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Best Forex Trading Platform 2022.
Best Forex Trading Platform 2022.
The Forex trading market can appear to be a scary, confusing place to newcomers. From what the best Forex trading platforms are to how to get started trading it themselves, there are so many questions beginning investors have.
This article helps introduce new people to the Forex market and provides a few quick tips about managing your forex investments. Beginning with MetaTrader 4 (MT4), we’ve examined the pros and cons of top forex trading platforms and provided the lowdown on how they compare to each other. Next, we proceeded to establish which forex broker is best for each trading platform after considering all the relevant parameters.
First things first, though.
Content.
What Is Forex? Top 10 Forex Trading Platforms About MetaTrader 4 AvaTrade: Best MT4 Broker MetaTrader 5 IC Markets: Best MT5 Broker cTrader MarketsX NinjaTrader FXCM Boasts The Best Forex Trading App ProRealTime IG: The Leading ProRealTime Broker eToro Trading Platform Plus500 Trading Platform eSignal Forex.com Is The Best eSignal Trading Platform ThinkOrSwim TradeStation OANDA: The Best TradeStation Broker In A Nutshell FAQs.
What Is Forex?
Forex (sometimes called foreign exchange, foreign exchange trading, financial trading, or simply forex) is the form of international trading that uses contracts to buy or sell currency at a set rate at a specific time. At the primary level, foreign exchange involves exchanging a currency for another for reasons such as trade, commerce, or tourism.
The foreign exchange market, most times called the forex market, comprises banks, financial institutions, individual investors, and companies. These players trade in different currencies using different currency pairs. Currencies are categorized by the International Monetary Fund (IMF) as either “hard” or “soft” currencies.
Hard currencies are typically those issued by central national governments and are usually considered more stable in times of financial uncertainty. Weak currencies lose value when compared to other currencies. Traders and investors prefer to hold different currencies over the soft currency, which causes this. Low demand is frequently caused by political or economic instability in the country, making the currency’s price more volatile. Foreign exchange dealers tend to avoid the currency in such situations, and traders can influence significant fluctuations in the currency’s exchange rate even on a limited scale.
The unavailability of a central marketplace for foreign exchange facilitates over-the-counter (OTC) trading of currencies, meaning that transactions are conducted and approved electronically through computer networks between traders. The forex market is almost perpetually active, with trades going on simultaneously in global financial markets such as Singapore, the UK, USA, Australia, Canada, South Africa, Japan, and India. It’s also open 24 hours a day and five and a half days a week, with prices marked by their extreme volatility. Investors and speculators looking for ways to trade forex do so either in the spot market (which deals in cash) or in the derivatives market (forwards and futures market).
The basic idea of Forex trading is that there is no exchange fee for making a transaction, the only fee paid is to a broker who transfers the money to your trading account. One of the most important advantages of trading forex that you don’t have to put any money into the market yourself; you just place a limit order, which is basically a way to buy or sell a specified amount of currency based on a specific price you set.
Top 10 Forex Trading Platforms.
AvaTrade– Most Compatible Forex Broker with MetaTrader 4 Platform FXCM– Best with Ninja Trader Plus500– Easiest to navigate and most suited to beginners TD Ameritrade– Best platform for forex traders in the US eToro– Leading forex software for copy trading IC Markets– Premier CFD broker for the MetaTrader 5 platform FxPro– Premier cTrader forex broker IG– Best customer service City Index– Best platform for risk-managed trading OANDA– Best for market research offerings.
About MetaTrader 4.
In spite of the introduction of MetaTrader 5 and despite stiff competition from other trading platforms, MetaTrader 4 has been able to hold down its spot as the premier retail platform for currency trading. Developed by MetaQuotes and introduced in 2005, MetaTrader 4 has an active presence in a wide range of markets, including cryptocurrencies, indices, commodities, and of course, forex.
With an overwhelming amount of engagements from forex brokers worldwide, it is by a long mile the most popular forex trading platform. MetaTrader 4 is rated exceptionally high for its adaptability, along with a wide range of other features. The platform offers users around the world the option of trading in real-time with their account number and currently plays host to over 25 million registered users across the globe, performing over 100,000 trades daily.
Features and Advantages of MetaTrader 4.
