Best Brokers For Beginners
The best brokers for beginners offer simple ways for individuals with no trading experience to invest in financial markets. This guide ranks the top online brokers for beginners in the UK. We also explain how to compare trading platforms if you are new to investing.
The best brokerages for novice investors offer various features and tools:
- A free demo account
- A transparent pricing model
- An easy-to-use platform and app
- A low minimum deposit (less than £200)
- Beginner-friendly educational resources
- A responsive customer support team to help with queries
- Copy trading so you can learn from experienced investors
Best Brokers For Beginners UK
-
Established in Poland in 2002, XTB caters to over a million clients worldwide. This forex and CFD broker offers a robust regulatory framework, a diverse range of assets, and prioritises trader satisfaction. It provides an intuitive proprietary platform equipped with excellent tools to support aspiring traders.
Instruments Regulator Platforms CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs FCA, CySEC, KNF, DFSA, FSC, SCA, Bappebti xStation Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 -
FXCC, a well-established brokerage since 2010, offers cost-effective online trading. Registered in Nevis and regulated by CySEC, it is distinguished by its ECN conditions and absence of a minimum deposit requirement. The account opening process is efficient, taking under five minutes.
Instruments Regulator Platforms CFDs, Forex, Indices, Commodities, Crypto CySEC MT4, MT5 Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:500 -
Fusion Markets, an online broker since 2017, operates under the regulation of ASIC, VFSC, and FSA. Renowned for offering cost-effective forex and CFD trading, it provides various account options and copy trading solutions to suit diverse trading needs. New clients can begin trading with a simple three-step registration process.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, Crypto ASIC, VFSC, FSA MT4, MT5, cTrader, TradingView, DupliTrade Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:500 -
Trade Nation is a leading FX and CFD broker regulated in the UK and Australia, among other places. The company provides competitively priced fixed and variable spreads on over 1,000 assets. Traders benefit from advanced platforms and comprehensive training materials. Additionally, the Signal Centre offers valuable trade ideas.
Instruments Regulator Platforms Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Spread Betting, Cryptos (Bahamas Entity Only) FCA, ASIC, FSCA, SCB, FSA MT4 Min. Deposit Min. Trade Leverage $0 0.1 Lots 1:500 (entity dependent) -
Established in 2016 and headquartered in Saint Lucia, UnitedPips operates as a non-dealing desk broker. Catering to clients in more than 137 countries, the firm excels in CFD trading. Offering a portfolio of over 80 assets, it provides high leverage up to 1:1000.
Instruments Regulator Platforms CFDs, Forex, Precious Metals, Crypto IFSA UniTrader Min. Deposit Min. Trade Leverage $10 0.01 Lots 1:1000 -
Founded in 2017, Pocket Option is a binary options broker providing high/low contracts for forex, stocks, indices, commodities, and cryptocurrencies. Attracting more than 100,000 active users worldwide, the platform remains a favourite among emerging traders.
Instruments Regulator Platforms Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos MISA Web, MT4, MT5 Min. Deposit Min. Trade Leverage $50 $1 -
Established in 2008, NordFX is an offshore CFD brokerage catering to over 1.7 million clients across 190 countries. It provides trading opportunities in forex, stocks, commodities, indices, and cryptocurrencies. Traders use the MT4 and MT5 platforms, benefiting from zero spreads and minimal commissions. The company offers significant leverage of up to 1:1000, with initial deposits starting at just $10.
