Compare the best forex trading platforms for beginners in 2022

By:

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he… read more.

Updated: May 31, 2022

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The forex market is the most widely traded financial market in the world. If you want to start trading, then the first step is to sign up for an online trading platform. This guide picks out the best forex trading platforms for beginners and helps you choose the right service.

What are the best forex trading platforms for beginners?

Our forex experts have scoured the market and selected the platforms below as the most suitable for beginners. Click on any of the links to get started in just minutes or continue scrolling to read our in-depth comparisons.

Most Popular

1

Min. Deposit

$10

Promotion

User Score

10

Leverage

500:1

New accounts

Spreads

0.8

PIPs

Regulations

Forex Pairs

55+

No Fee

Start Trading more info

Pros:

55+ currency pairs available

Trade on a trusted platform

24/7 support via live chats, email or phone call

Payment Methods

Bitcoin, Credit Card, Debit Card, Visa

Full regulations list:

LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.

2

Min. Deposit

$10

Promotion

User Score

9.3

Leverage

30:1

New accounts

Spreads

1

PIPs

Regulations

CySEC, FCA

Forex Pairs

–

No Fee

Start Trading more info

Pros:

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Payment Methods

Bank Transfer, Wire Transfer

Full regulations list:

CySEC, FCA

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

3

Min. Deposit

$10

Promotion

User Score

8.7

Leverage

500:1

New accounts

Spreads

0.7

PIPs

Regulations

Forex Pairs

55+

No Fee

Start Trading more info

Pros:

Can fund with BTC

64 global companies including Netflix and Amazon

Free deposits and withdrawals

Payment Methods

Bitcoin, Credit Card, Debit Card, Wire Transfer

Full regulations list:

EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

4

Min. Deposit

-

Promotion

User Score

8.5

Leverage

:1

New accounts

Spreads

PIPs

Regulations

CFTC, FCA, IIROC

Forex Pairs

–

No Fee

Start Trading more info

Pros:

Take a position on major global indices, including US Wall St 30 and France 40

Low spreads and accurate pricing reflecting the underlying market

Comprehensive analysis and new for better decision making

Payment Methods

Bank Wire, Check, Credit Card

Full regulations list:

CFTC, FCA, IIROC, MAS, NFA

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.

5

Min. Deposit

-

Promotion

User Score

7.9

Leverage

:1

New accounts

Spreads

PIPs

Regulations

Forex Pairs

–

No Fee

Start Trading more info

Pros:

Forex Demo Account

Trading accounts in EUR, USD, PLN, CZK, GBP

MT4 and MT5 platforms

Payment Methods

BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort

Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill

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Full regulations list:

Top forex trading platforms for beginners

1. eToro: Best FX trading platform for beginners

eToro is one of the best known trading platforms around. It’s an online brokerage firm that lets its users trade in a wide range of assets like stocks, commodities, and cryptocurrency among others. When it comes to forex, eToro has a big selection of pairs available and lots of additional features suitable for beginners. 

It doubles as a social trading network with copy tools. This allows new traders to automatically copy the forex trades of professional traders on the network. Beginners can also connect and interact with experienced currency traders and learn new strategies. On eToro you also can register with a demo account, which allows you to practice forex trading in simulation mode. 

Sign up with eToro >

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

2. Skilling: Best for mobile trading

Skilling offers the best mobile trading experience for beginners. What makes it so suitable for novice traders is the choice of its three platforms. First up is Skilling trader which is its custom built platform. Next is MetaTrader 4 and cTrader, both of which are among the most popular FX trading platforms around. 

Its MetaTrader 4 mobile application in particular is well suited for beginner forex traders. Not only is it easy to use, its popularity among the forex trading community means there is lots of support and customisable tools freely available. Skilling lets you trade lots of assets on its platforms and offers 70 currency pairs. Another key benefit is that beginners can trade with a very low amount of money as the minimum trade size is very small.

Sign up with Skilling >

3. Capital.com: Best for additional features

Beginner traders seeking a platform that offers more than just buying and selling currencies should use Capital.com. The platform has been designed for both new and experienced traders in mind and has a host of additional features that are easy to access and use for novice users. Its vast educational section is its top additional feature for beginners. 

Its educational resources are freely available to traders and include a range of tutorial videos explaining everything from how to use the platform to strategies for trading forex. In addition it has daily market analysis provided by professionals which can be used by new traders to profit while still learning. Capital.com has over 130 forex pairs to trade including the majors like EUR/USD and GBP/USD.

Sign up with Capital.com >

4. Pacific Union: Best for bonuses

Pacific Union is one of the few forex brokers that offers regular bonuses and promotions. Beginner traders can take advantage of Pacific Unions bonus offers to trade forex without risking their own money, or trade with a larger amount than they initially deposit. The platform has frequent promotions that range for no deposit bonuses, to deposit matches. 