One of the biggest draws of MetaTrader 4 is its simple, interactive, and customizable user interface, which encourages a wholesome trading experience for users. Trust is an expensive currency, and with 15 years in the business, it’s safe to say that MetaTrader has built up large reserves of it. Other factors that contribute to this trading platform’s immense popularity are:
Interactive charting Algorithmic trading, advanced technical analysis, and Expert Advisors Fast execution and mobility Automated trading 30+ built-in indicators.
Another feature that counts in MetaTrader’s favor is its integration with multiple leading forex brokers, providing traders with an almost unlimited array of choices.
Drawbacks of MetaTrader 4.
The biggest complaint with MetaTrader 4 is its non-support for CFD trading. There are also concerns that the charting package, instruments, and technical indicators do not quite meet up to the standards of other software packages.
AvaTrade: Best MT4 Broker.
Established in Ireland (their headquarters is in Australia) in 2006, AvaTrade is one of the most reputable and highly regarded forex brokers in the industry. Some of their hallmarks include an easy and convenient web and mobile platform, excellent copy trading opportunities, reasonable pricing, and excellent research tools. However, one feature that stands AvaTrade apart is its enthusiasm and passion for investor education.
Is AvaTrade Safe?
AvaTrade has been in operation since 2006, enough time for it to weather various financial storms, establish a solid footing, and generate trust in investors. Beyond that, AvaTrade is regulated by several (top-tier) regulators including:
the Central Bank of Ireland the BVI Financial Services Commission on the British Virgin Islands the Australian Securities and Investments Commission (ASIC) the Financial Sector Conduct Authority (FSCA) in South Africa the Japanese Financial Services Agency (FSA) the Financial Futures Association of Japan (FFAJ) the Abu Dhabi Global Market Authorities Financial Services Regulatory Authority (ADGM – FSRA)
In addition, AvaTrade is not affiliated with any bank, does not divulge the financial information of traders, and is not listed on the stock exchange. For investors in the EU, AvaTrade operates an investor protection amount of 20,000 Euros. At the same time, all their clients are entitled to negative balance protection regardless of where they are and regardless of the regulator.
One thing is sure, with its impressive track record and list of top-tier regulators, AvaTrade is thought to be pretty safe indeed by investors, and this is reflected in its Trust Score of 93 out of a scorable 99.
AvaTrade Fees.
At 0.9 pips for the EUR/USD forex currency pair, AvaTrade’s spread is firmly within the industry average bracket. While a few other platforms are willing to offer lower average spreads, AvaTrade’s transparent pricing and trustworthiness serve to even up the competition a bit. This is without mentioning the fact that AvaTrade bumps down the EUR/USD spreads for investors who it considers to be professional traders.
A more in-depth examination of AvaTrade’s trading fees reveals that AvaTrade’s CFD trading fees are on the low side compared to contemporaries in the industry. In contrast, its forex trading fees are considered to be average. A large chunk of AvaTrade’s forex trading fees is linked to spreads since investors trading on the platform are not charged any account fees. Deposits and withdrawals are also entirely without charges on the platform, and in general, AvaTrade keeps incidental trading fees down to a minimum.
On a more downbeat note, traders whose accounts have been inactive for three consecutive months will have an inactivity fee of $50 per quarter imposed on it. If the account manages to go 12 months without any activity, a further charge of $100 will be imposed. AvaTrade calls this an annual administration fee.
In a nutshell, while AvaTrade’s trading fees are more than reasonable, its non-trading fees are a bit on the high side.
AvaTrade’s Research and Education.
While AvaTrade’s provided research tools are not out of the ordinary, AvaTrade sets the gold standard for user education. Its in-house research tools are interactive and easy to grasp, yet beyond a few market analysis videos which it uploads daily on YouTube, there’s a lack of real depth to its in-house research tools offering.
AvaTrade’s third-party content is a different matter entirely. It integrates directly with Trading Central, and Trading Central provides loads of excellent research tools such as expert trading ideas from their Analysts Views, and Forex Featured Ideas sections. Its Economic Calendar also helps you analyze historical trends with greater precision, while the Market Buzz section provides valuable trading information. AvaTrade also offers ZuluTrade and DupliTrade, tools that let traders copy the trades of leading forex experts on the platform.
