Best Brokers For Beginners

Richard Montana | August 1, 2022

A perfect place to start learning all about trading is through the educational materials offered by a broker. You can learn everything you need to know about online trading and how to place your first trades. Even more advanced traders can find something to add to their knowledge with a broker that has a dedicated education centre.

If you are new to trading or investing online and have decide to take the plunge, you will need to find a trading broker with whom you can buy and sell financial instruments through. There are literally thousands out there which can seem very overwhelming at first. That is why we have complied this hand beginners guide to trading online to help you narrow down your search and find a suitable broker for your financial goals.

We have gone through hundreds of brokers with a fine-tooth comb to make sure they have everything that is required for new traders to get started trading online, making the process as seamless and enjoyable as possible.

Amongst the most important factors to consider when choosing the best brokers for beginners are the educational content, regulation, trading platforms, apps, tools, financial instruments, fees, liquidity, account types, funding options, customer service and more.

Top 10 Brokers For Beginners

Based on the hundreds of trading brokers that we have analysed, tested and reviewed, we have rated these as the best brokers for beginners. This is due to many reasons but primarily because they are considered well established within the online brokerage industry and have a range of investment products and services that can cater especially well for beginner traders.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

Min $100 Deposit

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

Min $250 Deposit

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Min $200 Deposit

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, EFSA, FCA

Min $1 Deposit

2001

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, FCA, IIROC, NBRB

Min $100 Deposit

2013

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
6.

ASIC, FMA, VFSC

Min $100 Deposit

2013

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
7.

ASIC, VFSC

Min $50 Deposit

2013

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
8.

ASIC, CIMA, VFSC

Min $200 Deposit

2009

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
9.

CySEC

Min $100 Deposit

2016

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
10.

ASIC, CySEC, FCA

Min $200 Deposit

2006

1:30

68% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade

AvaTrade understand that educating and enriching clients is a crucial part of allowing traders to trade with confidence. For this reason, they provide a rich collection of training materials including articles, eBooks and videos. They cover all aspects of trading for beginners and intermediate traders. I think they have plenty of educational resources which are easy to digest, even for the absolute beginner. You can also open a free demo account to put what you learn into practice without any risk. Overall, AvaTrade offers a wealth of information that will help contribute to the education of any prospective day trader.

Pros
  • Great selection of trading guides for beginners
  • Lots of easy to understand trading videos
  • Ideas for trading strategies with examples
  • Covers technical and fundemental analysis
  • Dedicated trading academy for traders of all experience levels
  • Free demo trading accounts
  • Excellent customer service
Cons
  • No daily market analysis
  • Minimum deposit of $100
  • Cannot accept traders in the USA

IG

Whether you are new to the markets or just looking to brush up on your skills, IG offer a range of resources to help you find opportunities and take your trading to the next level. The IG Academy is a free resource designed to help you become a more successful trader. Choose from our wide variety of free courses and webinars.

You can get to grips with the essentials of trading, with infographics, video explainers and end-of-course quizzes. Learn at your own pace with short, step-by-step courses which include video, interactive exercises and quizzes to help you check your understanding. Once you feel ready, you can use your IG Academy login to access a demo account, and trade on the markets with $20,000 of virtual funds.

What I like about IG is that even when you have some experience trading online, they still provide the latest news and market insights to help keep you informed and up to date. You will always get access to the latest news affecting the markets, and can read their expert analysis on price movements. It is great how they give insight into the trading techniques and strategies that can help you capitalise on global markets.

Pros
  • Dedicated IG academy packed with helpful content
  • An enjoyable and interactive education
  • Free comprehensive online trading courses
  • Practise trading on a demo account
  • Follow the latest market news and analysis
  • Gain inspiration for trading strategies
  • Keep track of the latest financial events
Cons
  • Proprietary platform may be overwhelming for some beginners
  • Not the quickest onboarding process
  • Minimum deposit of $250 is not the lowest

Pepperstone

Pepperstone takes pride in providing great customer service. They are dedicated to assisting clients’ journey for trading excellence through a variety of specialized education aids, exclusive insights, and powerful trading tools. If you are new to trading you will find all the trading basics you need to know to get started on your journey. From defining your trading style, developing a strategy or using expert advisors, you’ll find a range of top-quality webinars led by analysts and experts to guide you.

