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7 Best Forex Brokers for
Beginners 2023
Are you searching for the best forex broker to start your trading
with? Our experts have analysed, researched & compiled a
shortlist of the top 6 Forex brokers for beginner traders

Best CFD trading platform for UK traders, Award winning xStation5 trading platform

XTB
4.8/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- FCA,CMB,BaFin
- Users
- 525,000+
Year Established
- 2002
- Min Deposit
- £0
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- Most exponential grown CFD broker
- Over 525,000 customers trust XTB
- 5-star Rating on Trust Pilot
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: CFDs are leveraged products 73% of traders lose money when trading CFDs with XTB
Awarded "most innovative FX broker of 2018", offers features like 'deal cancellation'

HYCM
4.3/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- FCA
- Users
- 10,000+
Year Established
- 1977
- Min Deposit
- £100
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- 40 years of cumulative experience
- Global presence
- Cutting-edge trading technology
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: 79% of retail investor accounts lose money when trading CFDs with this provider.
Technologically Advanced Broker & 100+ Years of Experience in the Markets

City Index
4.5/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- ASiC,FCA
- Users
- 1,000,000+
Year Established
- 1983
- Min Deposit
- £100
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- Voted No.1 Spread Betting Broker
- Award Winning WebTrader Platform
- Offers Low Fixed Trading Spreads
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
Global Forex Broker Provider- #1 Best For US Clients

Forex com
4.2/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- FCA
- Users
- 200,000+
Year Established
- 2001
- Min Deposit
- £100
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- StoneX Group, a NASDAQ-listed financial giant
- Benefit from 20 years of experience
- Access to price feeds unavailable to other brokers
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: 74% of retail investor accounts lose money when trading CFDs with this provider
Best CFD Trading Platform for Beginner Traders

AvaTrade
4.5/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- ASiC,BVI,CBI
- Users
- 400,000+
Year Established
- 2006
- Min Deposit
- £100
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- Excellent for beginners
- Zero commission account
- Listed - London Stock exchange
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: 71% of retail investor accounts lose money when trading CFDs with this provider.
99.35% of all trading orders executed less than 1 second and 30+ Languages supported

XM Forex
4.5/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- FCA
- Users
- 5,000,000+
Year Established
- 2009
- Min Deposit
- £5
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- 5,000,000 satisfied clients
- Low minimum deposit
- Suitable for all types of traders
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: 69.45% of retail investor accounts lose money when trading CFDs with this provider.
High Leverage, Award winning Low Spread ECN Broker

BlackBulll Markets
4.7/5 ratings
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- ]
- Users
- 20,000+
Year Established
- 2014
- Min Deposit
- £200
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- Voted #1 in 5 countries
- Regulated by FCA & ASIC
- Award Winning Customer Support
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning:Between 74-89 % of retail investor accounts lose money when trading CFDs
Award winning Top Australian CFD broker for Best Customer Service and Tighter Spreads

Pepperstone
Platforms
- MetaTrader 4
- MetaTrader 5
- App & Tablets
Regulated By
- ASiC,FCA
- Users
- 300,000+
Year Established
- 2010
- Min Deposit
- £200
Trading Instrument
- CFD, Crypto
- Payment Method