AvaTrade research tools can be accessed in the following locations:
WebTrader Trading Platform MetaTrader Trading Platform AvaOptions Trading Platform AvaTrader Website.
Beginner traders have access to a wealth of educating material on AvaTrade’s platform. AvaTrade’s in-house material is impressive enough, yet it still bumps up its quality of education by integrating with SharpTrader, which offers several exclusive educational contents.
Combined, over 90 articles and almost 50 videos handle forex topics with different levels of complicatedness. AvaTrader also offers regular webinars and a demo account.
Customer Service.
With reasonably prompt response to service issues and a multinational and multilingual staff, AvaTrade’s customer support is better than alright. AvaTrade’s customer service boasts a solid reputation, partially because they are a well-regulated and worldwide Forex / CFD brokerage and partly due to the fact that they provide assistance in a wide variety of languages in over 15 different languages – by native speakers.
Traders can reach and interact with them through several platforms, including phone calls, emails, and live chat. Knowledgeable and professional customer care representatives are always on hand to render assistance anytime, as long as the forex market is open.
Why AvaTrade Is The Best Meta Trader 4 Forex Brokers.
Boasting integration with excellent third parties, an enviable reputation, and an excellent track record, AvaTrade is a force to reckon with in the forex niche. It’s regulated by some of the most notable regulating bodies in the world, offers consummate security for traders’ funds, and makes account opening on the platform very straightforward and easy. AvaTrade’s spreads are reasonably competitive, while its educational content is practically unmatched throughout the industry. These qualities place AvaTrade among the leading lights when the conversation is about forex brokers.
Best Overall Broker.
MetaTrader 5.
While MetaTrader 5 has not been able to match up with the popularity of its predecessor more than three years after its development by MetaQuotes, available data suggests that it is on the right track and gaining ground with each passing day. Compared to MT4, MetaTrader 5 is faster and boasts more in-depth market analysis tools. Another point of difference between both platforms is that MetaTrader 5 supports share CFD trading, unlike MT4, which is more based around currency trading.
The platform offers extensive in-depth capabilities with various add-ons through its vast network of third-party solutions, ranging from performing fundamental and qualitative to specialized and quantitative research. It comes in web, internet, and mobile editions and includes features like built-in trading robots, a freelancing directory of strategy creators, copy trading, and virtual hosting. The platform experience is available in over 31 languages and is available for free through your broker.
Features and Pros of MetaTrader 5.
It supports over eight categories of pending orders and over 21 timeframes A tremendous number of add-ons and trading robots Advanced Market Depth and One-Click Trading Netting and hedging position accounting systems Biggest platform for algorithmic trading program development Full complement of trade orders, including pending and stop-orders Broad range of CFDs Easily navigable platform.
Cons of MetaTrader 5.
Programming language for automated trading is complicated Tools and features are much better suited to professionals Hedging is disabled for exchange markets.
IC Markets: Best MT5 Broker.
IC Markets was founded in 2007 in Australia, with its headquarters in Sydney. This forex broker is one of the biggest and most famous online brokerage companies, boasting a solid presence in some of the world’s most prominent countries and financial markets.
The company offers the highest available leverage in Australia along with low spreads and trading fees, making it one of the most popular brokerages in the country, despite its billing as an average-risk company. One thing that stands IC Markets out is its vast array of options which offers traders the chance to trade their way. It’s compatible with MetaTrader 4, MetaTrader 5, and cTrader platforms providing an extensive range of CFDs along with rapid ECN trading speeds and low latency, and pretty low commissions.
IC Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission (ASIC).
IC Markets Spreads and Commission.
IC Markets’ trading and non-trading costs are among the lowest in the industry. The company pegs its average spread on the EUR/USD exchange at 0.1, with market trading fees, forex fees, and CFD fees being similarly competitive, even when commission is added.
Trading expenses differ across the three account types offered by IC Markets. The Standard account is fee-free (spread alone), whereas the Raw Spread and cTrader accounts include commission-based pricing (spread + commission).
Investors on the IC Markets platform are not required to pay deposit, inactivity, or account fees. As a matter of fact, apart from international bank withdrawal fees, which are charged at AUD 20, non-trading prices on the broker would have been null. On the flip side, however, the $200 minimum deposit is rather pricey.
IC Markets’ Markets and Products.
