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Petko AleksandrovChoosing your first forex broker is one of those decisions that feels straightforward until you actually sit down and try to compare forex brokers properly. The number of options is overwhelming, the terminology is confusing, and every broker’s website tells you they’re the best. Not very helpful when you’re just trying to find a safe, reasonably priced place to start.
At Algo Trading Space, we’ve tested brokers extensively, not just read their marketing pages. We’ve opened real accounts, traded real money, run automated systems across different platforms, and compared execution quality side by side. This review covers three brokers we confidently recommend for beginners: IC Markets, BlackBull Markets, and Eightcap.
Each has different strengths. The right one for you depends on what you prioritise, whether that’s the lowest spreads, copy trading features, platform flexibility, or simply the comfort of strong regulation.
Affiliate Disclosure: Some links on this page are affiliate links. Algo Trading Space may earn a small commission if you purchase through them, at no extra cost to you. All reviews reflect our genuine testing experience.
Side-by-Side Broker Comparison
| Feature | IC Markets | BlackBull Markets | Eightcap |
| Founded | 2007 | 2014 | 2009 |
| Regulation | ASIC, CySEC, FSA | FMA (NZ), FSA | FCA, ASIC, CySEC, SCB |
| Min. Deposit | $200 | $0 | $100 |
| Standard Spreads | From 0.8 pips | From 0.8 pips | Slightly wider |
| Raw Spreads | From 0.0 pips | From 0.0 pips | From 0.0 pips |
| Commission (Raw) | $3.50/side | $3.00/side | Varies |
| Instruments | 2,200+ | 26,000+ | 800+ |
| MT4 / MT5 | Both | Both | Both |
| TradingView | Yes | Yes | Yes |
| Copy Trading | IC Social | BlackBull CopyTrader | No |
| Max Leverage | 1:500 | 1:500 | 1:500 |
| 24/7 Support | Yes | Yes | Yes |
How We Review Forex Brokers at Algo Trading Space
Our approach to reviewing brokers goes beyond reading their specification pages. Here’s what our process actually looks like:
- Account opening: We open real accounts with each broker and document the process, including verification time and any friction points.
- Deposit and withdrawal testing: We fund accounts and test the withdrawal process. Speed, fees, and any restrictions are noted.
- Platform testing across MT4, MT5, and where available, cTrader and TradingView.
- Spread monitoring: We check spreads on major pairs at different times of day, including during news events, not just during quiet sessions when every broker looks good.
- Execution quality: We run automated systems on accounts with these brokers and compare real fills against expected prices. Slippage patterns show up over time in ways that manual spot-checks don’t reveal.
- Support testing: We contact support with genuine questions and note response time and quality.
Where we’ve traded a broker for an extended period with real money, we say so. That track record matters more than any written specification.
1. IC Markets: Best Overall for Beginners Who Want Room to Grow
IC Markets launched in Sydney in 2007 and has grown into one of the largest CFD forex brokers by trading volume globally. It’s a broker that many algorithmic traders and professionals use, which might make it sound like an odd choice for beginners. But that reputation actually works in a new trader’s favour. The infrastructure, regulation, and pricing are built for serious use, and beginners get access to that from day one.
Regulation and Safety
IC Markets operates under multiple regulated entities:
- ASIC (Australia): International Capital Markets Pty Ltd, one of the more stringent regulatory bodies globally
- CySEC (Cyprus): IC Markets EU Ltd, licence number 362/18, covering European retail traders
- Seychelles FSA: Raw Trading Ltd, licence SD018, for global clients outside the above regions
One important note: check which entity your account falls under before depositing. Regulatory protections vary between them, particularly around negative balance protection, which is mandatory for EU retail accounts under CySEC but not guaranteed under the Seychelles entity.
Account Types
IC Markets offers three account types:
- Standard account: No commission, spreads typically from 0.8 pips. Good for beginners who prefer simple, predictable costs.
- Raw Spread account (MetaTrader): Interbank pricing from 0.0 pips plus $3.50 per lot per side commission. Better for active or algo traders.
- Raw Spread account (cTrader): Same raw pricing at $3.00 per lot per side. The cTrader version offers slightly lower commission.
For beginners, the standard account is usually the right starting point. Spreads are wider than raw accounts, but the absence of commission makes cost calculation straightforward: the spread is what you pay, nothing more.
