Best Forex Broker For Beginners USA

 Best Forex Broker For Beginners USA

Introduction:

Are you new to forex trading? If you are looking for the best forex broker for beginners USA, then it is advisable to seek a binary service that offers demo accounts. Demo accounts are free for everyone who wants to learn about Forex trading.

Some people say that Forex is the best online business you can have. The upside profits are enormous, but the hard part is getting started and making that first deposit. In this article, we will provide you the best Forex broker for beginners in the USA.

The best forex brokers for beginners in the USA must have an intuitive trading platform, multilingual support, a generous welcome offer, and a wide range of assets to trade on. In this article, you will learn the best forex brokers for beginners that can help you make your first steps in the world of Forex trading.

Best Forex Brokers for 2022

U.S. forex traders have many reasons to choose a brokerage regulated in the United States. The U.S. is home to some of the most highly regarded regulatory bodies in the world, and these organizations work hard to ensure that traders and investors are protected from fraud and scams. Because of this, U.S.-based forex brokers tend to be more expensive than non-U.S. counterparts when it comes to fees, commissions, and minimum deposit requirements.

Choosing the best forex broker for beginners is crucial if you are a newbie in forex trading. In this post, I will show you the 10 most important rules every beginner should follow if they want to be profitable in forex trading. The best forex broker for beginners is XM as it is regulated by CySEC (Cyprus Securities and Exchange Commission) with license number 120/10, has low spreads from 0 pips, and has no deposit limit.

Forex.com - Best Overall

Forex.com caters to beginners and those with less trading experience, while Oanda offers a more advanced platform with similar customer service. Forex.com is an excellent option for beginners who want to get started trading in the forex market without a large upfront investment that some other brokers require.

And, you can open an account with as little as $50 - one of the lowest minimum deposits in the industry. It should be noted that there are higher minimum deposits ($100) if you choose to open a mini or standard account under the commission-based structure.

A full-service broker designed for professional traders who trade frequently, Interactive Brokers offers some of the lowest fees in the business and has a robust platform packed with features. The broker also offers an outstanding mobile app that makes it easy to trade from anywhere in the world.

However, Interactive Brokers has two major drawbacks:

No guided research: Interactive Brokers provides no educational tools or research reports, which is unusual among online stock brokers.

IG - Best for low forex fees, highest non-trading fees

IG is a good all-around broker for forex and CFD traders. With low forex fees and a large number of currency pairs, it's easy to start trading with IG. It's also worth noting that IG has the best stock trading app in the UK, so you should check it out if you are interested in trading stocks as well.

Overall, IG is the best forex broker in the United States. It has the lowest fees among tested brokers and provides access to over 80 currency pairs.

If you are looking for a simple forex trading platform that is also beginner-friendly, easyMarkets is an excellent choice. The spreads for major currency pairs are fixed at all times, there is no commission and the account opening process is very quick.

eToro is a good fit if you want to trade on a platform with many social trading features. You can copy other traders and use a risk management tool to control your overall exposure. However, eToro only offers its own proprietary trading platform and the fees for forex trades are relatively high.

Oanda - Excellent user experience and trading platform

Oanda is an excellent choice for beginners. We ranked Oanda # 1 for its user experience, which includes a quick mobile app and is easy to use. Its desktop platform is also intuitive and easy to navigate.

Oanda is regulated by several financial authorities around the world, so you can feel comfortable trading with this broker. But beginner forex traders may want to make use of the free educational material offered by Oanda before depositing any money.

OANDA is a winner for its highly rated web-based and desktop platforms and mobile app. Its trading platform caters to both beginner and advanced traders, providing strong research tools and access to the most popular forex pairs. OANDA also has low spreads and offers price improvement technology, which means that if the price you’re offered isn’t favorable, it will try to find better pricing based on market conditions.

OANDA’s web-based platform is also a winner for its user experience. You can easily navigate your way around, so it’s an excellent choice for beginner investors. Overall, OANDA is an excellent choice for beginners because it provides a solid user experience with all of your trading needs on one platform.

Saxo Bank - Excellent research and educational resources

Saxo Bank is not a newcomer to the Forex trading scene, having been one of the pioneers of online currency trading has opened its doors in 1996. Based in Copenhagen, Denmark, Saxo Bank has offices all over Europe and Asia. The broker is regulated by several financial authorities globally, including its home country Denmark, the UK, and Cyprus.

Saxo Bank is known for its strong focus on research and education and offers a wide range of resources to help traders hone their skills. It also features some of the best research reports available from any forex broker for a small fee. The broker offers its proprietary platform called SaxoTraderGO as well as the popular MT4 platform for those who prefer it.

It is available in more than 20 languages and offers extensive charting and research tools that can keep both novice and experienced traders busy for a long time. The SaxoTraderGO platform is powerful, yet easy to use, and from our testing, we found it to be reliable.

Saxo Bank's extensive educational resources can benefit both beginner and experienced traders. New investors can learn about the basics of trading currencies in the Saxo Academy, while expert traders can read market analysis reports, view charts, and watch videos on SaxoStrats, the broker's research portal.

Forex traders with Saxo Bank can take advantage of competitive pricing on forex trades. The broker also has a robust offering of exotic currency pairs that are not available at most other brokers.