Instruments Regulator Platforms Forex, CFDs, indices, commodities, cryptos, stocks MT4, MT5 Min. Deposit Min. Trade Leverage $10 $1 1:1000
XTB
FXCC
Fusion Markets
Trade Nation
UnitedPips
Pocket Option
NordFXSafety Comparison
Compare how safe the Best Brokers For Beginners are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| XTB | ✔ | ✔ | ✔ | ✔ | |
| FXCC | ✘ | ✔ | ✘ | ✔ | |
| Fusion Markets | ✘ | ✔ | ✘ | ✔ | |
| Trade Nation | ✔ | ✔ | ✘ | ✔ | |
| UnitedPips | ✘ | ✔ | ✘ | ✔ | |
| Pocket Option | ✘ | ✘ | ✘ | ✘ | |
| NordFX | ✘ | ✘ | ✘ | ✘ |
Payments Comparison
Compare which popular payment methods the Best Brokers For Beginners support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| XTB | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| FXCC | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| Fusion Markets | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| Trade Nation | ✔ | ✔ | ✔ | ✘ | ✔ | ✘ |
| UnitedPips | ✘ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Pocket Option | ✘ | ✔ | ✔ | ✘ | ✘ | ✘ |
| NordFX | ✘ | ✘ | ✔ | ✔ | ✔ | ✘ |
Mobile Trading Comparison
How good are the Best Brokers For Beginners at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| XTB | iOS & Android | ✔ | ||
| FXCC | iOS & Android | ✘ | ||
| Fusion Markets | iOS & Android | ✘ | ||
| Trade Nation | iOS & Android | ✘ | ||
| UnitedPips | Web Access Only | ✘ | ||
| Pocket Option | iOS & Android | ✘ | ||
| NordFX | iOS & Android | ✘ |
Beginners Comparison
Are the Best Brokers For Beginners good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| XTB | ✔ | $0 | 0.01 Lots | ||
| FXCC | ✔ | $0 | 0.01 Lots | ||
| Fusion Markets | ✔ | $0 | 0.01 Lots | ||
| Trade Nation | ✔ | $0 | 0.1 Lots | ||
| UnitedPips | ✔ | $10 | 0.01 Lots | ||
| Pocket Option | ✔ | $50 | $1 | ||
| NordFX | ✔ | $10 | $1 |
Advanced Trading Comparison
Do the Best Brokers For Beginners offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| XTB | Open API | ✔ | 1:30 | ✘ | ✘ | ✔ | ✘ |
| FXCC | Expert Advisors (EAs) on MetaTrader | ✘ | 1:500 | ✔ | ✘ | ✔ | ✘ |
| Fusion Markets | Expert Advisors (EAs) on MetaTrader, cBots on cTrader | ✘ | 1:500 | ✔ | ✘ | ✔ | ✘ |
| Trade Nation | Expert Advisors (EAs) on MetaTrader | ✘ | 1:500 (entity dependent) | ✘ | ✘ | ✘ | ✘ |
| UnitedPips | - | ✘ | 1:1000 | ✘ | ✘ | ✘ | ✘ |
| Pocket Option | ✔ | ✘ | - | ✘ | ✔ | ✘ | ✘ |
| NordFX | Expert Advisors (EAs) on MetaTrader | ✘ | 1:1000 | ✔ | ✘ | ✘ | ✘ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the Best Brokers For Beginners.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| XTB | |||||||||
| FXCC | |||||||||
| Fusion Markets | |||||||||
| Trade Nation | |||||||||
| UnitedPips | |||||||||
| Pocket Option | |||||||||
| NordFX |
Our Take On XTB
"XTB emerges as an ideal option for novice traders, offering the impressive xStation platform, zero commission pricing, no required minimum deposit, and outstanding educational resources, many of which are conveniently integrated into the platform."
Pros
- XTB ensures swift access to funds, providing fast withdrawals with same-day payments for requests made before 1 pm.
- XTB has raised its interest rate on uninvested funds and introduced zero-fee ISAs for UK clients, offering access to 3,000 stocks and 700 ETFs for diverse investment opportunities.
- XTB offers a superb array of educational resources, such as training videos and articles, embedded within the platform to assist traders of all experience levels.
Cons
- The demo account lasts only four weeks, posing a challenge for traders wanting to fully explore the xStation platform and refine short-term strategies before investing actual money.
- XTB lacks a raw spread account, a feature increasingly offered by competitors such as Pepperstone. This omission might not satisfy traders seeking the most competitive spreads.
- XTB has stopped supporting MT4, restricting traders to its own platform, xStation. This decision may discourage experienced traders accustomed to using the MetaTrader suite.
Our Take On FXCC
"FXCC remains a top choice for forex traders, offering over 70 currency pairs, very tight spreads from 0.0 pips in tests, and high leverage up to 1:500 with the ECN XL account."
Pros
- There are no deposit fees other than standard cryptocurrency mining charges, which benefits active traders.
- There are no limitations on short-term trading techniques such as trading and scalping.
- The complimentary education section, featuring the 'Traders Corner' blog, provides a wide array of resources suitable for traders of all experience levels.
Cons
- While the MetaTrader suite excels in technical analysis, its outdated design detracts from the overall trading experience, particularly when contrasted with contemporary platforms such as TradingView.
- The range of research tools, such as Trading Central and Autochartist, is quite limited. Leading platforms in this category, like IG, offer more advanced features.
- Unaware traders might face steep withdrawal fees, such as a notable $45 for bank transfers.
Our Take On Fusion Markets
"Fusion Markets offers forex traders competitive pricing with minimal spreads, low commissions, and new TradingView integration. It is an excellent choice, especially for Australian traders, given its base and regulation by ASIC."
Pros
- Fusion Markets provides algo traders with a sponsored VPS and offers a 25% discount for choosing the NYC Servers VPS for MT4 or cTrader.
- The selection of charting platforms and social trading features is outstanding. Options like MT4, MT5, cTrader, and the newer TradingView meet diverse trader preferences.
- The market analysis tools, Market Buzz and Analyst Views, are excellent for identifying opportunities and are seamlessly incorporated into the client dashboard.
