Which forex brokers would you recommend for beginners

Is it possible to have a list of scammers displayed to guide new adventurers into the forex world? This would provide a safe-landing for new disciples who want to make an adventure into forex. How strong and reliable is Hotforex brokers and Arab Financial Brokers? Can any current one with useful information help me out before I go further?

Alex O.

I ended up just going with Oanda for a live account until I learn a little more. Started with this list. Forex Brokers Guide - BabyPips.com and googled review sites on most of them(pretty much a waste of time, negative/positive reviews for all). I don’t think the babypips list is kept completely upto date in terms of what they offer but I would imagine most of those listed are reasonably safe(for now).

for a list of scam brokers, you might want to check forexpeacearmy, I guess they are the most popular when it comes to legal issues with any forex broker out there, I trade with hotforex and they are decent honestly, no major issues for me, though my trading is just like a part time to earn extra, best of luck… best thing a newcommer to forex would do is to play with demos and study the different broker options you might have, do not venture with a big live account at anytime soon, if demo is not that realistic then start with a micro account with a couple of bux to play and practice with but only if you have enough knowlede about forex. blowing an account aint fun at all :smiley: :smiley:

Not got any experience of those brokers, but the best advice i can give is check out plenty of reviews, check out the FPA sections on brokers as it’s usually good, and make sure they’re regulated etc… test out with a demo account and see how it goes, ring support with a question or too and see if they seem efficient and helpful… basically just cover your ass before thinking about putting your investment into their accounts.

Hi Alex, I like your idea a lot!

I have been thinking for the same recently and I think that we as forum members should try to collect the information and put it together.

Also, I think beginners can follow this site to get the list of brokers for them : Forex Ratings .

I have no recomendation at all. But I will like to tell you BEWARE to any broker that you are going to choose. several tips from me for choosing a right broker:

  1. make sure they are regulated,
  2. becarefull of the bonuses conditions.
  3. find the information about the broker that has good feedback
  4. see if they can offer several withdrawal espceially if they coorporate with several local money changer

For scammers, check out forexpeacearmy.com

I am not shy to recommend Pepperstone (standard or razor), AxiTrader, HotForex and FinFx ( in that order ).


There are many decent brokers. Are you looking for ECN, STP or Market Maker? I gave a list to whom I think are the best but I am certain it is debtable. My ECN, STP and MM Brokers

If you’re not in the US…I’d suggest looking long and hard at pepperstone. Be sure to sign up with the Aslan Group if you do so you can get their generous rebates: https://pepperstone.com/company-profile/the-aslan-group.php

I really appreciate your useful advice and will surely check up Forex Ratings. I am happy to be a member of this educative and friendly forum

As a newbie I would say it was helpful to see reviews from traders for choosing the proper broker for trading. When I started I looked through the reviews and rating and chose the best variant.

According to me, “Forex Peace Army” is the best website to know about scam brokers. No idea about “Arab Financial Brokers” but there is high promotion of “Hotforex” as a reliable broker while it may be fake.

I’m with Pepperstone and have no complaints so far. I was also with Go Markets but Pepperstone offered better spreads.

I’m currently trading with Hotforex. I’ve had no problems with them since I began trading 4 months ago. They even refunded my money when they had a server failure the other day.

I’m a newbie and currently on Fxprimus practice account. I was given discount on initial deposit. I was very confused with the MT4 platform as I’m very new but the support guy helped me through the night on live chat. I’m planning to take up their primus coach service to learn from the coach one to one once I decide to start trading live. Keep you guys updated.

For you as a newbie you can find any broker you want, it doesn’t matter - you will have small account and i am sure that you will not have any problem at all. The best way to find a broker with good rebate system or use rebate sites for reducing your looses. ALSO participate in forex contests and use demo accounts for a long time!Good luck

I’m going to trade on Forex and want to choose the best broker. I’ve looked through a lot of reviews on forums and chats. Most popular and reliable are accentforex (10$ min deposit) and fxpro (500$). Both are rather good. I decided to trade with accentforex and don’t regret.

Have you already trade with them on live account? What your opinion as to this broker?

Hotforex? Hmm…
I have live account with IC Markets - been good.
Global Prime also good.

anything with ECN account type would be good choice. there’s lot of review site out there, but for your own safety put a small deposit amount on your chosen broker, whatever your choice, safety comes first. :slight_smile: