sets the number of blocks displayed at one time
  • Build Renko data from history period – decides the time-frame over which the Renko indicator is calculated
  • CSV/TSV log – decides whether to keep a log file by inputting a file name and choosing a format.

For a brief overview of what the Supreme Edition plugin has to offer, why not read more with our guide: MT5 Supreme Edition Indicator Package

MetaTrader Supreme Edition – Admiral Markets

Do you want to now take advantage of the Supreme Edition? Now you can trade with MetaTrader 4 and MetaTrader 5 with an advanced version of MetaTrader that offers excellent additional features such as the correlation matrix, which enables you to view and contrast various currency pairs in real-time, or the mini trader widget – which allows you to buy or sell via a small window while you continue with everything else you need to do.

Download it for FREE today by clicking the banner below!

Regulated Brokers: How to Find an FCA Regulated Broker

Next, you should check if your Forex broker is authorised and regulated by the Financial Conduct Authority (FCA). Today, there are many scams on CFD trading websites, and very often these sites have regulations that are not very rigorous, or they are not regulated at all. For instance, with the European passport, any financial company registered in one of the countries within the European Union has the right to offer brokerage services in other countries without the need for additional agreements.

The FCA is one of the strongest European authorities in regulation, and every broker under their compliance has that certification displayed at the forefront of their website.

If you are looking for the best Forex brokers online, a professional-looking website does not guarantee that the broker is a trusted one. A major advantage of a UK broker is the Financial Services Compensation Scheme (FSCS), a system that guarantees its customers’ funds up to the amount of 50,000 GBP, should the broker go bankrupt. The FSCS is the last resort compensation fund. They also protect banks, building societies, credit unions, etc. That’s why having the best UK forex broker should be your first choice when you decide to trade.

How Important is Regulatory Compliance for Brokers?

If a Forex and CFD broker is regulated, they will state this on their website, along with the license number they hold with that regulator. This more detailed type of information will most commonly be found in the ‘about us’ section, as well as in the website footer. Note that there are different regulatory bodies in different regions, so a good rule of thumb is to ensure that the FX broker you are considering is authorised and regulated by the regulator in their regions of operation.

For instance, in the UK a reputable FX broker will be officially authorised and regulated by the Financial Conduct Authority (FCA). Additionally, brokers in the EU should act according to the guidelines of ESMA – the European Securities and Markets Authority. In Australia, the key regulator is the Australian Securities and Investments Commission.

Owing to potential concerns regarding the safety of particular deposits and the integrity of the broker, all accounts should only be opened with companies that are properly regulated.

Forex Customer Service: What Can You Expect in Terms of Customer Support?

FX trading involves the movement of a lot of currency in a short period of time, so a local broker’s customer support must be available at short notice. It should also be easy to actually speak to an actual person, rather than just a time consuming and frequently frustrating auto-attendant.

When considering which is the best forex broker, a quick call can give you an idea of the kind of customer service that they provide, the wait times, and also the representative’s capability to answer questions about spreads, regulations, leverage, and company details in a concise manner. At Admiral Markets, for instance, we have some customer support representatives with over 16 years of trading experience who know the trading platform, and the markets, inside out.

Other details to consider include how long they have been an FX broker and the actual size of the broker’s trade volume. As you well know, larger brokers mainly have access to better execution and prices.

Admiral Markets is a global company with customer support available at over 20 local offices and languages across the world. Support is available during trading hours and more, through phone, email, and live chat with a knowledgeable person ready to answer all your questions.

Beware of Scams, False Information, and Privacy Violation

Unfortunately, many people incorrectly associate forex trading with scams. The problem is that there is an increasing number of unscrupulous companies marketing false information. The number of Forex-related scams has significantly increased over the last few years, so it’s important for you to be able to identify a hoax. After all, Forex trading should be a potentially profitable experience.

When traders register with a particular broker, they should expect their personal data to be protected, (i.e. not passed to third parties). When someone you don’t know contacts you via your personal phone number, for example, the entity that gave your information to them has violated your privacy. Why? Because you haven’t allowed your data to be publicly available. Some brokers even buy stolen trader databases, so they can contact the listed people worldwide.

Why Choose Admiral Markets?

As discussed earlier in this article, you will find a lot of reviews on Forex brokers and all kinds of online Forex broker rankings. When it comes to online Forex trading and CFD trading, as well as dealing with Forex brokers and CFD brokers, you should always trust yourself, deciding who is the best Forex broker and who is the best CFD broker will ultimately come down to you.

Admiral Markets offers over 8,000 unique instruments to trade, with industry-leading offers in spreads, low commission, as well as negative balance protection in order to give clients the best possible experience and chances for success. Over 100,000 traders have chosen Admiral markets as their broker, and it’s thanks to their continued faith in the product and offering that Admiral Markets has been given numerous awards.

Admiral Markets has won awards in several categories:

  • Best Sell-Side Analysis 2020 by
  • Best Video Podcast 2020 by
  • Best Forex Broker 2020 and CFD Broker 2020 in Germany
  • “Best Service” CFD Broker 2020 by the German Institute of Customers (DKI)
  • Best Forex Educator 2020 by UK Forex Awards
  • FxCuffs competition 2020 and 2020

Admiral Markets UK Ltd. is a regulated broker, and you can read reviews of the services provided on the FPA website.

Admiral Markets also offers extensive educational resources, such as free webinars where you can learn to trade from the experts, successful professional traders discussing market movements and the fundamentals of trading. As well as an extensive library of educational articles for you to learn every detail, strategy, and fact about the industry and market.

If you have confidence in your Forex broker, you will be capable of devoting considerably more time and precious attention to analysis and developing various FX strategies. Research prior to committing to a specific broker can go a long way, and can improve a trader’s odds of being successful in the competitive foreign exchange market.

