5 Best Forex Brokers For Beginners

5 Best Forex Brokers For Beginners

 

Beginner-friendly Forex brokers provide assistance to their customers. Brokers who have a good reputation can help you verify your account, set up and configure a new trading platform, and provide educational resources. This way, the trader is in the best position to recognize and seize upon profitable trades.

 

1). AvaTrade

 

Overview

 

AvaTrade is a highly regulated market maker that provides trading on a variety of assets, and is one of the best Forex Brokers for Kenyans.

 

AvaTrade offers one of the most user-friendly and forward-thinking trading environments for novice investors, thanks to its support for all of the top trading platforms, such as MT4 and MT5, as well as its own app, AvatradeGO, which has won multiple industry awards.

 

Pros and Cons

PROS

CONS

Broad range of tradable instruments

High EURUSD and inactivity fees

MetaTrader 4 and 5 available

 

Excellent educational resources

 

Features

Feature

Information

Regulation

Central Bank of Ireland, MiFID, ASiC, BVI

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission on Forex

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

First Deposit Bonus

👉Open a Free Trading Account Now

  

2). FXTM

 

Overview

 

In addition to MT4 and MT5 platforms, FXTM is a well-regulated market maker/ECN broker that provides a wide range of account options as one of the best Kenya Forex Brokers.

 

To help novice CFD traders, FXTM offers a strong copy-trading technique that can be a great help. FXTM Invest allows traders to imitate the trades of more experienced traders, known as Strategy Managers, in order to access trading opportunities without the technical know-how they need.

 

Pros and Cons

PROS

CONS

Superb customer service

Inactivity and withdrawal fees

High maximum leverage

Limited product portfolio

Great educational tools

 

Features

Feature

Information

Regulation

CySEC, FCA, FSCA

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission

Deposit/Withdrawal Fees

$3

Maximum Leverage

1:500 on average

Bonuses

$300 Trading Bonus

Customer Support

24/5 

  

 

3). XM

 

Overview

 

Some of the best instructional and market analytical products may be found at XM. Multi-asset trading on several asset classes is offered by XM, an established market maker that is regulated by the Financial Conduct Authority and the Securities and Exchange Commission. 

Both the MT4 and MT5 platforms offer four live accounts for traders to choose from.

 

Pros and Cons

Pros

Low minimum deposit

Comprehensive educational offering

Streamlined account opening process

Cons

Inactivity fee charged after 90 days on live accounts

Limited product portfolio

Features

Feature

Information

Regulation

IFSC, ASIC, CySEC, FCA and DFSA

Minimum deposit from

$5

Average spread from

0.1 pips

Commissions from

$3.5 commission per $100 000 traded

Deposit/Withdrawal Fees

None

Maximum Leverage

1:30

Bonuses

$30 Trading Bonus

Customer Support

24/5 

 

 

4). Exness

 

Overview

 

On the MT4 and MT5 trading platforms, Exness is a market maker that provides market and execution accounts. Exness offers some of the greatest trading conditions in the business, including a free Cent Account for new traders.

 

Pros and Cons

PROS

CONS

Well-regulated

 

Tight spreads

 

Over 130 currency pairs

 

 

Features

Feature

Information

Regulation

CySEC, FCA

Minimum deposit from

$1

Average spread from

1.3 pips

Commissions from

3 USD and 10 USD per 1 lot for CFDs

Deposit/Withdrawal Fees

None

Maximum Leverage

1:2000

Bonuses

Standard +10% Bonus Programme

Customer Support

24/5 – multilingual

 

 

5). Pepperstone

 

Overview

 

Beginners can get a head start on their trading careers with the help of Pepperstone’s wealth of educational resources. 

 

Free trading guidelines, articles on how to trade Forex and CFDs, and other courses and videos are all part of the company’s instructional offerings. It holds regular webinars and archives of prior webinars are available for free on its website.

 

Pros and Cons

ProsNo minimum deposit
Low trading fees for forex
No added costs for withdrawals or deposits

ConsLimited number of instruments
No additional research tools

 

Features

Feature

Information

Regulation

FCA, ASIC

Minimum deposit from

AUD200

Average spread from

0.4 pips

Commissions from

$3.76 commission per lot per trade

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

None

Customer Support

24/5

 

5 Best Forex Brokers for beginners

Author: Saint innocent

Head admin and content editor.

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