The foreign exchange market offers plenty of opportunities for earning profits through trading. The market operates on 24 hours/5 days basis and is a highly liquid market. But, in order to trade forex, traders need to choose a reputed broker that offers the right tools, platform and efficient customer support for trading. This is specifically true for beginner traders. Here, discover the 5 best online brokers for beginners in 2020.
Best Online Brokers for 2020
1. AvaTrade: One of the most reputed and trusted brokers, AvaTrade has presence in more than 150 countries. It is duly regulated by some of the prominent financial regulatory bodies in Europe, Japan, Australia and Canada. The broker offers extremely attractive leverage options of around 1: 400. The broker is heavily relied upon by a number of international traders. AvaTrade offers a highly advanced as well as user-friendly platform for trading. Some of the key offerings of its trading platform include in-house software for trading, Forex APIs, adjustable algorithms for trading and more that helps you to automate your trades effortlessly. They have a simple and highly intuitive platform and also provide training as well as educational materials for first time traders.
2. FXCM: Another top online broker that is highly recommended for beginner traders is FXCM. The broker provides the widely used MT4 platform, which is both user-friendly and intuitive and can be customized as per the user. FXCM’s trading platform allows traders to engage in day trading and place all types of orders including stop loss and take profit, limit orders and trailing stop. In the year 2016, the broker added the DOM indicator, which allows “no dealing desk” traders to easily view 5 distinct liquidity levels aside to 17 other currency pairs that are widely traded. The broker offers variable spreads and leverage of up to 1:400.
3. IC Markets: IC Markets is another top broker, which makes an excellent choice for beginner traders. The broker is regulated by the renowned financial regulatory body ASIC (Australian Securities and Investments Commission). With IC Markets, traders have the option of trading forex at low spreads of 0.0 pip. As the leading ECN broker, IC Markets offers as many as 56 assets for trading, which means there’s plenty of scope for beginner traders to earn profits. Also, apart from the ASIC regulation, the broker is regulated by the CySec and the FSA.
4. AxiTrader: AxiTrader also makes a great option for beginner traders. The broker offers competitive spreads for CFDs and forex currencies and is duly regulated by the FCA (Financial Conduct Authority), FMA and the ASIC. AxiTrader offers the extremely popular MT4 platform, which is an easy to access and use trading platforms for all types of traders. The broker offers more than 80 assets for trading and low spreads for trading.
5. ATFX: ATFX is a UK based regulator that has been duly recognized and awarded for its exceptional performance. The broker offers CFDs and forex with highly competitive spreads for the purpose of trading. At ATFX, traders have the option of trading more than 50 different assets through the industry recognized MT4 platform. The broker is regulated by UK’s FCA, which ensures safety of client funds under all circumstances.