TU analysts listed the best trading platform for beginners in 2023
Navigating the world of forex trading can be overwhelming for beginners, with numerous platforms and complex strategies to consider. However, with the proper guidance and resources, even those new to the market can find success.
Traders Union has recently released a list of the best forex trading platforms for beginners. This guide aims to help new investors understand the forex market and make informed decisions. Beginners can increase their likelihood of success and reduce risks by selecting a trading platform that is both dependable and easy to use.
Key factors that make a Forex trading platform ideal for beginners
Traders Union recommends that beginners take certain factors into account when selecting a forex trading platform:
- User-Friendliness: Look for a platform with an interface that is easy to use, effective, and reliable. Ensure that the mobile app (if any) is also beginner-friendly.
- Education for Beginners: Choose a platform that offers appropriate educational resources, such as video tutorials and expert trader-created videos explaining different trading strategies.
- Cent and Mini Accounts: Consider setting up an account with a company that offers mini versions, also known as cent accounts, which allow you to get started with a minimal deposit and stake a much smaller amount on trades.
- Passive Income Options: Look for opportunities to earn a passive income through the trading platform, such as copy trading, which allows you to follow more experienced traders and build up security with your account.
- Forex Bonuses: Be aware of the terms and conditions of any bonus offered by the platform, which typically only applies to your first deposit and may require you to trade a certain amount before withdrawing earnings. Nonetheless, taking advantage of bonuses can be beneficial.
Thoroughly researching each platform’s beginner-friendliness can make your journey a more pleasant and successful one.
How to choose the best Forex trading platform
TU analysts used specific criteria to determine the best forex trading platforms for beginners. The methodology included:
- Platform: We analyzed the trading platforms and considered factors such as ease of use and accessibility on mobile devices.
- Payment Methods: We selected platforms that offered a wide variety of deposit and withdrawal methods.
- Education: We prioritized companies that provide educational resources for beginner traders.
- Support: We ensured that the platforms listed offered efficient and effective customer support.
- Minimum Deposit: We selected platforms that don’t require a significant amount of money to be deposited at a time, thus reducing the risk taken on by beginners.
Top Forex trading platforms recommended for beginner traders
TU experts recommend the top 5 beginner-friendly Forex trading platforms to minimize risk for new traders.
XM is a well-established and user-friendly forex trading platform that offers low fees, welcome bonus and a wide variety of deposit/withdrawal methods. It’s great for beginners with a low minimum deposit of $5 and access to a demo account.
eToro is a reputable and unique platform for beginners, offering copy trading initiated by experts, passive income opportunities with automated trades, and access to cryptocurrency trading.
Admiral Markets UK offers a diverse selection of 47 forex pairs and supports MetaTrader on desktop and mobile. With multiple regulators involved, it’s considered an average risk platform. A minimum deposit of $100 is required to start trading.
FXTM is an appealing option for beginners due to the ability to open a cent account, allowing for minimal-risk trades with small amounts of money. Despite high spreads, FXTM is considered reliable.
FxPro is known for its superior diversity with access to 70 forex pairs in 173 countries. Over a million people trust FxPro, which is regulated by the FCA, FSCA, SCB, and CySEC. The minimum deposit is $100.
In conclusion, choosing the best trading platform for beginners requires careful consideration of several factors, including user-friendliness, educational resources, support, and minimum deposit requirements. Traders Union recommends the top 5 beginner-friendly forex brokers, including XM, eToro, Admiral Markets UK, FXTM, and FxPro. Visit the Traders Union website for more information.