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If you have never traded forex before and are looking for the best forex broker for beginners we’ve put together a handy list of three forex brokers that are a good place to start.
When looking for the best forex broker for beginners you need to look at three things:
1. Is the forex broker regulated by the FCA in the UK?
If you are trading in the UK this is really important. If you are a beginner to FX trading it is imperative that you are protected as a client. Never ever, trade with a broker that is not regulated by the FCA. When a forex broker is regulated by the FCA, it means that client funds are protected by the FSCS.
You can look up whether or not a broker is regulated by the FCA on the FCA register here
2. What sort of forex market access do they offer?
If you are a beginner to trading forex, you will probably be focusing on a few major currency pairs like EURUSD, GBPUSD, and USDJPY. These tend to be the most heavily traded and as such have good liquidity (lots of it to trade) and volatility (moves about a lot).
However, as your forex trading develops you may want to start trading commodities, stocks, or indices. Whilst the majority of brokers offer limited access to markets, the brokers we think are best for forex beginners are the ones that offer a broad range of things to trade.
Who knows, one day you might like the look of the bund,bobl and schatz markets. It would be a pain to not have them on your forex trading platform too.
3. How easy to use is their trading platform for forex beginners in the UK?
Forex is essentially just an up-down bet on a currency pair so it’s best to start off with an easy to use platform. Most forex brokers will offer a platform called MT4, which can be either mega easy or mega complicated (depending on how the broker has set it up.
However, good forex brokers for beginners in the UK should have their own platform for trading too. These in-house platforms are often easier to use. So the brokers we’ve highlighted as being good for UK forex beginners all have their own platform.
Plus, forex trading is hard enough, without have to deal with an overly complicated, hard to use platforms.
So, here are three of the best forex broker for beginners to get you started.
IG are one of the oldest forex brokers in the UK and the biggest by both market capitalisation and active clients. Pricing is always decent and the IG trading platform is very simple to use. IG also has one of the broadest asset class ranges should you choose to trade other instruments like indices or stocks. IG have just launched a stocks and shares ISA, SIPP and stock broking services so you can hold you long-term investments there as well.
IG also have a fantastic “IG Academy” with lots of educational content to help traders better understand the market. That’s what makes them a good broker for forex beginners.
Ticking all three boxes ETX Capital are authorized and regulated by the FCA and have been a Forex broker since 1965. They are members of the London stock exchange and have one of the simplest platforms to use. They offer very competitive pricing on Forex pairs.
ETX also have loads of educational webinars to help traders improve.
We think Spreadex are one of the best UK forex brokers for beginners because thay have a super simple platform, excellent charts and really really good customer service. As with ETX and IG, they are based in the UK (St Albans) and offer spread betting as well as CFDs on forex.
We recently did a video review of their forex trading platform (watch the Spreadex platform review here) and spoke to their CEO about what makes Spreadex a great broker for forex traders just starting out.
If you want to compare the best forex brokers in the UK you can view our forex broker comparison table here.
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.