Best forex brokers for beginners

What each of the top ten is good at

One line each, and the section further down expands every one of them into its own profile.

1. IC Markets - Very competitive trading costs. Excellent choice of platforms. Strong regulatory framework.
2. AvaTrade - Strong global regulation. Extensive educational resources. Wide choice of platforms and tools.
3. XM - $5 minimum deposit. Competitive conditions. Extensive education and regular market research.
4. Markets.com - Wide selection of markets. Strong proprietary trading technology. Established regulatory framework.
5. FxPro - Excellent selection of platforms. Strong regulatory background. Broad range of forex and CFD markets.
6. Admirals - MetaTrader 4 and 5. Extensive research and education. Strong regulatory framework.
7. TabTrade - Very competitive costs. Straightforward account options. Support 24/7.
8. Plus500 - Simple proprietary platform. Broad CFD market selection. Strong regulatory coverage.
9. easyMarkets - Fixed spreads. Guaranteed stop-loss and deal cancellation. One-to-one training.

What makes the best forex brokers for beginners stand out?

The best brokers for a first account combine competitive costs with an accessible platform, regulation worth having and support that answers.

For somebody opening their first forex account the difference between brokers is larger than it looks. Spreads and commissions come out of every trade you place, and the platform decides how easily you can read a chart, place an order and close a position that has gone against you.

Support matters more here than at any other level of experience. We rate the quality and reach of it rather than counting the contact methods a broker advertises, because the question is whether somebody picks up at 2am when a position is open and something has gone wrong.

Education is what this list is ordered on. Demo accounts, platform walkthroughs, guides, webinars and market analysis are how you learn the platform and the market before either can cost you anything, and the gap between a broker that publishes a structured academy and one that publishes a page of definitions is wide.

Key data for 2026

Take a look at the table below to compare what each of the top ten actually gives you.

Key data for 2026

Broker	Min. deposit	Demo	MT4	MT5	Own platform	Copy trading	Min. trade
IC Markets9.5	$200	Yes	Yes	Yes	Yes	Yes	0.01 lots
AvaTrade9.2	$100	Yes	Yes	Yes	Yes	Yes	0.01 lots
XM9.1	$5	Yes	Yes	Yes	Yes	Yes	0.01 lots
Markets.com9.0	$100	Yes	Yes	Yes	Yes	No	0.01 lots
FxPro9.1	$0	Yes	Yes	Yes	Yes	Yes	0.01 lots
Admirals8.9	$25	Yes	Yes	Yes	Yes	Yes	0.01 lots
TabTrade9.3	$0	Yes	No	Yes	No	Yes	0.01 lots
Plus5008.9	$100	Yes	No	No	Yes	No	Instrument-dependent; generally from micro-position sizes
easyMarkets8.6	$25	Yes	Yes	Yes	Yes	Yes	0.05 lots / 5,000 units on EUR/USD

Minimum deposits and account conditions vary by country, account type and payment method. Figures come from our broker records and are checked against each broker's own published terms.

Forex trading has become cheap to start. TabTrade and Focus Markets set no minimum deposit at all, XM opens an account for $5, and Admirals and easyMarkets for $25. IC Markets, at $200, asks for the most of any broker here.

All ten provide a demo account, which is the single most useful thing on the table for a beginner: it lets you learn where the buttons are, and what a losing position feels like, before either costs anything. Check the expiry, though - some demos lapse after 30 days.

MetaTrader is still the default. Seven of the ten offer both MetaTrader 4 and MetaTrader 5, TabTrade and Focus Markets run MetaTrader 5 only, and Plus500 builds everything around its own platform instead.

Are trading fees low at these brokers?

Trading costs vary enough between brokers to be worth an afternoon of your attention, which is why they carry weight in our scoring.

The cost of a forex trade comes from the spread, a separate commission, or both. Commission-free accounts charge you through a wider spread; Raw and ECN accounts quote a tighter spread and charge a commission on top. Neither is automatically cheaper.