While IC Markets has made its name from being primarily a forex broker, it does offer a good range of CFDs. You may trade forex, bitcoin, futures, commodities, bonds, and indices with this account. The maximum leverage, competitive spreads, and commissions differ depending on the CFD traded and the subsidiary to which you have subscribed. The ability to trade share CFDs with an online broker offering ASX stock CFDs such as BHP, NYSE stock CFDs such as Walt Disney, and NASDAQ CFDs such as Google is MT5’s distinct edge (Alphabet).
IC Markets’ Tools and Trading Platforms.
Because of its execution techniques (i.e., no requotes) and the ability to execute orders within the spread, algorithmic traders are particularly suited to IC Markets. This, coupled with the ultrafast MetaTrader 5 execution speed (about 36.5 ms at the last check), ensures that this broker ranks near the top of the favorite platform in every poll. Traders can pick between MetaTrader and cTrader platform suites while IC Markets completes the package with copy-trading platforms.
The MetaTrader and cTrader suites are available on web-based, desktop-based, and mobile versions. Note that certain functions, such as automated trading, are not available on the mobile versions of the platforms. Traders using the platform have access to a plethora of tools while integration with social copy trading platforms such as ZuluTrade and Myfxbook helps you model your trading strategy after global trading experts. Also, traders who achieve a volume of at least 15 standard lots in any particular month receive an offer of a VPN.
Why IC Markets Is The Best MetaTrader 5 Broker.
IC Markets charges the lowest spread along with low commissions and funding fees. The customer service is responsive, the company is very well regulated, and opening an account on the platform is straightforward. It provides an extensive list of tradable instruments, which is a big plus, especially for algorithmic traders. Its integration with both ZuluTrade and Myfxbook is another thing that counts in its favor.
Premier CFD broker for the MetaTrader 5 Platform.
cTrader.
cTrader tends to fade into the background when placed side by side with its main competitors. However, it has managed to hold its own quite well and has gone about quietly establishing its reputation. Developed by Spotware in 2011, cTrader has grown in leaps and bounds since then, culminating in its reputation these days as the platform of choice for ECN brokers.
From its spick and uncluttered interface to its multitude of helpful tools, analytics, and charts, cTrader pays remarkable attention to detail, for which it, quite justifiably, gets a lot of plaudits. It also offers reasonably quick execution speeds, and orders can be placed in just a single click. This platform’s STP (Straight To Processing) capabilities, coupled with its more modern look and feel, make it a particular favorite of ECN brokers. Still, cTrader is actually suited to all kinds of traders.
For your benefit, the platform offers a wide selection of indicators and periods. You’ll get access to a comprehensive range of indicators (over fifty in all, including Moving Averages, MACD, Stochastic Oscillator, Bollinger Bands, and others) that are organized into four categories: Trend, Oscillator, Volatility, and Volume. Under the 1-hour period, you can access the standard 1, 5, and 15-minute timeframes, but cTrader provides you extra possibilities ranging from 45, 20, and 10 minutes to 1 minute. In general, cTrader has a more significant number of timeframes than other platforms.
Pros of cTrader.
A smoother, more intuitive interface, three alternatives for Depth of Market, multiple indicators and timeframes, and Copy Trading. And that’s not even all. While cTrader has been in the shade of MetaTrader right from the get-go, one area where experts and traders agree that cTrader has an edge is automated trading. cTrader’s cAlgo offers a .NET framework and is programmed with C# language. The difference with MetaTrader’s EA is that the former uses MLQ4 or MLQ5, which is a lot more technical and challenging to understand than C#.
Cons of cTrader.
While cTrader has been expanding its horizons recently, it’s still operating with a fragment of the market share, the largest shares having been cornered by MT4 and MT5. As a result, the platform’s outlook is a lot more niche, which places a limit on the growth of the copy trading experience. Secondly, there’s a bit of skepticism among American traders for the London-based Spotware platform.
FxPro: The Premier cTrader Broker.
One of only a handful of brokers that offer both MT4 and MT5 and cTrader platforms, FxPro is one of the most readily identifiable brokerages around. Some of the features that make them so popular are:
Superb customer service and excellent market execution Top-tier regulation 7000+ trades executed every second True NDD (No Dealing Desk) Execution Fast execution speeds for cTrader EUR/USD spreads for cTrader are highly competitive.