Features
- Spreads offered from 0.0 pips
- Regulated by FCA & ASIC
- Award Winning Customer Support
EUR/USD
GBP/USD
USD/JPY
USD/CAD
AUD/USD
1.3
1.8
1.4
2.2
1
Spreads
Risk Warning: Between 74-89 % of retail investor accounts lose money when trading CFDs
8 Best Forex Trading Platforms of 2023
Our Featured List
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Overall Trust Score
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A
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A
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A
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Years Established
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2002
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2006
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2009
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Regulatory Authority
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FCA
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ASIC, BVI, CBI, MiFID
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CySEC, FCA, ASIC, MiFID
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Segregated Accounts
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Why Choose?
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5-Star Rating on Trust Pilot
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200 plus Instruments to trade
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Popular- Over 1,000,000 users
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Client funds in segregated accounts
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Client funds in segregated accounts
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Client funds in segregated accounts
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Competitive Fixed & Variable Spreads
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Regulated in 5 continents
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No Re-quotes and No Rejections
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Regulation of Brokers
2018 ESMA Regulation on CFD trading
CFD Trading Instruments for European Residents | Previous Leverage | Leverage from 1st August 2018 |
---|---|---|
Major Forex Pairs e.g. EURUSD, GBPUSD
|
200:1
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30:1
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Minor FX Pairs e.g. EURCAD, AUDJPY
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100:1
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20:1
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Major Indices & Gold e.g. DE30, US30,
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100:1
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0.7
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Commodities e.g. Silver, Oil
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50:1
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10:1
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Equity/Stocks CFDs e.g. Facebook, Barclays
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10:1
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5:1
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Cryptocurrencies e.g. Bitcoin, Ethereum, XRP
|
5:1
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2:1
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Traders' Capital in Segregated Accounts
- ” a central bank; “
- ” a CRD credit institution; “
- ” a bank authorised in a third country; “
- ” a qualifying money market fund “
Is a Trader's Capital/Money Safe? What Happens if the Broker goes Bust? Investor Compensation Funds
Certain regulators want the Forex brokers to provide a particular amount into the investor compensation fund. The fund is set up to make sure that the client’s interest is secured in case the broker cannot fulfil the contracts. IPF in Japan, FCA in the US, and MFIID in EU countries are the regulatory bodies which govern such regulations.
There are some other regulatory bodies which also govern the regulations in different countries Forex broker needs to abide by these regulations for eventful results when it comes to Forex trading.
For example, to get FCA approval, all Forex, Stock or Commodities brokers must get their client protection under the Financial Services Compensation Scheme (FSCS). FSCS guarantees up to fifty thousand pounds in compensation to the trader for broker-related problems. The way it works is that traders can get a hundred per cent of their money in the capital up to thirty thousand pounds (£30,000) of deposit and a maximum of ninety per cent for the remaining amount up to a maximum of fifty thousand pounds (£50,000) of deposit, in case of broker liquidation.
Trading Fees, Costs & Spreads
Trading Instruments | XTB UK | Avatrade | XM Broker |
---|---|---|---|
Fixed Spreads
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Variable Spreads
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GBP/USD (pips)
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4
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2
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2.3
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EUR/USD (pips)
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2
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1.5
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1.6
|
USD/JPY (pips)
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4
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1.6
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1.6
|
Swap-Free or Interest-Free accounts (Islamic Trading Accounts)
What Trading Platform Suits Me?
Although there are many different options for software when it comes to Forex trading, the main player in the game would have to be MetaQuotes Corp. which is behind the production of the MetaTrader 4 or the MT4 software. It is one of the most popular options for software that is used by Forex traders. However, there are some other options which have evolved and taken the top spots in Forex trading. Here we are going to have a detailed discussion of the different software options.
MetaTrader 4
Additional Broker Features to Consider
There are some additional trading features offered by various brokers that to some are considered essential. We are going to outline these features and explain how they can assist and how they can potentially enhance your trading.
One-Click Trading