TD Ameritrade FX - The best forex trading platform overall

Our top pick for the best forex broker overall is TD Ameritrade. This firm has the lowest minimum deposit of any regulated broker we've found at just $50, and it also offers a robust selection of commission-free ETFs, which makes it a great fit for investors of all types.

TD Ameritrade FX is our top pick for the most trusted forex broker overall because it has more than double the number of currency pairs available compared to other brokers (including more than 50 exotic currency pairs), along with low spreads and comprehensive research tools. Its parent company, TD Ameritrade, is publicly traded, so you can expect a transparent business model that includes no hidden fees or commissions.

As you can see from the image below, TD Ameritrade FX has over 80 currency pairs to trade. This includes major, minor and exotic pairs as well as a wide variety of metals and crosses. You'll also find lots of commission-free ETFs to trade if you want to diversify your portfolio beyond currencies.

TD Ameritrade offers a choice of high-quality trade platforms and advanced tools. Its $0 commissions and low spreads are appealing for forex traders. It is also, as you would expect from a large US broker, fully regulated by the National Futures Association (NFA) and registered with US regulators such as the Securities Exchange Commission (SEC).

CMC Markets - Well-rounded, foreign exchange, and CFDs only

CMC Markets is best for low-cost, well-rounded foreign exchange and CFDs. Dedicated sites for professionals and institutions highlight their commitment to higher skill and commitment levels, but it would be nice to see higher-level perks, including rebates and the free API interface, offered to retail accounts. Even so, all account holders gain access to guaranteed stop-loss orders, free bank wire Withdrawals, and other advanced features, raising the broker at the higher level in different revision categories.

For our Forex 2018 review, 129 customer service tests were carried out over three months. The data collected are the institutional degree. On average, three questions were requested for each test. To mark each test, the tests were divided into three distinct groups, and scores were provided for the time. Taken to connect to each representative of the assistance and ability of each representative to respond professionally (and precision) to each question. A Net Promoter Score was also awarded for the overall experience.

Results:

As result the average connection time: Andlt;

The average score of the net promoter: 9.1 / 10

Average Professionalism Score: 8.6 / 10

Overall Score: 8.8 / 10

Results are an average of three phone tests.

With competitive pricing, excellent trading platforms, quality research, reliable customer service, and over 30,000 CFDs offered, CMC Markets is an excellent choice for traders looking to trade a wide range of instruments on a modern platform.

This broker is based in the UK and regulated by the Financial Conduct Authority (FCA). CMC markets are listed on the London Stock Exchange.

In addition to forex and CFDs, CMC Markets also provides access to global stock exchanges through its share-dealing account offering.  (CMC Markets' Next Generation trading platform comes with a massive selection of nearly 10,000 tradeable instruments. This includes 84 currency pairs, with spreads from just 0.7 pips on the EUR/USD pair (using typical spread data from February 2018), as well as major, minor and exotic cross pairs.

The Next Generation platform offers leverage of up to 200:1 for forex trading. This ratio is high compared to other top forex brokers like Pepperstone or IG. As we discuss in more detail below (see "Regulatory Oversight"), higher leverage can increase profit.

FXCM - Trusted globally, great education and research tools

• FXCM - Trusted globally, great education and research tools
• CMC Markets - A highly customizable platform with an excellent mobile experience
• FOREX.com - High-quality research to come to educational resources• Saxo
• Saxo Bank - Great mobile app and in-depth market insights
• IG Very low exchange commissions and tight spreads
• The wide city index range of markets, seamless account opening
• eToro - Social trading platform with 0% commission share trades
• Oanda - Straightforward pricing structure with no commissions or hidden fees
• Pepperstone - Good selection of educational resources, very low forex fees

How we tested

We spent over 80 hours testing 10 different stockbrokers to see how intuitive each trading platform was for newbie traders (like us).

If you’re new to the world of online stock trading, there’s no need to feel intimidated. Stock trading can be a great source of income, but it takes time, dedication, and an understanding of the market to be successful. As a beginner investor, you’ll want to find a broker that is both easy to use and has low trade commissions.

First, we looked at costs: Commission fees on trades, account minimums, and other fees all add up quickly. While the best brokers will charge more for their services, the difference in cost between the highest-priced broker and the lowest-priced is fairly minimal. Next, we looked at ease of use: We wanted an online stock trading platform that is both easy to use and full of educational resources. Finally, we considered research tools available through each platform — including mobile apps.

The first thing we did was examine the brokers’ website quality. After all, it’s a place where you’ll be spending plenty of time while trading. Next, we checked out their customer service. We found that all the brokers had friendly and knowledgeable customer service agents that were easy to reach by phone, email, or live chat.

Conclusion:

Although there are several forex brokers to choose from, our top pick was Forex.com. It offers a wide range of trading tools and resources, useful educational materials, and a generous trader's account that can be funded with no minimum deposit. Forex.com is a reliable company and offers competitive spreads; if you're looking for the best all-around broker, you should give it a try.

Forex brokers are the gatekeepers to the world of forex trading, and we feel that our research showed that eToro is possibly the very best in this regard. It has all the breadth of offerings that we need, as well as support in multiple languages, top-tier security, and a variety of learning resources to choose from. Definitely, one to check out!