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Best Beginner Brokers Compared

UTC by Andy Watson · 5 min read
Best Beginner Brokers Compared
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Becoming more aware of how different brokers operate ensures that you can make the most from your investment and retain clarity regarding trades. 

The Internet has allowed millions of investors to find success online and enjoy the availability of several commodities that would otherwise be out of reach.  Although there can be an element of luck when making an investment, research and planning are essential.

Carrying out research online is possible but time-consuming, so investors cannot always take advantage of potential investments immediately.

The amount of information that needs to be factored in is why many successful investors use a reputable broker when planning their finances.  As such, traders must use the best beginner Forex brokers when wanting to make a success of investing online.

There can be several factors to consider when choosing a broker, which include the following.

  • What commodities are available?
  • What is the minimum deposit?
  • Is there training material available?
  • Is a demo account available?

There may be other factors to consider depending on the trader’s goals. For example, some may trade exclusively in cryptocurrency, whereas others may want to take advantage of high-value stocks like Google and Apple.

Before choosing a broker, creating a list of requirements is advisable to ensure a platform can meet your needs. However, if you are searching for guidance regarding the best beginner brokers, why not consider one of the following options?

Tickmill

Not only is Tickmill perfect for those just starting out trading, but it can adapt to the person’s requirements as they become more familiar with the platform. Those investing for the first time can choose a free Classic account, which requires a minimum deposit of $100 USD.

A Pro and VIP account also comes with additional benefits, including free stop-out, limit levels, and lower commissions.

Both MT4 and MT5 trading platforms are available, and trade information can be tracked from several devices thanks to a dedicated app. As all platforms are connected to the same software, the trading experience is seamless across all platforms.

Tickmill provides plenty of educational material for investors, including a free e-book entitled “The Majors – Insights and Strategies” explaining how Forex trading works.

IG

IG was established in 1974 and had a proven track record of providing safe and secure trading on many instruments, allowing it to obtain 320,000 global clients. IG also offers the most comprehensive range of trading instruments available, making it the ideal starting point for those wanting access to options not available elsewhere.

Another attractive feature of the IG platform is the availability of weekend trading on selected pairs which provides traders with some of the lowest costs in the industry. MT4, L2 Dealer and IG Trader are the three platforms used, although only MT4 and LG Trader can be accessed when using the app.

Deposits can be easily made to a trader’s account, and while there are instances when a minimum deposit is not required, there can also be circumstances when it is. The following is an overview of the deposit options available and the minimum deposit required for each.

  • Bank Wire: No minimum deposit required.
  • PayPal: A deposit of $250 USD is required when using PayPal.
  • Credit and Debit Cards: No minimum requirement for debit cards, although credit cards require a minimum deposit of $250 USD.

Traders can also enjoy a wide range of information that helps maintain a healthy return when making an investment which comes in the form of analytical reports entitled “The Morning Call” and “The Week Ahead.”

AvaTrade

Not only is AvaTrade an excellent fit for beginners and those wanting to diversify their investment portfolio. AvaTrade offers several asset classes that some brokers cannot find, including 55 vanilla options and 59 ETFs.

The app acts as a gateway to the MT4 trading platform. It is optimized when viewed on a mobile device, meaning traders can still peruse information and analytics. There can be limited functionality in some instances, meaning AvaTrade is best when used on a desktop.

Those wanting to trial the features and functions of AvaTrade can do so with a practice account, which can be converted into a real account once traders are confident with the platform.

One setback is that although a demo account is available, it does expire after 21 days. A demo account can be reactivated by contacting customer support, but this may not be the best fit for some traders.

XM

It is not only the user experience that needs to be considered when using a broker but also the training and education available. Fortunately, beginners wanting to become well-versed in investing will find that XM is the perfect platform.

In addition to frequent Q and A sessions, users can also benefit from a wide range of educational videos and webinars that allow them to understand the more complicated aspects of investing quickly.

XM complements its excellent training with several instruments, including crypto and FX pairs. There are several account options available depending on the requirements of traders, including an Islamic option for those of the Muslim faith.

There are several brokers that are the right fit for traders, but there may be some instances where some exploration will be required. Fortunately, the use of a demo account ensures that those starting out with trading do not lose funds as they become familiar with a broker.

Although finding the right platform will require some time and research it is a worthwhile endeavor for those wanting to find the right fit. Furthermore, there are other tools that can be used to help find the right broker.

Examples include a broker comparison website that can be used to shortlist the potential brokers suitable for use.

Becoming more aware of how different brokers operate ensures that you can make the most from your investment and retain clarity regarding trades.

Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.

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Andy Watson
Author Andy Watson

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