One-Click Trading

Online Education
Many software options for online Forex trading come with several expert seminars which can provide a better understanding of the entire process of forex trading for beginners who want to know more about it. These can be used by budding individuals who have zero knowledge of forex trading and want to have an idea about how everything works in the industry. Brokers that offer webinars, seminars, video tutorials and additional trading education support are more valuable to beginner traders. A lot of top regulated brokers offer extra support on how to draw trendlines, use Fibonacci retracement, pivot lines, moving averages etc. AvaTrade broker educational platform the “Sharp Trader” offers a lot of content for their traders. According to AvaTrade broker, Sharp Trader offers “offers a comprehensive range of videos, articles, daily news and trading tools, taking you from trading fundamentals to the advanced strategies of leading professional traders”.
- ” AvaTrade’s SharpTrader provides good basics to get you started “
- ” XM Broker- Provides excellent online webinars by proven expert professionals for traders of all countries and multi-language “
- ” FXTM – Have also multi-series webinars on various topics covering Risk Management, trading indicators etc. “
Social Trading
Forex brokers need to have interaction between them to have a piece of proper knowledge about how everything works. With the help of Social trading features such as CopyCat trading and Managed Accounts, social traders can easily interact with each other in a safe environment without any risks whatsoever.
Negative Balance Protection
Trailing Stop
Using a trailing stop is a great way to protect profits if you have not established an exit strategy. The trailing stop is a moving stop loss. Your stop price moves at a specified distance behind the market price. In a rising market, it moves higher i.e. a long trade but will remain stationary when the price falls when in that long trade.
Trailing will only occur when the market price moves in favour of the trade to which the order is attached. Trailing stops are designed to lock in profit levels and they literally trail along with your increasing profit and adjust your stop loss levels accordingly. Trailing stops are an important component of a trader’s risk management unless they have an exit strategy in their trading plan that might serve them better.
Broker Platform Features | XTB UK | Avatrade | XM Broker |
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MT4
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Webtrader
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Guaranteed Stop Order
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Negative Balance Protection
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Additional Education
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Trailing Stops
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Scalping
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One-Click Trading
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Best Brokers for Trading Style
'Scalping' or Scalp Trading
Scalping is one of the most active forms of trading which involves a frequent process of selling and buying throughout the entire trading session or in parts of the day. The traders would target the smallest price movements in the day and they will rely on these small movements to gain profits. The targets and the stops on the profits are used to manage the positions which help for minutes and seconds. The profits are pretty small and the traders will be able to place many trades in a particular session. However, the process tends to be a bit risky because it entirely relies on the higher percentage of winning trades.
A true ECN (Electronic Communications Network) broker that has a live data feed and access to deep interbank liquidity. A broker that offers low-spread accounts with laser-fast execution speed is necessary.
Average No. of trades placed (day)- 70-150 trades
Our three recommended brokers for scalping are below with their respective accounts:
FXTM | Pepperstone | IC Markets | |
---|---|---|---|
Account Name
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ECN Account
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Razor Account
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True ECN Account
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Office Headquarter
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London, UK
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Australia/UK
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Australia
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Regulation
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FCA
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FCA, ASIC
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ASIC
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Min. Account Deposit
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$500
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$200
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$200
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Leverage (Beginners)
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30:1
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30:1
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500:1
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Account Base Currency
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USD, EUR, GBP
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EUR, USD, GBP, CHF, PLN
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USD, AUD, EUR, GBP
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Hedging Allowed
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Max Trade Size
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100 Lots
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100 Lots
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1000 Lots
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Maximum No. Positions
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300
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100
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200
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Commission per Trade
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$2 per Standard Lot
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AU $3.50 per Standard Lot
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$3.50 per Standard Lot
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Reviews
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Broker Comparison for Scalping
Day Trading
Here we are mentioning some of the features that the traders need about day trading which will help them in getting an idea about the trading style.
- ” Constant Monitoring- One of the most important features of day trading is that the positions are changed in a matter of minutes. So, there is a need for constant monitoring of these changes in the position in case something goes wrong. So, the day trader will have to be ever-present until the closing of the trade. “
- ” No Overnight Positions- The time frame followed by the Day trading style is short-term. So, that means the trades that are attained by the style remain there for a single day. As such, there are no overnight positions that are held when it comes to day trading options. “
- ” No Rollover Interest- There is a rollover interest that is assigned to the trades that are held over a single night. Since the positions in day trading are not overnight, there is no additional rollover interest that is attached to these trades. “
Average No. of trades placed (day)- 5-15 trades

