75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Not all beginner traders want the same thing from their broker. Some want 24/7 customer support and a user-friendly mobile app, others will need a detailed trading course and a low-risk trading environment, and some want the lowest possible costs or a copy-trading platform. We have chosen the best Forex brokers for beginners based on their appeal to the widest range of beginner traders, so whatever your exact needs as you start out trading, you will find a broker that suits you.
These are the best Forex brokers for beginners in Kenya for 2023.
Accepts Kenyan Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
Accepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
Accepts Kenyan Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC
Accepts Kenyan Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
Pepperstone offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos. It hosts regular webinars, and archives of previous webinars are available for free on its website. Customer service is available 24/7 in multiple languages to help beginners with setup or technical queries.Â
As a leading international broker, Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types with ECN execution. Pepperstone’s trading conditions are some of the most competitive in the industry, with spreads that average at 1.09 pips on its commission-free Standard Account, and 0.09 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade. Most trades are executed within 30 milliseconds, which is ideal for scalpers and those who run expert advisors.Â
Accepts Kenyan Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.
Avatrade – Best Mobile Trading Experience for Beginners
A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options. With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders.Â
Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts. It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system. Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels.Â
Accepts Kenyan Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
XM – Best Education for Beginner Traders
XM also provides some of the industry’s best educational and market analysis materials. Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway.Â
A well-regulated market maker, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on the MT4 and MT5 platforms.  XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second.Â
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
FXTM – Best Copy Trading Platform for Beginners
A well-regulated market maker/ECN broker, FXTM offers a variety of account choices on both the MT4 and MT5 platforms. FXTM also provides a powerful copy-trading system, which is helpful for beginner traders who lack the expertise and skill in CFD trading. FXTM Invest allows traders to access trading opportunities without the technical know-how by copying the trades of more experienced traders, known as Strategy Managers.
FXTM also excels in its education and market analysis content, providing a good overview of Forex trading in its guides and tutorials, articles, webinars, seminars, e-books, trading glossary, and videos.  Much like FXTM’s education section, its market analysis materials are comprehensive, frequently updated, and provide an accurate analysis of the markets. Overall, FXTM’s education and market analysis materials are among the best in the industry. Â
Accepts Kenyan Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
HFM (HotForex) – Best Beginner Broker with KES Accounts
A global CFD broker, HFM offers trading on several instruments, including Forex, cryptocurrencies, metals, energies, indices, shares, commodities, bonds, and ETFs. Traders can choose between four account types, denominated in KES, with tight spreads, leverage of up to 1000:1, and minimum deposits starting at 5 USD on its entry-level account. With a local Kenyan support team, HFM is a better option than many other international brokers for beginner Kenyan traders who will need help getting started. HFM’s award-winning customer support is available 24/5 in over 27 languages via email, live chat, and telephone.Â
HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis. Traders who open a demo or live account will also gain access to the HFM e-Course, which outlines Forex theory and trading basics, reading and interpreting the charts, trading psychology, and technical analysis. Â
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
FBS – Best Cent Account For Beginner Traders
With very low minimum deposits, two low-risk accounts for beginners, and excellent education and market analysis, FBS is the best broker for beginner traders. Beginners who don’t want to risk too much money will like FBS’ Cent Account, which has a 1 USD minimum deposit, and the Micro Account, with a 5 USD minimum deposit. Both accounts also feature low-risk trading, with trading in USD cents on the Cent Account and micro-lots unlocked on the Micro Account. Both are also demo accounts and will only expire after 90 days of inactivity.
FBS is also one of the better brokers in terms of education and market analysis. The education section is comprehensive and well-structured, and the market analysis is up-to-date and well-explained. Beginners will also appreciate that FBS’ customer service is available 24/7 – a welcome development, where the norm is 24/5. This is especially helpful for beginner traders who want to set up trading accounts on weekends. Â
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
IC Markets – Best ECN Broker for Beginners
IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders. Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material. IC Markets’ extensive education hub is free to all website visitors and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others. Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone, helping beginner traders to set up accounts on the weekend. Â
IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms. The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Accepts Kenyan Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
XTB – Best Proprietary Platform
A well-regulated STP broker, XTB is the creator of the award-winning xStation 5 platform. With a user-friendly and intuitive design, it allows traders to accurately track market movements. It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator.Â
XTB provides some of the best training materials available for beginners. Its Trading Academy is comprehensive, clear and concise, and structured like a course. It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders.Â
Accepts Kenyan Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC
Tickmill – Lowest Commission ECN/STP Broker for Beginners
Tickmill is an ECN/STP broker offering trading on multiple assets, including Forex, stock indices, oil, precious metals, and bonds. With three live accounts, Tickmill has won numerous awards for its excellent trading conditions, including its low commissions. Spreads start at 1.6 pips (EUR/USD) on its commission-free Classic Account, which is wider than other similar brokers, but tighten to an average of 0.1 pips (EUR/USD) on its Pro Account in exchange for a small commission of only 2 USD per side per lot traded.
