Best Forex Broker for Beginners (2019)

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
4.6
Rating Score
Spread
Eur/Usd

2

Spread Type
  • blue TickFixed
  • blue TickVariable
Account Type
  • blue TickDemo
  • - Micro Account
  • blue TickStandard
Platforms
  • blue TickMetaTrader 4
  • blue TickMetaTrader 5
  • blue TickApp & Tablets
Fees
  • -Deposit Fee
  • -Withdrawal Fee
  • -Inactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • - Futures
  • blue TickIndices
  • blue TickMetals
  • blue TickStock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: CFDs are leveraged products & 73% of traders lose money when trading CFDs.

    Trust Rating

    A

    Min Deposit

    £250

    Max Leverage

    200:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    Best trading platform for beginners
    4.6
    Rating Score
    Spread
    Eur/Usd

    1.5

    Spread Type
    • blue TickFixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • blue TickMicro
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • blue TickMetaTrader 5
    • blue TickApp & Tablets
    Fees
    • -Deposit Fee
    • -Withdrawal Fee
    • -Inactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • - Futures
  • blue TickIndices
  • blue TickMetals
  • blue TickStock
  • blue TickCFDs
  • blue TickOptions
  • -Social Trading
  • Risk Warning: 71% of retail investor accounts lose money when trading CFDs with this provider.

    Trust Rating

    A

    Min Deposit

    £100

    Max Leverage

    30:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    best metatrader broker platform, awarded the Best FX broker in Europe 2018
    4.6
    Rating Score
    Spread
    Eur/Usd

    1.6

    Spread Type
    • - Fixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • blue TickMicro
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • blue TickMetaTrader 5
    • blue TickApp & Tablets
    Fees
    • -Deposit Fee
    • -Withdrawal Fee
    • -Inactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • - Futures
  • blue TickIndices
  • blue TickMetals
  • blue TickStock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: 69.45% of retail investor accounts lose money when trading CFDs with this provider. 

    Trust Rating

    A

    Min Deposit

    £50

    Max Leverage

    30:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    No.1 Spread Betting Broker for UK Traders
    4.4
    Rating Score
    Spread
    Eur/Usd

    0.69

    Spread Type
    • blue TickFixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • blue TickMicro
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • - MetaTrader 5
    • blue TickApp & Tablets
    Fees
    • -Deposit Fee
    • -Withdrawal Fee
    • blue TickInactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • blue TickFutures
  • blue TickIndices
  • blue TickMetals
  • blue TickStock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: 73% of retail investor accounts lose money when trading CFDs with this provider.

    Trust Rating

    A+

    Min Deposit

    £100

    Max Leverage

    33:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    Award winning Top Australian CFD broker for Best Customer Service and Lowest Spreads
    4.4
    Rating Score
    Spread
    Eur/Usd

    1.2

    Spread Type
    • blue TickFixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • - Micro Account
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • blue TickMetaTrader 5
    • blue TickApp & Tablets
    Fees
    • -Deposit Fee
    • -Withdrawal Fee
    • -Inactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • blue TickFutures
  • blue TickIndices
  • blue TickMetals
  • - Stock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: 78% of retail investor accounts lose money when trading CFDs with this provider.

    Trust Rating

    A

    Min Deposit

    £200

    Max Leverage

    30:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    One of worlds leading CFD trading Platform that boasts 5million+ registered clients
    4.1
    Rating Score
    Spread
    Eur/Usd

    2

    Spread Type
    • blue TickFixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • blue TickMicro
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • blue TickMetaTrader 5
    • blue TickApp & Tablets
    Fees
    • -Deposit Fee
    • -Withdrawal Fee
    • blue TickInactivity Fee

  • blue TickCommodities
  • - Cryptocurrency
  • blue TickForex
  • - Futures
  • - Indices
  • blue TickMetals
  • - Stock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: 73% of retail investor accounts lose money when trading CFDs with this provider.

