In trading, who you trade with affects your overall trading journey. You might think that as long as you have a trading platform, you can trade successfully. That may be true for others, but in most cases, trading with a reliable forex broker gets you far in your trading journey.
If you’re wondering how does your broker affect your trading success? One is because they offer you access to various platforms, tools, data, and materials that may be helpful to your trading. Second, the rates they give out to their traders allow them to take home a justifiable amount for their spending and earrings.
If you’re looking into trading or are planning to trade in the forex market, this post is for you. Here are some of the best forex brokers new traders can trade with.
1 – FP Markets
FP Markets is an award-winning broker that offers access to MetaTrader 4, MetaTrader 5, IRESS platforms, and more. The company is considered one of the top financial technology companies in Australia. They even received the Best Forex Broker Australia Award in 2020.
The company offers services for the foreign exchange market. They provide various tools that are necessary to conduct fundamental and technical analyses. FP Markets also provides a Demo Account option new traders can use to learn about Forex fundamentals, including base currency, charting tools, currency pairs, market volatility and more.
The best thing about FP Markets is you can develop your trading strategies without an initial deposit. If you wish to upgrade your account to a Live Account, you can do so with a minimum deposit of $100.
2 – Interactive Brokers
Forexbrokers.com recognises Interactive Brokers as one of the best Forex Brokers in 2023 because of their overall features. Most who trade in Interactive Brokers are professional traders. They have clients in over 200 countries because of their services.
Interactive brokers allow their clients to scan world markets for undervalued stocks with IBKR Global Analyst. They’re also famous for providing low margin rates, 49% lower than others in the industry. They also have an interest of up to 4.83% USD, instantly available in cash. Like FP Markets, the industry recognises their outstanding services, rates, and performance.
You can download and start an account with them by installing the IBKR GlobalTrader on Apple Store and Google, the IBKR Mobile on Apple Store and Google, or open an account on their website.
3 – IG International
IG International is known to be the world’s no.1 CFD provider in the market. Like FP Markets, they offer a demo account for their traders. They also provide free materials on their demo account for new traders to learn and understand the market better.
The Bermuda Monetary Authority licensed IG International to conduct investment business and digital asset business. The company was founded in 1974 and has continuously grown its services and clients. The Excellence Awards 2023 recognised IG International as the Best Trading App, Best Multi-Platform Provider, and Best Finance App of the Year.
The company is known for tight fund security, assuring clients their money is safe with IG. They also deal in over 17,000 markets, including 24-hour indices you rarely find from other brokers.
4 – CMC Markets
CMC Markets is a financial services company based in the U.K. CMC Markets is known for value for money for traders. They aim to provide tight spreads regardless of market volatility and to deliver competitive and reliable pricing.
They offer competitive spreads for their product range, starting at 0.5 pips on EUR/USD. Their margin rates start at 3.3% for Forex, 5% for indices and commodities, and 20% for shares and treasuries. You can learn more about their rates and prices on their website.
Another reason CMC Markets is ideal for new traders is because they have dedicated daily support. If you have queries and concerns regarding technical, trading, or account difficulties, CMC Markets can help you 24 hours a day.
5 – Saxo Bank
Saxo Bank is a Danish investment bank specialising in online trading and investment. Saxo Bank may be for you if you’re unsure whether you’d like to trade or invest your extra money. One of the reasons it’s ideal for new traders is because it has a no-obligation wealth consultation, where their experts can make a tailored portfolio for you.
Saxo Bank has been in the trading and investment industry for 35 years, making it one of the most trusted brokers by many. They also provide access to trade foreign exchange, FX options, CFDs, stocks, ETFs, futures, listed options and bonds, all from 125 global exchanges.
6 – XTB
Last but not least is XTB. XTB is one of the largest stock exchange-listed FX and CFD brokers. They are known for providing retail traders instant access to hundreds of global markets. XTB has 20 years of experience in the market and has 13 offices across the globe, including the U.K., Poland, Germany, France, and Chile.
Some of the world’s supervision authorities, including FCA, KNF, CySEC, and FNC, regulate XTB. Another reason they’re a great broker for new traders is their platform is easy to use, has superior execution speeds, and has competitive market fees and rates for the account, commissions, spread, and other features they provide.
Your choice of broker immensely affects your trading journey.
Indeed, there are many great forex brokers you can choose from. To rank which is best is unfair because that would vary based on your trading preferences, needs, and expectations. Every broker provides unique features that are different from others. So you must choose wisely because your choice of broker affects your trading journey.