In addition to its attractive trading conditions, beginners will find Tickmill’s education section a welcoming experience. Tickmill offers a free 46-page ebook titled The Majors – Insights & Strategies, a well-illustrated resource explaining Forex Trading Basics and how Forex trading works. It also runs frequent webinars in four languages and runs seminars around the world. Overall, Tickmill is a good choice for beginner traders looking for good trading conditions and educational support.Â
Accepts Kenyan Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
What is Forex Trading?
Forex trading is exchanging one currency for another currency to profit from the change in the exchange rate. This is known as buying and selling currency pairs. The Forex market is the largest financial market in the world, with an average daily value of 6.6 trillion US dollars (USD).
Forex trading is buying and selling currency pairs to make a profit
Online Forex trading can only be done via a Forex broker. This is because the Forex market is not a physical market, it is a virtual market made up of a network of computers all over the world. This network connects traders to other market participants, such as banks and other brokers.
The Forex market is a virtual market, not a physical market
Because the Forex market is global and virtual, it operates 24 hours a day, 5 days a week. From the moment the Australian market opens on Monday morning until the moment the New York market closes on Friday evening.
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 70-90% of retail investors lose money trading these products. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss.
What is a Forex Broker?
Forex brokers are companies which provide a connection to the Forex market. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.Â
Brokers provide a connection to the Forex market and a trading platform
To connect to the Forex market with a broker, traders need to open a trading account, which requires funding.
How much money do you need to trade Forex?
Most brokers require a minimum deposit to start trading. This varies from as low as 5 USD to as high as 2000 USD, depending on the broker and the account type you are opening.
In Kenya, some brokers will offer KES Accounts, which means that you can keep your trading balance in Shilling. For KES Accounts, minimum deposits start as low as 500 Shilling and can rise to 20.000 Shilling.
With 200 USD you can make small profits without too much risk
We recommend that you open an account with at least 200 USD, as this will give allow you to make small profits without too much risk.
Can you get rich by trading Forex?
It is possible, but it will not happen overnight. Forex trading is not a get-rich-quick scheme. Most successful Forex traders have developed a strategy that allows them a steady stream of income.
Forex trading is not a get-rich-quick scheme
While huge profits are possible, so are huge losses. And if you chase huge profits be prepared to lose to all your money.
How do I start trading Forex?
Before you start trading Forex, you will need to learn how the Forex market works and gain experience without risking any money.
Beginners need education and experience before they start trading
To learn how the Forex market works you will need to educate yourself. Forex education can be found from many different sources:
Forex Brokers: All good Forex brokers have education sections. Excellent Forex education includes a structured course for beginners, a mix of video and text content, and an archive of webinars for complex topics.
Other Resources: There are a huge number of online resources available for Forex traders. Communities of experienced traders are always uploading video tutorials and there are a great number of books written about every aspect of trading.
To gain trading experience without risking any money you will need to open a demo account with a Forex broker. Demo accounts are an exact mirror of the actual Forex market – except all the money is virtual. Demo accounts are provided by Forex brokers, usually in the hope that you will then open a real account with them.
You should find a demo account that you can use for as long as you want
The best demo accounts are unlimited. This means you can use them for as long as you want. Some brokers will limit their demo accounts to 6 weeks, or even as short as 2 weeks. This is not enough time to gain the necessary experience.
It is very important to use a demo account until you are comfortable with the Forex market and your trading platform. If you start trading on the real market without the necessary experience you will lose money.
Trading Forex without experience or education will result in heavy losses
Once you feel that you are educated enough to understand the Forex market and are comfortable with your demo account, then you can open a real account with a Forex broker and start trading!
How do I choose a Forex broker?
When choosing a Forex broker, beginners should focus on a broker’s regulation, educational support, customer support and demo account. To better understand why these are so important we will look at all three in detail below.
After reading through this short guide you will:
Understand why regulation is crucial and how to check if your broker is regulated.
Understand the dangers of trading without education and how to educate yourself appropriately.
Understand how high-quality customer support can improve life for beginner traders.
Understand the importance of a demo account and how to choose the best one.
Regulation Means Protection
Regulation is the single most important aspect of judging a Forex broker for all traders, not just beginner traders. Unregulated brokers cannot be trusted with your money and have no legal requirement to offer a fair trading environment.
Simply put, having a regulated broker is not optional.
