If you think you’ve developed a clear enough understanding of the basic practices of Forex trading, also known as foreign currency exchange, you may be surprised to know that your education journey is far from over.
Prior to trading in live funds it is necessary to select a reputable Forex broker. Ideally, you want to work with a broker that not only offers a wide variety of tools, but also one that is open-minded to helping beginner traders along the way.
Beginners Guide to the Top 8 Online Forex Brokers
Listed below is a selection of US based Online Forex Brokers, in order of deposits minimums. With the majority of these brokers you will received round-the-clock customer support and each of them offer access to a plethora of valuable (and free) training resources.
The Top US based Forex Brokers Online
eToro Social Network, Practice Account: $50K, Minimum Deposit: $50
Well established, reputable forex trading network with follow-copy features, very useful for beginner traders.
Instaforex broker, Practice Account: Unlimited, Minimum Deposit:$1
Great Metatrader 4 broker with all the necessary features to start your career in currency trading.
- optionsXpress, Practice Account: $25K, Minimum Deposit: None
In operation since 2001, this broker provides pre-recorded and live webinars, as well as in-person educational training seminars.
- OANDA Corporation, Practice Account: U/L, Minimum Deposit: None
Since 2001 OANDA has been offering demo Forex accounts with no expiry, allowing traders to practice until they feel comfortable going live. In addition they offer webinars, learning events and other educational resources.
- FOREX.com, Practice Account: $50K, Minimum Deposit: $250
FOREX.com opened in 1999 and provides video learning tailored for newbies, as well as webinars, live chat and more.
- TradeKing Forex, Practice Account: $50K, Minimum Deposit: $500
TradeKing started in 2005 and offers an in-depth educational resource that included question forums, indexed tabs of best practices and more.
- TradeStation Group, Practice Account: $200K, Minimum Deposit: $2K
Established in 1991, this broker lets traders start with the basics and learn as they grow. They offer trading labs, events and more.
- Fortex Capital Marking, Practice Account: $50K, Minimum Deposit: $2k
Fortex has been a Forex broker since 1999. They are extremely ‘novice trader’ friendly and provide daily platform tutorials and scheduled strategy sessions, as well as a wide array of educational resources and training materials.