    Trust Rating

    A-

    Min Deposit

    £100

    Max Leverage

    30:1

    Competetive Spreads
    Customer Support
    Security & Regulation

    Best Forex Broker for Beginners (2019)

    There are many industries that partake in the Forex trading or in Foreign Exchange Transactions however there are quite a few who don’t have the complete knowledge of the Forex trading. So, what is Forex trading? Having essential knowledge about this form of trading is important for a Forex broker. All regulated brokers must adhere to certain regulations which need to be followed and respected otherwise they could suffer the consequence of having their license provoked. Therefore, trading with a regulated, licensed and trusted forex broker is one of the fundamental facet to look for when choosing a broker to trade with. After reading this guide, we hope you can gain the understanding of all essential features to bear in mind when choosing the best forex trading platform based on your trading needs. 

     

     

    XTB UK

    AvaTrade

    XM Group

    Overall Trust Score A A A
    Year Established 2002 2006 2009
    Regulatory Authority FCA ASiC, BVI, CBI, MiFlD CySEC, FCA, ASIC, MiFID
    Segregated Accounts
    Why Choose?
    • 5-star Rating on Trust Pilot
    • Client funds in segregated accounts
    • Competitive Fixed & Variable Spreads
    • 200 plus Instruments to trade
    • Client funds in segregated accounts
    • Regulated in 5 continents
    • Popular- Over 1,000,000 users
    • Client funds in segregated accounts
    • No Re-quotes and No Rejections

     

    Regulation of Brokers

    Just like the other financial sectors, CFD brokers also have certain regulations which they need to abide by. However, due to the decentralization of the broker market, there are certain regulatory bodies which are responsible for the controlling of the regulations. That is one of the main reasons why the brokers don’t have similar regulations in different countries. 


    Here are some important regulations that all regulated brokers need to abide by when it comes to offering CFD, Forex, Stocks or any financial instruments/services to potential users/traders. 
     

    2018 ESMA Regulation on CFD trading

    Limiting the Leverage is one of the measures that are used by the brokers which are licensed under a particular regulator. 


    Leverage in forex trading is simply trading with borrowed money. The borrowed funds are given to traders by their brokerage firms. This trading feature gives investors the possibility of enlarging their trade size and taking advantage of trading opportunities that may come their way. 


    Leveraging trading accounts are used by forex traders to make a reasonable amount of profit from the fluctuations in the exchange rate between two currencies or securities. With a margin trading account, forex traders can obtain leverages form brokers. Most leverages made available to forex traders by brokers are in the form of different ratios like 1:50, 1:100, 1:200 leverage, 1:500 and in recent times the implementation of 1:30 cap leverage in forex trading. 


    On 1st August 2018, the Financial Conduct Authority, guided by ESMA’s (European Securities and Markets Authority) product intervention measures, introduced a raft of changes to the CFD and spread-betting industry. These changes are being implemented by European regulators and affect ALL EU (European)-regulated FX, CFD and spread-betting providers, and will significantly impact the way you can trade moving forward. 


    However, if you have professional experience trading the markets with a reputable trading history of making profits from the market the all the regulated brokers listed above can offer high trading leverage of 500:1 to even 1000:1. Not everyone can elect to become a professional client. Only those clients with sufficient trading experience and understanding of the product can do so, both of which are validated by a quantitative and qualitative test by the broker. Find out more here.

    For beginner Non-European residents, FXTM is the best online broker we recommend if you are looking for high leverage of around 1:1000. 

    For European residents, ASIC regulated IC Markets broker is the best trading platform and their highest leverage offering is at around 500:1 on Forex Majors. (learn more about IC Markets)

    The below is table showing how leverage has changed for XTB broker. XTB has been rated and reviewed by us and is one of the leading brokerage firm in the market.

