Online forex trading requires a brokerage account. Brokers provide these accounts once you sign up with them. They serve as your link to the foreign exchange market. They provide liquidity or link you to a pool where your trades can take effect.
A trader can not enter into the foreign exchange market on their own. They must use a broker. Successfully trading the market partly depends on the broker with whom you register. There are many well-known brokers, great for all levels of traders. But this blog will introduce three less famous ones that are excellent for new traders.
Before we go on, we should mention three basic things a beginner should look for in a broker. These four essential features of a Beginner-friendly broker are:
- License – The broker must operate with one or more licenses from reputable authorities.
- User-friendly platform – The trading platform must be easy to use. A beginner must not find it hard to navigate platform features.
- Education and research resources – A beginner has a lot of learning to do. Most of which will be acquired as they trade. A good broker must provide quality tools for this learning.
- Free demo – Beginners must be able to practice on the trading platform before entering the market.
Three little-known trading brokers that are excellent for beginners
- Tickmill Markets
- Vantage Markets
A review of each broker
Capital.com is a London-based trading broker with offices in parts of Europe. The trading broker is regulated in the United Kingdom and Europe. Beginners will find its platform easy to use, with rich educational resources to master trading. Capital.com offers access to trade thousands of instruments on the popular meta trader 4 and its proprietary app. Beginners can connect with other traders through TradingView.
- The minimum deposit to start trading is $20
- com holds licenses from three major top financial authorities, including FCA, ASIC, and CySEC.
- A free demo is available for beginners to practice trading before signing up.
- Several educational resources are provided, including beginner’s financial courses.
- Investmate is a special financial education app that includes up to 30 courses, quizzes, and other learning materials for beginners.
- There are over 2000 financial instruments to trade, including forex and CFDs on stocks, metals, indices, etc.
- Forex traders can trade up to 138 forex pairs on the broker’s platforms.
- Its trading services are offered on meta trader 4, TradingView, and the Capital.com app.
- Mobile trading is available.
- Traders can access the leverage of 30:1
- Stock trading is commission-free if you are based in the EU or the UK.
Tickmill is one of the little-known brokers that has been in operation since 2014. The broker is based in London and has offices in Europe, Africa, and Asia. Tickmill is a full meta trader broker, offering access to speculate on hundreds of market instruments.
- The minimum deposit to trade on Tickmill’s platforms is $100.
- Tickmill offers a free demo, allowing beginners to familiarise themselves with the market without risking their capital.
- Forex traders can access up to 62 currency pairs on the broker’s platforms.
- Tickmill is based in the United Kingdom and regulated by the Financial Conduct Authority FCA.
- Oil and stock indices, CFDs, metals, bonds, and cryptocurrencies are other tradeable instruments.
- Tickmill also holds licenses from CySEC (Cyprus) and FSA (Seychelles).
- Negative balance protection is offered on all trading accounts.
- Customers can trade on any meta trader platform they choose. Whether it’s the older MT4 or, the more advanced MT5.
- Leverage up to 100:1 is available.
- Tickmill offers social and copy trading through Zulutrade. Beginners can connect and learn from more experienced traders in the community.
- The broker’s learning resources include educational courses, eBooks, webinars, and videos. These resources are rich in information to help beginners learn about assets and the market as they trade.
Vantage Markets is a multiple-asset online broker founded in 2009. The broker has its headquarters in Australia and other offices around Europe and the Caribbean. Vantage Markets offers trading services on the complete meta trader suites and its proprietary app. Beginners can access hundreds of the most liquid markets on its platforms.
- The minimum deposit to trade on Vantage Markets’ platforms is $200.
- Beginners can access a free demo to practice while they research trading strategies.
- Vantage Markets operates with ASIC, FCA, CySEC, and CIMA licenses.
- Hundreds of financial instruments are available to trade, including forex and CFDs.
- Forex traders can choose and trade up to 44 currency pairs.
- Beginners can access lots of learning resources through Trading Central.
- Vantage Markets provide platform and trading tutorials to help beginners master trading quicker.
- Its beginner’s education resources also contain forex education and investment glossaries.
- Beginners can access multiple copy and social trading services, such as Zulutrade and Duplitrade.
- Vantage Markets offer a leverage of 30:1.
There are numerous trading brokers online, but not all are famous. The reason is that some reputable ones invest little in online ads and campaigns. Others are famous in their home countries, even though they accept global customers. The most important thing is dealing with a licensed broker offering quality services. And if you’re new to trading, you want to choose the one with beginner-friendly services. Other features to look out for are:
- Easily reachable customer service
- Competitive trading fees
- A low minimum deposit. This allows you to start small while familiarizing yourself with the system.
- Multiple payment methods for easy withdrawal and deposit.