Platforms Available
IC Markets supports more platforms than most brokers:
- MetaTrader 4 and MetaTrader 5
- cTrader
- TradingView integration for chart-based order entry
- IC Social: a copy trading and community app
For beginners, MT4 or MT5 is the recommended starting point. Both are well-documented, widely supported, and compatible with every educational resource you’ll find online. The TradingView integration is a useful addition for those who already chart on that platform.
Pricing in Practice
On a raw spread account, trading one full lot of EUR/USD costs approximately $17 total: around $10 in spread (averaging 0.1 pips) plus $7 in commission. On a standard account, the spread-only cost is slightly higher but no commission applies. For beginners trading small lots, the dollar difference is minimal.
All servers run in Equinex data centres with execution averaging under 40 milliseconds. VPS hosting is available free for high-volume clients.
IC Markets: Pros and Cons
Pros:
- ASIC and CySEC regulation with segregated client funds
- Over 2,200 instruments across forex, indices, stocks, commodities, bonds, crypto, and futures
- Multiple platforms including MT4, MT5, cTrader, and TradingView
- 24/7 multilingual support via phone, email, and live chat
- Highly suitable for algo trading if beginners want to progress in that direction
- Competitive pricing even for high-frequency trading styles
Cons:
- The sheer range of instruments and platforms can feel overwhelming for beginners
- Negative balance protection is not guaranteed under the Seychelles entity; EU traders get stronger protections
- Leverage up to 1:500 is available, which amplifies risk significantly if used without proper understanding
- Standard account spreads are wider than raw accounts; active traders will want to switch accounts as volume increases
3. BlackBull Markets: Best for Beginners With Zero Starting Capital
BlackBull Markets has been operating since 2014 and is based in New Zealand. The zero minimum deposit on standard accounts is what stands out first, and for beginners who want to start forex trading with minimal financial commitment, that genuinely matters.
The execution speed averaging under 75 milliseconds is competitive, and the platform range is one of the broader selections available among retail forex brokers.
Regulation and Safety
BlackBull operates under two regulatory frameworks:
- FMA (New Zealand): BlackBull Group Limited, registered as a financial services provider
- FSA (Seychelles): BBG Limited
The New Zealand FMA registration adds credibility, and client funds are kept in segregated accounts with tier-one New Zealand banks. That means your money sits separately from the broker’s operational funds even if financial difficulties were to arise.
The FSA (Seychelles) element is worth noting: it’s less stringent than ASIC or FCA regulation. Traders who prioritise the strongest possible regulatory protection may want to consider that when comparing BlackBull against IC Markets.
Account Types
Three accounts, clearly structured:
- Standard account: Zero minimum deposit, no commission, spreads from 0.8 pips. This is the account most beginners will start on.
- Prime account: $2,000 minimum deposit, spreads from 0.1 pips, $6 commission per lot. For more active traders once they’re comfortable.
- Institutional account: $20,000 minimum deposit, spreads from 0.0 pips, negotiable commissions.
All accounts offer leverage up to 1:500, and swap-free accounts are available for traders following Islamic financial principles.
The standard account with zero minimum deposit is genuinely accessible. Starting with $50 or $100 while learning real market conditions is a sensible approach, and BlackBull makes that possible without restrictions.
Platforms Available
Five platform options:
- MetaTrader 4 and MetaTrader 5
- cTrader (institutional-grade order types and level 2 pricing)
- TradingView (direct trade execution from charts)
- BlackBull CopyTrader (copy trading from other traders)
The TradingView integration is a real differentiator. Many traders already use TradingView for charting and analysis before choosing a broker; being able to execute directly from those charts removes the friction of switching between platforms.
The copy trading feature is worth mentioning separately for beginners. Following experienced traders and observing how they manage positions in real time is a form of learning that textbooks can’t replicate. BlackBull’s CopyTrader platform makes this accessible at the standard account level.
Trading Instruments
Over 26,000 tradable instruments:
- 70 forex currency pairs (major, minor, exotic)
- Shares from 27 global markets (Apple, Tesla, BMW, Alibaba and similar)
- Major indices: S&P 500, NASDAQ, Dow Jones
- Commodities: gold, silver, crude oil, agricultural products
- 22 cryptocurrency CFDs with leverage up to 1:100
- ETFs, bonds, and options via the BlackBull Invest platform
For beginners focused on forex trading, this range is more than sufficient. The broader instrument list becomes relevant as experience grows and trading interests expand.
Mobile Trading
All platforms are available on desktop, web, and mobile. BlackBull also offers a dedicated client mobile app for account management, deposit, withdrawal, and portfolio monitoring. Mobile trading is practical for checking positions, but for active trading with EAs or complex order types, a desktop or VPS setup is still preferable.
