Choosing the right broker to trade forex is of fundamental importance. Because your success in forex trading depends hugely on the choice of the broker. The best forex brokers are the ones that have three qualities.
The first and the most important quality of an excellent broker is its regulation and reputation. If a forex broker is regulated appropriately, then it is reliable. The second is giving access to quality market research that is actionable. The third is providing a user-friendly platform that facilitates the trader with a variety of educational resources.
Here we will highlight the four best forex brokers for beginners in 2022.
XTB is one of the best CFD platforms that support stock CFDs, Forex, commodities, indices, and cryptocurrencies. This platform supports the forex trading of 48 currency pairs having low- costs spread. XTB provides the leverage of up to 200: 1.
XTB offers you a free demo account and high-quality educational resources for beginners and intermediate traders. This brokerage has its headquarters in Warsaw and it was founded in 2002.
There is only one disadvantage of XTB that is: it does not provide 24/7 support.
eToro is an excellent forex trading platform for beginners. One of its outstanding features is the ability to observe and copy the strategies of other traders. Starting forex trading at a platform for the first time can be frightening. Etoro helps you in reducing the fear factor by letting you know what the other traders are doing in forex trading.
This is a highly regulated broker that offers a wide range of assets to trade with. Etoro gives you access to some highly useful education and news resources that are very helpful for new traders. But if you are an experienced player in forex trading, this platform could help you to speed up your pace by teaching important lessons. You can open your account at eToro with etoro minimum deposit.
FXCM is a UK-based forex broker and is an internationally known CDF and forex brokerage brand. This is a regulated broker that focuses on the trading requirements of both experienced traders and beginners.
This forex broker offers you many choices of trading platforms and provides you with a wide range of trading tools. There is also a low minimum deposit requirement to open your account at FXCM. It also provides you with comprehensive education sources.
OctaFX provides Forex ECN trading, metals and cryptocurrencies, and CDF trading on indices. This forex broker is approved and well regulated. OctaFX enables the traders to take the advantage of bonus promotions and high leverage.
The features and services offered by OctaFX are suitable for both novice traders and professionals. It gives you access to ECN, micro, and Pro accounts. It also allows you to access the OctaFX copy trading program. Moreover, it provides extensive education and trading research tools.
The only disadvantage of OctaFX is the limited withdrawal and deposit options- only through Skrill, Bitcoin, or Neteller.