Advertiser disclosure: we have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, this notice changes first. How we make money
Brokers with at least one Tier 1 company that takes retail clients, ranked by what a first account depends on: account choice, minimum deposit and regulation. We have not tested their education or support yet, so those do not move the order.
Low Spread Brokers does not give personal investment advice.
A beginner loses more to the wrong company and too much leverage than to 0.2 pips of spread. So this list weights accounts at 35% and regulation at 20% of a beginner score, leaves costs out, and keeps the 45% for education and support empty until we test them. Read first:our methodologyhow we make moneyhow regulation differs by country
Pick a broker whose company for your country is Tier 1, then the one with the set-up you need: a demo with live prices, a low minimum deposit and a standard account without commission. The order below follows our accounts and regulation scores; check the spread line on each card, because the beginner score leaves costs out.
Check that the company named on the account form is the Tier 1 one for your country, not an offshore sister company.
Start on a standard account: you pay one cost, the spread, instead of spread plus commission.
Stay within the 1:30 retail cap on major pairs, and use less of it while you learn.
Run the demo for a few weeks with the position size you would trade live.
Not sure which broker fits you?
Pick what matters most and go straight to the ranking built for it.
Every ranking shows the company behind each broker and the loss rate that company publishes.
Best forex brokers for beginners, in the order of this page
Ranked by this page’s rule from published data, not by commission. Advertiser disclosure
Why this order: sorted by a beginner score built from our accounts (35%) and regulation (20%) criteria, among brokers with a Tier 1 company that takes retail clients; education and support (45%) are not scored yet, and ties go to the lower minimum deposit. Ranked from our data on 19 brokers, updated 19 Oct 2026. How we rank
Ranked by beginner score · 19 Oct 2026
Costs are not in the beginner score; read the spread line on each card.
Depends on entity: up to 30:1 (Standard, ThinkTrader, ThinkZero accounts, retail) (FCA, ASIC)up to 30:1 (ThinkZero account, retail) (CySEC)up to 500:1 (Standard, ThinkZero); 2500:1 (ThinkTrader account) (FSA Seychelles)
Funding methods
Bank wire, Visa, Mastercard, Skrill, Neteller, Apple Pay, Google Pay, Crypto (global site only)
StandardRawIslamicDemoSpread bettingProfessional6 of 9 licences checked on the register, 20 Oct 2026
Why #1the widest account range in our data, demo and swap-free included, and a low published minimum; no EUR/USD spread in pips, so check costs on its site.
Depends on entity: up to 1:30 (ASIC)up to 1:30 (retail, all account types) (CySEC)up to 1:5000 (MetaTrader accounts), 1:1000 (cTrader); described as dynamic (FSA Seychelles)up to 1:200 (SCB)
Funding methods
Credit/debit card, Bank transfer, PayPal, Skrill, Neteller, UnionPay, BPAY, FasaPay, POLi
StandardRawIslamicProfessional3 of 4 licences checked on the register, 20 Oct 2026
Why #2no stated minimum on its global accounts, swap-free and raw accounts; outside Australia and the EEA, beginners are onboarded by its Seychelles or Bahamas company.
Depends on entity: up to 30:1 (shown on Ultra Low and Zero account cards, EU site) (CySEC)
Funding methods
Bank wire transfer, Skrill, Neteller, Przelewy24
RawIslamicDemoCent3 of 9 licences checked on the register, 20 Oct 2026
Why #4a very low minimum on its EU accounts and a demo, but outside the EEA the XM brand runs on an offshore Belize company with leverage up to 1:1000.
0.0 pips (RAW ECN (inferred: unlabeled block), 17 Feb 2026)
Platforms
MT4, MT5, TradingView, proprietary
Max retail leverage
Depends on entity: up to 30:1 (major currency pairs, retail); lower for other instruments (FCA)up to up to 30:1 (retail clients) (ASIC)up to 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Funding methods
Debit card, Credit card, Bank transfer, Skrill, Neteller, E-wallets, Alternative payment methods
StandardRawECNIslamicCopyCentSpread bettingProfessional2 of 6 licences checked on the register, 20 Oct 2026
Why #5cent and copy accounts; UK and Australian residents get its FCA or ASIC company, other countries an offshore one.