BlackBull Markets: Pros and Cons
Pros:
- Zero minimum deposit on standard accounts; genuinely accessible for beginners
- Over 26,000 tradable instruments across multiple asset classes
- Five platform options including TradingView and a dedicated copy trading platform
- Execution speed averaging under 75 milliseconds
- Free TradingView premium subscription for active traders
- Segregated funds held with tier-one New Zealand banks
Cons:
- Seychelles FSA regulation is less protective than ASIC or FCA; beginners should understand the distinction
- Prime and institutional accounts require significant minimum deposits ($2,000 and $20,000 respectively)
- US and Canadian clients are not accepted
- Commission on prime accounts may add complexity to cost planning for newer traders
3. Eightcap: Best for Beginners Who Want Strong Regulation Across Multiple Regions
Eightcap is a forex broker that covers a notable range of regulatory jurisdictions, which is one of its most practical advantages for beginners. Knowing your account is protected by multiple recognised regulators simultaneously provides a level of reassurance that single-jurisdiction brokers can’t match.
Beyond regulation, Eightcap offers a solid platform access, a clean account structure, and a growing range of trading tools, including an AI-assisted trading integration called Capitalise.ai, though that’s more relevant as traders develop.
Regulation and Safety
Eightcap holds licences from four regulatory authorities:
- FCA (UK): Financial Conduct Authority
- ASIC (Australia): Australian Securities and Investments Commission
- CySEC (Cyprus): Cyprus Securities and Exchange Commission
- SCB (Bahamas): Securities Commission of the Bahamas
Having both FCA and ASIC regulation simultaneously is relatively uncommon among retail brokers. Both are considered tier-one regulators with strict compliance requirements, regular audits, and strong client fund protections. For beginner traders, this regulatory spread means Eightcap is one of the more trusted options currently available.
Account Types
Two straightforward account types:
- Standard account: Commission-free trading with spreads slightly wider than the raw alternative. Simpler cost structure for beginners.
- Raw account: Lower spreads with a commission per trade. More suitable for active or higher-frequency traders.
The two-account model is clean and easy to understand. Beginners start on standard, move to raw when trade frequency justifies the lower spread. No overly complicated account tiers or minimum deposit hurdles beyond a reasonable starting amount.
Platforms Available
- MetaTrader 4 and MetaTrader 5 (desktop, web, and mobile)
- TradingView integration with advanced charting and social features
- Capitalise.ai: a no-code automation platform for building rule-based strategies without writing code
The MT4 and MT5 availability covers the needs of most traders. The TradingView integration adds flexibility for those who prefer chart-based trading. Capitalise.ai is worth knowing about even as a beginner: it allows you to describe trading rules in plain language and have them execute automatically, which is an accessible entry point into automated trading without needing to learn MQL programming.
Trading Instruments
Over 800 financial instruments:
- Forex pairs: major, minor, and exotic currency pairs
- Indices: major global indices
- Commodities: including gold, which Eightcap is particularly known for among the algo trading community
- Shares and equity CFDs
- Cryptocurrencies
The instrument count is lower than BlackBull’s 26,000, but for most beginners focused on forex and a few commodities, 800+ instruments is more than adequate. The gold trading conditions at Eightcap are notably competitive; spreads on XAU/USD are consistently tight, which is one reason we use Eightcap when testing gold EAs.
Educational Resources
One fair observation: Eightcap’s educational offerings are more limited than some other brokers. Beginners who are prioritising a broker with robust educational resources built into the platform may find IC Markets’ or BlackBull’s learning sections more developed. That said, the quality of freely available external trading education, including what Algo Trading Space publishes, means a broker’s in-house education is less critical than it once was.
Eightcap: Pros and Cons
Pros:
- Regulated by four authorities including both FCA and ASIC simultaneously, which is a strong combination
- Clean two-account structure makes cost comparison straightforward for beginners
- MT4, MT5, and TradingView all supported
- Capitalise.ai integration provides accessible no-code automation for those interested in algo trading
- Notably tight gold spreads; XAU/USD conditions are among the best we’ve tested
- 24/7 customer support
Cons:
- Instrument range of 800+ is solid but smaller than BlackBull’s 26,000
- Educational resources within the platform are relatively limited compared to some competitors
- Raw account commission adds a calculation step that beginners may find confusing initially
- No copy trading feature, which BlackBull offers natively
What Beginners Should Look for in a Forex Broker
Before getting into the individual reviews, it’s worth outlining what actually matters when you’re starting out. Experienced traders often focus purely on spreads and execution. Beginners have different priorities, and that’s completely reasonable.
