Best Forex Brokers for Beginners
Compare the best Forex brokers for beginners in Canada. We'll also touch on 5 things to look for in a Forex trading account.
By Stefan
Best brokers
- FP Markets Best Trade Execution - APAC...
- FXCC Best Forex Trading Account...
- LiteFinance Best ECN Broker Africa 2020
- 4XC Best Customer Service 2022
- AvaTrade Most Trusted Broker 2023 -...
Broker reviews
FP Markets is a true ECN broker with razor-thin spreads and deep liquidity. Trade CFDs on over 1,000 stocks, indices, commodities and currency pairs through MetaTrader 4 or 5. FP Markets supports all trading styles and EAs.
$100 | 1:500 | Market | |
LiteFinance (LiteFinance.com), formerly LiteForex, is a global ECN broker. Trade CFDs on a wide range of markets on Metatrader 4 or 5, with flexible leverage up to 1:1,000. LiteFinance accepts all EAs and trading styles, including scalping and news trading.
- Risk warning: 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5, Copy trading, Mirror trading
- Regulators: Cyprus (EU) , Saint Vincent and the Grenadines
$50 | 1:1000 | Market | |
4xc.com is an offshore broker founded by Forex industry veterans. Trade Forex, metals, oil and stocks with leverage up to 1:500. 4XC accepts all trading styles and Expert Advisors on MT4 and 5.
- Risk warning: Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of your deposits. You should carefully consider your financial situation and experience level before trading.
- Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5
- Regulators: Cook Islands
$50 | 1:500 | Market | |
AvaTrade (AvaTrade.com) is an award-winning online broker. Trade CFDs on Forex, crypto-currencies, shares, metals and more on MetaTrader 4 or 5. AvaTrade accepts all Expert Advisors, except those with a focus on arbitrage.
- Risk warning: 77.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)* Availability subject to regulation.
- Platforms: MT4, MT5, Copy trading
- Regulators: Australia, BVI, Cyprus (EU) , Gibraltar, Israel, Japan, South Africa, UAE
$100 | 1:400 | Instant | |
$100 | 1:30 | Instant | |
$100 | 1:400 | Instant | |
$100 | 1:30 | Instant | |
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At Your Service
Compare trading accounts and find the best one for you, based on your preferences.
If you're new to Forex trading, choosing the right broker may seem daunting. Here are 5 things to look for in a Forex trading account for beginners.
1. Award-winning customer service
If you're new to Forex trading, you’ll need a broker that provides excellent customer service. This means having someone to answer your questions promptly and helpfully, in your mother tongue. To assess the quality and timeliness of your broker's customer service, we suggest contacting their support team prior to opening or funding your account.
2. User-friendly trading platform
Choose a user-friendly platform with advanced features. We suggest opening an account with a broker that supports widely used trading platforms like MetaTrader 4 or 5. This will avoid any form of lock-in, and also make it easier for you to learn from their communities of users. You’ll also find trading robots and other apps on the MetaTrader Marketplace.
3. Low fixed spreads
Spreads are the difference between the buy price and the sell price of a currency pair. Low spreads mean that you will pay less in commissions when you trade. Spreads can either be fixed at all times, or float based on market conditions. Look for a broker that offers low fixed spreads, as this will make it easier for you to estimate each trade's profitability.
4. Learning material
As a beginner, you'll be keen to understand the basics of Forex trading and develop your trading skills. A good broker like FPMarkets.com offers comprehensive learning material in the form of tutorials, articles and even webinars. You may also get the opportunity to ask professional traders questions in live Q&A sessions.
5. Track record of success
Last but not least, choose a broker with a track record of success. Your chosen broker should have been in business for many years, and built a reputation among traders. TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to do your own research before funding your trading account.
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