The cheapest headline is not the cheapest account. What you pay is the spread, plus any commission, plus overnight financing if you hold the position, plus conversion if your account is in another currency.

Trading costs for 2026

Trading costs for 2026

Broker	Spread from	Commission	All-in EUR/USD	Spread type	Overnight financing
IC Markets9.5	0.0 pips	$3.50 per side / $7 round turn (Raw Spread MetaTrader)	Approx. 0.8 pips	Variable	Both: swaps charged; swap-free accounts available
AvaTrade9.2	0.9 pips	$0	0.9 pips	Variable	Both: overnight funding applies; Islamic/swap-free accounts available
XM9.1	0.8 pips	$0 on Standard and Ultra Low accounts	Approx. 0.8 pips	Variable	Both: swaps apply on applicable instruments/accounts; swap-free conditions available
Markets.com9.0	0.6 pips	$0	0.6 pips	Variable	Both: overnight swaps charged/credited
FxPro9.1	0.0 pips	$3.50 per side / $7 round turn	Approx. 1.13 pips	Variable	Both: overnight swaps apply; Islamic/swap-free accounts available
Admirals8.9	0.0 pips	From $3 per side / $6 round turn	Approx. 0.7 pips	Variable	Both: overnight swaps apply; swap-free trading available
TabTrade9.3	0.0 pips	$3.50 per side / $7 round turn (Edge)	Approx. 0.73 pips	Variable	Both: swaps charged/credited; swap-free account available
Plus5008.9	0.6 pips	$0	Approx. 0.6 pips	Variable	Both: overnight funding applies; swap-free accounts available in eligible regions
easyMarkets8.6	0.6 pips	$0	0.6 pips	Fixed on Web/App and MT4; variable on MT5	Both: overnight financing applies; swap-free accounts available

Commission is shown per standard lot and varies by account, instrument, platform and entity. The all-in figure is our estimate of the total cost of a EUR/USD round turn on the broker's cheapest standard account.

The all-in column is the one to read. Six of the ten advertise spreads from 0.0 pips, which sounds decisive until you notice they are not the same price: Admirals works out around 0.7 pips all in, TabTrade around 0.73, IC Markets around 0.8, and FxPro around 1.13 - a difference of more than half a pip between brokers advertising the identical figure.

The rest price through the spread alone. Markets.com and Plus500 quote from 0.6 pips with no commission, easyMarkets quotes a fixed 0.6, XM 0.8 and AvaTrade 0.9. Simpler to reason about, and for a beginner placing a handful of trades a week, often cheaper in practice than a commission account.

This is exactly why the list is not ordered on advertised spread. A broker quoting 0.0 pips is not necessarily cheaper once its commission is counted, and the minimum advertised spread is not the spread you will be quoted for most of the trading day.

What about the fees that are not trading fees?

Non-trading fees are the charges that have nothing to do with opening a position: currency conversion, withdrawal minimums and, above all, inactivity.

They matter disproportionately to beginners, who tend to trade infrequently and to leave an account funded and untouched for months at a time.