     

    CFD Trading Instruments for European Residents

    Previous Leverage

    Leverage from 1st August 2018

    Major Forex Pairs e.g. EURUSD, GBPUSD 

    200:1

    30:1

    Minor FX Pairs e.g. EURCAD, AUDJPY    

    100:1

    20:1

    Major Indices & Gold e.g. DE30, US30, FTSE100

    100:1

    20:1

    Commodities e.g. Silver, Oil

    50:1

    10:1

    Equity/Stocks CFDs e.g. Facebook, Barclays

    10:1

    5:1

    Cryptocurrencies e.g. Bitcoin, Ethereum

    5:1

    2:1

     

    Traders Capital in Segregated Accounts 

    For the protection of the funds of the clients, there are certain regulators which require certain segregated accounts from the brokers in order to cover up the client funds and operational funds. The regulators which are responsible for such regulations are CFTC in the US, JFSA in Japan, ASX in Australia and obviously FCA (Financial Conduct Authority) in the United Kingdom. 

    According to the FCA and mentioned in their own journal handbook, “A firm, on receiving any client money, must promptly place this money into one or more accounts opened with any of the following:

    • a central bank;
    • a CRD credit institution;
    • a bank authorised in a third country;
    • a qualifying money market fund


    FCA requirements are long listed for Financial Investment Brokers so they can offer the best services to their clients. One of the most important requirements that Forex brokers have to be compliant with is keeping clients' funds in separate accounts from their company’s accounts. In order to ensure that the client’s positions are maintained in the United Kingdom market, all FCA brokers are required to maintain a minimum of one million pounds as operating capital. This is not a fixed number and as the number of traders along with trading capital increases, this also goes up. Long established forex FCA regulated brokers such as City Index & XM Group all have in excess of 100,000 active traders.

     

    Is a Trader's Capital/Money Safe? What Happens if Broker goes Bust? Investor Compensation Funds

    There are certain regulators that 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. It is important for the Forex broker to abide by these regulations for eventful results when it comes to Forex trading. 


    As an example, to get FCA approval all Forex, Stock or Commodities brokers are required to get their client protection under Financial Services Compensation Scheme (FSCS). FSCS guarantees up to fifty thousand pounds in compensation to the trader for broker relates problems. The way it works is that traders can get a hundred percent of their money in capital up to thirty thousand pounds (£30,000) of deposit and a maximum of ninety percent 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

    One of the main costs a brokers earns from its client is what we call the ‘The Spread’. Therefore, amongst the pantheon of comparison features we believe it sits near the top most searched when looking for an online broker. 


    ‘Spread’ is the difference in pips between the BID price and the ASK price quote (also called buy/sell) in a currency pair like the EUR/USD.


    It is necessary to understand that the ask price needs to be higher than the bid price all the time, and that difference is banked by the broker, obviously as a profit. That is the main reason why the spread has such a significant impact in your work as a Forex trader. As a trader you want to bank as much profit as possible and depending what strategy or style you trade what spread you have to pay out to the broker is very important.


    If you’re just starting out on your trading journey, then it might not be too important as determining your style of trading is incumbent on the spread data you are looking for e.g. a trader after countless trial and error had determined that intraday trading is best fit for him. This means that all his trading positions will be executed and closed within the trading day i.e. he will not commit to overnight positions no matter if he has 10 or even 20 trades that particular. According to data accumulated by XM Group Broker, a Day Trader typically makes anywhere between 5- 10 trades which means if you are trading 20 days in a month that amounts to 100-200 trades per month. Day Traders and Scalp Traders require rapid execution and low spread trading accounts whereas a swing and positional traders can go with brokers offering low overnight interest rates or called ‘Rollover’ rates. 


    If you require a greater in depth detail on which broker to go with based on your trading style, then read below section on Trading Style vs Broker. The below table is a simple guide comparing spreads for a selected sample of trading instruments for the top three featured brokers for beginner traders who have just started out.   