Regulation ensures that Forex brokers provide a fair and transparent trading environment. It ensures the security of your funds and offers protection against broker bankruptcy. It also ensures that Forex traders have a complaint channel and access to investor insurance.
Unregulated brokers will often claim to be regulated, so you should always check what they say is true. We know that unregulated brokers like to contact people on Facebook and via messaging apps, so be especially careful if this happens. Many unregulated brokers will often to entice beginner traders with incredible profits, offering to double or triple their money within weeks. This is a sure-fire way to know that a broker should not be trusted.
Do not trust brokers who offer incredible profits
Checking a broker’s regulatory status is a simple process for all the major regulators and only takes a couple of minutes (and could save you a lot of money and heartache!)
A closer examination of the main regulators in the world is required, we are also going to discuss how to check if a broker is regulated. Some of the main regulators in the world are:
South African Financial Services Conduct Authority (FSCA)
The South African FSCA is well-regarded but is not considered one of the best international regulators. Many South African traders like to work with FSCA regulated brokers as this provides local protection and requires the broker to have a local office and local bank accounts.
Checking if a broker is regulated by the FSCA is easy. The FSCA offers a search tool for all authorised Financial Service Providers (FSPs) here:Â https://www.fsca.co.za/Fais/Search_FSP.htm.
This is what the search window looks like:
The best way to use this search function is to input the brokers FSP number, which they are legally required to display at on their website.
For instance, here is Khwezi Trade’s FSP notice and number at the bottom of its webpage:
You will notice that Khwezi Trade is not the name of the Financial Services Provider regulated by the FSCA, but is actually Khwezi Financial Services. This is quite common as brokers are often part of a larger financial company. It does mean that searching by broker name using the FSCA’s search tool can be quite tricky, so use the FSP number if you can.
Using this information from Khwezi Trade’s website we can then search the FSCA database. Here we can see that Khwezi Financial Services is indeed an authorised FSP:
We can also see that Khwezi Financial Services is approved to offer derivative instruments. This is important as all Forex CFD trading is derivative trading.
Australian Securities and Investment Commission (ASIC)
The Australian financial regulator has an excellent global reputation and is continually active in combatting broker fraud and manipulation. Many of the most respected Forex brokers in the world are Australian, and ASIC is an important part of their reputation for trustworthiness.
Checking a broker’s regulatory status with ASIC is a very similar process to the South African FSCA’s, the ASIC search tool can be found here: https://connectonline.asic.gov.au/.
Unfortunately, detailed information on each company in the ASIC database is only available via purchase. See below for Pepperstone’s ASIC entry:
Like the FSCA, all ASIC regulated brokers are required to publish their ASIC licence on their homepage. We have had a few reports of unregulated brokers claiming to be based in Australia and using the names of regulated financial companies, so it is always best to check thoroughly.
UK Financial Conduct Authority (FCA)
The UK’s Financial Conduct Authority is seen as the best financial regulator in the world. It’s no surprise that their search function is the easiest to use and the most thorough, you can access it here: https://register.fca.org.uk/s/.
Like other major regulators, all brokers with an FCA licence are required to publish their FCA reference number on their website, here is AxiTrader’s FCA number at the bottom of their website:
Like Khwezi Trade in South Africa, AxiTrader is the trading name of a larger financial group, in this case, the FCA licence holder is AxiCorp Limited. Using the FCA reference number, we can search the FCA’s database of registered companies and find AxiCorp Limited’s entry:
Notice that the FCA also warns of unregulated brokers that are attempting to use AxiCorp’s identity to scam unwary traders.
Cyprus Securities and Exchange Commission (CySEC)
CySEC is the foremost regulator in the EU and Cyprus has a long history of regulating online Forex brokers. As a European regulator, all brokers with a CySEC licence must abide by the EU’s MiFID II legislation. Among other things, this requires limits on leverage and the removal of trading bonuses.
CySEC’s broker search tool functions much like the FCA’s and all CySEC licenced brokers are required to publish their licence number on their website. CySEC’s database and search tool can be found here: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/
Below, we can see the entry for AFX Capital Markets, which went bankrupt last year and is suspected of several wrongdoings, including using client money to cover operational costs.
CySEC makes it clear that AFX Capital Market’s licence has been suspended. A clear sign not to trust a broker.
Other Regulators
There are many other small regulators around the world, and Forex brokers will hold licences with them to avoid the restrictions placed on them by ASIC, CySEC and the FCA.
Commonly seen small regulators include the Seychelles FSA, the Mauritius FSC, St Vincent and Grenadines FSA, the Belize IFSC and the Bahamas SCB. While being regulated by one of these smaller regulators does not mean that a broker is bad, it does mean that traders are not as well protected.