Non-trading fees for 2026

Non-trading fees for 2026

Broker	Inactivity fee	Currency conversion	Min. withdrawal	Withdrawal time
IC Markets9.5	None on Global; EU: 10 account-currency units/month after 6 months inactivity	Conversion at applicable exchange rate/charges; no fixed percentage published	No minimum	Same-day processing before cutoff; cards typically 3-5 business days; international wire up to 14 days
AvaTrade9.2	$50 after 3 consecutive months inactivity; $100 administration fee after 12 months where permitted	Currency conversion spread/markup applies where account and instrument currencies differ	$100	AvaTrade processing within 24 business hours; arrival depends on payment method
XM9.1	$10/month after 90 days inactivity	Not on record	$5	Instant/same-day processing where automatically approved; bank wire and cards typically 2-5 business days
Markets.com9.0	$10/month after 3 months inactivity	0.6%	$5 Skrill/Neteller; $10 cards; $100 wire transfer	Typically 2-7 business days depending on method
FxPro9.1	Not on record	Currency conversion applies where funding/account currencies differ	No minimum	Processed 24/5; typically within 1 business day, plus payment-provider processing time
Admirals8.9	€10/month after 24 months inactivity	1%	$1	Typically same day to 3 business days depending on method
TabTrade9.3	No inactivity fee	Conversion rate may include a currency conversion fee	No minimum	Typically 1 business day processing; cards 1-3 business days; Skrill/Neteller 1-2 business days; bank transfer 2-5 business days
Plus5008.9	Up to $10/month after 3 months without logging in	Up to 0.7%	$50 PayPal/Skrill; $100 bank transfer/cards	1-3 business days processing plus payment-provider processing time
easyMarkets8.6	$25/month after 12 months inactivity	No separate fixed conversion fee; conversion applies where currencies differ	$10	Typically within 24 hours for cards/e-wallets; bank transfer typically 3-10 business days

Banks, card issuers and third-party payment providers can charge on top of anything the broker does or does not charge.

The inactivity fee is where the spread between these brokers is widest. AvaTrade charges $50 after three consecutive months and a $100 administration fee after twelve. Markets.com and Plus500 charge around $10 after three months, XM $10 after ninety days, easyMarkets $25 after a year, Admirals €10 after two years, and TabTrade nothing at all.

If you expect to open an account and then leave it alone for a while - which is a perfectly reasonable way to start - read that clause before you read anything about spreads.

Can I trust these brokers?

Regulation is the first thing to check and the easiest to check badly.

The brokers here hold licences from authorities including the UK Financial Conduct Authority, the Australian Securities and Investments Commission, the Central Bank of Ireland and the Cyprus Securities and Exchange Commission.

But a group's licences are not your licences. Protection depends on the specific legal entity your account is opened with, and large brokers onboard clients to different entities depending on where they live. A broker with eight licences may still place you with the one that carries the least protection.

Trust metrics for 2026

Trust metrics for 2026

Broker	Regulators	Founded	Client money segregated	Negative balance protection	Compensation scheme
IC Markets9.5	ASICCySECFSA (Seychelles)+2	2007	Yes	Yes	ICF up to €20,000 for eligible EU clients; Raw Trading Ltd insolvency insurance up to US$1,000,000
AvaTrade9.2	Central Bank of IrelandASICFSA (Japan)+7	2006	Yes	Yes	Irish Investor Compensation Scheme for eligible EU clients; no compensation scheme under several international entities
XM9.1	CySECASICDFSA (DIFC)+2	2009	Yes	Yes	ICF up to €20,000 for eligible CySEC clients
Markets.com9.0	CySECFSCA (South Africa)	2008	Yes	Yes	Investor Compensation Fund up to €20,000 for eligible CySEC clients
FxPro9.1	FCACySECFSCA (South Africa)+2	1999	Yes	Yes	FSCS up to £85,000 for eligible UK clients; ICF up to €20,000 for eligible CySEC clients
Admirals8.9	FCACySECASIC+5	2001	Yes	Yes	FSCS up to £85,000 for eligible UK clients; ICF up to €20,000 for eligible Cyprus clients; additional insurance up to €100,000 under applicable entity
TabTrade9.3	FSC (Mauritius)	2026	Yes	No	No statutory investor compensation scheme
Plus5008.9	FCAASICCySEC+12	2008	Yes	Yes	FSCS up to £85,000 for eligible UK clients; ICF up to €20,000 for eligible Cyprus clients
easyMarkets8.6	CySECASICFSA (Seychelles)+2	2001	Yes	Yes	ICF up to €20,000 for eligible CySEC clients

Negative balance protection and compensation schemes depend on the entity you are onboarded to and on your client classification. Hover a regulator badge for its licence number, or open the review for the full list.

