Without a trading platform, there is no way you can gain access to the foreign exchange market.
It’s just like how you can’t browse or surf the web without a reliable internet connection.
It is through trading platforms that the buying and selling of currencies take place.
Firms that provide these platforms are known as brokers and there are quite a number of them on the internet.
Most, legit – others, scam.
But how would you know legit traders to begin trading with?
Choosing an ideal Forex broker is not an easy thing to do especially as a beginner. This is because different brokers and trading platforms have varying benefits. Also, each and every one of them have different product, account types and mode of operation.
In today’s post, we guide you through some of the best Forex brokers for beginners – beginning with the most popular broker in the USA.
9 Most Legit Forex Brokers for Beginners 2022.
Here are some of the best Forex brokers for beginners:
1. TD Ameritrade ( Best forex brokers for beginners in America)
This company launched its trading platform in 1995.
Since it has been one of the best trading platforms for American Traders.
Besides offering one of the easiest-to-use trading platforms in the world, Ameritrade gives instructional videos and tutorials to aid new traders with learning the ropes in trading.
This trading platform also has two mobile apps to choose from – so it is easy to trade from anywhere in the US – as long as you are online.
- TD Ameritrade mobile
- TD Ameritrade mobile trader
Ameritrade is without a doubt a good Forex broker for new American Traders.
2. Olymp Trade Forex (Best forex brokers for beginners in Africa, Asia, and South America)
Besides offering the best Options trading platform on the internet, Olymp Trade offers one of the easiest-to-use Forex platforms for beginners.
With the Olymp Trade Forex Trading up you can multiply your earnings, stop losses and take profits when you want to.
Get all the training materials to aid you in trading Forex with Olymp Trade in the Education section.
3. XM Forex Broker (Best Forex Brokers for Beginners on MT4 or MT5 Accounts)
The XM Forex broker was established in 2009 and since then, it has been one of the best trading platforms available for online Forex traders.
Unlike most Forex brokers, XM gives upto $5,000 trading bonus to all traders and a $30 trading bonus to new traders.
You can withdraw the $30 plus profits after trading and winning.
4. FXTM Forex Broker ( Best Forex Brokers For Beginners)
FXTM is a leading broker that offers a trading platform for making money on CFDs, stocks, commodities, and spot metals.
Besides being compatible with the MT 4 and MT 5 trading platforms; you can access the broker through the FXTM MetaTrader Mobile global forex trading platforms.
You can deposit money to FXTM using local money transfer services in Africa, VISA, MasterCard, Maestro, Bitcoin, and over 40 other deposit options.
5. Fidelity (Best Forex Brokers for Beginners Without Investment)
Fidelity has so many research and learning tools that inexperienced brokers can benefit from.
Trading on this platform is not expensive too.
Each stock trade costs $4.95.
The platform also allows you to perform comprehensive research on all elements in your portfolio.
You wouldn’t have to visit an external site or make findings outside the platform.
This is good for learning and it improves user experience, especially for newbie traders.
Fidelity investment has a good customer experience rating and only recently, the company won an award in that category at the Investor’s Business Daily’s annual investor survey.
You can open an account with as low as $0 and if you make a deposit of $50,000 or more, you would be eligible for over 300 free trades.
If you are a new trader without money to start trading, look no further for the best broker than in Amega FX. This broker allows you to open a real account at 0 cost.
Afterward, it rewards you with a $15 new account bonus that you can use to trade on a new account and withdraw profits.
Just recently Amega FX had a $222 no deposit bonus for traders – meaning, you could trade with up to $222 and withdraw your profits.
You can also deposit money to your new account and get a 100% deposit bonus.
Like Olymp Trade, IronFX is slowly becoming more popular in Kenya.
Perhaps because it offers easy-to-use deposit options like Mpesa for Kenyans, Local money transfers for Nigeria, Tanzania, and other African Nations.
During the weekends when Forex is not active on most broker platforms, you can perform over-the-counter transactions on IronTrade.
If you ask me, IronFX is one of the best brokers for newbie traders because of its simplicity and convenience.
8. CMC Markets
CMC markets is one of the best forex brokers for beginners who wish to make money with Forex.
The platform so many educational resources available for you to learn and improve your knowledge of the foreign exchange market.
CMC markets features charting and innovative trading tools that make trading easy and seamless.
Products available in CMC markets
- 330+ forex products
- 90+ indices
- 12 Cryptocurrencies
- 9000+ shares
- 110+ commodities
- 50+ treasuries