Best Forex Trading Platform for Beginners

Are you looking to start trading? Our experts have compiled the best brokers for beginner traders out of 55+ brokers

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 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
    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
    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
    Best Australian ECN broker with spreads starting from 0.0 pips
    4.4
    Rating Score
    Spread
    Eur/Usd

    1.1

    Spread Type
    • blue TickFixed
    • blue TickVariable
    Account Type
    • blue TickDemo
    • - Micro Account
    • blue TickStandard
    Platforms
    • blue TickMetaTrader 4
    • - MetaTrader 5
    • - Android App & Tablets
    Fees
    • blue TickDeposit Fee
    • -Withdrawal Fee
    • -Inactivity Fee

  • blue TickCommodities
  • blue TickCryptocurrency
  • blue TickForex
  • blue TickFutures
  • blue TickIndices
  • - Metals
  • - Stock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: Retail investor accounts lose money when trading CFDs with this provider. 

    Trust Rating

    A-

    Min Deposit

    £200

    Max Leverage

    500:1

    Competetive Spreads
    Customer Support
    Security & Regulation
    Awarded "most innovative FX broker of 2018", offers features like 'deal cancellation'
    4.3
    Rating Score
    Spread
    Eur/Usd

    1

    Spread Type
    • blue TickFixed
    • - Variable
    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
  • - Stock
  • blue TickCFDs
  • -Options
  • -Social Trading
  • Risk Warning: 85% 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
    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 Trading Platform for Beginners

    This is probably one of the most important choices you will make when your starting out on your Forex trading journey, which is selecting a trusted, regulated and reputable online broker. And you may ask, what do qualities do I look for before choosing a broker to trade Forex?

    We believe there are six main factors to keep an eye on when thinking about which broker to sign up with. Ekzaga was solely created to have information accessible on top forex brokers at your fingertips and making an online broker selection easier. Read more for what we call the “Six Points” when looking for the best forex trading platforms.

     

    'SIX POINT' Rule

     

    Broker Regulation

    Is important to know by whom the broker is regulated because if it’s not regulated by any licensing authority, it is definitely not a trusted Forex broker under any circumstance. This is one of the most researched terms when choosing a forex broker.

    The Majority of Top Tier Forex brokerage firms as we know are regulated, e.g. the FCA (Financial Conduct Authority) which regulates XTB UK brokerage offers compensation to traders that have deposit amount up to £50,000 in the case if the firm was to go through liquidation. A Client's Safety of deposited funds is a critical factor when choosing the best online brokerage. All FCA regulated brokers guarantee that all their client funds are pooled in segregated accounts to their own funds for deposit protection and client peace of mind. Although the Cysec (Cyprus Securities and Exchange Commission) and ASIC (Australian Securities and Investments Commission) regulate brokers that are established in their own domain they are highly respected and have the stamp of approval by industry professionals. Markets.com broker is regulated by Cysec and Pepperstone Broker by ASIC. These are amongst a few that are regarded as the best forex brokers for beginners.

     

     

    XTB UK

    Avatrade

    XM

    Overall Trust Score A A A
    Year Established 2002 2006 2009
    Regulatory Authority FCA ASiC, BVI, CBI, MiFID CySEC, FCA, ASIC, MiFID
    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

     

    The ‘Spread’ Alert

    It’s fundamental to have information about spreads when analysing any currency trading platform.

    ‘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 on your work as a Forex trader. As a trader, you want to bank as much profit as possible and depending on what strategy or style you trade what spread you have to pay out to the broker is very important. For example, If you execute many traders or plan to have many open trading positions then one pip or two pips spread difference could literally mean saving pounds per trade. Obviously, this is incumbent to the size of your trades, one pip spread on a standard lot trade (100k) will mean the difference in ££s to one pip spread on micro lot trade.

    Basically, the spread is nothing more than the cost of each one of the transactions performed by you as a trader in the market; of course, the cost varies from broker to broker.

    All spreads quoted below for each broker are fixed spreads.

    It is also fundamental to search for the overnight carry rate and swap rate analysis when choosing a trusted forex broker. For those who-who are in search for Swap Free i.e. Overnight Interest-Free Accounts (see Islamic Broker Accounts) where your broker will not charge Interest fees for having overnight open trading positions. This applies to Swing Traders and Long-term Position traders that must consider and factor this into their trading. Swap Free accounts were originally designed by brokers for traders who were are not permitted to trade Interest related products due to religious beliefs e.g. Muslims of the Islamic religion. Traders who Scalp or Day Trade the markets should not be concerned by Swap free as all their positions are liquidated within the trading day.

    And the swap rate is nothing more than the rate of fixed leg of a swap as unwavering by its specific market and the parties involved.

    Trading Instruments

    XTB UK

    Avatrade

    Plus 500

    EUR/USD (pips) 2 1.5 0.6
    GBP/USD (pips) 4 2 2.1
    USD/JPY (pips) 4 1.6 0.7
    Dow (US30) 7 3 4
    Crude Oil 8 3 2
    Bitcoin 100 73 65

     

    Customer Service and Client Support.

    When customer service is available in more than 15 languages, it means that they are to be trusted. That is a sure sign that you’ve found a diversified and globally recognised online trading platform for you. XTBXM and Markets.com are known for covering customer support with a broad number of languages.

    Depending on what type of account you open and the amount of funds you deposit the majority of broker of one to one personal dedicated account manager. Normally, a dedicated manager is always good to have when you have issues with adjusting to a platform, issues with depositing funds or withdrawing funds, resolving queries regarding spreads, fees or even commission on trades.