Most of these firms have been operating for well over a decade - FxPro since 1999, Admirals since 2001 and easyMarkets since 2001, AvaTrade and FxPro through two market cycles that removed a good number of their competitors.

Two are much newer. Focus Markets launched in 2019, and TabTrade in 2026, under a single Mauritius licence with no statutory compensation scheme behind it and, on our record, without negative balance protection. It scores well here on support and cost, and a beginner should still weigh those two facts deliberately rather than skip past them.

Number of licences is not the metric. What counts is the quality of the regulator, whether client money is segregated, whether negative balance protection applies to you, and which entity you actually sign with.

What is forex trading?

Forex trading is exchanging one currency for another to benefit from a change in what they are worth relative to each other.

Currencies are quoted in pairs. EUR/USD is the value of the euro against the US dollar: if it rises the euro has strengthened against the dollar, and if it falls the euro has weakened. You can take a position in either direction, so it is possible to trade an expectation that a currency will fall.

Most forex brokers also offer CFDs on other markets - indices, commodities, metals, shares and cryptocurrencies - from the same account.

Leverage is available almost everywhere and is the part beginners underestimate. It lets a small deposit control a much larger position, which magnifies the loss exactly as much as the gain. Understand leverage and margin before you trade with money you would miss.

If you are just starting out

1. Check the entity, not the brandFind which legal entity will hold your account and which regulator oversees it. It is written in the account-opening documents and it is the fact that determines what protection you have.
2. Work out the real costAdd the commission to the spread before comparing brokers, and check the overnight financing rate if you intend to hold positions for more than a day.
3. Use the demo firstLearn to place, modify and close an order somewhere it cannot cost you anything. Check how long the demo lasts before it expires.
4. Start smaller than you thinkMoving to a live account does not mean trading a live-sized position. The minimum trade size on most of these brokers is 0.01 lots for a reason.
5. Learn risk management before strategyPosition sizing, stop-loss orders, leverage and margin decide whether you are still trading in six months. What you trade matters less than how much of the account you put behind it.
6. Learn the platform you choseMetaTrader 4, MetaTrader 5, cTrader, TradingView and proprietary platforms all behave differently. Being fluent in one beats a passing familiarity with four.
7. Keep readingCentral bank decisions, interest rates and economic releases move currencies. The brokers at the top of this list publish that analysis daily, and it is free.

The top 9, one by one

#1

IC Markets

9.5/10

Recommended for beginners who want competitive pricing, a wide choice of established platforms and a broker with a long regulatory record.

Overall rating

9.5 / 10

Education rating

9.1 / 10

Minimum deposit

$200

Minimum trade

0.01 lots

Spread from

0.0 pips

Commission

$3.50 per side / $7 round turn (Raw Spread MetaTrader)

All-in cost, EUR/USD

Approx. 0.8 pips

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, cTrader, TradingView

Demo account

Yes, expires after 30 days of inactivity

Copy trading

IC Social; cTrader Copy; ZuluTrade; Myfxbook AutoTrade; Signal Start

Support

24/7

Founded

2007

Regulation

ASICCySECFSA (Seychelles)SCB (Bahamas)+1

IC Markets leads this list on education and is the highest-rated broker on our table overall. Founded in Australia in 2007, it is one of the best-known names in retail forex.

Its teaching is why it ranks first here rather than merely well: webinars, articles, video and Web TV, and platform walkthroughs, backed by support that runs 24 hours a day, seven days a week. That combination matters more than it sounds the first time a position does something you did not expect.

Beginners can choose between MetaTrader 4, MetaTrader 5, cTrader and TradingView and practise on a demo account first, though the demo expires after 30 days of inactivity.

The one thing that counts against it for a first account is the $200 minimum deposit, the highest of the ten. Its Raw Spread pricing starts at 0.0 pips with $7 per round turn, roughly 0.8 pips all in - cheap, but only once you are trading enough for the commission to earn its place.

