Forbes Best Forex Broker

Forbes best forex broker

The ForexBrokers.com annual forex broker review (three years running) is the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year.

Best Forex Brokers for Beginners in 2020

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.

Best Forex Brokers

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 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).

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You open an account, deposit funds, then use the broker's trading platform to buy and sell currency using margin. Forex markets are open 24 hours a day, five days a week.

Top Recommended and The Best Forex Brokers for 2020

For learning the basics, we recommend the School of Pipsology or 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 Ease of Use
  • Markets.com - 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

Best overall for beginners - Visit Site

Plus500 is our top recommendation for beginners in 2020 because its trading platform is easy to use and focuses only on the essential tools required for trading forex and CFDs.

Plus500 is also publicly listed and regulated in several major financial centers, making it a highly trusted brand. (76.4% of retail CFD accounts lose money.) Read full review

Easy-to-use platform, expensive - Visit Site

Markets.com is a respected brand regulated in multiple jurisdictions.

Like Plus500, Markets.com’s trading platform, MarketsX, is easy to use; however, pricing for trading forex and CFDs is expensive.. (81.3% of retail CFD accounts lose money.) Read full review

Best trading platform for copy trading - Visit Site

eToro is a trusted, global brand best known for its powerful copy trading platform, which enables users to copy the trades of other forex and CFD traders in real-time.

Forbes best forex broker

While not the cheapest option, the eToro platform has a highly refined user experience, which makes it great for beginners. (75% of retail CFD accounts lose money.) Read full review

Best Web 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.

Best US Forex Brokers for 2019

(65% of retail CFD accounts lose money.) Read full review

Unique (but pricey) trade protection tools - Visit Site

easyMarkets stands up to its name when it comes to its trading platform being easy to use. Ideal for beginners, easyMarkets offers proprietary trade-protection tools (for a premium) that help new investors manage their risk.(74% of retail CFD accounts lose money.) Read full review

Best Educational Resources

Providing forex traders with effective educational resources is important.

Put simply, educated investors make more intelligent investment decisions. Most forex brokers consistently strive to educate their existing and prospective clients. That said, the delivery and quality of educational content varies.

For our assessment of forex broker education, we analyzed nine different variables for each firm.

Top 20 Best Forex Brokers in 2019 – 2020

Our focus covered the basics of forex trading to advanced strategy. Components assessed included blogs, articles, video content, webinars, and content organization, among others educational resources. Forex broker FAQs were not considered educational materials.

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.

Forbes best forex broker

How much money do you need to trade forex?

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.

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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.

Best Forex Brokers

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.

Forbes best forex broker

How to 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.

These brokers offer tight spreads and great trading platforms

Fees and Features Comparison

Taken from our forex broker comparison tool, here's a comparison of the education features for the most popular beginner brokers.


Best forex brokers for beginners features comparison

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Ask our experts a question! Whether you are in university or a seasoned trader, we are here to help.

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Email us your broker specific question and we will respond within one business day. It is our satisfaction guarantee.

Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional.

1. TD Ameritrade: Best overall

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.

Forbes best forex broker

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.

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