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Best forex brokers for beginners

Just starting out? These brokers combine good education, a free demo account and a minimum deposit of €250 or less. Sorted by our education score.

Updated

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The ranking

  1. 1

    XM

    MetaTrader 4 and 5 with a US$5 minimum deposit

    CySEC

    EUR/USD cost
    €10.14
    Min. deposit
    €5
    Platforms
    4
    Visit XM

    Advertisement: we may receive a fee if you open an account through this link. This never changes our scores.

    Read the review of XM
  2. 2

    XTB

    Proprietary xStation platform and no minimum deposit

    CySEC

    EUR/USD cost
    €11.06
    Min. deposit
    None
    Platforms
    2
    Visit XTB

    Advertisement: we may receive a fee if you open an account through this link. This never changes our scores.

    Read the review of XTB
  3. 3

    AvaTrade

    MetaTrader and proprietary apps under Irish supervision

    CBI

    EUR/USD cost
    €8.29
    Min. deposit
    €100
    Platforms
    4
    Visit AvaTrade

    Advertisement: we may receive a fee if you open an account through this link. This never changes our scores.

    Read the review of AvaTrade
  4. 4

    eToro

    Investing and trading on one platform, with CopyTrader

    CySEC

    EUR/USD cost
    €9.22
    Min. deposit
    €50
    Platforms
    2
    Visit eToro

    Advertisement: we may receive a fee if you open an account through this link. This never changes our scores.

    Read the review of eToro
  5. 5

    Plus500

    Clear CFD platform from a listed provider

    EFSA · CySEC

    EUR/USD cost
    €11.98
    Min. deposit
    €100
    Platforms
    2
    Visit Plus500

    Advertisement: we may receive a fee if you open an account through this link. This never changes our scores.

    Read the review of Plus500

Why education matters for beginners

As a beginner, clear explanations matter more than the very tightest spread. A broker with a good academy, webinars, an unlimited demo account and reachable support helps you avoid costly mistakes.

Tips for getting started

  1. First read what forex is, what a CFD is and how leverage works.
  2. Practise for at least a few weeks on a demo account, using an amount similar to what you actually plan to deposit.
  3. Start small and decide in advance how much you are willing to risk per trade.
  4. Always use a stop-loss and be careful with positions you hold for a long time: you pay financing costs on them.

Realistic expectations

Most retail CFD traders lose money, even with good brokers. Every broker page shows the percentage of retail accounts that lose money. Only trade with money you can afford to lose.

Frequently asked questions

How much do I need to start?

All brokers in this list have a minimum deposit of €250 or less. Only trade with money you can afford to lose.

Is a demo account really free?

Yes. Every broker in our comparison lets you practise for free with virtual money, without depositing first.