Cons
- The demo account, lasting only 30 days, is limited in its effectiveness as a trading tool when used with a live account.
- Traders from outside Australia need to register with loosely regulated international firms that offer limited protection, lacking both safeguards and negative balance protection.
- Fusion Market falls short compared to competitors like IG in education, offering few guides and live video sessions for enhancing trader skills.
Our Take On Trade Nation
"Trade Nation is ideal for novice traders seeking diverse markets on an easy-to-use platform. It offers no minimum deposit, complimentary funding options, and robust educational resources."
Pros
- Beginners benefit from a modest initial deposit.
- Trade Nation, a highly regarded and well-regulated broker, was formerly known as Core Spreads.
- A variety of trading platforms and apps, such as MT4, make the brand suitable for experienced traders.
Cons
- Reduced legal safeguards with an offshore entity.
Our Take On UnitedPips
"UnitedPips is perfect for traders wanting leveraged trades, fixed spread security, and the ability to deposit, withdraw, and trade cryptocurrencies, all in a sleek TradingView-powered platform."
Christian Harris
Reviewer
Pros
- UnitedPips provides leverage up to 1:1000 with no swap fees or commissions, enabling traders to potentially increase returns while managing large positions using less capital.
- Despite the frustration of mid-conversation handovers during shift changes in testing, customer support remains strong. Responses are quick and helpful. The 24/7 phone and email support offered to regional teams is a significant benefit.
- UnitedPips' platform excels with a user-friendly design that attracts novice traders. The integration with TradingView provides robust charting tools that remain accessible and not overly complex. This blend ensures efficient trade execution.
Cons
- UnitedPips, unlike brokers like IG, operates offshore and lacks regulation from top-tier financial authorities. This absence of oversight can be worrying for traders who value security and established regulations.
- UnitedPips offers a limited range of trading instruments, focusing on forex, metals, and cryptocurrencies. Equities, indices, and ETFs are not available, which might disappoint traders seeking a wider array of options.
- UnitedPips provides limited research and its educational material for novice traders is inadequate. Unlike eToro, which delivers tutorials, webinars, and advanced courses, UnitedPips offers scant resources to assist new traders in grasping essential concepts.
Our Take On Pocket Option
"Pocket Option stands out with its intuitive web platform, delivering an excellent user experience for short-term binary traders. A $50 minimum deposit makes it accessible for beginners, and account setup is straightforward. However, its market offerings and regulatory credentials lag behind competitors."
Pros
- Pocket Option now offers an 'AI Trading' feature that evaluates signals, technical indicators, and trader insights to identify the best trade direction and expiration time. This provides a more automated trading experience.
- Traders with a deposit of over $1,000 may receive a 2% or higher payout increase, access to more assets, and enjoy exclusive benefits.
- The sign-up process is swift and seamless, completing in under two minutes.
Cons
- Pocket Option presents a streamlined version of MT4 and MT5, lacking the comprehensive charting tools that experienced traders seek.
- The MISA provides limited oversight and inadequate investor protection for retail traders.
- To gain access to over 250 assets, a deposit of $1000 is required. Without this deposit, traders will only have access to a selection of 130 assets.
Our Take On NordFX
"NordFX offers competitive conditions solely for top-tier accounts, ideal for seasoned traders pursuing zero-spread trading via MetaTrader. The minimum deposit is $100 for MT4 and $200 for MT5."
Pros
- A diverse selection of over 25 payment methods, including local bank transfers, ensures a seamless account funding process with no fees and rapid processing times.
- NordFX has enhanced its offerings by introducing Pro accounts, which utilise spread-only pricing. Additionally, Zero accounts now provide spreads starting from 0.0 on popular assets such as EUR/USD.
- A wide array of trading tools enhances the trading environment, such as VPS hosting, calculators, live signals, and an economic calendar.
Cons
- The absence of robust regulatory oversight at NordFX raises concerns. Clients face limited protection, with no negative balance safeguards and no segregated accounts.
- NordFX offers a limited market range, featuring just approximately 100 instruments. The selection of shares is especially sparse, with only about 20 available.
- While NordFX provides competitive pricing with its Zero accounts, it lags behind more cost-effective brokers such as IC Markets. Conversely, its Pro accounts come with some of the highest spreads in the market, starting from 10 pips.
How To Compare Brokerages For Beginners
With hundreds of online brokers marketing their services to beginner traders, comparing platforms can prove challenging. However, the top brokers for new investors typically offer a combination of the following:
Demo Account
Demo accounts are the best way for new investors to practise trading risk-free. They are usually funded with a virtual bankroll, for example, £100,000 and will remain open for 30 days+.
Paper trading accounts can be used to learn the basics of online investing while getting used to a new platform and app.
