Best Forex Brokers & Online Trading Sites for Beginners 2019

by | Jan 15, 2019

So, you’re about to embark on the world of Forex Trading and you’re looking for the best forex brokers and the best resources for beginners, right?

We know very well what it means, we have been there.

In this post I dind’t (purposely) insert dozens of brokers or sites.

The reason?

You don’t need it.

The best strategy to effectively start (and continue) is to keep everything as simple as possible and stay focused on a few items at a time (or just one, even better).

“Simplicity” is the watchword.

Few sites, few resources, few choices, but of course only among the best ever.

And hey… don’t forget we have our own Forex Market guide for beginners, that will explain with super easy words how this market works. Check it out.

(This post is part of the best fx broker series)

Best Forex Broker and Trading Platforms for Beginners 2019

The first thing you need is a good Forex Broker. Among our personal list of the best forex trading platforms for beginners we have:

  • Regulations: CySec, FCA, ASIC
  • Minimum deposit: $200
  • Platforms: Proprietary
  • InvestinGoal rank: 4.5/5

76% of retail CFD accounts lose money

1. eToro

Want to try something different from the classic brokers? Then eToro may be right for you. eToro is the best Social Trading network in the world.

What is Social Trading?

Basically, with eToro you don’t simply open a normal trading account, but you enter directly into a real Social Network, populated only by investors, many of whom are professionals.

You can follow them, interact with them, ask questions, get information, and, more interestingly, copy them automatically. In other words, you will never be alone.

Only thing, you don’t have at your disposal an efficient platform like the MT4, but you can only use the eToro Webtrader, which is still a good product.

  • Regulations: eToro (Europe) Ltd. authorised & regulated by CySEC (# 109/10); Toro (UK) Ltd authorised & regulated by the FCA (583263); eToro AUS Capital Pty Ltd. authorised by ASIC (491139). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
  • Type: Market Maker
  • Leverage: 1:400
  • Minimum Deposit: Ranges between $200 to $10,000 depending on the region
  • Platforms: Webtrader, mobile (iOS and Android)
  • Headquarters: eToro (Europe) Ltd. is headquartered in Limassol, Cyprus
  • US Customers: Yes, but US clients may have significant limitations. US customers will need to deposit a minimum of $10,000
  • Other instruments: CFDs on indices, stocks, ETFs, commodities, bonds; cryptocurrency
Try ETORO with a demo account

76% of retail CFD accounts lose money

  • Regulations: FSB, CySEC, ASIC
  • Minimum deposit: $100
  • Platforms: Markets.com Platform
  • InvestinGoal rank: 3.8/5


76.6% of retail CFD accounts lose money

2. Markets.com

A “classic style” broker, very solid, in costant expansion, with FSA and CySec certifications (therefore enabled to operate in Europe under the MiFID).

You can work through the famous MT4 platform, it offers a large number of resources for beginners, it produces several market commentary videos, and it provides excellent customer support.

Side note: Markets.com is the Arsenal’s official sponsor.

  • Regulations: Safecap Investments Limited regulated by CySEC (092/08) and regulated by the FSCA (43906); Tradetech Markets (Australia) Pty Ltd licensed by ASIC (424008). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
  • Type: Market Maker
  • Leverage: 1:300
  • Minimum Deposit: $ 100, € 100 or £ 100
  • Platforms: Web platform (web, Android and iOS mobiles and tablets)
  • Headquarters: Safecap Investments Limited is headquartered in Nicosia, Cyprus
  • US Customers: No
  • Other instruments: CFDs on metals, energies, indices, commodities, bonds, shares, ETFS, blends, cryptocurrency, IPOs
Try MARKETS.COM with a demo account

76.6% of retail CFD accounts lose money

  • Regulations: CySEC
  • Minimum deposit: $1
  • Platforms: Proprietary
  • InvestinGoal rank: 4/5


79.67% of retail CFD accounts lose money

3. Naga Trader

Another Social Trading network, this time of different concept, is Naga Trader.

Naga Trader is defined the “Tinder of trading”, but in this case you don’t swipe people, but rather trades of other investors, with the possibility to copy them if you like.

Naga Trader, in addition to a very advanced social network, has even developed a “trader radar” feature to find the traders subscribed in the network that are geographically near you.

Basically, being a beginner, you can easily find other traders with whom to share experience and advices.

  • Regulations: NAGA Markets Ltd regulated & authorised by CySEC (204/13). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
  • Type: Market Maker
  • Leverage: 1:200
  • Minimum Deposit: € 500
  • Platforms: MT4, web platform, mobile apps (iOS, Android)
  • Headquarters: NAGA Markets Ltd is headquartered in Limassol, Cyprus
  • US Customers: No
  • Other instruments: CFDs on stocks, ETFs, indices, commodities, futures, cryptocurrency, gaming items
Try NAGA TRADER with a demo account

79.67% of retail CFD accounts lose money

  • Regulations: CySEC
  • Minimum deposit: $250
  • Platforms: Tradeo Web Platform, MT4 Web Platform
  • InvestinGoal rank: 3.5/5


76-81% of retail CFD accounts lose money

4. Tradeo

Tradeo is another Social Trading Network, very similar to eToro in concept.

The main difference is that with Tradeo, in addition to their own platform, you have also the MT4 available.

  • Regulations: UR TRADE FIX Ltd supervised & regulated by CySEC (282/15); Delwyn trading Ltd supervised & regulated by the IFSC (IFSC/60/284/TS/17). (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
  • Type: STP
  • Leverage: 1:200
  • Minimum Deposit: $ 250
  • Platforms: MT4, web platform, mobile
  • Headquarters: UR TRADE FIX Ltd is headquartered in Limassol, Cyprus
  • US Customers: No
  • Other instruments: CFDs on commodities, metals, stocks, oil, gold, indices, cryptocurrency
Try TRADEO with a demo account

76-81% of retail CFD accounts lose money

Best Online Forex Trading Sites and Resources for Beginners

Now that you have an account to work with, you need only one more thing, the most important one actually being a beginner.

You need information, and you need top quality.

1. Babypips

BabyPipsYou won’t find anywhere else on the web a better beginners course as the BabyPips one, called School of Pipsology.

Here you can find everything from the very basics, from what Forex is and how it works, to some really advanced strategies and concepts. All this, accompanied by quizzes to test your progress in your studying.

If you want a summarized version of the first part of the School of Pipsology, you can consult our guide How Forex market works.

2. Investopedia

investopediaThe Forex market is part of a much larger and complex world, the world of financial markets in general.

On your long journey, you will definitely come across terms and concepts you don’t know the meaning or the functioning.

Don’t worry, Investopedia has ALL the answers to your doubts. You will see what I mean when you’ll use Google to search for information and you will always find Investopedia among the first positions.

3. Forexfactory

ForexfactoryThe experience of participating in a Forum is a very important help in your path of growth, from beginner to expert.

In a forum you can find the stories, strategies, tricks, advice and, in general, the direct experience of traders who started just like you, as beginners.

The ForexFactory Forum is definitely the biggest and most populated one in the world of Forex. Here you can really find some great resources. Sign up and exploit it as much as possible.