Depends on entity: up to 50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA)up to 30:1 (major forex pairs, retail; margin 3.33%) (FCA)up to 1:30 (retail, per account comparison table on EU site) (KNF)up to up to 20:1 (retail) (MAS)up to 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
Funding methods
Debit card, Credit card, Bank transfer (Faster Payments, BACS, CHAPS, SWIFT, SEPA)
StandardRawProfessional4 of 8 licences checked on the register, 20 Oct 2026
Why #9Tier 1 companies in seven countries and no minimum deposit on its UK standard account.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
13I
IG
Main entity: IG Markets Ltd · 13 entities in total
Depends on entity: up to 30:1 (depending on instrument, retail) (FCA)up to 30:1 (major currency pairs, retail) (CySEC, ASIC)up to 30:1 default for major currency pairs (as stated on fxcm.com/za open-account page) (FSCA)up to 1000:1 (accounts with equity < $10,000; 400:1 for $10k-50k; 100:1 above $50k; MT4 < $10k max 400:1) (Unregulated)
Funding methods
Debit/credit card (Visa, Mastercard; Discover in UK), Bank wire, PayPal (UK, AU), Google Pay, Apple Pay (UK, AU), Open Banking (UK), Skrill, NETELLER, Rapid Transfer (UK), China Online Payment (markets), Crypto (markets)
StandardRawSpread bettingProfessional4 of 6 licences checked on the register, 20 Oct 2026
Depends on entity: up to 1:30 (major FX CFDs, retail: ESMA-style minimum initial margin 3.33%; 5% other pairs) (FCA)up to Leverage limits per CBI CFD rules (Aug 2019) for retail; ESMA minimum margin 3.33% major FX (1:30) per CFD margin page (Central Bank of Ireland)
Funding methods
Bank wire, ACH (US), Direct ACH (US), Check (US), Online Bill Pay (US), Wise balance transfer, USDC stablecoin (USD)
Standard6 of 9 licences checked on the register, 20 Oct 2026
Who each broker suits as a first account, and its main drawback, in the order of the list.
1ThinkMarketstrying several account types from a low deposit; costs not published in pips7.6/10
2IC Marketsbeginners in Australia or the EEA; offshore company elsewhere8.0/10
3XTBone simple platform with no minimum deposit; no MetaTrader7.1/10
4XMEEA residents via its CySEC company; offshore with high leverage elsewhere7.2/10
5Vantagesmall cent accounts; offshore company outside the UK and Australia7.9/10
6Admirals (Admiral Markets)EU beginners on MetaTrader 5; not available to residents of Belgium7.7/10
7TickmillUK, EU or Dubai residents who want a swap-free account; Seychelles company elsewhere7.7/10
8CMC MarketsUK beginners who want no minimum deposit; no MT57.8/10
9OANDAa Tier 1 company in many countries; no cTrader8.0/10
10Pepperstonebeginners who expect to move to cTrader or TradingView later; fewer account types8.5/10
Scores by criterion
Each criterion scored 0–10. Darker means a higher score; an empty cell means not measured.
Scores by criterion
Broker
Costs
Platforms
Regulation
Accounts
Research
Support
ThinkMarkets
Not measured
8.0
9.0
9.0
Not measured
Not measured
IC Markets
6.8
9.5
8.0
8.5
Not measured
Not measured
XTB
6.8
4.0
9.0
7.5
Not measured
Not measured
XM
6.8
6.0
8.0
8.0
Not measured
Not measured
Vantage
7.6
8.0
8.0
8.0
Not measured
Not measured
Admirals (Admiral Markets)
8.0
6.5
8.0
8.0
Not measured
Not measured
Tickmill
7.6
8.0
7.5
8.0
Not measured
Not measured
CMC Markets
8.0
6.5
9.0
7.0
Not measured
Not measured
OANDA
7.6
8.0
9.0
7.0
Not measured
Not measured
Pepperstone
8.2
9.5
9.0
7.0
Not measured
Not measured
Saxo
7.2
6.0
9.0
6.5
Not measured
Not measured
AvaTrade
6.4
8.0
8.0
7.0
Not measured
Not measured
IG
7.6
8.5
9.0
6.0
Not measured
Not measured
FP Markets
7.6
9.5
8.0
6.5
Not measured
Not measured
Plus500
Not measured
4.0
9.0
5.5
Not measured
Not measured
FXCM
Not measured
7.0
7.0
6.5
Not measured
Not measured
Interactive Brokers
Not measured
4.0
9.0
5.0
Not measured
Not measured
FxPro
7.2
9.5
8.0
5.0
Not measured
Not measured
eToro
Not measured
4.0
9.0
4.0
Not measured
Not measured
Preliminary scores from published broker data. Research and support are not scored until live-account tests, and a broker with no published EUR/USD spread in pips has no costs score.
At a glance · first account
Beginner brokers compared
What the table shows
Published minimum deposit, the lowest published EUR/USD spread with its account and check date, platforms, account types and retail leverage by company, from each broker’s own pages.
How to use this table
Sort by score, spread or minimum deposit. Deposits stay in the broker’s own currency, so compare them only within one currency.