Open an account with IC MarketsRead our full IC Markets review

#2

AvaTrade

9.2/10

Recommended for beginners who want an established, heavily regulated broker with a genuinely large library of learning material.

Overall rating

9.2 / 10

Education rating

8.9 / 10

Minimum deposit

$100

Minimum trade

0.01 lots

Spread from

0.9 pips

Commission

$0

All-in cost, EUR/USD

0.9 pips

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, AvaTrade WebTrader, AvaTrade App, AvaOptions

Demo account

Yes, unlimited

Copy trading

AvaSocial; DupliTrade

Support

Monday-Friday, 05:00-21:00 GMT for English support

Founded

2006

Regulation

Central Bank of IrelandASICFSA (Japan)FSRA (ADGM)+6

Founded in 2006, AvaTrade holds licences in Ireland, Australia, Japan, South Africa, the UAE and elsewhere - the broadest spread of serious regulation on this list.

AvaAcademy is the substance behind its education score: structured courses, articles, videos, tutorials and ebooks, alongside a demo account with no expiry.

Platform choice runs from MetaTrader 4 and 5 to its own WebTrader, the AvaTrade app and AvaOptions, with AvaSocial and DupliTrade for copy trading.

Its pricing is spread-only at 0.9 pips on EUR/USD, wider than the commission accounts here, and its inactivity fee is the steepest of the ten: $50 after three consecutive months, plus a $100 administration fee after twelve. If you expect to trade rarely, read that clause first.

Open an account with AvaTradeRead our full AvaTrade review

#3

XM

9.1/10

Recommended for beginners who want to start with a very small amount of money and learn as they go.

Overall rating

9.1 / 10

Education rating

8.7 / 10

Minimum deposit

$5

Minimum trade

0.01 lots

Spread from

0.8 pips

Commission

$0 on Standard and Ultra Low accounts

All-in cost, EUR/USD

Approx. 0.8 pips

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, XM App

Demo account

Yes

Copy trading

Yes, XM Copy Trading

Support

24/7

Founded

2009

Regulation

CySECASICDFSA (DIFC)FSC (Belize)+1

XM opens an account for $5, the lowest entry on this list that is not zero, and its Learning Center, live sessions and webinars are why it rates as highly as it does for teaching.

It runs MetaTrader 4, MetaTrader 5 and its own app, offers copy trading, and answers support 24/7.

Pricing on the Standard and Ultra Low accounts is spread-based from 0.8 pips with no commission, which is easier to reason about than raw-plus-commission when you are starting - the number you see is the number you pay.

It charges $10 a month after 90 days of inactivity, the shortest dormancy window of the ten.

Open an account with XMRead our full XM review

#4

Markets.com

9.0/10

Recommended for beginners who want a simple platform of their own with MetaTrader available beside it.

Overall rating

9.0 / 10

Education rating

8.7 / 10

Minimum deposit

$100

Minimum trade

0.01 lots

Spread from

0.6 pips

Commission

$0

All-in cost, EUR/USD

0.6 pips

Maximum leverage

1:30

Platforms

Markets.com Web Platform, MetaTrader 4, MetaTrader 5

Demo account

Yes

Copy trading

No

Support

24/5

Founded

2008

Regulation

CySECFSCA (South Africa)

Markets.com pairs its own web platform with MetaTrader 4 and 5, so you can start somewhere simplified and move to a third-party platform later without changing broker.

Forex pricing is spread-based from 0.6 pips with no commission, among the cheapest no-commission accounts here, and its education - articles, webinars, guides and platform training - scores level with XM's.

Two things to check before opening. It holds CySEC and FSCA licences with a Saint Vincent registration used for other regions, so the entity you are onboarded to matters more than usual here.

And it charges 0.6% on currency conversion plus $10 a month after three months of inactivity, which makes it an expensive place to park an account you are not using.

