10 Best Forex brokers for Beginners (February 2023)

Do not invest more money than you can afford to lose.

The Forex market has continued its growth, to record levels. In 2022, it was estimated that $7.5 trillion was traded daily. If you are someone who is interested in trading Forex, you can easily access that market as well. Online trading has made what was once mainly the domain of large financial entities such as banks and investment firms available to all. That said, a key part of accessing the markets safely is trading with a reliable broker.

And to help you find just such a company, we have listed the ten best Forex brokers for beginners in February of 2023. Each one of them is well worth your time, but they all shine in different areas. We will examine them one by one by giving a brief outline of their services. We will also focus a bit more on what makes them stand out from the other firms. So without further delay, here are our picks for newbie-friendly FX brokers:

1. XM

XM is a strictly licensed Forex broker, trusted by over 5 million clients worldwide. This firm boasts competitive trading conditions and compelling software. But what makes it stand out from the competition is the focus on the needs of its individual clients. To help newer clients out in particular, this firm offers access to demo accounts. These can be used to trade with virtual money. All trading assets and both MT4 and 5 will be available for demo account traders.

By using one of them, you can get some firsthand experience on what the FX markets are like without committing as much as a cent from your own funds. Getting one of them is completely free and can be done within minutes. As we mentioned, this particular firm has a strict focus on meeting the needs of its clients, and so it has streamlined its demo account opening as much as possible.

2. OctaFX

OctaFX has been a staple of the Forex markets for years. In 2023, the firm seeks to expand its services to the needs of the trader on the go – so it has launched its own trading app. It is not the first broker to do so, and proprietary trading apps can be very useful for any trader. However, for newer ones in particular, this platform can provide a lot of benefits.

The features it allows you to access are depositing into trading accounts and customizing them. Traders can use the OctaFX app to change the leverage they use, for instance. You can also benefit from an exclusive bonus, which is as high as 50% of your first deposit via the app. This would allow you to access the markets with a higher amount of funds than you have actually deposited, leading to higher potential profits.

3. HFM

There are several emergent Forex markets these days. Two of the biggest are in Africa, these being Nigeria and South Africa. There is also a lot of interest in the Forex markets in Kenya, with the government of the country introducing a regulatory framework. However, despite the large numbers of new traders from there, most brokers seem to be glancing over the potential of the African FX market.

HFM, on the other hand, is perfect for new traders from there. That is because it has an office in South Africa, with some specific services tailored to their needs. One of the most important ones is the fact that it can open accounts with ZAR as their base currency. So if you are trying to open an account there, you will be able to do so without needing to convert your deposit into another currency. This will save you both time and money. Not to mention that the minimum deposit requirement for Rand accounts is a lot lower than the standard accounts. It comes out to about $5 at the time of writing.

4. FXTM

Similar to the previous firm we mentioned, FXTM is a leading broker, focused on offering its clients with access to quality information regarding trading. It does so via the Trading Tools it offers. These consist of two main kinds of tools. There are the analytical tools, with signals and strategies, and there are the calculators.

Of note is the fact that FXTM provides a daily market analysis to help its clients better understand the shifts in the prices of various assets. There is also a live timeline with important news, which helps you to stay informed. And for longer-term planning an analysis, the Economic calendar provided by the broker is an excellent tool. It allows you to track the impacts of various events on various assets, days or even weeks in advance.

When it comes to the calculators, there are several useful ones available. The pip value calculator allows you to asses what price you would pay for positions you open. That can be difficult to determine otherwise. All of these and more are available for free on the FXTM website, so do not hesitate to check them out!

5. FP Markets

FP Markets is a very competitive Australian broker. The firm has an international presence with thousands of clients. It has stellar trading conditions, and you can certainly use its platforms to trade on your own.

However, the feature of the broker which makes it attractive for beginners is its social trading. This is a rather unique way to engage with the Forex market, which does not require you to have any prior knowledge. Using the FP Markets social trading page, you can track the best performing clients of the brokers. You can pick one and mimic their strategy, opening and closing the same positions as them. That comes at a certain fee, charged by these traders. But the benefits of copying someone far outweigh the 20% or so fee such persons usually charge. It is both convenient and can be safer than trading on you own. Furthermore, the broker itself does not charge any fees for the service.

6. FBS

The next firm we would like to mention is FBS. This is a strictly licensed firm, which can offer newer clients access to the markets at very low costs. There is also an option to drive the costs of the firm even lower, with the Cashback promotion. It allows you to get 20% of the spreads you have paid back, provided you use the FBS app to trade. Said app is quite powerful as well. It allows you to access the markets on the go. You can use charting tools and stop loss/take profit tools as well.

Another promotion which is useful to newer traders is the Deposit bonus of the firm. It is quite significant in size – FBS grants you 100% of what you have paid it as a bonus. As mentioned, this allows you to access the markets with a higher amount of capital.

7. FXCM

One of the most important aspects of the services of a broker, aimed at newer clients, is the access to a reliable educational program. That is where FXCM shines. Its website contains a section titled Learn to Trade, which is worth checking out. It is geared towards providing newer clients with crucial information on how the markets work, and how to make the most of Forex trading. Yet, there are also useful tricks for experienced traders as well.

We would like to highlight the Traits of Successful Traders page in the section in particular, which has tips on three basic trading strategies. They are explained in such detail and with such attention that you can immediately digest them. They promote a healthy and responsible trading style, with a focus on avoiding risks. This kind of mindset is perfect for beginners, who are otherwise a bit too eager with their use of leverage and suffer margin calls as a result.

8. TMGM

TMGM is another excellent broker which has appeared from Australia. Even though it is dedicated to offering its services in the Tasman Sea area, they are also available worldwide. We consider this firm good for beginners because of its access to TradingCentral. This is a centralized hub of information on the markets. It provides access to insight into news and summaries of the movements of assets. However, what makes it even better is the automated trading ideas feature. It allows traders to receive highly personalized trading signals. They are automatically generated based on properties you can input.

This feature allows you to access markets that are often overlooked and gain insight into newer assets, without necessarily having to delve too deep into their fundamentals. If you would prefer to not do your own TA, though, and leave that to experts, TradingCentral has you covered as well. The Analyst Views feature is just that – automated trading ideas, being checked and assessed by professional traders. Overall, the tools provided via TMGM can be a boon to every trader!

9. IG

There are not many Forex brokers which can boast as many licenses as IG. The firm is present in markets all over the world and has decades of experience under its belt. What’s more, the firm has a lot of ways you can trade with it. We would like to highlight spread betting in particular. This is a practice that took off in the United Kingdom. Betting on spreads allows you to speculate on the rise and fall of the prices of several asset classes. Moreover, this is a tax-free financial instrument in the UK.

However, most firms which offer it center their services in the country. That usually means they are not as accessible, due to higher entry costs and regional restrictions. IG seeks to bring the trading mode to clients worldwide, and has an excellent set of trading conditions to go along with it as well.

10 . OANDA

Last but not least in our list is OANDA. This broker is also regulated in many jurisdictions. Of note is the large presence it has on the US and Canadian markets in particular. The firm is highly competitive, and can offer their new clients access to accounts without any formal deposit requirements.

That means you can put in as little as you want to, in order to start trading with the firm. This is excellent for the shrewd trader – as it allows them to determine exactly what kind of risk they want to engage with. It is also not common in the North American markets we mentioned, which also usually have higher entry costs. What’s more, unlike demo accounts, which are often somewhat restricted, the full depth of OANDA’s services are available, even if you deposit as little as a dollar.