Best Free Forex Training

Free forex training is offered by many online forex brokers, find a broker to meet your trading goals today.

Getting an education in foreign exchange or forex trading was once only possible through working at a major bank or other financial institution involved in the forex market. These days, many educational websites and online forex brokers cater to retail forex traders and provide free forex training so you can learn forex trading at your own pace. 

While many online brokers offer free forex courses, finding the right course for your needs could be a challenge, especially if you’re completely unfamiliar with the forex market. 

In this article, Benzinga offers insights into the best free forex courses and educational resources for you to learn how to trade forex without having to pay for expensive courses.  

Quick Look: Best Free Forex Training Platforms

• Best Overall for Most Traders: DailyFX
• Best for Beginning Traders: BabyPips
• Best for Intermediate-to-Advanced Traders: FX Academy
• Best for Automated Trading: MetaQuotes
• Best for Market Analysis: Forex School Online

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Best Free Forex Training Options

For this review, Benzinga looked over the offerings of many free online forex training courses you can use to learn how to trade forex to come up with the best reputable options. Factors like training methods; access to instructors, mentors, and a trading community; what learning resources were available; and value-added features were noted and incorporated into this review. 

The options were then compared, and the best free forex training options in five categories were chosen to describe in further detail below.

1. Best for Most Traders: DailyFX

DailyFX is Benzinga’s top overall pick for free forex training. DailyFX also has an extensive forex broker resource and review list and provides timely forex news. The informative site even links you to AvaTrade if you would like to get started with a reputable online forex broker. 

The education portion of DailyFX’s website contains a wealth of free information on forex trading covering useful topics from the basics to advanced trading strategies. Its market section gives you live quotes and charts for many forex currency pairs, indices and commodities. 

DailyFX’s resource section provides information on forex regulations, as well as several useful widgets that monitor live exchange rates, a currency converter, a pip calculator, a position sizing tool and a MarketWatch widget. 

After taking in the educational resources on DailyFX’s website, you can link to other forex courses via the website’s Trading Guides link, as well as its Learn Forex section, which links you directly to FX Academy, which is reviewed further below. 

The website’s broker reviews rank the best online forex brokers by country, category, platforms and instruments. If you need to keep track of the market while away from your computer, then DailyFX’s free mobile app for iOS and Android devices can keep you constantly informed about the forex market while on the go. 

2. Best for Beginning Traders: BabyPips

BabyPips teaches you the basics of forex in an entertaining and easy-to-understand manner, making it the top pick for beginning forex traders. For people with no experience in forex trading, BabyPips offers comprehensive educational material suited for those initially unfamiliar with the foreign exchange market. 

The website’s School of Pipsology covers all aspects of forex trading in an extensive course where you can keep track of your progress. The course is based on the normal school sequence starting with preschool, working up to kindergarten and elementary school, then on to summer school and high school. The course tackles more advanced market concepts at the undergraduate freshman, sophomore, junior and senior levels until you’re ready to graduate. 

BabyPips’ website is also full of relevant news and information on the forex market, and it provides useful calculators for currency traders. These calculators include a position size calculator, a back-to-breakeven calculator, a pip value calculator and a pivot point calculator. 

The BabyPips site also provides a number of quizzes and a trader personality test to help you determine the type of trader you most closely resemble so you can select an appropriate trading strategy that suits you best.   

3. Best for Intermediate-to-Advanced Traders: FX Academy

FX Academy offers excellent educational resources for traders with experience. While courses begin with an introduction to forex trading, the courses make more sense to people who already have a sound foundation in forex market concepts. 

Courses are presented in a stimulating, vibrant manner with interconnected lessons and an animated video on the subject. At the end of each course, you can find recommendations for further study and trade simulators. 

If you decide to take a course at FX Academy, you can open a practice account, which lets you gauge the viability of your strategy and trading plan. The company’s team of experts constantly updates registered members and adds new courses and curricula as the program progresses. 

4. Best for Automated Forex Trading: MetaQuotes

MetaQuotes is Benzinga’s top choice for free automated trading training because it offers extensive information about how to automate your own trading plan and free full-featured MetaTrader 4 and 5 (MT4/5) trading platforms that can run automated trading software.

Forex traders who use MetaQuotes’ popular MT4/5 trading platforms will find its website provides a wealth of free knowledge and techniques for using and maximizing trading results on those platforms. MetaQuotes also offers hedge funds and online brokers different solutions for organizing their financial services.   

You can download MT 4 and/or 5 from MetaQuotes’ website and learn how to code automated trading software in MetaQuotes’ proprietary MQL5 programming language based on C++. This feature lets you start creating your own applications for automated forex market analysis and trading. 

If you prefer to use automated trading software developed by someone else, then MetaQuotes offers the largest online store for trading robots and technical indicators that run on the MT4/5 platforms. Its website connects you to over 10,000 automated trading applications, including scripts, expert advisors, technical indicators and trading robots. 

Other useful MetaQuotes features include a strategy tester for optimizing and troubleshooting an automated trading robot before using it in a live account. The tester uses historical prices to analyze a robot’s performance over different time periods to evaluate its efficiency and lets you check if the robot correctly performs trading operations based on its algorithm. 