Swing Trading
Swing trading is the trading style where the positions would be held for more than a day to weeks to capture the market moves. This style suits traders that are occupied with other work and therefore does not require much screen time. The Swing traders would mostly rely on price action and technical analysis to capture the trade entry-exit and entry points for profit. The fundamentals are not that important in this particular trading style as well. The trades will be exited and then established when it reaches the target profit. Another thing to notice about swing trading is that the brokers don’t have to constantly monitor the trades as well.
Average No. of trades placed (Month)- 7+ trades
As having a low spread is not entirely too important therefore going with a well-regulated broker that has low overnight carry rates is pivotal when swing trading or for that fact positional trading.
Long-Term Positional Trading
In long-term position trading, the time frame is the longest and it takes months and years to trade the currencies. The traders in these cases would use the combination of several fundamental and technical analysis methods to make the decisions of trading. Also, there are price charts which are made every month to provide more and more insight into the matter and hence it is one of the most important aspects of trading. The price fluctuations that happen in shorter periods are often ignored in such cases as the main focus is on long-term changes.
Average No. of trades placed (Month)- 1-2 trades
Customer Support
In this day and age where competition rules everything, customer support and client services are some things which should not be ignored if brokers want to have effective results for their trading services. Many different brokers are waiting in line to provide services which would prove to be very beneficial for the clients. Every broker platform is different and especially as someone new to trading navigating through portals understanding how to execute, deposit funds, withdraw funds, open an account, and demo trade can either be easy or difficult.
All brokers recognise that providing good client support is vital for long-term relationships and retention. We have compared and stacked the best three featured brokers against each other and have assessed them in what languages they offer, methods of communication if there are difficulties and if they provide a personal account manager to guide you through your trading queries. As there are a lot of MetaTrader 4 & 5 guides on the net, many traders have questions using personalised web trader platforms, therefore, it’s very useful when you have your manager at hand to ask questions. All brokers listed below have excellent FAQ sections that more or less cover all potential queries. Amongst the below Avatrade has come in third place due to its lack of phone contact. We would say that over the last year, XTB has shown great customer support with XM taking second place.
XTB | XM | AvaTrade | |
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Availability
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24/5
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24/5
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24/5
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Office Headquarter
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London, UK
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London, UK
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Dublin, Ireland
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Account Opening Contact
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Telephone
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(Slow Response)
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E-mail
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Live Online Chat
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Languages Offered
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15+
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30+
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20+
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Personal Account Manager
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Reviews
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Start Trading
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Demo Vs Live Account Trading- Which One?
Your capital is at risk when trading with brokers we suggest on this page. All trading instruments on margin carry a high level of risk, and may not be suitable for all investors. Between 65-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs trading work and whether you can afford to take the high risk of losing your money.
Top Three Featured Brokers
BlackBulll Markets
High Leverage, Award winning Low Spread ECN Broker
Dive into the dynamic world of forex and CFD trading with BlackBull Markets, a New Zealand regulated broker established in 2014. Experience seamless trading on state-of-the-art platforms such as MT4 and MT5 by MetaTrader, complete with WebTrader, desktop, and mobile apps. …
Pepperstone
Award winning Top Australian CFD broker for Best Customer Service and Tighter Spreads
In its 8-year journey to becoming one of the leading forex brokers in the industry, Pepperstone Broker has made tremendous strides and achieved significant milestones. Established as a cutting-edge platform for trading CFDs, Forex, Crypto, and Commodities, this powerhouse….
XTB
Best CFD trading platform for UK traders, Award winning xStation5 trading platform
With more than 14 years’ experience, XTB is one of the largest stock exchange-listed FX & CFD brokers in the world. They have offices in over 13 countries including UK, Poland, Germany, France and Turkey. XTB is also regulated by the world’s biggest supervision authoriti…
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