6 brokers compared · 2026

Best forex brokers for beginners

As a beginner, the cheapest broker is not always the best. You want strong regulation, a low minimum deposit, small position sizes, a demo account and good education. These brokers make the first months easier.

By the FXBroker research desk · Updated October 2026 · Advertiser disclosure

01XMFrom $5 with micro lots and daily free webinars.
02eToroEasiest app, with copy trading to learn from others.
03OANDANo minimum, trade from one unit, US-regulated.
04XTBExcellent education and a clean platform.
05AvaTradeGood education and AvaProtect downside protection.
06tastyfxBest for US beginners, with no minimum deposit.

#	Broker	Score	EUR/USD	Raw / lot	Min. dep.	Regulators	Platforms	Links
01	XMBeginners funding a small first account	4.1	1.6pips	$8all-in	$5	CySECASICDFSA+2	MT4MT5	Visit Review
02	eToroCopy trading and social investing	4.2	1.0pips	n/a	$50	FCACySECASIC+2	Own platform	Visit Review
03	OANDAUS beginners and API traders	4.3	1.4pips	$6all-in	$0	CFTCNFAFCA+4	MT4TradingView	Visit Review
04	XTBEuropean beginners who want a polished platform	4.5	0.9pips	n/a	$0	KNFFCACySEC+3	Own platform	Visit Review
05	AvaTradeBeginners who want fixed-style spreads and vanilla FX options	4.3	0.9pips	n/a	$100	CBIASICFSCA+4	MT4MT5	Visit Review
06	tastyfxUS forex traders who want low spreads	4.4	0.8pips	n/a	$0	CFTCNFA	MT4TradingView	Visit Review

Spreads are typical values during liquid hours and change constantly. Raw / lot = raw EUR/USD spread converted at $10 per pip plus round-turn commission. Data checked October 2026. How we score.

XM

From $5 with micro lots and daily free webinars.

4.1/5

XM is one of the most popular forex brokers worldwide, especially in Asia, Africa and Latin America. A $5 minimum deposit, micro lots, frequent webinars and a well-built mobile app make it beginner-friendly, while the XM Zero account offers raw pricing for more active traders.

Pros

Very low $5 minimum deposit and micro accounts
Excellent free education, webinars and daily analysis
MT4 and MT5 on every account type

Cons

Standard account spreads are wider than raw-spread rivals
No cTrader or native TradingView trading

EUR/USD: 1.6 pips
Raw / lot: $8.0
Min. deposit: $5
Regulators: CySECASICDFSAFSCA+1
Platforms: MT4, MT5, XM App

eToro

Easiest app, with copy trading to learn from others.

4.2/5

eToro is the best-known social trading platform. Its CopyTrader feature lets you automatically mirror other investors, and one account covers stocks, ETFs, crypto and CFDs on forex. Forex spreads are higher than specialists, and there is no MetaTrader.

Pros

Market-leading copy trading
Very easy to use for beginners
Stocks, ETFs, crypto and forex in one account

Cons

Forex spreads are wider than ECN brokers
$5 withdrawal fee and currency conversion fees

EUR/USD: 1.0 pips
Raw / lot: n/a
Min. deposit: $50
Regulators: FCACySECASICFSRA (ADGM)+1
Platforms: eToro Web, eToro App

OANDA

No minimum, trade from one unit, US-regulated.

4.3/5

OANDA was one of the first online forex brokers and is still one of the most trusted in the US. There is no minimum deposit, trade sizes start at a single unit, and its REST API, TradingView integration and MT4 support appeal to both beginners and systematic traders.

Pros

No minimum deposit and flexible position sizing
Long track record and multiple tier-1 licences
Popular REST API for automated trading

Cons

Standard spreads are average for US brokers
Smaller pair selection than FOREX.com or tastyfx

EUR/USD: 1.4 pips
Raw / lot: $6.0
Min. deposit: $0
Regulators: CFTCNFAFCAASIC+3
Platforms: OANDA Web, OANDA App, MT4, TradingView

XTB

Excellent education and a clean platform.

4.5/5

XTB is a publicly listed European broker with an excellent in-house platform, xStation 5, no minimum deposit and strong education. Forex spreads are competitive and commission-free on the Standard account.

Pros

Listed on the Warsaw Stock Exchange
xStation 5 is fast and intuitive
No minimum deposit

Cons

No MetaTrader since 2024
Not available in the US

EUR/USD: 0.9 pips
Raw / lot: n/a
Min. deposit: $0
Regulators: KNFFCACySECDFSA+2
Platforms: xStation 5, XTB App

AvaTrade

Good education and AvaProtect downside protection.

4.3/5

AvaTrade is an Irish broker regulated in seven jurisdictions. It offers MT4, MT5, its own AvaTradeGO app and AvaOptions for vanilla FX options, plus copy trading through DupliTrade and AvaSocial.

Pros

Regulated by the Central Bank of Ireland and ASIC
Vanilla FX options via AvaOptions
Strong education and AvaProtect risk tool

Cons

Inactivity and annual administration fees
No raw-spread account

EUR/USD: 0.9 pips
Raw / lot: n/a
Min. deposit: $100
Regulators: CBIASICFSCAJFSA+3
Platforms: MT4, MT5, AvaTradeGO, WebTrader

tastyfx

Best for US beginners, with no minimum deposit.

4.4/5

tastyfx is the US forex arm of IG Group, rebranded from IG US in 2024. It offers 80+ currency pairs with competitive spreads, no minimum deposit and access through its own platform, MT4, TradingView and ProRealTime, all regulated by the CFTC and NFA.

Pros

Backed by IG Group, a publicly listed global broker
EUR/USD spreads from about 0.8 pips with no commission
TradingView, MT4 and ProRealTime support

Cons

Forex only: no stocks, indices or crypto
Available to US residents only

EUR/USD: 0.8 pips
Raw / lot: n/a
Min. deposit: $0
Regulators: CFTCNFA
Platforms: tastyfx Web, tastyfx App, MT4, TradingView

How we chose these brokers

Low barriers: Low minimum deposit and micro or nano position sizes.
Ease of use: Intuitive mobile and web platforms and a free demo account.
Education: Courses, webinars and market analysis.
Safety: Tier-1 regulation and negative balance protection.

Scores use our standard methodology. Rankings on this page also weight the specific criteria above.

Frequently asked questions

How much money do I need to start forex trading?

Some brokers accept $5 to $10, but most beginners start with a few hundred dollars and risk no more than 1% to 2% per trade.

Should beginners use high leverage?

No. High leverage magnifies losses as well as gains. Most retail accounts lose money with leveraged products.

Is a demo account worth using?

Yes. Practise on a demo account until you have a tested plan, then start small with real money.

Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly. Between roughly 60% and 89% of retail investor accounts lose money when trading CFDs, depending on the provider. Consider whether you understand how they work and can afford to lose your money. Read the full risk warning.