Demo accounts can also be an effective way to test out a potential brokerage or strategy before risking real money.
Low Minimum Deposit
The best brokers for beginners in the UK allow users to get started with a small initial payment. Whilst anything under £200 is competitive, some firms have even lower requirements.
CMC Markets and XTB, for example, have no minimum investment, meaning you can open an account for free and only deposit when you are ready to start trading.
Platforms & Apps
The best UK brokers for beginners offer easy-to-use platforms and trading apps that still provide the tools traders need to analyse stocks, indices, forex, commodities, and cryptos.
TradingView, for example, has a simple interface that is suitable for those starting out. The terminal also provides the ‘full-featured chart’ option, allowing traders to add time intervals, alerts and indicators and amend the default chart type.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are also popular and supported by a wide range of brokers in the UK. However, some find their interfaces outdated and complex for beginners.
Alternatively, other firms offer proprietary software developed with beginners in mind.
Education
A beginner-friendly education centre can help newbies get to grips with the basics of online trading, unpacking terminology, explaining investment strategies, and walking users through new platforms and tools.
Educational content can come in various forms, from videos and webinars to podcasts and downloadable manuals. Leading firms also have courses categorised by experience level, with a learning path for beginners.
Copy Trading
Some of the best brokerage companies for beginners offer tools like copy trading. This allows novice investors to copy the trades and strategies of experienced investors.
eToro, for example, offers a highly-rated copy trading platform with detailed metrics on master traders, including their previous gains, risk appetite, and location.
eToro also has a social element with a community news feed and integration with social media channels.
Alternatively, some good UK brokers for beginners provide signals, which suggest potential trades.
Signals are usually generated by algorithms that scan the market for opportunities in stocks, forex or commodities, for example.
Fractional Shares
Some of the best UK brokers for beginners offer fractional shares.
Shares bought directly on a stock market are typically bought in units, meaning you need to buy at least one full share of a company when you make a trade. This can be expensive since some companies’ shares are worth hundreds or even thousands of pounds.
Fractional shares, as the name suggests, allow traders to buy a fraction of a full share, for example, one-third or a quarter. This reduces the financial barrier to more expensive stocks.
XTB is a good pick for fractional stocks.
Penny Stocks
Another low-cost way for beginners to access the financial markets is penny stocks. These are low market cap companies whose shares are valued at £1 or less, meaning beginners with limited funds can trade them. On the downside, penny stocks tend to be highly volatile and are vulnerable to market shocks.
IG Index is a popular brokerage that offers penny stocks.
Pre-Built Portfolios
Some of the best brokerage sites for beginners offer ready-made portfolios and mutual funds. This means most of the leg work is removed – traders don’t need to research different markets and decide which stocks to buy or sell, for example. Instead, clients provide basic information about their investment goals and risk appetite.
eToro, for instance, offers 65+ diversified investment portfolios covering a range of asset classes, industries, and trends. You can also filter portfolios by risk, potential yield and other metrics to find a solution that aligns with your objectives.
Transparent Fees
The best brokers for beginners offer a transparent fee structure. Key costs to look out for include spreads, commissions, deposit and withdrawal charges, and inactivity penalties.
With that said, discount brokerages are not necessarily the best. You should consider fees alongside the services and tools up for grabs, especially if you have a long-term investing strategy in mind.
Customer Support
The best investment brokers for beginners will have customer service representatives on-hand through phone or live chat, at least during trading hours. The top platforms are also starting to offer assistance through popular social media channels, such as WhatsApp.
Pepperstone is one of the top UK brokers for beginners with good customer support. It offers 24-hour UK telephone support, 7 days a week.
Bottom Line
The best UK brokers for beginners offer tools and resources to suit novice investors, whether that’s demo accounts and education centres or copy trading apps and automated investing portfolios. British traders should also opt for brokers regulated by the FCA. This is a good sign that the brokerage is trustworthy and implements customer safeguarding measures, such as negative balance protection.
FAQs
What Are The Best MetaTrader Brokers For Beginners?
The best forex brokers for beginners that offers MetaTrader is CMC Markets. It has a low minimum deposit, great customer support, excellent education for novice traders, plus demo accounts so you can test the MetaTrader software before risking money.
How Do I Choose A Broker When I Am New To Trading?
The best brokers for beginners have a low starting deposit (less than £200), offer user-friendly platforms and apps, responsive customer support, transparent pricing, plus features like copy trading and fractional shares. Alternatively, choose from our ranking of the top UK brokers for new traders.
Which UK Trading Platform Is Best For Beginners?
This will depend on your investment requirements. With that said, the top UK firms are regulated by the FCA, and have a low starting investment, educational materials, demo accounts, and services like signals and copy trading for hands-off investors.