Best Forex Brokers for Beginners

Published on 30/09/2023

Compare the best Forex brokers for beginners in Singapore. We'll also touch on 5 things to look for in a Forex trading account.

Brokers we recommend

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4.8 / 5

Broker 1

Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. F************ is a true ECN broker and accepts all trading styles without restrictions.


4.0 / 5

Broker 2

F******* is a regulated offshore broker with an ECN trading environment. Trade CFDs on over 100 instruments with leverage up to 1:500, only on MT4. FXCC allows all trading styles and EAs.


4.6 / 5

Broker 3

79.28% of retail CFD accounts lose money

F******** is a global broker, winner of 110+ awards including 'Best Regulated Forex Broker' in 2024. Trade over 250 instruments across a wide range of asset classes on MT4/5 or cTrader. This broker accepts all trading styles.


Other brokers:


4.8 / 5

Broker 1

Trade over 1,000 instruments on flexible leverage up to 1:500 on the MT4/5 and cTrader platforms. F************ is a true ECN broker and accepts all trading styles without restrictions.

  • Likes
  • Flexible leverage up to 1:500.
  • Trade over 1,000 financial instruments.
  • Trade on MT4/5, cTrader or TradingView without restrictions.
  • Copy trading service is available.
  • Customer support is available 24/7.
  • Dislikes
  • No TradingView integration is available for now.
  • No investor compensation fund in the event of bankruptcy.
Our take on F*********

Enjoy low spreads and reliable trading conditions at all times with this award-winning broker. Open a Standard account to trade without commission, or a Raw account if you prefer to trade on raw spreads.

Access over 1,000 markets through MT4, MT5, cTrader and more recently TradingView. You'll find over 70 currency pairs, as well as gold and silver priced in US dollars, euros, Aussie dollars and other currencies. You can also go long or short on stocks and government bonds through over 40 ETFs.

Its free educational content also sets it apart from the competition. Get access to trading signals from Trading Signal and Autochartist as soon as you fund your account. You'll also get access to free trading courses for beginners and experienced traders, weekly webinars and e-books.

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4.0 / 5

Broker 2

F******* is a regulated offshore broker with an ECN trading environment. Trade CFDs on over 100 instruments with leverage up to 1:500, only on MT4. FXCC allows all trading styles and EAs.

  • Likes
  • 100% bonus on your 1st deposit (up to US$2,000).
  • Flexible leverage up to 1:500.
  • All MT4 Expert Advisors are allowed.
  • No fees on deposits.
  • No minimum deposit.
  • Dislikes
  • MetaTrader 4 is the only available trading platform.
  • Withdrawal fees apply across some, but not all, funding methods.
Our take on F***

We particularly like F***'s high leverage (up to 1:500) available across all currency pairs, gold, silver, stock indices and energy products. Negative balance protection is available at all times.

Its MetaTrader 4 integration provides a smooth trading experience, with no lags and only minimal slippage. It accepts all trading styles and Expert Advisors, including scalping robots, without restrictions.

As this broker offers consistently low spreads, it is possible to enter and exit trades several times a day, to take advantage of even small price swings. Its ECN XL account has no commission. However, you should be aware that a $5 mark-up per lot will apply if you open an account through us.

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4.6 / 5

Broker 3

79.28% of retail CFD accounts lose money

F******** is a global broker, winner of 110+ awards including 'Best Regulated Forex Broker' in 2024. Trade over 250 instruments across a wide range of asset classes on MT4/5 or cTrader. This broker accepts all trading styles.

  • Likes
  • CFDs on 250+ instruments.
  • FxPro accepts all trading styles on MT4/5 and cTrader.
  • Trade on fixed or floating spreads, with or without commission.
  • Many deposit methods, including crypto and broker-to-broker transfers.
  • Get daily trading signals from Trading Central.
  • Dislikes
  • You cannot trade CFDs on ETFs or government bonds.
  • Copy trading isn't available.
Our take on F****

It's hard to find fault with F****, a regulated broker with a 20-year track record of success.

If you are new to trading, open a Standard account from a low $100 deposit. You'll enjoy a predictable trading environment with fixed, albeit wider, spreads.

And as you gain experience, you could turn to turn to its Raw account for razor-thin floating spreads and low commissions. This account requires a $1,000 minimum deposit.

The educational content available on F******** also caught our attention. You'll find learning paths for both beginners and advanced users, in the form of online courses, video tutorials and webinars.