Forex Trading With Admiral Markets

If you’re ready to apply all this knowledge and take your trading to the next level, the Admiral Markets live account is the perfect place for you to do that! Trade Forex & CFDs on 80+ currencies, choosing from a range of Forex majors, Forex minors, and exotic currency pairs, with access to the latest technical analysis and trading information. Trade the right way, open your live account now by clicking the banner below!

About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Best Forex Brokers for Beginners in 2020

The annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

The best forex brokers for beginners offer three essential benefits. The first, and most important, they are a regulated and trusted brand that offers a user-friendly web-based platform. Second, they provide a strong variety of educational resources. Third, they provide access to quality market research.

In our review of forex and CFD broker offerings, we spent endless hours opening demo accounts, navigating forex platforms, conducting market research, testing website usability, as well as watching educational videos and webinars.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What is Forex Trading?

Forex trading is the process of exchanging one currency for another, known as buying or selling currency pairs, based on prevailing exchange rates from the forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average, per day, as of April 2020.

What is a Forex Broker?

When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar). You open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.

To learn more about the basics of trading forex, we recommend the School of Pipsology alongside the NFA’s Trading Forex booklet.

The Best Forex Brokers for Beginners

Here’s a summary of the best forex brokers for beginner forex traders.

  • Plus500 – Best for beginners overall
  • – Easy-to-use platform, expensive
  • eToro – Best trading platform for copy trading
  • Saxo Bank – Excellent platform, high minimum deposit
  • easyMarkets – Unique (but pricey) trade protection tools
  • Admiral Markets – Best forex education variety
  • City Index – Great all-round offering

Best for beginners overall

The Plus500 web-based trading platform is extremely user-friendly, making it excellent for beginner forex and CFD traders. Beginners aside, the Plus500 platform offers only basic features and, overall, lacks in depth when it comes to trading tools and research. Read full review

Easy-to-use platform, expensive

Thanks to its web-based MarketsX platform, is easy to use and new trader friendly. However, is pricey and lacks the feature-rich trading tools required to compete with the best trading platforms. Read full review

Best trading platform for copy trading

eToro is a winner in 2020 for its easy-to-use copy-trading platform where traders can copy the trades of other users across over 1,900 instruments, including CFDs on popular cryptocurrencies. The one downside of eToro is pricing; otherwise, eToro delivers. Read full review

Excellent platform, high minimum deposit – Visit Site

For traders that can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade. (65% of retail CFD accounts lose money.) Read full review

Unique (but pricey) trade protection tools – Visit Site

easyMarkets is best known for its proprietary web-based platform that is easy to use and offers two beginner-friendly features: dealCancellation and Freeze Rate. Low-points in the easyMarkets lineup include a lack of forex market research tools, a limited offering of just 168 tradeable instruments, and a mediocre mobile app. (74% of retail CFD accounts lose money.) Read full review

Beginner Forex Features Comparison

Taken from our forex broker comparison tool, here’s a comparison of the education features for the best forex brokers for beginners.

Feature Plus500 eToro Saxo Bank
Visit Site
Has Education – Forex No No Yes Yes
Has Education – CFDs No No No Yes
Client Webinars No Yes Yes Yes
Client Webinars (Archived) No No No Yes
Videos – Beginner Trading Videos No Yes Yes Yes
Videos – Advanced Trading Videos No Yes Yes Yes
Investor Dictionary (Glossary) No No Yes Yes
Education 3 3.5 4 4

How much money do you need to trade forex?

While some forex brokers do not require a minimum deposit to start trading forex, most do. Unless opening a demo account, which uses virtual money to practice, most forex brokers require a minimum deposit of between $100 – $250 to start trading.

The seven most frequently traded currency pairs (also known as the “Majors”) are EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, NZD/USD, and USD/CAD. Approximately 85% of all forex trades take place across these seven pairs.

Can you get rich by trading forex?

While some forex traders will be able to get rich trading forex, the vast majority will not. Forex trading is risky. Historically speaking, several hedge fund managers have been able to get rich trading forex. For example, George Soros made over £1 billion in profit by short selling the sterling in 1992.

How do I start trading forex?

First, it is important to practice. Start by opening a demo account so you can get used to the trading platform and tools. Reading books is also important to learn how to conduct market research and perform technical analysis. Then, when ready, open an account, fund it, and start trading.

How do I choose a Forex Broker?

To select a forex broker, start by looking for brokers that are regulated in your country. Next, read full length forex reviews to assess the trading costs, tools, research capabilities, customer service, and other features of each forex broker. Finally, compare your top two choices side-by-side to decide on a winner.

Which forex brokers accept US or non-US clients?

Forex brokers who hold regulatory status in the US can accept US-based clients. Meanwhile, forex brokers who accept non-US clients will usually need to hold licenses in the countries where their clients reside.

For example, if you reside within the European Union (EU), you will be able to open an account with an EU-regulated broker. In contrast, if you live in a US state, you will need to open an account with a US-regulated broker.

The Best Forex Trading Platforms for Beginners

Here’s a summary of the best forex trading platforms for beginners.

  • Plus500 – Plus500 WebTrader
  • – MarketsX
  • eToro – eToro
  • Saxo Bank – SaxoTraderGO
  • easyMarkets – easyMarkets web platform
  • Admiral Markets – MetaTrader suite
  • City Index – City Index Web Trader

New! Ask our experts a question! Whether you are in university or a seasoned trader, we are here to help. Email us your broker specific question and we will respond within one business day. It is our satisfaction guarantee.


For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

About the author: Blain Reinkensmeyer As Head of Research, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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