If you know the basics of foreign currency exchange or forex trading, also known as FX trading. and want to give it a try, there’s more to learn than you might expect. It’s best to have an idea of what you’re doing before you put live currency to the test. The first step is to choose a reputable forex broker that offers educational tools and resources for beginning traders.

A few US-based forex brokers are listed below, in order of the minimum deposit required to start forex trading. With most brokers you will find 24/5 or 24/7 live chat assistance and all offer free educational resources on their respective websites. Once you’re ready to roll, you can trade on a computer, tablet, or even smartphone.

Practice Account: $25,000

Minimum Deposit: None

A forex broker since 2001, optionsXpress offers live or recorded webinars by their educational team, live in-person workshops, The Insider newsletter and blog collective, as well as the XPRESSO and XPOUND newsletters.

Practice Account: Unlimited

Minimum Deposit: None

A forex broker since 2001, OANDA offers demo accounts that do not expire, giving you the ability to practice trading until you are ready to go live. Click on “Academy” for webinars (live or archived), trading basics, and scheduled learning events. Videos on demand are also available to get you started.

FOREX.com ( a part of GAIN Capital Holdings [GCAP ])

Practice account: $50,000

Minimum deposit $250

A forex broker since 1999, FOREX.com offers video tutorials specifically for beginners, two hours of webinars, live training, and Q&A sessions to teach you the basics. Fee-based online training courses are also available.

Practice Account: $50,000

Minimum Deposit: $500

A forex broker since 2005, TradeKing offers a robust Frequently Asked Forex Questions and glossary, an education tab on their website that explains the basics, technical analysis, and fundamental analysis, as well as premium education available for a fee.

Practice Account: $25,000-$200,000 option for Simulated Account

Minimum Deposit: $2,000

A forex broker since 1991, TradeStation allows you to start with TradeStation Basics, so you can learn at your own pace. Branch out to TradeStation Labs, University, and Events, which includes media and quick tips. Events are both free and fee-based.

Practice Account: $50,000

Minimum Deposit: $2,000

A forex broker since 1999, Fortex Capital Marketing offers daily platform walk-throughs and strategy sessions, a library of trading and instrument guides, and a calendar of events (that can be added to your personal calendar) that will teach you how to read quotes and place trades. Self-paced on-demand videos are available for a fee.

Min deposit $2,000

A forex broker since 1999, thinkorswim is the TD Ameritrade forex platform. Investor education includes a rookie-learning curriculum with videos and courses to create your own learning path. The thinkorswim Learning Center consists of tutorials, videos, thinkMoney magazine, thinkManual, and Quiz Central.

Name: E*trade FX (E*trade Financial Corporation [ETFC ])

Practice Account: $50,000 for 30 days

Minimum Deposit: $2,000

A forex broker since 1982, E*trade’s FX tutorials can be found by entering “forex training” in the education resources search box. Web seminars, videos, and articles in “the basics” category were specially designed for beginners.

Practice Account: N/A

Minimum Deposit: $5,000 ($3,000 for individuals between the ages of 21 – 26)

A forex broker since 2002, Place Trade Financial’s education center includes tools, widgets, videos, webinars, demos, apps, and investor education courses.

Practice Account: After trading account has been approved and funded

Minimum Deposit: $10,000

A forex broker since 1977, Interactive Brokers’ Traders’ University offers of a glossary, webinars (live or recorded), unmonitored discussion forums to network with other traders, apps, widgets, cheat sheets, and user guides.

The Bottom Line

Bear in mind that foreign exchange trading, also known as forex and FX trading, is high-risk and may not be the best option for individuals brand new to stock market trading and/or day trading.