0.0 pipsRAW ECN (inferred: unlabeled block) · 17 Feb 2026
MT4, MT5, TradingView, proprietary
Standard, Raw, ECN, Islamic, Copy, Cent, Spread betting, Professional
30:1 (major currency pairs, retail); lower for other instruments (FCA) · up to 30:1 (retail clients) (ASIC) · 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Spreads as each broker publishes them, latest check 19 Oct 2026. Minimum deposits are shown in the broker’s own currency and are not converted.
Highest overall score in our data
If costs matter too: the overall leader in October 2026
Pepperstone publishes Tier 1 licence numbers from 5 regulators and quotes EUR/USD from 0.0 pips on its Razor account (checked 19 Oct 2026). The trade-off: that price is on the Razor account, which charges a commission per lot on top; the Standard account has no commission and a wider spread.
Five questions, in the order that rules out the most brokers.
1
Which company will open my account?
Look for the company name and licence number on the account form. XM’s FCA and ASIC licences, for example, belong to its sister brand Trading.com, so an XM account outside the EEA is opened offshore.
CMC Markets, OANDA and XTB publish no minimum deposit at all. The real floor is margin: at the 1:30 retail cap a position of 1,000 euros against the dollar ties up about €33.
A standard account puts the whole cost in the spread. A raw account quotes from 0.0 pips and adds a commission per lot, which is cheaper only if you trade often enough to notice the difference.
Scores come from published data, not from sponsorship and not yet from live-account tests.
1Collect companiesEach company in the group, its regulator, licence number and the countries it serves, from the broker’s pages and registers where they opened.
2Record costsEUR/USD spreads and commissions as the broker publishes them, with the date of each check.
3Score four criteriaCosts, platforms, regulation and accounts, each from a fixed formula on the methodology page.
4Leave the rest unscoredResearch and support wait for live-account tests; a missing cost figure counts as neutral in the total.
5Rank per pageEach list filters by one fact and sorts by one criterion, written under its heading.
Rubric weights (research and support not yet scored)
Costs · 25%
Regulation & safety · 25%
Platforms · 15%
Accounts & funding · 15%
Research & education · 10%
Support · 10%
19brokers scored
6criteria in the rubric
19 Oct 2026latest data check
What does not affect a score
Partner status and advertising. We have no affiliate or advertising agreements with brokers.
Published spreads behind the scores
Checked
Quote
Spread
19 Oct 2026
EUR/USD, Raw Spread (Global) account, IC Markets
0.1 pips
19 Oct 2026
EUR/USD, Standard account, XTB
0.8 pips
19 Oct 2026
EUR/USD, Ultra Low (EU) account, XM
0.8 pips
Methodology v1 · scores stay marked preliminary until live-account tests
A desk ranking from published data, with its gaps shown.
Who writes it
The Low Spread Brokers team writes and checks every page; brokers do not see pages before publication and do not edit them. All lists read from one broker file, so a spread or licence number is the same on every page.
We have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, the site will say so first; partner status is not an input to any score, whose formulas use spreads, platforms, licences and account terms only.
What we don’t do
No bonuses or sign-up offers. No offshore leverage presented as a feature. No claim that we tested an account we have not opened. No personal investment advice.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
One whose company for your country is Tier 1 and that offers a demo and a standard account. For UK residents that means a broker with an FCA company; the UK ranking keeps only those.
Broker data checked 19 Oct 2026
2How much money do I need to start trading forex?
Some brokers publish no minimum deposit at all. What limits you is margin: at the 1:30 retail cap, a 1,000-euro position in EUR/USD (a micro lot) ties up about €33, and each pip moves its value by about $0.10.
Broker data checked 19 Oct 2026
3Is a demo account enough before trading live?
A demo teaches the platform and the order types, but not slippage or how a real loss feels. Most retail CFD accounts lose money: the companies of brokers on this list publish loss rates from 55% to 88%.
Broker data checked 19 Oct 2026
4What leverage should a beginner use?
Tier 1 regulators cap retail leverage at 1:30 on major pairs, and you do not have to use all of it. Offshore companies of some brands go far higher: IC Markets’ Seychelles company lists up to 1:5000 on MetaTrader, which multiplies losses at the same rate.
Broker data checked 19 Oct 2026
5What is the best forex trading app for beginners in the UK?
Start from brokers with an FCA company, which rules out IC Markets and XM from this list. We have not tested the apps yet; the trading apps ranking compares which platforms each broker offers.
Broker data checked 19 Oct 2026
Who wrote and checked this page
Written and checked by
Low Spread Brokers team
Collects broker costs, account terms, entities and licence numbers from the brokers’ own pages and the regulators’ registers, records the date and source of every figure and compares each one with its source before a page is published.