Brokers for Beginners

Broker	Features
Featured Go to XTB	Excellent 24-hour customer service. More than 3000 instruments to trade. Free webinars. OPEN ACCOUNT (*) Warning: Your capital is at risk. 77% of retail CFD accounts lose money. Good broker for beginners: Intuitive platform, abundant video training material and multi-language support. Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: xStation5, iOS App, Android App. Execution: Market Maker / STP Regulation: FCA, CNMV and IFSC Web Page: https:/www.xtb.com
Featured Go to Pepperstone	Spreads from 0 pips. Ultra fast execution (less than 30 milliseconds). Perfect for scalping and automatic trading. OPEN ACCOUNT Good choice for traders of all levels: Low commissions, over 700 instruments and 24-hour support. Demo Account: Yes Minimum Deposit: 200 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader, Trading View. Execution: STP / NDD Regulation: FCA, ASIC, CySEC, BaFin, DFSA, CMA and SCB Web Page: https://www.pepperstone.com
Featured Go to eToro	World leader in social trading. You can copy the best investors automatically. OPEN ACCOUNT (*) Warning: 68% of retail CFD accounts lose money. You can trade manually or, if you are a beginner, you can start by following and copying the trades of other experienced traders. Demo Account: Yes, unlimited Minimum Deposit: 200 $ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA, CySEC and ASIC Web Page: https://www.etoro.com
Go to XM Group	Bonus of $30 without deposit and bonuses of up to $5,000 per deposit. OPEN ACCOUNT (*) Clients registered with XM Group's EU-regulated entity do not have access to the bonds. XM offers several services for beginners: personal account manager, daily market analysis, live help in several languages,... Demo Account: Yes, unlimited Minimum Deposit: 5 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker Regulation: CySEC, IFSC and ASIC Web Page: https://www.xm.com
Go to Exness	Trade stocks, Forex and more with competitive spreads. Instant withdrawals. OPEN ACCOUNT Accounts to suit all traders, including beginners. 24/7 support in 15 languages. Demo Account: Yes Minimum Deposit: 10 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker / ECN Regulation: FCA, CySEC, FSCA, FSC, CBCS, FSA and SDL Web Page: https://www.exness.com
Go to AvaTrade	5 international regulations. 4 trading platforms to choose. OPEN ACCOUNT Avatrade has a trading section for beginners, offering analysis tools, market news, training tutorials,... Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: Market Maker Regulation: Central Bank of Ireland, ASIC, BVI, FSCA and FSA Web Page: www.avatrade.com
Go to IQ Option	Very intuitive app with more than 10 million downloads. 7 free deposit methods with no fees. OPEN ACCOUNT IQ Option offers a user-friendly platform available on any device and fast support in multiple languages. Demo Account: Yes, unlimited Minimum Deposit: 50 €/$ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: CySEC Web Page: https://www.iqoption.com
Go to IC Markets	Spreads from 0 pips. Real interbank liquidity (up to 50 sources). Perfect for high volumes, scalping and robots. OPEN ACCOUNT Broker with a long history and a professional-oriented service that can also be used by beginners. Demo Account: Yes Minimum Deposit: 200 $ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: ECN Regulation: ASIC, CySEC and FSA Web Page: https://www.icmarkets.com
Go to RoboForex	OPEN ACCOUNT RoboForex offers 24/7 online support for beginners and accounts to suit any level of experience. Demo Account: Yes, unlimited Minimum Deposit: 0 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, cTrader, iOS App, Android App. Execution: STP / ECN Regulation: IFSC Web Page: https://www.roboforex.com
Go to FP Markets	OPEN ACCOUNT FP Markets offers tight spreads, over 10,000 products to trade and 24/7 support for beginners and experienced traders. Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, IRESS. Execution: ECN Regulation: ASIC and CySEC Web Page: https://www.fpmarkets.com
Go to Axi	OPEN ACCOUNT Axi assigns each client a manager to help with questions and also offers training material and tutorials for beginners. Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: MetaTrader 4. Execution: STP / ECN Regulation: FCA, ASIC, FSA and DFSA Web Page: https://www.axi.com
Go to OANDA	OPEN ACCOUNT Broker with over 25 years of experience catering to both novice and experienced traders. Demo Account: Yes, unlimited Minimum Deposit: 0 $ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: Market Maker Regulation: FCA, ASIC, NFA, IIROC, MFSA, BVI FSC Web Page: https://www.oanda.com
Go to OctaFX	OPEN ACCOUNT OctaFX puts its analysis tools and training resources at the service of any novice trader. Demo Account: Yes, unlimited Minimum Deposit: 5 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5. Execution: STP / ECN Regulation: FSA Web Page: https://www.octafx.com
Go to Capital.com	OPEN ACCOUNT (*) Warning: 79.17% of retail CFD accounts lose money. Capital.com's trading platform is intuitive for novices and gives you access to over 6,100 different financial instruments. Demo Account: Yes, unlimited Minimum Deposit: 20 €/$ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA and CySEC Web Page: https://www.capital.com

What are the best brokers for beginners?

