Best Forex Brokers for Beginners

Compare the best Forex brokers for beginners in Hong Kong and discover the 5 things to look for in a Forex trading account.

Best brokers

  1. FxProAward Best MetaTrader Broker 2020
  2. FP MarketsAward Best FX Broker Australia 2021
  3. AvaTradeAward Best Mobile Trading Platform 2021
  4. LiteFinanceAward Best ECN Broker, Africa 2020
  5. HF MarketsAward Best CFD Trading Conditions, 2021

Broker reviews

FxPro (FxPro.com) is a global broker, winner of 95+ awards including "Best MetaTrader Broker" in 2020. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. FxPro accepts all trading styles without restrictions.

  • Risk warning: 84.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spread Betting 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)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, cTrader, Copy trading
  • Regulators: Bahamas, Cyprus (EU), South Africa, UK

$500
deposit

1:200
leverage

Instant
execution

$500
deposit

1:200
leverage

Market
execution

$500
deposit

1:200
leverage

Market
execution

$500
deposit

1:200
leverage

Market
execution

$50000
deposit

1:200
leverage

Market
execution

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.

  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Australia, Cyprus (EU), Saint Vincent and the Grenadines

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

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: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Australia, BVI, Cyprus (EU), Gibraltar, Israel, Japan, South Africa, UAE

$100
deposit

1:400
leverage

Instant
execution

$100
deposit

1:30
leverage

Instant
execution

$100
deposit

1:400
leverage

Instant
execution

$100
deposit

1:30
leverage

Instant
execution

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), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading, Mirror trading
  • Regulators: Cyprus (EU), Saint Vincent and the Grenadines

$50
deposit

1:1000
leverage

Market
execution

HotForex (HFM.com) is an award-winning Forex and CFD broker, with accounts tailored to new and experienced traders. Trade a wide range of markets including Forex, stocks, indices and commodities through MetaTrader 4 or 5.

  • Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, Currenex, Copy trading, Mirror trading
  • Regulators: Cyprus (EU), Mauritius, Saint Vincent and the Grenadines, Seychelles, South Africa, UAE

$5
deposit

1:1000
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

JustMarkets (formerly JustForex) is an offshore broker that allows you to trade over 170 instruments on low spreads, and high leverage up to 3,000 times your initial deposits. It accepts all trading styles on MetaTrader 4 and 5.

  • Risk warning: Margin trading in the financial markets is speculative and implies a high level of risk, including full loss of deposit.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Cyprus (EU), Seychelles

$1
deposit

1:3000
leverage

Market
execution

$100
deposit

1:3000
leverage

Market
execution

$100
deposit

1:3000
leverage

Market
execution

$1
deposit

1:3000
leverage

Market
execution

Pepperstone (Pepperstone.com) is an award-winning broker regulated in 7 jurisdictions. Trade over 1,200 instruments on MetaTrader 4, 5 or cTrader. Pepperstone allows all trading styles, with no restrictions, and rewards large traders with volume-based discounts.

  • Risk warning: Between 74% and 89% 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)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, cTrader, Copy trading, Mirror trading
  • Regulators: Australia, Bahamas, Cyprus (EU), Germany, Kenya, UAE, UK

$200
deposit

1:30
leverage

Market
execution

$200
deposit

1:30
leverage

Market
execution

$200
deposit

1:30
leverage

Market
execution

$200
deposit

1:30
leverage

Market
execution

$200
deposit

1:30
leverage

Market
execution

FXPRIMUS prides itself in creating a safe and secure trading environment. Trade CFDs on Forex, crypto-currencies, indices, metals and energies, on MetaTrader 4 or 5.

  • Risk warning: 68.18% 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. Please be advised that certain products may not be available for traders from EEA countries due to legal restrictions.
  • Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, cTrader, Copy trading, Mirror trading
  • Regulators: Cyprus (EU), Vanuatu

$15
deposit

1:30
leverage

Market
execution

$500
deposit

1:30
leverage

Market
execution

$15
deposit

1:1000
leverage

Market
execution

$500
deposit

1:1000
leverage

Market
execution

Trade without restrictions with OctaFX (OctaFX.com), an international broker headquartered in St. Vincent & The Grenadines. Access CFDs on currency pairs, indices, precious metals and commodities on MetaTrader 4, MetaTrader 5 or cTrader.

  • Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Cyprus (EU), Saint Vincent and the Grenadines

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

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)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
    * Availability subject to regulation.
  • Platforms: MetaTrader 4, MetaTrader 5
  • Regulators: Cook Islands

$10 (MT4), $ 100 (MT5)
deposit

1:500
leverage

Market
execution

If you're new to Forex trading, placing your first trade may seem daunting. You may find Forex trading terminology and account options confusing. This guide attempts to clear the air and narrow your options.

We've pulled together 5 features you should look for in a Forex trading account for beginners.

1. Minimum deposits

Trading is no longer the preserve of high net worth individuals. You can open an account and place your first trade from a low initial deposit. In particular, we recommend HYCM.com and AvaTrade.com, as they both have low $100 minimum deposits.

2. Small trading sizes

The standard Forex trading size is 1 lot, which amounts to 100,000 units of your funding currency. If you trade Dollars, 1 lot amounts to $100,000. This is large, even for seasoned investors. This is why we suggest you look for accounts with small incremental trading sizes: 0.01 lots (or $1,000) is typical for Micro accounts, and 0.1 lots (or $10,000) is typical for Mini accounts.

3. Leverage

Very few investors fund their positions entirely through their deposit. Instead, they borrow from their broker to cover the difference between the trade's overall value and their deposit. This is known as leverage. For example, an account with leverage of 1:1000 allows you to place a $100,000 trade with a $100 deposit (one thousand times smaller).

However, you should also note that leverage is a double-edged sword, which can magnify your losses as well as your profits. You should not invest more money than you can afford to loose, and avoid over-stretching yourself through excessive leverage. For this reason, we suggest using low to moderate leverage until you are familiar with risk management strategies.

If your broker is regulated within the European Union by CySEC, leverage across Forex trades is now capped at 1:30. However, this restriction doesn't apply to brokers regulated outside of the EU. Of note, brokers such as AvaTrade.com, FxPro.com and FXPrimus.com allow you to chose the regulator under which you wish to open your account.

4. Fixed spreads

If you are new to Forex trading, you may not be entirely familiar with concepts such as the 'bid-ask spread', 'fixed' or 'floating' spreads. The spread is simply the difference between the price at which you can buy or sell a currency pair. That difference may be either constant at all times, with a 'fixed spread' account; or it may vary with market conditions, with a 'floating spread' account. We think you'll find it easier to estimate your trades' profit & loss with a fixed spread account.

5. Forex education

You'll also want to choose a Forex broker that teaches you to trade like a pro. If you open an account with AvaTrade and deposit more than $1,000 (or the equivalent amount in your currency's account), you'll be entitled to free one-on-one Forex trading. This is an opportunity to gain invaluable advice for more experienced traders. You'll also find educational material and videos covering the fundamentals of trading, technical analysis and fundamental analysis on AvaTrade.com.