Pros
  • On demand webinars led by the experts
  • Lots of informative trading guides
  • Easy to follow forex trading course
  • Free premium trading tools for market analysis
  • Free demo trading accounts
  • Award winning customer support
Cons
  • Do not have a proprietary trading platform
  • Cannot accept traders in the USA
  • Minimum deposit of $200 is not the lowest

Admirals

If you are a beginner and trying to figure out where to start, then Admirals are certainly worth consideration. Not only are they regulated and providing top trading conditions, they have hand-picked top educational resources for new traders, including articles, courses and webinars, so you can choose your preferred way to learn and get started. If you already have some experience trading online then you can peruse their intermediate or advanced levels with custom-tailored content just for you.

The education section of Admirals has a great selection of forex and CFD trading articles that includes knowledge for traders of various experience levels. You will find an abundance of quality content including forex and CFD tutorials with trading tips, psychological tricks, currency market analysis strategies and much more. I was impressed with the wide range of topics that fully cover many aspects of online trading.

The Zero to Hero free course is a good way to learn more about forex trading before you begin. It contains on impressive 20 days of lessons that take you from theoretical trading concepts like technical and fundamental analysis, through to simple trading strategies and how to make your first trade.

You can get a quick start to trading with 9 online lessons, written notes and quizzes. The first three lessons are open to all, and then you can start putting your knowledge into practice with a free demo account to unlock the remaining lessons. I like how you can also get your trading questions answered by trading experts, with live webinars online.

Pros
  • Everything you need to start trading
  • Forex and CFD webinars from experts
  • Excellent articles and tutorials
  • Zero to Hero and Forex 101 courses
  • Easy to understand trading videos
  • Important risk management education
  • Handy trader’s glossary and FAQ
  • Plenty of e-books to browse through
  • Free demo trading accounts
Cons
  • Cannot accept traders in the USA
  • Do not provide 24/7 support

Fortrade

You will find that Fortrade’s online academy is packed with useful content so you can learn more about trading online, understand the markets and become a better trader for it. There are some brilliant trading webinars where you can join expert analysts for real-time market analysis, covering forex terminology, strategies and recent trading events.

Fortrade have trading courses for beginners and advanced trading courses you can continue on to as you improve your knowledge and skills. I like how they cover a wide variety of subjects that can teach even the absolute novice how to trade online.

If you are looking for inspiration when it comes to day trading strategies, there are some recommended ideas and actions that can help you develop the right path towards your trading goals.

You can watch a good range of trading videos that explain everything in laymen’s terms. There are also lots of eBooks for you to read where you can find terms and definitions that are used by both professional and novice traders.

Pros
  • Trading webinars from expert analysts
  • Real-time market analysis
  • Trading courses for all types of trader
  • Top day trading strategies
  • Forex and CFD eBooks
  • A-Z of trading terminologies
  • Free demo trading accounts
Cons
  • Cannot accept traders in the USA
  • Could expand on product portfolio to include more non-fx instruments
  • Minimum $100 deposit is not the lowest
  • There is an inactivity fee

TMGM

TMGM is an online broker that provides Forex and CFD trading via a great selection of powerful yet easy to use trading platforms loaded with high-quality trading tools. The broker has good trading conditions including tight spreads, low fees and rapid trade execution speeds.

There is the TMGM Academy which provides different levels of forex education and training materials, not only for clients but to individuals who are looking to learn about forex. The academy has a choice of trading courses that are easy to understand and well presented. There is also dedicated account managers who are equipped to provide clients with any assistance they may require.

Pros
  • Sophisticated MetaTrader, Iress and HubX platforms
  • Huge selection of over 15,000 trading instruments
  • Tight spreads from as low as 0.0 pips
  • Low trading fees compared to competitors
  • Fast trade execution speeds at the best prices
  • Great choice of 10+ quick and easy funding options
  • Trading Central is great for market analysis
  • Free VPS for eligible clients
  • MAMM service for money managers and investors
  • TMGM Academy to help educate beginners
  • Swap-free Islamic accounts for Muslim traders
  • Free demo accounts if you want to practice trading risk free
  • Excellent 24/5 customer service
Cons
  • Cannot accept traders in the USA
  • Inactivity fees if you are not trading frequently enough
  • Minimum $100 deposit not the lowest
  • Do not currently support crypto funding
  • It would be great if they could also add Autochartist and cTrader

ACY Securities

ACY Securities is an Australian Forex and CFD trading broker that offers ECN trading via the user-friendly MetaTrader platforms. They have competitive trading conditions including tight spreads, fast execution speeds, low fees, multiple trading instruments, educational resources and various funding options.

