Forex trading is exchanging one currency for another based on prevailing exchange rates from the Forex market. The forex market is the largest global market, with nearly $6.59 trillion in currency traded on average daily.
Suppose you are a beginner who wants to start trading forex. In that case, you need a reliable and user-friendly forex trading platform to help you execute your trades, access market analysis, learn from educational resources, and more.
This article will review some of the best Forex trading platforms for beginners and highlight their features, benefits, and drawbacks. We will also provide tips on choosing the right platform for your needs and goals.
What to Look for in a Forex Trading Platform for Beginners
Before we dive into the specific platforms, let’s first discuss what to look for in a forex trading platform for beginners. Here are some of the critical factors to consider:
- Regulation and security: You want to trade with a platform regulated by reputable authorities and with high security and customer protection standards. This will ensure that your funds and personal data are safe and that you have recourse in case of any issues or disputes.
- Trading costs and fees: You want to trade with a platform that offers competitive spreads, commissions, and fees. This will reduce your trading costs and increase your potential profits. You also want to be aware of hidden or extra charges, such as withdrawal, inactivity, conversion, etc.
- Trading platforms and tools: You want to trade with a platform that offers a variety of trading platforms and tools that suit your preferences and needs. For example, you may prefer a web-based platform or a mobile app or want to use MetaTrader 4 or MetaTrader 5. You also want access to valuable tools such as charts, indicators, signals, news, etc.
- Educational resources and support: You want to trade with a platform that offers comprehensive and quality educational resources and support. This will help you learn the basics of forex trading, improve your skills and knowledge, and stay updated on market trends and events. You also want access to responsive and helpful customer support if you have any questions or issues.
Top 4 Forex Trading Platforms for Beginners
Based on these criteria, here are some of the top forex trading platforms for beginners that we recommend:
eToro: Overall Best Forex Trading App
eToro is a popular forex trading platform that offers an intuitive user interface and a variety of features. One of the unique features of eToro is its social trading feature, which allows traders to copy the trades of more experienced traders. This is an excellent way for beginners to learn from the best and benefit from their strategies.
eToro also offers a wide range of tradeable symbols, including currencies, stocks, commodities, indices, ETFs, cryptocurrencies, etc. This gives traders a chance to diversify their portfolios and explore different markets.
eToro is regulated by four different regulatory bodies: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and Financial Services Authority (FSA). This ensures that eToro adheres to high standards of security and customer protection.
eToro also offers a comprehensive demo account, a replica of the real trading account. You can make an easy switch between both accounts. A $100,000 demo fund balance is already loaded into the demo account.
Some of the pros and cons of eToro are:
Pros:
- User-friendly and intuitive interface
- Social trading and copy trading features
- Wide range of tradeable symbols
- Regulated by four reputable authorities
- Comprehensive demo account
Cons:
- High withdrawal fee ($5)
- Conversion fee for non-USD deposits
- Limited technical analysis tools
Libertex: Popular Forex Trading Platform with Tight Spreads
Libertex is another excellent forex trading platform for beginners. The platform provides FX and CFD traders with tight spreads and zero commissions. You only pay the difference between the bid and ask prices when you trade.
Libertex also offers a robust online trading app to enhance your trading experience. The app is compatible with iOS and Android devices and has a sleek and user-friendly interface. You can access all the features and functions of the web-based platform on your mobile device.
Libertex also offers a variety of educational resources and support for its traders. You can access webinars, tutorials, articles, videos, etc., on various topics related to forex trading. You can also contact the customer support team via phone, email, or live chat.
The CySEC regulates Libertex and operates under the license of Indication Investments Ltd. This ensures that Libertex complies with the rules and regulations of the European Union and protects its customers’ funds and data.
Libertex also offers a demo account with a $50,000 virtual balance. You can use the demo account to practice trading skills and test different strategies without risking real money.
Some of the pros and cons of Libertex are:
Pros:
- Tight spreads and zero commissions
- Robust and user-friendly mobile app
- Variety of educational resources and support
- Regulated by the CySEC
- Demo account with a $50,000 virtual balance
Cons:
- A limited number of tradeable symbols
- No social trading or copy trading features
- No MetaTrader platforms
AvaTrade: Best Forex Trading Platform for Mobile Trading
AvaTrade is a great forex trading platform for beginners who want to trade on the go. The platform provides FX and CFD traders with various trading platforms and tools. You can choose from web-based, desktop, or mobile platforms depending on your preference and needs.
AvaTrade offers two mobile trading apps: AvaTradeGo and AvaSocial. AvaTradeGo is a powerful and user-friendly app that allows you to trade over 250 instruments, access market analysis, manage your account, etc. AvaSocial is a social trading app that allows you to follow and copy other traders, chat with them, join groups, etc.
AvaTrade also offers a variety of educational resources and support for its traders. You can access ebooks, videos, articles, webinars, etc., on various topics related to forex trading. You can also contact the customer support team via phone, email, or live chat.
