The Best Forex Brokers for Beginners in 2020
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The Best Forex Brokers for Beginners in 2020

Finding the best Forex brokers for beginners can be a daunting task because there so many various options to choose from. It can be confusing when you are first starting out. However, you don’t need to worry. In this post, you will see the list of the Forex brokers with the most attractive terms and conditions for newcomers. Let’s step in and check out some of the top-rated forex brokers for new traders and investors.

forex

Forex.com

Forex.com is a public brokerage company based in the US. Thanks to two different desktop trading platforms – MT4, mobile/tablet apps, and web-based trading platforms –new traders and investors can proceed with stock exchange operations just after account opening. Forex.com has a minimum deposit of just $100 USD, which allows you to buy and sell various currencies and other available assets. Minimum lot sizes for forex trading are estimated at 0.01 lots (just 1% of the full lot). If you don’t feel like making the first steps here and now, you can open a demo account to get some practice for one month.

Pros:

  • Low minimum funding requirements;
  • Availability of various platforms;
  • Well-integrated technologies, fast executions, and high server uptime;
  • Eligible for all kinds of forex traders, from newcomers to professionals.

iFOREX

iforex

iFOREX is the professional representative of the Forex sector. The top-notch services and modern technologies made up the basis of this online broker, so it was not a problem for them to take the leading positions in the market. iFOREX provides daily economic research, statistics, and guidelines to traders and investors to make them feel comfortable on the platform. In addition, the company leads the unique marginal policy, through which “iFOREX” traders can estimate the potential of their trading operations. Also, the negative balance protection minimizes the potential losses.

Pros:

  • Great educational guidelines to the use of iFOREX services;
  • Customer support available via online chat and Twitter feed 24/5;
  • Numerous trading and investment products.

RoboForex

roboforex

RoboForex is a Forex broker with the license issued by the CySEC and the IFSC. Over the last decade, it has taken the leading position in the brokerage sector by gaining the trust of the multiple traders and investors. Thanks to the STP-model, RoboForexis totally safe for beginners that are about to start their trading adventure. Thus, there are multiple trading instruments that involve Forex, Stocks, Indices, ETFs, Commodities, Energies, Metals and Cryptocurrencies. Currently, this broker is busy with increasing its activities in almost 170 countries across the world.

Pros:

  • Short spreads starting from 0 pips;
  • Micro accounts with the minimum size of 0.01 lot;
  • Reliable trading platforms like MT5, cTrader and R Trader;
  • Constantly updated promotions and specials;
  • Safety measures in regard to customers’ deposits.

IG Group

iggroup

IG Group is aForex broker with excellent reputation between competent traders and investors. By offering the widely used MetaTrader 4 (MT4) as the main desktop trading resource, they offer a reliable environment for trading operations. IG has no minimum deposit limitations, meaning that you can put as much money as you can on your account. This is a great opportunity for beginners who need some practice before they start playing “big.” In a matter of time, they will have to follow the minimum lot sizes for forex trading, namely 0.01 lots.

Pros:

  • Low minimum funding limitations and numerous funding methods;
  • Very customer-oriented environment for growth;
  • Availability of the MT4 platform suitable for all kinds of forex traders;
  • Well-invested in technologies, speedy processing and high server uptime.

Saxo Bank

saxobank

Saxo Bank is Danish forex broker that has a license issued by the European banking institution. Compared to most Forex brokers, this one provides its own proprietary trading platform that available free of charge. MT4 trading platform is not in the list of possible options. Saxo Bank is not the cheapest option you can find but it is definitely one of the most reliable. With the minimum deposit of $10,000, they protect you from potential losses.

Pros:

  • Well-invested in innovative technologies to enable speedy operations and servers uptime.
  • Efficient trading platform that can be customized to individual needs and intended for algorithmic trading.
  • Efficient customer support.

The Bottom Line

You have surely spent pretty much time researching and analyzing forex brokers. This is a normal thing for beginners who try to be careful with every step they take in the world of stock exchange. The best option for you is to choose a few brokers and create a demo account. That way, you will be able to explore every potentially suitable resource. So, choose your broker now and get yourself started on the adventure of becoming a successful forex player.