ACY Securities provide you with a wide range of free learning resources to help you improve your trading techniques and strategies. I found there is an excellent selection to choose from. Whatever your experience, I think that everyone can learn something new. You can get access to trading tutorials and videos that cover extensive and in-depth trading topics and views. You can stay informed with the Market Research section which contains event calendars, news, market summaries, chart analysis, live market summaries and trading calculators.

Pros
  • Easy to use MT4 and MT5 trading platforms
  • Great selection of 700+ trading instruments
  • Tight spreads from as low as 0.0 pips
  • Low commission fees
  • Quick STP execution speeds with no dealing desk
  • Range of convenient account deposit and withdrawal options
  • Very comprehensive educational resources
  • MAMM/PAMM accounts
  • Finlogix social trading platform
  • Free demo trading accounts
  • Islamic account for Muslim traders
  • Excellent customer support
Cons
  • Cannot accept traders in the USA
  • Do not provide 24/7 support
  • Do not support crypto funding

Vantage

Vantage is a multi-regulated ECN online broker with flexible trading platforms and account types to suit different trader needs. They provide a vast array of additional trading tools and convenient account funding methods. Vantage have a variety of educational materials in their free education library for all trader skill levels covering both basic and advanced trading concepts.

Pros
  • Powerful trading platforms
  • ECN / STP execution model
  • 300+ CFD trading instruments
  • Commission free accounts
  • MT4 smart trader tools
  • Pro Trader Tools
  • Educational resources
  • Trading central market analysis
  • ZuluTrade copy trading
  • Managed accounts
  • No inactivity fees
  • Non-expiring demo accounts
  • Islamic accounts
Cons
  • Cannot accept traders in the USA
  • Minimum $200 deposit
  • Could expand product portfolio
  • No crypto deposits or withdrawals
  • No support on weekends

Purple Trading

Purple Trading is a regulated broker offering reliable, transparent and fair-trading conditions to all traders. They offer multi-asset trading with tight spreads, low fees and rapid execution speeds across user-friendly trading platforms for web, desktop and mobile devices. In the Purple Academy you will find a selection of market news, how to guides, tutorials, articles, eBooks, videos, and webinars.

Pros
  • Powerful trading platforms
  • Range of markets to trade
  • Tight spreads, low fees and rapid execution speeds
  • Various account types and funding methods
  • Commission free accounts
  • Managed accounts and copy trading solutions
  • Quality FIX API trading solutions
  • Trading tools and educational resources
  • Loyalty program to reward high volume traders
  • Dedicated customer support team
  • Free demo trading accounts
Cons
  • Cannot accept traders in the USA
  • $100 minimum deposit is not the lowest
  • No MetaTrader 5 platforms
  • No Islamic accounts
  • Inactivity fees may apply

eToro

eToro have a dedicated trading academy with a series of educational materials including videos, guides, webinars and more. These cover many trading subjects including online and social trading, helping to increase your trading knowledge whatever your current level of expertise. I found a good range of content and feel they are more suited towards beginners. They are the leading broker in terms of social trading so can be a great option for beginners who may not currently have the time or knowledge to trade by themselves.

Pros
  • Large online social trading community
  • Excellent choice of financial instruments
  • Modern platforms and apps loaded with tools
  • Ability to buy fractional shares
  • CopyTrader™ technology
  • CopyPortfolios
  • Popular Investor Program
  • Free access to TipRanks expert stock analysis
  • Receive notifications on volatility and market events
  • Islamic accounts
  • eToro club
  • Free demo accounts
Cons
  • Cannot accept clients from some countries
  • No scalping or hedging allowed
  • $10 inactivity fee after 12 months
  • Minimum deposit of $200 not the lowest

Beginners Guide to Trading Online

What is trading online?

When you are trading online, you are buying and selling instruments from various asset classes including Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs and Futures. You can analyse various markets using technical analysis (charting tools) and fundamental analysis (economic news calendar) and speculate on the direction the price of the selected instrument will move. If it moves in your favour, you can make profit whereas if it moves against you, you will make a loss.

What is an online broker?