- Regulation first, everything else second: A trusted forex broker holds licences from recognised regulatory bodies: ASIC in Australia, FCA in the UK, or CySEC in Europe. These regulators require brokers to keep client funds in segregated accounts, meaning your money stays separate from the broker’s operating capital. If the broker fails, your funds are protected. Never trade with an unregulated broker.
- Minimum deposit and account accessibility: Beginners should look for brokers that allow small starting amounts. Learning forex trading on a live account with $100 to $200 teaches far more than any amount of demo practice, and the financial exposure is manageable.
- Demo accounts before real money: The ability to open demo accounts with realistic conditions is important. A demo account with conditions that don’t match live trading gives a false sense of security. Check that demo spreads and execution resemble the live environment.
- Platform simplicity: MetaTrader 4 remains the most widely used forex trading platform globally. It has an enormous amount of learning material available, which matters when you’re learning. MetaTrader 5 is more advanced. Both are good; MT4 is just easier to find help for when something confuses you.
- Customer support quality: When something goes wrong at 11 pm during a news event, you want responsive support. Check that your broker offers 24/5 or 24/7 live chat before depositing.
- Fees and spreads: Spreads are the cost of every trade. A standard account with no commission but wider spreads suits lower-frequency beginners better than a raw account with tight spreads plus commission, since commission adds mental complexity to trade planning in the early stages.
Understanding CFDs: A Quick Note for New Traders
All three brokers offer CFD (Contract for Difference) trading on their instruments. CFDs allow you to speculate on price movements without owning the underlying asset. You can go long (buy) if you expect prices to rise, or short (sell) if you expect them to fall.
The key risk with CFDs is leverage. At 1:100 leverage, a $1,000 account controls $100,000 in market exposure. That magnifies both profits and losses proportionally. A 1% move against your position at full leverage would wipe the entire account.
Beginners should treat leverage as a tool to be used carefully, not a feature to be maximised. Most experienced traders we know at Algo Trading Space operate at far lower leverage than their broker permits, particularly during the learning phase.
Withdrawal and Fees: What to Know Before You Deposit
One area beginners often overlook until it’s too late: how easy is it to get your money back out?
All three brokers support multiple withdrawal methods, including bank transfer, credit/debit card, and e-wallets. Processing times vary:
- IC Markets: Most withdrawals are processed within 1 to 2 business days. No internal withdrawal fees, though third-party payment fees may apply.
- BlackBull Markets: Withdrawals are typically processed within 2 to 3 business days. Multiple currency options available.
- Eightcap: Standard processing of 1 to 3 business days, depending on method. No withdrawal fees from the broker’s side.
The pattern across all three is broadly consistent: no broker-side withdrawal fees, and processing within a few business days. Problems with withdrawals are more commonly linked to incomplete KYC verification than anything else, so completing identity verification promptly after opening an account avoids delays later.
Copy Trading as a Learning Tool for Beginners
For beginners specifically, copy trading deserves more attention than it typically gets in broker comparison articles. It’s often dismissed as a passive strategy, but it’s actually one of the better learning tools available.
When you follow an experienced trader’s positions in real time, watching how they size entries, where they place stops, how they react when a trade goes against them, you absorb risk management habits that take years to build independently. The learning is experiential rather than theoretical.
BlackBull CopyTrader and IC Social both offer this. BlackBull’s platform is perhaps the more accessible starting point given the zero minimum deposit and the range of traders available to follow.
The key point for beginners: don’t just copy blindly. Watch what the traders you’re following are doing and try to understand the reasoning behind each decision. That active observation turns a passive feature into genuine education.
Frequently Asked Questions
Which forex broker is best for beginners with a small budget?
BlackBull Markets is the strongest option for beginners with limited starting capital, primarily because its standard account has zero minimum deposit. Traders can start with as little as $50 to $100 and access 26,000 instruments across forex, commodities, indices, and crypto.
IC Markets requires a $200 minimum deposit, and Eightcap asks for $100. All three offer demo accounts for practice before committing real funds. Based on Algo Trading Space’s testing, all three are trusted, regulated options suitable for beginner traders.
What is the difference between a standard and raw spread account?
A standard account has wider spreads (typically from 0.8 pips on major forex pairs) but charges no commission. A raw or ECN account offers spreads starting from 0.0 pips but adds a fixed commission per lot traded, usually between $3 and $7 per side.
