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Best forex trading platform for beginners in 2021

With all the options the financial world offers, it can get a bit overwhelming. This is why we would like to help you on your journey to finding the best forex broker in 2021. 

If you are just starting your trading career, you are in the right place. We will talk about topics related to trading platforms like regulations, spreads, currency pairs, and more. 

Forex is the most liquid market in the world. It is present globally and offers you the opportunity to maximize gains through speculation. When speculating, you can use various trading tools, techniques, and strategies. Here you can learn all about where to start!

Our list of the best forex trading platform for beginners

We have made our choices after a rigorous investigation. Below we have included our list of the best forex trading platforms in 2021. These were chosen according to their features, regulations, and what they offer their clients. 

1
Min. Deposit
$10
Exclusive promotion
Our score
10
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
0% Commission Account
Low Spreads
Eco-Account Option
Payment Methods
Bitcoin, Credit Card, Debit Card
Full regulations list:
Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$200
Exclusive promotion
Our score
8.7
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FSPR, FMA New Zealand
Forex Pairs
27+
No Fee
Start Trading
Pros:
BlackBull Markets’ unique feature lies in its stated goal of delivering an “institutional” trading experience to retail clients
No-Dealing Desk Broker (NDD), with Straight Through Processing (STP) all done on a true ECN
State of the art Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3)
Payment Methods
Mastercard, Visa, Bank Transfer, Neteller, Skrill, UnionPay, FasaPay
Full regulations list:
FSPR, FMA New Zealand
4
Min. Deposit
$200
Exclusive promotion
Our score
8.5
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
5
Min. Deposit
$10
Exclusive promotion
Our score
7.9
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Credit Card, Debit Card, Bitcoin, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What is a forex trading platform for beginners?

A forex trading platform will allow you to trade currency pairs against each other. The pairs are categorized into major, minor, and exotic ones. Major pairs are the most liquid ones, like EUR/USD, while exotic are the ones that have less liquidity, like TRY/USD. 

A forex trading platform will allow you to access the market with different features. Some offer maximum leverages that can go from 10:1 to 500:1 depending on the account type, the regulations, and the risk you want to take. 

If you are searching for a forex trading platform for beginners, you should consider the same details expert traders look for. It will depend on the goals you have, the strategies you will use to get to your first milestone, and your account balance. 

How does a forex trading platform for beginners work?

A forex platform for beginners works by granting you access to the market. It is available through brokers which act as an intermediary between you and the securities markets. For their services, they charge you fees and commissions. 

One of the most important fees is spreads. It is the difference between the ask and the bid price. If a currency pair is more liquid, then the spread will be smaller. Depending on your trading frequency, you might want to look for a broker with 0 pips spread but with a higher commission. This could benefit you if you open and close many trades during the day.

It is essential that your forex broker is regulated. This will keep you and your funds safe from any harm, extreme risk, bankruptcy, among others. You must also see if the broker’s regulator accepts clients from your country. 

Once your account is credited and you want to execute trades, log in to your trading platform. Here you can analyze charts and add technical tools if necessary. You can open or close a trade with or without leverage. You might be able to social trade if the broker allows it. 

Key features to look for in a forex trading platform for beginners

Every trading platform has its features and is rated according to them. Some of the characteristics to look at are spreads, regulations, payment methods, types of charts, markets, customer support, and education section. 

Trading platforms will give you access to forex, but what about other markets? This will depend on the broker, but if they are well regulated, they can offer other assets like stocks, bonds, cryptocurrencies like Bitcoin, Ethereum, Litecoin, Binance coin, and more. Maybe you can go for CFDs or commodities like gold, silver, soybeans, pork, coffee, and many others. 

Customer support is fundamental for an overall good experience because it is where you’ll seek advice in case of an emergency or doubt. Look for live chat, phone numbers, email, offices, and the hours of operation.

Pros & cons of using a forex trading platform for beginners

Pros

You can access major, minor, and exotic currency pairs.
You will have access to the most liquid market.
Your funds can grow.
You can trade as long as you have an internet connection and a screen.
Your platform could have great tools and features.
Platforms could help you with your financial strategy.

Cons

Forex is risky.
You might be required to pay a minimum deposit.
Not all brokers have free withdrawals.

How to choose the best forex trading platform for beginners for me?

Whether a beginner or an experienced trader, it is important to consider your needs when looking for a platform. Making a checklist is always a good idea so you can go through what they have and what they might not be offering you. 

It is important to compare trading platforms to each other before deciding which one you will be trading your funds through. Platforms like ours will help you with the decision. Our expert team investigates and compares trading platforms to find the best one for beginners. 

Some of the features to include in your checklist are customizable interfaces, types of charts, trading techniques, and available tools. 

How to safely use a broker to make money trading online?

First things first, your broker must be regulated. It is important to protect your capital. That is the first step to be successful in the forex market. Once this is done, it is time to do your research. Don’t lose your trading goals from sight since they will help you make your final choice. It is a good idea to look at reviews like these before deciding since there is usually a strong team of researchers behind the investigation process. Reviews compare trading platforms or broker features like spreads, payment methods, customer service, and more.

Conclusion

Choosing the best forex trading platform for beginners is key when you start your trading career in the most popular and liquid market on the planet. Our list is comprehensive and unbiased in order to give you, the reader, a little help before you make your well-rounded choice. 

Increasing your funds is a good idea once your knowledge allows you to make your trading decisions calmly, based on facts, and using the skills you acquired. 

Frequently Asked Questions

  1. If they are not regulated - stay away! Regulation is the first factor to consider.

  2. The best trading platform for you depends on how and where you will trade. See if they have the necessary tools to help your trading strategy.

  3. It will depend on the broker. It is not unlikely that they also offer stocks, bonds, futures, cryptos, commodities, and more.

  4. Yes. You must only add basic personal information and wait for your account to be verified.