     

    Trading Instruments

    XTB UK

    Avatrade

    XM Group

    Fixed Spreads
    Variable Spreads
    EUR/USD (pips) 2 1.5 1.6
    GBP/USD (pips) 4 2 2.3
    USD/JPY (pips) 4 1.6 1.6
    Dow (US30) 7 3 2
    Crude Oil 8 3 5
    Bitcoin 100 73 50

     

    Just like the banks, the element of interest has its presence in forex trading. Interest is paid and also earned on the basis trading instruments and currencies that are traded. It is important to understand that when the trader places a trade, there is one currency which is sold and another one is purchased.  


    When trading Forex or any other CFD related products, interest which is paid or owed is often calculated on the basis of the positions which are held overnight. In case any trade is entered during the day and is exited before the day is over, there are no interests incurred or earned too. This is why day traders and those traders who are geared to scalp the markets do not have to account for overnight rate charges by brokers. Only those traders who swing trade/positional traders i.e. hold trading positions from more than a day to even several months would be subject what is known as the Rollover or overnight trade. The net interest which is paid or owned is known as ‘Carry’

     

    Swap-Free or Interest Free accounts (Islamic Trading Accounts)

    Due to religious laws of various faiths around the world, many individuals cannot trade Forex or any CFD instruments for that matter. The Islamic and Judaism faith prohibit the partaking and earning of interest form loaning, trading and any financial activities are not permissible or prohibited. Please take a look at our guide on the best islamic trading accounts


    XTB & Pepperstone have made it to the top with brokers with the best islamic trading platform.

     

    What Trading Platform Suits Me?

    Although there are many different options for software when it comes to the Forex trading, the main player in the game would have to be the 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 are 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

    MetaTrader 4 is the Forex platform which has been specifically designed to make the process of FX trading relatively easier. There are many different features that are provided to the people such as 1-click trading, over 50 indicators, multi-charging, limit orders, pending orders and so much more. One of the most interesting benefits of Metatrader 4 is the stability that it provides. Traders can easily rely on the platform to work in different mobile applications. While web trading is something which is practices, mobile platforms are the ones which are taking the trading world by a storm. Not only will you have a mobile method of trading but it is comparatively easier and much more effective as well. It operated well on the Android, iOS, and Windows devices as well.

    So, there is no doubt about the fact that this software is pretty robust and powerful. While most brokers have a complaint that this platform is quite slower than the other available on the web, there is no doubt that the long list of advantages makes up for the little shortcomings of the software.

    Compared to the MetaTrader 4, the MetaTrader 5 is a newer and more advanced form of software which is used by the traders. One of the main differences between these two software options is that the MetaTrader 5 software is much faster than the former option and there are some more indicators on the software as well along with several additional features. So, the MetaTrader 5 will be able to supper more orders. Although, there is not much of a difference, having a faster software option might just be the right solution for the for ll tyoes of traders.

    Many brokers have their own personalised platforms in the form webtrader platforms and cTrader platform. The ctrader platforms offered by Pepperstone and IC Markets are more advanced based platfroms.with extral charting tools, bespoke indiators etc. Webtrader platforms have similar features to Metatrader but the usabilty does vary from broker to broker e.g. XTB's award winning xStation platform is very different to City Index's webtrader that is bespoke, customisable and has advanced risk management options. As your starting out we do recommend going wih MT4 and XM Broker is the MT4 broker however if you like having the option to access charts from other laptop, PC, tablets and differnt phone then CIty Index and XTB provide excellent webtrader platforms. To access your MT4 account you must have either app or software downloade to your electronic devices. 

     

    Additional Broker Features to Consider

    There are some additional trading features offered by various brokers that to some are considered as essential. We are going to outlie these features and explain how they can assist and how they can potentially enhance your trading.