AvaTrade is regulated by six different regulatory bodies: Central Bank of Ireland (CBI), Australian Securities and Investments Commission (ASIC), Financial Services Agency (FSA), Financial Futures Association of Japan (FFAJ), Financial Sector Conduct Authority (FSCA), and Abu Dhabi Global Market (ADGM). This ensures that AvaTrade follows high standards of security and customer protection.
AvaTrade also offers a demo account with a $100,000 virtual balance. You can use the demo account to practice trading skills and test different platforms and tools without risking real money.
Some of the pros and cons of AvaTrade are:
Pros:
- Wide range of trading platforms and tools
- Two mobile trading apps: AvaTradeGo and AvaSocial
- Variety of educational resources and support
- Regulated by six reputable authorities
- Demo account with a $100,000 virtual balance
Cons:
- High inactivity fee ($50 per quarter)
- No US clients accepted
- Limited payment methods
Oanda: Trustworthy and Well-Established Forex Trading Platform
Oanda is one of the industry’s oldest and most trusted forex trading platforms. The platform has been operating since 1996 and has a reputation for providing FX and CFD traders with low spreads, fast execution, and excellent customer service.
Oanda offers two leading trading platforms: Oanda Trade and MetaTrader 4. Oanda Trade is a web-based platform that has a simple and intuitive interface. You can access over 100 instruments, including currencies, commodities, indices, metals, etc. You can also use various tools such as charts, indicators, news, etc.
MetaTrader 4 is a popular desktop platform that has advanced features and functions. You can access over 70 instruments, including currencies, commodities, indices, metals, etc. You can also use various tools such as charts, indicators, signals, etc. You can also use automated trading strategies using Expert Advisors (EAs).
Oanda also offers a variety of educational resources and support for its traders. You can access webinars, podcasts, articles, videos, etc., on various topics related to forex trading. You can also contact the customer support team via phone, email, or live chat.
Oanda is regulated by four different regulatory bodies: the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), the Investment Industry Regulatory Organization of Canada (IIROC), and the Financial Conduct Authority (FCA). This ensures that Oanda follows high standards of security and customer protection.
Oanda also offers a demo account with an unlimited virtual balance. You can use the demo account to practice trading skills and test different platforms and tools without risking real money.
Some of the pros and cons of Oanda are:
Pros:
- Low spreads and fast execution
- Two leading trading platforms: Oanda Trade and MetaTrader 4
- Variety of educational resources and support
- Regulated by four reputable authorities
- Demo account with an unlimited virtual balance
Cons:
- A limited number of tradeable symbols
- No social trading or copy trading features
- No MetaTrader 5 platform
How to Choose the Best Forex Trading Platform for Beginners
As you can see, there are many Forex trading platforms for beginners, each with its features, benefits, and drawbacks. How do you decide which one is the best for you?
This question has no definitive answer, as different traders may have different preferences and needs. However, here are some general tips that can help you narrow down your options and make an informed decision:
- Define your trading goals and style: Before you choose a forex trading platform, you need a clear idea of what you want to achieve from forex trading and how you want to trade. For example, are you looking for short-term or long-term profits? Are you a scalper, a day trader, a swing trader, or a position trader? Are you interested in technical analysis or fundamental analysis? These factors will influence the type of platform and tools that suit you best.
- Compare the regulation and security: You want to trade with a platform regulated by reputable authorities and with high security and customer protection standards. This will ensure that your funds and personal data are safe and that you have recourse in case of any issues or disputes. You can check the regulation and security of different platforms on their websites or third-party sources such as Forex Peace Army or Trustpilot.
- Compare the trading costs and fees: You want to trade with a platform that offers competitive spreads, commissions, and fees. This will reduce your trading costs and increase your potential profits. You also want to be aware of hidden or extra charges, such as withdrawal, inactivity, conversion, etc. You can check different platforms’ costs and fees on their websites or third-party sources such as Myfxbook or Forex Factory.
- Compare the trading platforms and tools: You want to trade with a platform that offers a variety of trading platforms and tools that suit your preferences and needs. For example, you may prefer a web-based platform or a mobile app or want to use MetaTrader 4 or MetaTrader 5. You also want access to valuable tools such as charts, indicators, signals, news, etc. You can check different trading platforms and tools on their websites or third-party sources such as TradingView or Investing.com.
- Compare the educational resources and support: You want to trade with a platform that offers comprehensive and quality educational resources and support. This will help you learn the basics of forex trading, improve your skills and knowledge, and stay updated on market trends and events. You also want access to responsive and helpful customer support if you have any questions or issues. You can check different platforms’ educational resources and support on their websites or third-party sources such as YouTube or Udemy.
Following these tips, you can choose the best forex trading platform for beginners that meets your needs and goals.
Conclusion
Forex trading can be rewarding and exciting for beginners who want to profit from the global currency market. However, it can be challenging and risky without a reliable and user-friendly forex trading platform.
In this article, we have reviewed some of the best forex trading platforms for beginners and highlighted their features, benefits, and drawbacks. We have also provided tips on choosing the right platform for your needs and goals.
We hope that this article has helped you find the best forex trading platform for beginners that suits you best. Happy trading! 😊
