Best Forex Trading Platform For Beginners

Welcome to the world of foreign exchange trading, which is worth a whopping $2409 trillion. Those who know how the world works will find it has much to offer. This article has tried to give you as much information as possible about choosing the best forex brokers for your basic currency trading needs. 

 

We’ve also discussed the most important things to know about forex brokers, like what they do, how they are regulated, how safe they are, a list of the best forex brokers, and the basics of forex trading.

 

eToro

 

• eToro gives you an unlimited demo account with $100,000 in fake money to get used to its platform.
• Negative balance protection is included by default for all eToro clients, whether they are new or experienced traders.
• Depending on where you live, the minimum deposit to open an eToro account is between $25 and $50.
• eToro has an online trading school with all the tools you need to know how to be a successful trader, as well as an analysis of market news and advice from several of the most profitable traders in the world.
• With eToro, you can trade forex on almost 50 currency pairs and spreads start at just 1 pip.
• eToro only has one account and one platform, but it has one of the best and easiest-to-use platforms for social trading and copy trading so that new traders can learn from more experienced traders.
• With eToro, the most leverage you can get is 30:1 for retail customers and 400:1 for professional traders regulated by CySEC, FCA, or ASIC.

 

XM

 

• The XM demo account doesn’t expire, but it can be closed if it hasn’t been used for 90 days. You can have up to 5 demo accounts with XM.
• Beginner traders who use XM won’t lose more money than they put in because all traders, no matter what regulation they’re under, are protected against having a negative balance.
• To switch to a real account with XM, you’ll need to make a first deposit of at least $5.
• XM gives new traders a lot of free ways to learn, such as forex courses, webinars, daily live education, and a lot more.
• Forex trading has more than 55 currency pairs and spreads on EUR/USD start at 0.1 pips, depending on the type of XM account chosen.
• XM has a micro account where people just starting can trade in smaller amounts worth only $1,000.
• With XM, you can use the popular MT4 and MT5 trading platforms as a web trader, desktop app, or mobile app.
• For people who live in Europe, Australia, or Dubai, the maximum leverage for beginners is 30:1. For people who live in the international branch, the maximum leverage is 888:1.

 

AvaTrade

 

• AvaTrade has a demo account with a $10,000 balance that can be used for 21 days. If beginner traders want more, they can ask customer service or create a new account.
• Trading with AvaTrade is secure, and you won’t lose more than your funds because both beginners and experts have access to negative balance protection.
• To open a current account with AvaTrade, you must put down at least $100.
• AvaTrade has a whole section of its website devoted to teaching people how to trade forex for the first time.
• CFDs are available on about 60 forex pairs, and AvaTrade is one of the few brokers that offer a fixed spread on EUR/USD starting at only 0.9 pips.
• Copy and social trading are available on AvaTrade, which makes it a great place for new traders to learn and trade. Spread betting can also be done by people who live in the UK.
• In addition to the popular MT4 and MT5, new traders can use AvaTrade’s trading platforms, which are easier to use.
• Again, the amount of leverage you can use with AvaTrade depends on which regulator you are under. If you are in the EU, UK, or Australia, you can only use up to 30:1 leverage.

 

FXTM

 

• FXTM offers an unlimited demo account, but it can’t be used in Europe because they no longer accept new traders.
• FXTM keeps new traders from going into the red when this is required, like in the UK branch.
• FXTM’s minimum deposit to open a real account is $10, but this may change depending on the type of account.
• You can learn how to trade forex with the FXTM beginners guide, workshops, webinars, and a forex glossary.
• At FXTM, you can trade in more than 60 forex pairs, and spreads start at 0 pips on EUR/USD.
• Through FXTM Invest, people just starting can get a cent account that is good for taking less risk and a copy trading service.
• The MT4 and MT5 trading platforms and FXTM Trader, a mobile app made by FXTM, are supported.
• With the international branch of FXTM, the most leverage a beginner trader can get is 2,000:1. In the UK and other places, the most leverage a trader can get is 30:1.

 

Roboforex

 

• Even though they only last 90 days, people who are just starting should open demo accounts at Roboforex.
• Roboforex can protect all new traders from having a negative balance, regardless of the rules.
• When you’re ready to switch to a live account, you must deposit at least $10 or $100 if you live in Europe.
• Roboforex does have a series of videos that teach you about the forex market. These videos are especially good for people just starting because they focus on the basics.
• Forex trading gives you access to more than 40 currency pairs, and Roboforex’s floating spreads on EUR/USD start at just 0.1 pips.
• The Roboforex cent account is a great service for new traders because it gives them the same trading conditions but with less risk.
• Roboforex offers many trading platforms, such as MT4 and MT5, and its solutions make the markets easier to use.