The best and most trustworthy brokers are regulated by at least one of the three major regulators (FCA, CySEC, ASIC) or the FSCA. It is common for brokers to have multiple regulators, one for each region in which they operate.
Education is the Root of Success
The best Forex brokers for beginners have realised that Forex education is at the very heart of customer retention. Educated Forex traders become successful – and profitable – traders, and the more successful traders a broker has on its books, the more successful the broker will be.
Educated Forex traders are profitable Forex traders
Forex education comes in two forms: Standard educational material, such as that found in our education section, which explains the concepts and function of Forex trading, and market analysis and research.
Market analysis is usually provided by Forex brokers themselves or specialist third-party companies. Market analysis and research are only helpful once a trader has a firm grasp on the basics of Forex trading, including terminology and common themes.
Education and Structured Courses
The best Forex brokers for beginners have realised the importance of building structured Forex trading courses.
A good example of a structured Forex course for beginners is the video series at XM. The videos are organised in an intuitive format, and are specifically designed to introduce you slowly to more advanced concepts:
Good brokers will have structured courses for different levels of experience and expertise. The best Forex brokers for beginners have structured courses that cover the following:
Forex Terminology: What are the terms traders will encounter when trading? What does it mean to go long or go short? What are support and resistance levels?
Basic Topics: Which currencies are traded and what are their symbols? What are the important concepts like lots, pips, and order types (such as stop loss and take profit)?
Advanced Topics: What is technical, fundamental and sentiment analysis? What are indicators and robots and how do they work. What are common trading strategies and how do you implement them?
Many brokers will also run webinars, which are live and often interactive tutorial sessions. Many of the best Forex brokers for beginners offer weekly webinars and store them in an archive for later viewing. As a leading broker in terms of educational support, FXCM is a good example. In the image below we can see that FXCM has a large archive of previous webinars:
This is exceptional from a beginner’s standpoint, as these rich learning experiences are all available free-of-charge and without registration.
Market Analysis and Research
Market analysis and research is the other cornerstone of Forex education. For traders with a solid understanding of how Forex trading works, market analysis will be the next step to profitable trading.
Most of the best brokers for beginners will have large research teams which provide frequent updates on market movements and insightful analysis on potential developments. A good example of this is easyMarkets’ market news section:
Updated every few minutes, easyMarkets’ market news offers deep insight into the price movement of a wide range of assets. Analysts also offer their thoughts on possible future outcomes based on their research. This is ideal for new traders seeking to build a deeper understanding of the Forex market and new trading opportunities.
Some Forex brokers, such as Admiral Markets, enter into partnerships with specialist third-party companies like Trading Central, to provide traders with market analysis. Trading Central is a collection of products that offer actionable investment ideas with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.
Demo Accounts for Trading Practice
Forex brokers also provide demo accounts. These are trading accounts that mirror the live Forex market but allow traders to use virtual funds to simulate the trades and strategies they would ordinarily use when trading with real money.
Demo accounts provide an exact simulation of real market conditions
Demo accounts serve several purposes. Apart from accurately simulating live trading conditions, they can also be used to test-drive a Forex broker and test new strategies. The best Forex brokers for beginners provide free and unlimited Forex demo accounts.
IG Markets, one of our highest ranked brokers, provides unlimited demo accounts on two different platforms with 20,000 USD of virtual funds.
Demo accounts are so important because they are the only way for beginners Forex traders gain experience without risking money.
Customer Support
It is essential that beginners get good customer support from their broker. It is one of those things that you hope you never need; but when you do need it, it must be easily available, fast, and genuinely helpful. When your money is on the line, you need your problem fixed as soon as possible.
The best Forex customer support will be available 24 hours a day (Monday-Friday) via live chat, telephone, messaging services and email. It is also important that a broker has great IT support, as setting up a trading platform can be tricky for new traders. Many new traders cannot find the time during the workweek to get set up, so weekend support can be helpful but is rare.
Setting up a trading platform can be tricky for beginner traders
Customer support should also be multi-lingual. Apart from English, many South African brokers now offer customer support in Afrikaans, Zulu, and Xhosa. It is important to have a customer support agent who speaks your language and understands the local needs of your region.
The needs of a beginner in South Africa are not the same as the needs of a beginner Forex trader in Russia. The best beginner Forex brokers understand this and set up their customer support desks to accommodate the needs of their clients.
The Bottom Line
As well as providing market access, Forex brokers also play a crucial role in the learning process for beginner traders. Beginner Forex traders should use the parameters above to decide whether the broker they are considering is truly the best Forex broker for them or not.
Such a broker should be regulated, provide sound Forex education, a free and unlimited demo account, and excellent customer support.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.Â
Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.
Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)
Our Methodology
Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.
With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.Â
In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.
All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.Â