     

    One Click Trading 

    You will easily be able to close as well as open up the orders without any hassle. Also, the Take Profit and the Stop Loss levels can be set up pretty easily. So, there is no doubt about the fact that one-click trading options can be the ultimate choice for traders who don’t like extra popup windows. Many traders that scalp the markets prefer this options as it allows them to say focus on their trades. The One-Click option is entering trades with market execution therefore is not an important option for swing & positional traders. Many brokers have their own online versions of trading terminals (also known as webtrader) like XTB’s xStation. Although this feature is available on Metatrader4  but it has be downloaded as a plugin.

    One Click Trading Feature

     

    Guaranteed Stop Loss

    The guaranteed Stop Loss feature can be really important to the brokers who want to make sure that the risks are properly managed when it comes to forex trading. The guaranteed stop loss orders are the ones that work just like the stop loss orders. However, the only difference is that these orders will be able to close out the trade with the prices that you specify. So, no matter what volatility and gapping you have in the currency market or trading CFD’s, this feature will be able to manage the risks in the best way possible. Brokers such as XTB and Easymarkets have the guaranteed stop loss which enables traders to be certain of knowing that a trade will terminate at the Stop loss price level.

    XTB xStation 5 Guaranteed Stop Loss

     

    Online Education 

    There are many software options for online Forex trading that come with several expert seminars which can provide a better understanding of the entire process of forex trading for the beginners who want to know more about it. These can be used by the 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 average 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 

    It is important for the Forex brokers to have interaction between them in order 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, the social traders can easily interact with each other in a safe environment without any risks whatsoever. 
     

    Negative Balance Protection 

    This feature protects a trader from entering into a negative trading balance. Every broker sets a margin call which means you are restricted to a maximum lots size you can possibly trade. Forex trading is highly leveraged trading and the market is very volatile therefore sometimes a losing trade can exceed risk or stop levels meaning you lose beyond deposit levels. A negative balance protection is useful when a trader leverages more on their trades relative to their account size.


    Our recommended brokers for having Negative Balance Protection feature are City Index & Markets.com.  

     

    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 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 your increasing profit and adjust your stop loss levels accordingly. Trailing stops are an important component to 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

    MT4
    Webtrader
    Guaranteed Stop Order
    Negative Balance Protection
    Additional Education
    Trailing Stops
    Scalping
    One Click Trading

     

    Best Brokers for Trading Style

    There are many different styles of trading which are decided on the basis of the investment and the trading time frame. Certain types of trading style (mentioned below) require different type of broker trading accounts. Through our research we have given estimation in terms of no. of trades the average trader places per calendar month. It may take you a while to figure what type of trader you are especially for those individuals who are new to trading. The science of trading can be very much correlated and attributed to your character. Without question there is profit and loss in trading no matter the style of trading you adopt therefore it’s imperative to have risk management plan.   

     

    Scalping or Scalp Trading 

    Scalping is one of the most active forms of trading which involves a frequent process of selling and buying all 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 in order to gain the profits. The targets and the stops on the profits are used in order to manage the positions which help for a period of 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 the winning trades. 

    A true ECN (Electronic Communications Network) broker that has a live data feed and has access deep interbank liquidity. A broker that offers low spread account with laser fast execution speed is absolutely necessary. 

    Average No. of trades placed (day)- 70-150 trades

    Our three recommended brokers for scalping are below with their respective accounts:

     

    Broker Comparison for Scalping

     

    FXTM

    Pepperstone

    IC Markets

    Account Name ECN Account Razor Account True ECN Account
    Office Headquarter London, UK Australia/UK Australia
    Regulation FCA FCA, ASIC ASIC
    Min. Account Deposit $500 $200 $200
    Leverage (Beginners) 30:1 30:1 500:1
    Account Base Currency USD, EUR, GBP EUR, USD, GBP, CHF, PLN

    USD, AUD, EUR, GBP

    Hedging Allowed
    Max Trade Size 100 Lots 100 Lots 1000 Lots
    Maximum No. Positions 300  100  200 
    Commission per Trade $2 per Standard Lot AU $3.50 per Standard Lot $3.50 per Standard Lot
    Reviews Read Full Review Read Full Review Read Full Review
     

     

    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 about 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 till 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 the 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

    In terms of account type, you would still want a low spread account (mentioned below) because you want fast execution and you don't want to be in a losing position when you place a trade. That is all there is to know about day trading and the essential features that accompany it. Day trading is an exceptionally easy and fast method of making profits with the help of short-term trades. With proper understanding about this trading style, the traders can make profits with some small gains every single day. 