Open an account with Markets.comRead our full Markets.com review

#5

FxPro

9.1/10

Recommended for beginners who want to try several platforms before committing to one.

Overall rating

9.1 / 10

Education rating

8.6 / 10

Minimum deposit

$0

Minimum trade

0.01 lots

Spread from

0.0 pips

Commission

$3.50 per side / $7 round turn

All-in cost, EUR/USD

Approx. 1.13 pips

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, cTrader, TradingView, FxPro Trading Platform

Demo account

Yes, 180-day lifespan

Copy trading

Yes, cTrader Copy

Support

24/5

Founded

1999

Regulation

FCACySECFSCA (South Africa)SCB (Bahamas)+1

FxPro has been trading since 1999, which makes it the oldest firm on this list, and it holds FCA and CySEC licences among others.

Its platform range is the widest here - MetaTrader 4, MetaTrader 5, cTrader, TradingView and its own FxPro platform, with cTrader Copy for copy trading - and the demo runs for 180 days, long enough to actually use it.

There is no minimum deposit on the Standard account.

On cost, look past the headline. Spreads start at 0.0 pips, but with $7 per round turn the all-in cost on EUR/USD comes to about 1.13 pips, the most expensive of the raw-account brokers here. It is a clean illustration of why this site does not rank on advertised spread.

Open an account with FxProRead our full FxPro review

#6

Admirals

8.9/10

Recommended for beginners who want MetaTrader, a long regulatory history and a serious research desk.

Overall rating

8.9 / 10

Education rating

8.4 / 10

Minimum deposit

$25

Minimum trade

0.01 lots

Spread from

0.0 pips

Commission

From $3 per side / $6 round turn

All-in cost, EUR/USD

Approx. 0.7 pips

Maximum leverage

1:30

Platforms

MetaTrader 4, MetaTrader 5, Admirals Platform

Demo account

Yes; 30-day expiry with extension available

Copy trading

Yes

Support

24/5

Founded

2001

Regulation

FCACySECASICFSCA (South Africa)+4

Founded in 2001, Admirals holds eight licences including the FCA, CySEC and ASIC, and its UK clients fall under FSCS protection up to £85,000.

The account opens from $25, and the platform line-up is MetaTrader 4 and 5 plus the Admirals Platform.

Education is extensive - courses, webinars, articles, tutorials and ebooks - and its research output is among the strongest of the ten.

It is also the cheapest broker here once everything is counted: about 0.7 pips all in on EUR/USD including the $6 round-turn commission. Its inactivity fee is the mildest too, at €10 a month and only after two full years.

Open an account with AdmiralsRead our full Admirals review

#7

TabTrade

9.3/10

Recommended for beginners who want no minimum deposit and somebody to answer at any hour.

Overall rating

9.3 / 10

Education rating

8.3 / 10

Minimum deposit

$0

Minimum trade

0.01 lots

Spread from

0.0 pips

Commission

$3.50 per side / $7 round turn (Edge)

All-in cost, EUR/USD

Approx. 0.73 pips

Maximum leverage

1:1000

Platforms

MetaTrader 5

Demo account

Yes

Copy trading

Yes, TabTrade Social

Support

24/7

Founded

2026

Regulation

FSC (Mauritius)

TabTrade scores higher for customer support than any broker we rate, runs it 24/7, and asks no minimum deposit on its Standard account. All three lower the cost of a first mistake.

It is built around MetaTrader 5 alone, with Standard, Edge and VIP accounts. Edge prices from 0.0 pips with $7 per round turn, about 0.73 pips all in, which is among the cheapest here.

Two caveats belong on a beginners page rather than in the small print. TabTrade launched in 2026, so there is no track record to examine, and it operates under a single Mauritius FSC licence with no statutory compensation scheme behind it.

