The 5 Best Forex Trading Platforms for Beginners in 2024 (2024)

Forex trading can seem daunting for beginners, but with the right trading platform, it can be an accessible way to start investing and trading currencies. As forex trading has grown in popularity over the years, more brokerages are offering user-friendly platforms aimed at new traders.

When reviewing forex trading platforms for beginners, the most important factors we considered were ease of use, educational resources, research and analysis tools, risk management features, customer support, and costs. Based on these criteria, here are the top forex trading platforms we recommend for beginner traders in 2024:

1. IG - Best Overall for Beginners

IG is our top pick for beginner forex traders thanks to its combination of an easy-to-use web trading platform, a wide variety of educational resources, and competitive pricing.

Some key advantages of IG for new forex traders:

• Intuitive web and mobile platforms: IG's web trading platform is simple to use with an intuitive interface that allows you to search for currency pairs, place trades quickly, and monitor positions. The mobile apps also make it easy to trade on the go.
• Risk management tools: Features like guaranteed stops and negative balance protection help beginners manage their risk when first starting out.
• Outstanding educational offerings: From live webinars to video tutorials and written guides, IG has a wealth of learning resources for developing forex trading skills.
• Competitive pricing: IG's spreads are competitive, starting from 0.6 pips on mainstream currency pairs. There are no commissions to trade forex, just the spread markup.

The one downside is that IG's platform is purely web-based, so you cannot download any desktop software. But for most beginner traders, the user-friendly web and mobile experience is more than sufficient.

2. FOREX.com - Best Variety of Platforms

For traders who want more platform choice and research tools compared to IG, FOREX.com is another excellent option. Forex.com offers desktop, web-based, and mobile app platforms, including the popular MetaTrader 4 (MT4) software.

Highlights of trading with FOREX.com include:

• Multiple platforms: Choose from desktop, web, mobile apps, MT4, and more. This allows you to find the right fit for your trading style.
• Advanced research and analysis: Platforms like Advanced Trading and MT4 offer an extensive range of technical studies, charting tools, screeners, and reports to inform your trading.
• Great educational content: FOREX.com has a large learning center with trading courses, video tutorials, ebooks, and more tailored to different experience levels.
• Tight spreads: Typical spreads start from 1 pip on mainstream currency pairs, very competitive for the US market.

One downside is that FOREX.com has higher minimum account sizes than some other beginner brokers, at $50 to open an account and $2,500 for margin trading. But with their platform choice and trading tools, it is still a great option for committed beginners.

3. OANDA - Best for Mobile Trading

Canadian-based broker OANDA is renowned for its trading platforms focused on forex and CFDs, making it another top choice for beginners in 2024.

Why OANDA stands out:

• User-friendly mobile apps: OANDA has an excellent, easy-to-use mobile app available alongside the web trading platform and MT4. This makes it perfect for trading on the go.
• No minimum deposit or account size: You can open an account and start trading from just $1, one of the lowest minimums in the industry.
• Tight spreads from 0.4 pips: Very competitive pricing thanks to OANDA's market making model rather than a dealing desk.
• Regulated around the world: OANDA is regulated across 5 continents, providing security and oversight for your funds.

One key downside is that OANDA has a limited selection of non-forex products like stocks and crypto compared to some rivals. But for trading FX as a beginner, it remains a stand-out choice.

4. eToro - Best Social and Copy Trading Platform

If you want to learn from experienced forex traders when starting out, eToro offers a unique social and copy trading platform that sets it apart for beginners.

Why choose eToro?

• CopyTrader: Lets you automatically copy positions opened by top-performing traders on eToro, ideal for learning proven forex strategies.
• Social news feed: Connect with other eToro traders to discuss trading ideas and market moves, great for absorbing more forex knowledge.
• Virtual portfolio: Practice trading risk-free with $100,000 of virtual funds when you open a demo account. This helps you find your feet with forex.
• Cryptocurrency trading: As well as 55 currency pairs, you can trade major crypto assets like Bitcoin on eToro alongside forex.

The main downside is that eToro has wider spreads starting from 2.5 pips for mainstream currency pairs. But for copy and social trading features, it is hard to beat.

5. TD Ameritrade - Best Desktop Platform

Last on our list is leading US broker TD Ameritrade, which stands out for its highly-rated desktop thinkorswim platform packed with tools - perfect for committed beginners.

Why open an account with TD Ameritrade?

• thinkorswim desktop app: This platform is consistently rated as one of the best for active trading and technical analysis, with hundreds of indicators and advanced charting.
• Virtual trading: thinkorswim includes a paperMoney virtual trading feature to simulate live markets using fake money as you learn the ropes.
• 24/5 customer support: TD Ameritrade offers customer support around the clock (except weekends) - great for beginner questions.
• Wide range of tradable assets: Trade not only forex but also global stocks, ETFs, futures, and more alongside major currencies.

One key downside is that TD Ameritrade has higher forex pricing with wider spreads, averaging 1.5 pips for EUR/USD. But their desktop platform offering outweighs this for active beginners.

How to Choose the Best Trading Platform as a Beginner

When deciding which broker and trading platform is right for you as a beginner forex trader, there are several key factors to consider:

Regulation & Security - Make sure your broker is regulated in your region, for example the NFA and CFTC in the US. This provides oversight and security for your funds.

Ease of Use - Look for an intuitive platform that is simple to navigate. Web-based trading and mobile apps are often the most beginner-friendly.

Costs & Pricing - Check the average spread for mainstream currency pairs and any commissions charged on each trade. Narrower spreads equal lower trading costs.

Range of Markets - Some platforms allow you to trade forex plus assets like stocks, crypto, commodities, and more from a single account. This allows easy diversification.

Customer Support - Check reviews and test out customer service by contacting support teams with questions. 24/5 support availability is preferred.

Education & Analysis - Trading guides, courses, video tutorials, webinars, technical studies, risk management tools, and more are hugely valuable for beginners learning the ropes.

By comparing brokers across these key criteria, you can zero in on the best forex trading platform for your individual needs as a novice trader.

Getting Started with Forex Trading as a Beginner

Once you have chosen a suitable beginner-friendly broker and platform, it is time to begin your forex trading journey! Follow these steps for a smooth start:

1. Open a Demo Account: Sign up for a demo trading account with virtual funds to practice risk-free before depositing real money. This allows you to get familiar with your broker's platform.
2. Develop Your Trading Plan: Set out your trading goals, risk appetite, strategies, and rules that guide your forex trading - and stick to them! Having a trading plan is key for beginners.
3. Start Small: Dip your toe in with small position sizes and trade volumes to minimize risk when first going live with real capital. Slowly increase your activity as you gain experience.
4. Learn with Every Trade: Review the outcome of each trade to improve your strategy and analysis. Losses and wins are both valuable learning opportunities.
5. Access Educational Resources: Make the most of any trading courses, ebooks, tutorials, and webinars offered by your brokerage and external sources to constantly build your knowledge.

With the right broker, platform, and approach to developing your trading, forex markets offer an exciting avenue to start investing in global currencies as a beginner! Use the 5 brokers profiled above as a jumping off point to find the best fit for your needs.