    Pepperstone's Razor Account & XM's Zero Account are amongst our most recommended brokers for day trading .

     

    Pepperstone cTrader Platform

     

    Swing Trading

    Swing trading is the trading style where the positions would be held for more than a day to weeks in order 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 the price action and technical analysis in order 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 one of the things 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 hasving a low spread is not entirely to important therefore going with a well regulated broker that is have low overnight carry rates is pivotal when swing trading or for that fact positional trading. 

     

    Long-Term Positional Trading

    In the 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 in order to make the decisions of trading. Also, there are price charts which are made on a monthly basis in order 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 on the shorter periods of time are often ignored in such cases as the main focus is on the 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 the brokers want to have effective results for their trading services. There are many different brokers 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 account, demo trade can either be easy or difficult. 


    All brokers recognise that providing good client support is vital for long-term relationship and retention. We have compared and stacked the best three featured brokers against each other 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 guide on the net, many traders have questions using personalised webtrader platforms therefore it’ very useful when you have your own 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 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

    Avalibilty 24/5 24/5 24/5
    Office Headquarter London, UK London, UK Dublin, Ireland
    Account Opening Contact
    Telephone (Slow Response)
    E-mail
    Live Online Chat
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    Demo Vs Live Account Trading- Which One?

    As a beginner to trading, you must apply basic concepts and strategies and slowly develop concepts like risk management and need for a trading plan. Common topics such as Support & Resistance, Fibonacci retracement, time frame anlaysis, moving averages, price action trading, trading patterns, Japanese Candlesticks etc. are normally in every trading course/syllabus. You initially learn how place trades with stop orders and limits, lot size allocation etc.

    Demo trading is there to apply the skills but in reality you can’t achieve monetary success. However, as you are starting you are also familiarising yourself with the broker platform. Whether teh broker offers MT4, MT5 or their own personalised WebTrader it will take some time to get use to how to fully utilise these platforms. Drawing Charts, placing indicators and placing trades (stop loss limots and take profits & pending orders) still requires you to navigate through the platform. Pepperstone & XM offer the best MT5 & MT5 demo trading accounts. 

    Most people who start trading, believe that their results from trading with fake/virtual money will be the same as their results trading with real money. Just to inform you it is not the case. In fact, it is never the case trading with a demo account. The reason: Emotions. Many successful traders have noted that true application of risk management only works when trading with real money. If you are starting we only recommend to trade with small deposit funds so you can grasp the emotional aspect to trading as well as harnassing your risk management strategy. As mentioned only risk capital that you can afford to lose. We recommend XTB (minimum deposit $250) and PepperStone broker (minimum deposit $200) for trading with small deposits. 

     

    Your capital is at risk when trading with brokers we suggest on this page. All trading instruments on margin carries 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

    Best CFD trading platform for UK traders, Award winning xStation5 trading platform
    4.1
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    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... Read more

    Best trading platform for beginners
    4.1
    Rating Score
    AvaTrade is one of the leading Brokers today offering great platform for trading CFDs, Forex, Cyptocurrencies & Options. It has been established over 10 years since 2006 with a resource of 200+ instruments on offer. It’s one of few broker that offers up to eight differen... Read more

    best metatrader broker platform, awarded the Best FX broker in Europe 2018
    4.1
    Rating Score
    XM review is one of few brokers that have over 1 million clients registered. They are regulated by the FCA (Financial Conduct Authority) and are well known for fast order execution and have stats recorded to executed over 150 million orders executed with zero requotes. Thi... Read more

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