Its promotions are constantly changing so it’s best to check its website before registering. Some of its most recent new account promotions include $50 no deposit bonuses. It’s one of the top forex platforms for beginners and has a range of FX pairs to trade. Using its bonuses when registering an account is a great way to trade currencies with no risk.

Sign up with Pacific Union >

5. Alvexo: Best for beginner day traders

Day trading is a fast paced style of buying and selling and for beginners wanting to use this method in forex will find Alvexo is the best platform. It is a CFD broker and has three platforms to choose from: MetaTrader 4, Alvexo web trader, and Alvexo mobile. It has a range of currency pairs available including all of the majors and minors, as well as some exotics. 

The platform has lots of educational content for beginners to use such as webinars, ebooks, and financial TV. It also has new features such as free forex signals. The platform itself has been gaining recognition in recent years and in 2022 won a host of awards at the London Trader Show.

Sign up with Alvexo >

What is a forex trading platform for beginners?

It’s a piece of software that you can use on a desktop computer or mobile device and allows you to trade the forex market. It’s a service that’s offered by a forex broker and which gives users the latest prices and connects them to the wider market or exchange. 

The main thing that makes this sort of service appropriate for beginners is the level of hand-holding and educational material it provides. Beginner-friendly FX platforms offer free demo accounts so you can trade without risk and tutorials to explain how the market works.

The currency markets also use a lot of their own terminology. Any service directed towards new users should offer a simple explanation of terms like pip, spread, and majors. It should also offer material to help you understand what moves the currency markets.

How does a forex trading platform for beginners work?

It facilitates the buying and selling of currencies. Trading platforms are pieces of software that traders can download or use via the web and act as a ‘middleman’ between a trader and the exchange. In the olden days, traders would have to use a telephone to put in an order. Technology and the development of online trading has streamlined this process. 

These platforms usually provide a range of services other than placing buys and sells. Forex trading platforms for beginners often have all the technical trading features you would expect of any FX trading platform, along with more basic tools such as educational content and market analysis. 

How should I choose a forex trading platform for beginners?

There is a lot to consider when selecting a platform and in our comparisons above we’ve briefly highlighted some key features. Below you will find a list of factors to consider when choosing a beginner-friendly platform. 

• Fees. When trading forex, fees are inevitable and something you need to take into account before registering. Fees can come in spread or commission. For beginners, low fee trading is important as they can quickly eat into profits. 
• Supported pairs. Beginner forex traders may feel the urge to trade constantly looking at as many pairs as possible. It is best to stick to just a few, especially when starting out so make sure the platform you choose has at least the majors or minors.
• Reliability. A reliable platform can be the difference between a profitable trade and a losing trade. Make sure you check out customer reviews to find out how reliable each platform is. 
• Leverage. Leverage is commonly used by traders to magnify their positions. With leverage you can make big profits from small price moves. If you want to use leverage make sure the platform you select offers it. 
• Regulation. The best beginner trading platforms are well regulated. Each jurisdiction has its own rules so make sure that you’re covered in your region when registering with a new platform. 
• Customer support. A beginner forex trader will most likely have lots of questions that need answering. Some platforms have customer support that’s available 24/7 while others don’t. Find a platform that has good support at all times. 
• Security. Security is extremely important for beginners and lots of trading platforms have additional security features to keep your account safe. One thing to look out for in particular is two-factor authentication (2FA), which sends a one time password to your mobile device when logging in.

Should I use a forex trading platform for beginners?

If you’re a new forex trader then yes, you should. A trading platform is the only feasible way you can trade the forex market. Without one it’s very difficult to access the latest prices and lowest spreads. These services also give you easy access to price charts where you can conduct analysis of what to buy or sell. See our top picks for Forex Brokers for beginners in order to have a depth knowledge.

What are the risks of using a forex trading platform for beginners?

Generally beginner trading platforms are considered safe, although there are a number of risks to think about. Most notably, and like with any investment, there is the possibility that you can lose some or all of your money.

Secondly, some services be untrustworthy and make it very difficult to withdraw your profits. It’s important to stick to well regulated providers to protect yourself and your money. Below we’ve included some more benefits and risks to think about before you sign up.

What are the fees for using a forex trading platform for beginners?

Each platform is different and will have its own fee structure. It is common for most platforms to make money through spreads (the difference between the buy and sell price). Other fees include commission. Some make money through both spreads and commissions, while others only have spreads. 

Methodology: How did we choose the best forex trading platform for beginners?

Every platform on this page has been tested by our trading experts. Each platform listed above has a full in-depth review on Invezz and links to these reviews have been provided. We consider a range of factors when testing a platform. This involves registering an account, making a deposit, making trades, and withdrawing funds. 

We use online research to compare each of the services against each other. This includes ranking costs or fees, as well as other features offered. Finally we use trustworthy online reviews in addition to our own experience for each platform. A combination of all of these factors is used to determine a ranking. 

Our rankings and reviews are not influenced by any platform listed on this page. However, we may make an affiliate commission if you click on a link and register an account. You are able to view our full review process on this page. 

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