Prior to trading in live funds it is necessary to select a reputed 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.
Listed below is a selection of US based top 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
- 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 walk-throughs and scheduled strategy sessions, as well as a wide array of educational resources and training materials.
- Thinkorswim, Minimum Deposit: $2K
The TD Ameritrade Forex platform, Thinkorswim provides investor education tools and curriculums consisting of videos, live chats and online courses.
- E*trade FX, Practice Account: $50k for 30 days, Minimum Deposit: $2K
Operating since 1982, E*trade has refined their education portal to include a wealth of tools, resources and information designed for beginners.