When you trade online, you need an online broker who will process your buy and sell positions through to the markets. These brokers offer user-friendly trading platforms and charge a small fee for using their brokerage services. In addition to market access, they can also offer other services such as market analysis, social trading platforms, educational resources and managed accounts. Online brokers have made trading the markets easily accessible to anyone with an internet connection. Aspiring traders from all over the world can sign-up with a broker, download a trading platform and trade online within minutes.

What is a trading platform?

A trading platform is used to analyse charts of various trading instruments and to place/manage trade positions. They will include a vast array of trading tools for conducting in-depth chart analysis across multiple timeframes and on different chart types. These tools include technical indicators, drawing objects and economic calendars. Trading platforms are available for desktop, web and mobile devices.

Best trading platforms for beginners

It is important that a beginner trader has a trading platform they feel comfortable using, ideally one that has a quick learning curve and range of tutorials to help new users familiarise themselves with it. One of the most popular platforms for beginners is MetaTrader. The MetaTrader platform is used by millions of traders of all experience levels from around the world. It is well known for being user friendly and including a wide selection of trading tools to assist traders with all different trading strategies. It has a fully customisable intuitive interface and is simple enough for beginners whilst having enough advanced functionality to satisfy the more seasoned investor.

MetaTrader is available as a desktop platform and mobile trading application for iOS and Android devices. It can also run directly in web browsers without needing to download or install any additional software. You will find that there are lots of MetaTrader brokers and most will provide a free demo account so you can practice trading on the platform until you build enough confidence to switch to a real account. If you don’t have the time or skills to trade and want to copy trading signals, you should look for a social trading platform.

What makes a good broker for beginners?

There are various factors to consider when looking for an online broker if you are a beginner to online trading. Some of the most important things will be that they keep things simple and offer guidance as you start your trading journey. They should be available to offer excellent support around the clock but also know when to take a step back if you are happy to get stuck in and learn to trade yourself. Ideally, they will provide one of the best trading platforms for beginners, MetaTrader. The broker should be regulated by a top tier regulator, have discounted brokerage fees and offer a range of asset classes. Educational materials such as trading guides, tutorial videos and webinars can be useful to help beginner traders increase their trading skills and knowledge. There should be trading accounts for beginners which allow them to start trading online with a suitable investment size and good trading conditions.

What to look for in the best brokers for beginners:

  • Offer the best trading platforms for beginners
  • Round the clock support
  • Selection of educational resources
  • Daily market analysis
  • Different asset classes for trading online
  • Additional trading tools
  • Discounted broker fees
  • Regulation from a top tier regulator
  • Beginner account types
  • Convenient account funding options

How much money do you need to trade online?

Most online brokers will require a minimum deposit to open a trading account with them and start trading online. This can vary from broker to broker but we believe the best brokers for beginners will have a suitable minimum deposit, which is usually between $100 – $500. Of course, you should only ever trade with what you feel comfortable with and never risk more than you can afford to lose. Nearly all brokers will offer free demo trading accounts which allow you to practice trading online with virtual funds. This can be a good way for beginner traders to try out the different trading platforms and test different trading strategies.

How do I start trading online?

If you would like to start trading online, you will need to first choose a trading broker that meets your needs and open a real or demo trading account with them. If you are new to online trading then you may wish to consider one of our best brokers for beginners listed on this page. Once you have opened a trading account with your broker of choice, you can then download their trading platforms and start trading online when you feel ready to do so.

Conclusion

Online trading is an exciting endeavour, and it is possible to achieve consistent profitability by ensuring you know how to trade efficiently and have mastered the trading basics before progressing to more advanced trading techniques and strategies. Take time to browse through the guides that will set you up for potentially more successful online trading.

Every trader should try to master either technical or fundamental analysis, and should have at least a basic knowledge of both. In addition, the successful trader will need detailed knowledge of the platform they trade on and the different order types that can be used. It is also very helpful to understand something of trading psychology, and having a solid grasp on trade management and risk management is crucial for the long-term survival of a trader.

In many cases simply following markets, reading news reports and articles about the assets and companies you’re interested in trading. You can even practice what you have learned from a broker with a free demo account to build your confidence without taking any financial risk. This can be a good way to master your strategies and build a solid foundation to help you achieve your trading goals.

Hopefully by now you will have a better understanding of trading online and what to look for when choosing a broker that meets your needs. Take your time to research brokers and do your own due diligence, the above information is only for educational purposes and not advice. Please feel free to use our broker comparison tool if you need some further inspiration.

About the Author

Avatar photo

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.