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3.9 / 5

Broker 4

83% of retail CFD accounts lose money

Trade CFDs on a wide range of markets on MetaTrader 4 and 5, with leverage up to 1:1,000 through L**************. This broker accepts all EAs and trading styles, including scalping and news trading. Earn up to 2.5% interest on your account's balance.

  • Likes
  • All trading strategies are allowed.
  • Get free daily technical and fundamental analysis.
  • Receive up to 2.5% interest on used funds.
  • Copy trading accounts are also available.
  • Dislikes
  • Withdrawals fees are somewhat high, especially card withdrawals.
Our take on L**********

We've trade through L**********'s ECN account for over 4 years on raw spreads plus a commission of $5 per lot, per side. We like that it places no restrictions at all on our use of automated trading strategies.

Their customer service team is responsive, even on weekends. Our withdrawals have always been processed as quickly as possible. However, their withdrawal fees are a somewhat high, especially card withdrawals.

L********** publishes a lot of educational content in the form of webinars and articles on its blog, often with a focus on technical analysis. Their commentary could spark new trade ideas. However, you might find yourself lost if you are new to trading.

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4.7 / 5

Broker 5

77.82% of retail CFD accounts lose money

A*********** is an award-winning online broker, in business since 2006. Trade CFDs on one of the widest possible range of instruments and asset classes, from Forex to ETFs and government bonds.

  • Likes
  • Over 750 financial instruments on MT4/5.
  • Get free daily trading signals.
  • Easily copy professional traders.
  • No fees on deposits or withdrawals.
  • Get one-on-one assistance when you deposit US$1,000.
  • Dislikes
  • You cannot trade on raw spreads.
  • Quarterly and annual inactivity fees.
Our take on A*******

The breadth of assets available to trade through its platform sets this broker apart from the competition. You'll find over 750 instruments, including currencies, stocks, indices, ETFs (and leveraged ETFs), precious metals, commodities, cryptocurrencies, and government bonds.

With A*******, the MT4 and MT5 platforms are available for Windows and iOS devices. Its web trading platform is sleek, with advanced charting tools. Spreads are competitive and fixed, which can provide a more predictable trading environment, well-suited for beginners.

Customer service is excellent. Every time a question has arisen, we've been able to speak to a customer support agent easily through a local telephone number. Our queries were resolved within minutes. Support is available five days a week through various channels, including WhatsApp.

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4.1 / 5

Broker 6

Trading Forex/CFDs on margin carries a high level of risk.

4****** is an offshore broker founded in 2018 by Forex veterans. Trade Forex, metals, oil and stocks with leverage up to 1:500. It accepts all trading styles and Expert Advisors on MT4/5.

  • Likes
  • Enjoy flexible leverage up to 1:500.
  • Choose between MetaTrader 4 and 5.
  • All trading styles and Expert Advisors are allowed.
  • Fast execution speeds from its London data-centre.
  • Dislikes
  • Negative balance protection is only available across Forex and precious metals.
  • This broker is regulated in the Cook Islands, a country without an investor compensation fund.
Our take on 4**

4****** will appeal to you if you enjoy trading Forex, gold or silver on high leverage, up to 1:500. It accepts all trading styles on MT4 and MT5 without restrictions. And unlike some brokers, who'll adjust leverage dynamically, this broker keeps leverage constant at all times.

Alternatively, you may open a PAMM account or a copy trading account if you prefer to replicate other investors' trade. A copy trading account may be of interest to you if you lack the time or knowledge to trade the markets.

Customer support is available 6 days a week, and has always been professional in our interactions with them. So it's perhaps no surprise that 4** has received several awards commending the quality of its customer service.

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4.2 / 5

Broker 7

85% of retail CFD accounts lose money

H******* is an award-winning regulated online broker suitable for day traders as well as long-term investors. It's also an established broker, in business since 1999.

  • Likes
  • Trade CFDs or invest in over 1,000 "real" stocks.
  • Trade on MetaTrader 4 or MetaTrader 5.
  • Get free signals from Trading Central.
  • Open a trading account in USD, EUR, GBP, CAD and AED.
  • Dislikes
  • Trading fees on its Fixed and Classic accounts are a little high.
  • Monthly inactivity fees apply after 90 days.
  • Copy trading isn't possible.
Our take on H***

Trade over 300 instruments across a wide range of markets, spanning currencies, cryptocurrencies, stocks, indexes, and commodities. H******* offers a variety of trading accounts for beginners and more experienced traders, on the MetaTrader 4 and 5 platforms.