Our records also show no negative balance protection, meaning a fast-moving market could in principle leave the account owing money. Every other broker on this list offers it in some form, and that is a real difference rather than a technicality.

Open an account with TabTradeRead our full TabTrade review

#8

Plus500

8.9/10

Recommended for beginners who want one simple platform and no MetaTrader learning curve.

Overall rating

8.9 / 10

Education rating

8.3 / 10

Minimum deposit

$100

Minimum trade

Instrument-dependent; generally from micro-position sizes

Spread from

0.6 pips

Commission

$0

All-in cost, EUR/USD

Approx. 0.6 pips

Maximum leverage

1:30

Platforms

Plus500 WebTrader, Plus500 mobile and desktop platforms

Demo account

Yes, unlimited

Copy trading

No

Support

24/7

Founded

2008

Regulation

FCAASICCySECFMA (New Zealand)+11

Plus500 does not offer MetaTrader at all. Everything happens inside its own web, desktop and mobile platform, the most pared-back trading interface on this list.

That is the trade-off in a sentence: less to learn on day one, and no route to MetaTrader 4, MetaTrader 5 or cTrader later without moving broker.

It is the most heavily regulated firm here, with authorities including the FCA, ASIC, MAS and CySEC on record, and UK clients covered by FSCS up to £85,000.

Forex pricing is spread-only from 0.6 pips with no commission, the demo account never expires, and support runs 24/7. It charges up to $10 a month after three months without a login.

Open an account with Plus500Read our full Plus500 review

#9

easyMarkets

8.6/10

Recommended for beginners who would rather know the spread before the trade than discover it afterwards.

Overall rating

8.6 / 10

Education rating

8.0 / 10

Minimum deposit

$25

Minimum trade

0.05 lots / 5,000 units on EUR/USD

Spread from

0.6 pips

Commission

$0

All-in cost, EUR/USD

0.6 pips

Maximum leverage

1:30

Platforms

easyMarkets Web/App, TradingView, MetaTrader 4, MetaTrader 5

Demo account

Yes

Copy trading

Yes, through third-party/platform integrations

Support

24/5

Founded

2001

Regulation

CySECASICFSA (Seychelles)FSC (BVI)+1

easyMarkets is the only broker on this list quoting fixed spreads - 0.6 pips on EUR/USD through its own web and app platform and on MetaTrader 4, variable on MetaTrader 5. For a first account that removes an entire category of surprise, including through news events, when variable spreads widen most.

Its risk tools point the same way. Guaranteed stop-loss orders, dealCancellation and Freeze Rate all exist to cap what a position can do to an account before you have learned to cap it yourself.

Founded in 2001 and regulated by CySEC, ASIC and the FSCA among others, it teaches through a Trading School of videos, seminars and one-to-one training - the only broker here offering that last one.

The catch is position size. Its minimum trade is 0.05 lots, or 5,000 units of EUR/USD, five times the 0.01 lots every other broker on this list allows. The smallest position you can take is correspondingly larger, which matters when the whole advice is to start small. It also charges $25 a month after twelve months of inactivity.

Open an account with easyMarketsRead our full easyMarkets review

How we chose these brokers

Our scores come from six areas - regulation, costs, platforms, markets, support and education - and this list orders on the education score, with support and the overall rating breaking ties. For a first account we weigh:

• Trading costs, meaning spreads and commissions together rather than either alone
• Non-trading costs, including deposit, withdrawal, conversion and inactivity fees
• The quality and range of trading platforms
• Whether there is a demo account, and how long it lasts
• The range of currency pairs and other markets
• Customer support quality and the hours it actually runs
• Educational resources and market research
• The regulator, the entity, and client-money protection

We do not assume the largest or oldest broker is the best. Long-established firms often have excellent regulatory credentials and wide product ranges while being uncompetitive on cost or slow to answer; newer firms often price aggressively and answer quickly while having no track record and a thinner regulatory footprint. Both patterns are visible in this top ten.