For beginners trading small volumes and lower frequencies, standard accounts are simpler because the spread is the only cost to track. Raw accounts become more cost-efficient as trade frequency and volume increase, generally from around 20 to 30 lots per month onward.
Are these brokers safe for beginners to use?
Yes. IC Markets, BlackBull Markets, and Eightcap are all regulated by recognised financial authorities and hold client funds in segregated accounts. Eightcap holds the broadest regulatory coverage with FCA, ASIC, CySEC, and SCB licences simultaneously.
IC Markets is regulated by ASIC and CySEC. BlackBull holds FMA (New Zealand) registration with client funds at tier-one New Zealand banks. None of the three have been subject to major regulatory sanctions. Always verify which specific entity your account falls under, as protections can vary between a broker’s different regional entities.
How important are demo accounts for beginner traders?
Very important, but with a clear limitation. Demo accounts allow beginners to learn platform navigation, practice order placement, and test strategies without financial risk.
The limitation is that demo trading removes the psychological pressure of real money, which is actually a critical part of what makes forex trading difficult. Most experienced traders at Algo Trading Space recommend spending two to four weeks on a demo, then moving to a very small live account, perhaps $100 to $200, rather than staying on demo indefinitely. Small live trading teaches lessons that demo never can.
What leverage should beginners use?
Most regulatory bodies cap leverage for retail clients at 1:30 (EU/UK under ESMA rules) or allow higher amounts under non-EU entities, up to 1:500 in some cases. For beginners, starting at 1:10 or lower is sensible regardless of what the broker permits.
High leverage is the primary reason most beginner traders lose accounts early. Keeping leverage low means a bad trade costs a percentage of your account rather than wiping it entirely. As understanding of risk management grows, leverage decisions can be revisited.
Can I use expert advisors (EAs) on these brokers?
Yes. All three brokers support MetaTrader 4 and MetaTrader 5, both of which are fully compatible with automated trading via expert advisors. IC Markets and Eightcap are particularly well-regarded in the algo trading community for execution speed and reliability when running EAs.
BlackBull Markets is also EA-compatible and has been used in Algo Trading Space testing for various automated strategies. Beginners interested in learning algorithmic trading can start by following manual trading on demo, then gradually introduce EAs as their understanding of both trading and platform mechanics improves.
What is copy trading and is it suitable for beginners?
Copy trading allows you to automatically replicate the trades of experienced traders in your own account, proportionally sized to your balance. BlackBull Markets offers this through its CopyTrader platform, and IC Markets provides it via IC Social.
For beginners, copy trading serves two purposes: it generates potential returns while you’re still learning, and it exposes you to real trading decisions by experienced participants in real time. Used actively rather than passively, it’s one of the more underrated learning resources available at the broker level.
How do I compare forex brokers effectively before choosing one?
Start with regulation: check that any broker you’re considering holds a licence from ASIC, FCA, or CySEC at minimum. Then compare account types and minimum deposit requirements against your starting budget. Check spreads on the specific instruments you plan to trade, not just headline figures on EUR/USD.
Test the support by asking a question before depositing. Open a demo account and spend time on the platform before committing real money. Algo Trading Space’s broker reviews are based on live account testing across multiple conditions, which provides a more realistic basis for comparison than marketing materials alone.
Do these brokers charge fees for deposits or withdrawals?
None of the three brokers reviewed here, IC Markets, BlackBull Markets, or Eightcap, charge internal fees for standard deposits and withdrawals. However, third-party payment processors, banks, or e-wallet providers may apply their own fees during transfer.
Currency conversion fees may also apply if your account currency differs from your payment method currency. Processing times range from same-day to three business days depending on the method used. Completing identity verification fully before requesting a withdrawal avoids the most common source of delays.
Final Thoughts
Picking a broker is one of the better decisions you can take your time on. None of the three reviewed here will disappear overnight, and none of them will prevent you from withdrawing your funds. That’s a baseline that, unfortunately, not every broker in this industry meets.
For beginners who want institutional-grade infrastructure from the start: IC Markets. For those who want to start with zero deposit and explore copy trading as part of the learning process: BlackBull Markets. For those who prioritise the strongest regulatory coverage across multiple jurisdictions: Eightcap.
All three offer demo accounts. Use them. Then start small on live, keep leverage low, and treat the first few months as a learning investment rather than an income stream.
The forex market will still be there once you’ve built the skills to trade it properly.
Trade safe.