Of note, 'buy and hold' investors can now access over 1,000 'real' stocks, and earn dividends on their investments. It is possible to invest from as little as $10 through fractional ownership. This service includes American, Asian, and European stocks.

H******* is an established broker, in business since 1999. It's also a safe place to trade, being overseen by regulators in the EU, the UK, the UAE, and other regions.

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4.1 / 5

Broker 8

58.42% of retail CFD accounts lose money

R************ is an offshore broker based in and regulated in Belize. Access over 12,000 instruments, including real equities and CFDs on Forex, crypto and oil, from a single platform. We were able to start trading in minutes, without ID verification.

  • Likes
  • Access 12,000 instruments, including real stocks.
  • Start trading in minutes without ID verification.
  • Enjoy negative balance protection.
  • Dislikes
  • RoboForex is only regulated in Belize.
  • Withdrawal fees across most funding methods.
Our take on R********

R************ is an offshore broker you should consider, if you're looking for high leverage (up to 1:2000) across a wide range of asset classes.

We were able to open an account and start trading in under 5 minutes, as account verification is delayed until you raise a withdrawal request. It's free to fund your account, but pay attention to withdrawal fees across most withdrawal methods.

R******** accepts all trading styles and EAs on the MetaTrader 4 and 5 platforms. Its trading fees are on par with its competition, and swap fees generally lower. You may also qualify for a complimentary VPS if you trade at least 3 lots per month.

We particularly like its R StocksTrader platform, which allows you to invest in over 12,000 "real" stocks, in addition to CFDs across all other asset classes. If you're a buy-and-hold investor with an interest in stocks, this platform is one you should consider.

Read review

4.3 / 5

Broker 9

Your capital is at risk.

Trade CFDs on over 250 instruments with high leverage and low spreads through J**************. This broker accepts all trading styles and Expert Advisors on MetaTrader 4 and 5.

  • Likes
  • Flexible leverage up to 1:3000.
  • All trading strategies and EAs are allowed on MT4/5.
  • You can also trade on raw spreads, plus commission.
  • No fees on deposits or withdrawals.
  • Dislikes
  • No access to an investor compensation fund as this broker is incorporated in the Seychelles.
  • Bank withdrawals in some countries can be unreliable.
Our take on J**********

J************** offers trading accounts for traders both new and experienced. Its Standard and Standard Cent accounts, designed with beginners in mind, have a low US$10 minimum deposit. Its Pro and Raw Spread accounts will appeal to day traders and scalpers.

We like that it supports a wide range of account currencies: USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and even ZAR. If possible, open a trading account in your currency to avoid currency conversion fees. In addition, it charges no fees on deposits or withdrawals.

Our withdrawals have generally been processed swiftly. However, our first bank withdrawal took several weeks because of an error by its payment provider. During that period, customer support was slow to respond and acknowledge the underlying problem.

Read review

3.1 / 5

Broker 10

Start trading in minutes, without ID verification, from a low $250 deposit with leverage up to 1:1000. P*********** was voted "Best Cryptocurrency Broker" in 2024.

  • Likes
  • Start trading in minutes.
  • No KYC and no ID verification prior to trading.
  • Small initial deposit of 0.001 BTC (approximately US$ 40).
  • Trade CFDs on cryptocurrencies, Forex, indices, energies and metals.
  • Leverage up to 1:000.
  • Dislikes
  • No CFDs on individual stocks or ETFs.
  • No support for MT4, TradingView or cTrader.
  • PrimeXBT only accepts crypto-currency deposits.
  • PrimeXBT is not regulated or licensed.

How to choose a broker for beginners

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. We like 4******, winner of multiple awards in 2023 and 2022 commending the quality of its customer service(1).

2. User-friendly trading platform

Choose a user-friendly platform with advanced features. This is why all the brokers reviewed in this article support the popular MetaTrader 4 or 5 platforms. This will avoid any form of lock-in, and also make it easier for you to learn from their large communities of users. Both platforms support a rich ecosystem of apps. You'll also find more trading robots and indicators available for purchase from the MetaTrader Marketplace(2).

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. We suggest trading through 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. Take a look at the range of educational content available through F*********, that includes free online trading courses, ebooks and even weekly webinars. It's perhaps no surprise that FP Markets won the award for Best Education Material twice from Investment Trends Report(3). Some brokers will even give you the opportunity to ask professional traders questions in 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. This is why TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to always do your own research before funding your trading account.

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Author

About the author

I'm Stefan, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.

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