5. Best for Market Analysis: Forex School Online

Forex School Online offers several free forex trading courses on its website, as well as a lessons section that includes hundreds of educational articles on different forex-related strategies and techniques. 

Forex School Online’s cornerstone lesson topics include Forex Trading for Beginners, Price Action Trading, How to Trade Forex, Technical Analysis, Forex Charts, Forex Trading Strategies and Money Management. 

The tools and resources for trading have been personally tested by the website’s founder, professional forex and futures trader Jonathon Fox. The website offers useful trading tools such as a forex demo tester for testing and back-testing your trading strategy. You can also download two free MetaTrader4 indicators for auto-managing positions and creating any time frame. Other tools include a trade entry/risk size calculator. 

Compare the Best Forex Trading Courses

While free forex training can provide valuable insights into the forex market, it may not be the best option if you are serious about profiting. To get the best education on how to profit trading forex, consider signing up with a reputable training platform.

Best for Training and Ongoing Support: The Forex Trading Coach

The Forex Trading Coach is a well-known platform offering training and coaching in forex trading. The founder, Andrew Mitchem, is an experienced forex trader who has helped over 3,500 individuals in 101 different countries improve their trading skills and achieve success in the forex market.

One of the key strengths of The Forex Trading Coach is the personalized coaching and support provided to members. Through one-on-one coaching sessions, Andrew Mitchem and his team help traders develop their own trading strategies, understand market dynamics, and navigate the complexities of forex trading.

Additionally, The Forex Trading Coach offers a variety of resources such as webinars, video tutorials, and market analysis to help traders stay informed and make informed decisions. The platform also provides a supportive community where traders can interact, share insights, and learn from each other.

Best for The Most Comprehensive Course: Asia Forex Mentor

Asia Forex Mentor is a highly reputable and well-established platform for forex trading education. The founder, Ezekiel Chew, is a seasoned trader with years of experience in the forex market. Asia Forex Mentor offers a wide range of courses and resources for traders of all levels, from beginners to advanced. The courses cover various topics such as technical analysis, fundamental analysis, risk management, and trading psychology. One of the standout features is the personalized coaching and mentorship provided to students. 

Many students have reported significant improvements in their trading performance after completing the courses and working with the mentors. The Asia Forex Mentor community is known for its support and camaraderie among fellow traders. Once enrolled in a course, students receive lifetime access to the materials and resources. This allows them to revisit the lessons, take advantage of updates, and continue learning and improving their trading skills over time.

Things to Consider with Free Forex Training

A major challenge facing aspiring forex traders is deciding among the myriad training options currently available to further their forex trading education. If you’re looking for a free training course to get started with, then you’ll want to consider such things as the provider’s reputation for customer satisfaction, the suitability of the topics for you, what educational materials will be provided, whether you will have access to an instructor or mentor and if a trader community is available for peer-to-peer discussions.

Learning from Reputable Sources

If you want to start your forex education without paying for courses, books or professional mentorship, then be sure you are sourcing your educational information from a reputable source. This practice will help you avoid getting taught low-quality information and ineffective trading techniques.

Learn How the Forex Market Works

Those just starting out as forex traders will definitely want to learn what the forex market is and the basic mechanics of how to get started trading currencies. You will also want to learn about the forex market as a whole, including its market hours, what economic and geopolitical factors affect exchange rates, the pros and cons of forex trading versus trading in other markets and what sort of forex trading strategy might suit you best based on your preferences and personal psychology. 

Free May not be Enough

While getting a free education may be ideal in theory, it will likely come up short of being sufficient if you want to truly master trading the forex market. Benzinga has reviewed some of the top paid forex training courses in this article for those who have the budget and feel the need for more extensive training.  Keep in mind that since it can take a lifetime to become a consistently profitable trader who has truly mastered the forex market, you might want to buy an expertly written book, pay for the advice of an experienced forex trading mentor or invest in a paid course to teach you about more advanced forex trading concepts.

Is Free Forex Training Worth Your Time?

Since taking a free forex training course will take some of your valuable time, you should make sure you invest that time wisely. You should generally review the topics of any free forex training class closely to see if they will add value to your existing expertise or will just end up wasting your time.

If you’re still a forex trading novice, then you can certainly start off taking one or more of the free online courses or programs listed above to help boost your learning curve and determine if forex trading suits you before paying for a more advanced forex trading course. You can also sometimes sign up for free trials of paid courses before paying in full. 

If you’re considering free forex training because you intend to become a full-time professional forex trader operating in the market either for your own account or for a financial institution, then you will probably want to invest some money into a comprehensive and top-quality forex trading class.

Be Sure to Trade Forex with a Trust Online Broker

Forex trading platforms are the technology that facilitates the buying and selling of currencies on the foreign exchange market. They allow traders to access real-time price quotes, place orders, manage positions, view account balances, and analyze charts.

With so many different platforms available today, it can be difficult to compare them and determine which one is the best for your individual needs. Benzinga compiled a list of the top forex brokers available today, be sure to start your trading education using a demo account to ensure proper risk management.

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