With a variety of low-deposit accounts, including a Cent Account with excellent trading conditions, FIBO Group appeals to beginner traders looking to reduce their risk. However, beginners will be disappointed at the lack of educational and market analysis materials available.  FIBO Group offers six live accounts with various spread/commission combinations and execution choices available on all three major trading platforms - MT4, MT5, and cTrader. Trading conditions are average compared to other brokers across all six accounts, but FIBO Group's non-trading fees are high, including fees for deposits, withdrawals, and inactivity fees.  Although trading tools are limited, beginners will be able to subscribe to sophisticated automated trading signals and for PAMM accounts. FIBO Group also offers a relatively disappointing range of CFDs, but what is available should be enough to satisfy most beginners.

With excellent copy trading functionality and a range of accounts with low minimum deposits, including a micro-trading account, Liteforex appeals to beginner traders familiar with the Metatrader platforms.  However, traders should note that Liteforex's trading costs are higher than other similar brokers.   LiteForex offers two live account options, both with a low minimum deposit of [fxs-broker-property identifier="deposit"] USD, making them accessible to beginner traders.  The ECN Account has tight spreads (starting at 0 pips on the EUR/USD) but this is in exchange for a commission of between 10 to 30 USD per lot traded.  The Classic Accounts is commission-free, but spreads are wider than other similar brokers, starting at 1.9 pips on the EUR/USD.    In addition to the MetaTrader 4 and Metatrader 5 platforms, LiteForex also offers a user-friendly proprietary copy trading platform.  The automated copy-trading system allows traders to duplicate the best trades, trade independently, share information, and communicate with their signal providers.  It also offers VPS hosting at a cost of 15 USD per month in addition to free independent market news and analysis from third-party provider, Claws & Horns.   Although not the best in the industry, LiteForex's education and market analysis materials are comprehensive and regularly updated, and appeal to both beginners and more experienced traders.   Apart from the high trading costs, other drawbacks are that LiteForex charges high withdrawal fees.  Additionally, its Ugandan clients will be trading under the LiteForex subsidiary registered in Saint Vincent and the Grenadines, which provides virtually no regulatory oversight.  

FxScouts does NOT recommend FX Open due to insufficient regulation. We suggest that you find an alternative regulated broker governed by processes designed to protect your funds. FX Open offers clients the full MetaTrader suite, ample ways to deposit money on their platform, and a variety of trading account using either STP or ECN execution. Our concern for new traders signing up with this FX Open is the lack of regulation and governmental oversight, and lack of transparency in how they publish their spreads and trading commission.

FxScouts does NOT recommend FreshForex due to insufficient regulation. We suggest that you find an alternative regulated broker governed by processes designed to protect your funds. FreshForex supports both MT4 and MT5 and has a wide range of asset classes to trade. With low minimum deposits and an ECN trading desk, FreshForex may appear attractive to new traders. However, with a lack of transparency in their trading conditions on the ECN account, and a lack of credible regulation, FreshForex should be avoided by traders.