A beginner trader is characterised by the fact that he or she has just started to acquire the necessary knowledge to carry out a short-term investment operation, but lacks the necessary experience, both in terms of dealing with the financial markets and in terms of the issues involved in contracting an online broker.

There are a number of details to consider when choosing an online broker to invest in the stock market. Most brokers offer different investment platforms, financial instruments, trading conditions and account types. All of these aspects may be suitable for a certain profile of trader, however, they may not be suitable for others.

If you are a beginner trader and want to learn how to invest in the stock market, we recommend that you consider the following factors when choosing a broker:

Simple investment platform:

The trading platform is the fundamental tool for all your trading. It is the software that will allow you to execute all your trades, make decisions and develop your investment strategy. It is therefore essential that, at least at the beginning, you use a platform that is as simple and intuitive as possible. As you become more knowledgeable, you will be able to opt for more complete platforms with greater functionalities.

Many brokers offer their own platforms, with the basic tools you will need, which are a good way to start developing your trading. Others choose to offer MetaTrader 4 or Metatrader 5 as their trading platform. Metatrader is a very comprehensive, powerful tool; it is one of the most widely used platforms in the world. Some people adapt well to Metatrader right from the start and get more out of it as they get more experience, others find it easier to learn with simpler platforms. All this will depend on your profile; the best thing to do is to try the broker’s platform first and then decide which one you are better able to use.

Free demo account:

Most brokers offer the possibility to open a demo account, with the same functionalities as a real account, but with fictitious money. A demo account is a good tool (and opportunity) to learn how to invest and familiarise yourself with the trading platform. In this way, you can test the platform, the markets and the conditions offered by the broker without putting your money at risk.

It is recommended that the demo account has no time limitation or, alternatively, is available for at least a reasonable period of time. However, we recommend that you use the demo account only to familiarise yourself with the trading platform: most people tend to start with the demo account, starting to trade without too much control over money and risk, without pressure or fear of losing. This is not the best way to learn. Ideally, once you get a feel for the platform and trading in general, you should move to a live account with little money and make small trades very cautiously. In this way, you will learn to be disciplined, to analyse trades carefully and to develop your own trading method.

In any case, hiring online brokers with free demo account is an element to consider if you are a beginner trader.

Small initial deposit:

It is advisable that the broker you choose allows you to start with a small initial deposit. Nowadays most brokers give you the possibility to open an account with a deposit of €100 (or even less). This way, you can start with small amounts and learn how to invest without putting all your capital at risk.

It makes sense to think of trading as a business you are learning about. It is not advisable to invest large amounts of money initially, until you know yourself as a trader, know the markets and define a good trading strategy. For this, it is necessary that the online broker allows you to open a trading account with a small amount of money.

Versatility of investment instruments:

As a beginner, it is normal that you do not know well which financial assets are the most suitable for your style. You have to decide in which instruments to invest. That is why it is best to have a versatile broker, able to offer you a reasonable number of investment instruments: currency pairs on the Forex market, shares, commodities, indices, etc.

This way you can try out different investment instruments and see what suits you best. Not all traders perform equally well in the same market. It is a subjective matter: it depends largely on the trader’s character, the strategy to be followed and the type of trading he/she carries out (scalping, swing, etc.).

Training:

Nowadays, most online brokers offer free and quite complete training to their clients: from online seminars, ebooks, videos, investment strategies, news, etc. It is a good way to acquire the basic knowledge you need.

If you are a beginner trader, these additional services can be very useful. Check the conditions offered by your online broker to see if there is an educational element.

Regulated broker:

It is essential that the broker you chooseis regulated by an important body, such as the Financial Conduct Authority (FCA) in the UK, the Comisión Nacional del Mercado de Valores (CNMV) in Spain, the Cyprus Securities and Exchange Commission (CySEC), the German Federal Financial Supervisory Authority (BaFIN), etc.

Regulated brokers are subject to supervision by supervisory bodies and to compliance with a series of investor protection and transparency directives, so it is important that the boker in which you are going to deposit your money and which is going to execute your operations is reliable and offers maximum guarantees. It is advisable that it is a regulated broker as opposed to others that are not supervised and may not be transparent or misleading, especially if you are starting to operate in the financial markets.

Having tested and analysed numerous online brokers, the ones you can see in the table above are what we consider to be the best brokers for beginners.

References and sources:

• How to Choose Your First Online Brokerage
• How to Open a Forex Trading Account
• Forex Trading For Beginners
• 10 Day Trading Strategies for Beginners

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About the author: Emontero

I am Eduardo Montero. Computer scientist by profession and passionate about online trading with more than 10 years of experience in the financial markets. I have created this website in order to help those people interested in the world of trading. The content is based on my personal experience as a trader, learning from the successes and above all the mistakes I have made over the years and always prioritising risk control of operations as, from my point of view, it is the only way to achieve sustainable results over time.

The content of this website is purely informative, it should not be considered as investment advice and we do not offer financial advisory services. You should bear in mind that you are the one who will make your financial decisions and you will be responsible for the outcome of those decisions.