    A dedicated account manager is normally assigned when you sign up to a standard account, VIP account or deposit a certain amount this varies from broker to broker. It’s not integral for having a dedicated account manager as pretty much all brokers listed on ekzaga.com have an informative step by step help section on their platforms for their users. In terms of client interaction, the majority of brokers can be contacted by standard e-mail, telephone and online live chat.

     

     

    XTB

    XM

    AvaTrade

    Availability 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
    Languages Offered 15+ 30+ 20+
    Personal Account Manager
    Reviews Read Full Review Read Full Review Read Full Review
    Start Trading Open Account Open Account Open Account

     

     

    Use of Platforms

    The Interface/terminal platforms used by every Forex broker to execute trades differ from each other. Some forex brokers have their own designed platforms or even their own accessible MetaTrader 4 or MetaTrader 5 platform (most popular forex and commodity trading platforms for beginners). 

    Here are some of the most known in the market:

    • MT4: MetaTrader 4 is one of the most famous platforms, widely used in foreign exchange. It owns web and Mobile Trading Apps support. The simplicity of using the interface makes it the best place to start for any beginner forex trader.
    • MT5: The MetaTrader 5 is the successor of MT4 and has the same functions as MT4, but better.
    • cTrader: The cTrader platform is a well-known trading platform that owns an excellent take profit and stop losses system, varying chart time frames, and a different and new interface.
    • Brokers such as XTB and Markets.com have their own award-winning platforms xStation5 and eToro webtrader. They have unique indicators and have some additional unique features than your standard MetaTrader 4 platform.

     

    One of the reasons why XTB broker performed the highest is because it’s very own XTB xstation 5 platform has been voted amongst the best trading platforms. Here are some unique features:

    • Superior execution speeds - with fast, reliable execution speeds, you can trade safe in the knowledge that you can take advantage of fast market moves without delay.
    • Easy to use - innovative, intuitive and fully customisable, xStation 5 is a platform that allows you to create a trading screen suited to your style. All your settings, watchlists and workspaces are instantly accessible from your desktop, phone, laptop or tablet.
    • Trading Calculator - xStation 5’s advanced trading calculator instantly determines how much profit or loss you could make depending on your stop loss, lot size, and limit order, allowing you to make more informed trading decisions in the blink of an eye.
    • Trader Statistics - Analyse yourself as well as the markets with live performance statistics that inform you which markets you’re most successful in, including specific win ratios on your long and short trades.

     

    Best Trading Platform for Beginners Uk- XTB's xStation5 Platform

    Best Trading Platform for Beginners UK- XTB's xStation5 Platform

     

    When you are using any kind of trading platform it is imperative to know what other compatible mediums are available; this way, you will be able to work not only through your computer but through your phone or tablet. For example, if you’re planning to trade the forex market part-time or for purely to make a secondary income then it’s vital your broker has mobile trading application i.e. one that has apple app and Android app compatibility so you can monitor your trades.

    Platform Features

    XTB UK

    Avatrade

    Plus 500

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

     

    Additional Trading Features

    The thing that makes or breaks the traders choice of a particular broker is the additional features they offer to traders.

    The main attraction for traders is the wide range of accounts available, like the ECN account, the Standard account or even a Micro account for those starting out on their trading journey. Micro accounts are a great place to start for beginner traders as you can open small trading positions e.g. 0.1 Lot which is on average 10 pence or 10 cents per pip (percentage points).

    Scalp Trading Broker Comparison


    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.

    Average No. of trades placed per day - 80-150 trades


    We have compared three Brokers which we believe are the best for those who are looking for low spread ECN Brokers :

    Broker Comparison on Low Spread Accounts. Ideal for DayTrading & 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 In-Depth Review Read In-Depth Review
      Open Account Open Account Open Account

     

    Also, you can find some features like “one-click trading” which allows you to execute trades instantaneously in the event you want to take advantage of any volatility in currency prices.

    A guaranteed stop-loss feature is another unique feature that was created to comply with risk management order. Sometimes brokers close out trades beyond one’s desired stop- loss levels. This is not ideal because it can violate your risk management profile e.g. if you place a stop-loss risk management to 1% of overall capital account size for a particular trade, then a Guaranteed stop loss feature ensures you only get stopped out 1% and nothing more. At times of high volatility in the market, this would be an essential feature to have.

    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. Negative balance protection is useful when a trader leverages more on their trades relative to their account size.

    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.”

     

    Opening an Account

    This is the main aspect that you need to clarify. The fewer steps to start, the more time you’ll have to start trading. Document verification is standard protocol by all brokers because they all have to comply with AML (Anti-Money Laundering) and (Know Your Client) regulations. for those who want to get started, we have given a short guide to opening trading with XTB broker.

    Opening XTB Demo or Live Account 

    Please follow the steps outlined below:-

    1) Please follow the link below and follow the instructions to open a demo account or live trading account. Read our XTB in-depth review guide for more information about trading fees, leverage and types of platforms offered. 

    XTB UK Homepage

    2) Once you are on the homepage, click 'Try a Demo' for demo trading or 'Create Account' for a live account. The whole process takes max 7- 10 minutes. For the purpose of simplification, we will how to set up the demo account. 

     

    XTB Demo Account Registration

    3) Then enter your e-mail & all your details shown in the screen above. As you are beginning your trading journey we advised users to start trading with the MetaTrader platform. To find out more about more on the MetaTrader 4 platform please read our guide

     

    XTB Trading Account Opened

    3) Then enter your e-mail & all your details on the screen shown above. As you are beginning your trading journey we advised users to start trading with the MetaTrader 4  trading platform. To find out more about more on the MetaTrader 4 platform please read our guide

     

    Top Three Featured Brokers

    Best CFD trading platform for UK traders, Award winning xStation5 trading platform
    4.1
    Rating Score
    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 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

    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

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