FxPro is a True NDD Broker.
Arguably the standout attribute of this broker, FxPro uses straight-through processing technology to execute orders placed on the cTrader platform. NDD implies that they do not get actively involved in trades, earning only through commissions.
As a direct consequence of FxPro’s NDD intervention, trades get executed at dizzying speeds, just 11.06 milliseconds. With this arrangement, FxPro supports over 7,000 transactions per second. The broker also controls Tier 1 capital of over €100,000,000.
Is FxPro Safe?
Established in the UK in 2006, FxPro is fully regulated by a Tier 1 regulator and a number of Tier 2 and Tier 3 regulators, meaning it has a low-risk rating. The Financial Conduct Authority, UK (FRN: 509956), and CySEC (Licence: 078/07) are some of the regulators to have approved FxPro, while the company also boasts regulation in South Africa by the South African Financial Sector Conduct Authority under authorization number 45052, the Bahamas (under license number SIA-F184), and Dubai.
The platform offers negative balance protection, and client funds are put in a segregated bank account controlled by tier-1 banks.
FxPro Fees and Commissions.
The biggest criticism of FxPro is that their spreads are well above the industry average, and you don’t need more than a cursory glance at the books to confirm this. FxPro’s spread for EUR/USD on the MetaTrader platform is 1.4 pips, well above the industry average of 0.70 pips. Traders may get more value from the cTrader platform, pegged at 0.2 pips, although commission will be factored in.
Markets and Platforms.
Forex traders on the FxPro platform have access to a stunning range of market options, including 70+ currency pairs and future and spot indices, along with more than 260 different instruments. Share trading is also offered in limited forms, while spot metals and spot energies are scaled back massively.
Depending on the size of the lot and on which asset is traded, FxPro offers leverage to traders.
Traders also get the full suite of the MT4, MT5, and cTrader platforms, along with their desktop, mobile, and web-based applications.
Why FxPro Is The Best Broker For cTrader.
Great execution speed, actual NDD execution, top-tier regulation, and the ability to execute large orders flawlessly are advantages that FxPro bring to the table. Traders also like this broker’s cross-platform integration, detailed supply of research and education materials, seamless deposit and withdrawal methods, and excellent customer service.
Premier cTrader Forex Broker.
MarketsX.
MarketsX is an in-house multi-asset trading platform designed by Markets.com to assist with its brokerage efforts. Pegged as an all-in-one trading platform, it is nonetheless listed on the London Stock Exchange (LSE) as one of the highly prestigious FTSE 250 companies. The platform is one of the brokerages included by Markets.com, the others being MetaTrader 4 and MetaTrader 5.
Strong Points of MarketsX.
MarketsX is surprisingly full of interesting features in spite of its limited reach. On the platform, traders are assisted by 88 technical indicators and more than eight different chart types. The interface is also intuitive and able to be personalized with a multitude of drawing tools.
Perhaps the biggest draw of this platform is the plethora of interactive trading tools on offer. There are loads of sentiment analysis, technical, and fundamental tools to pick from, with the advanced charting package being arguably the most functional of them. Honorable mentions are the Hedge Funds investment confidence and Insider Trades, which take stock of the trading made by experts on the platform and reveals insights to traders. There’s also a Thomas Reuters-powered stock report.
Cons of MarketsX.
Forex traders will not be completely enamored with this platform as it seems to be tailored mainly to the needs and requirements of share dealing, despite its billing as a multi-asset platform.
In addition, the platform is only available to clients of Markets.com, so it somewhat struggles and is characterized by limited accessibility, inevitably.
Markets.com: The Best Trading Tools.
Established in 2008, Markets.com is a CFD and forex broker with a global reputation. Highly regulated and low-risk, traders on the platform are offered a wide range of instruments, including currencies, bonds, shares, indices, commodities, and ETFs, with the number of trading instruments comfortably crossing the 2000 mark.
According to data released by the company, the platform has registered well in excess of five million trading accounts, and the value of trades carried out on Markets.com the previous year is a considerable $185 billion.
Traders praise Markets.com’s platform MarketsX, noting its intuitiveness and ease of use, and wide distribution of valuable features, including educational materials, integrated research, and market analysis.
Markets.com’s Safety.
With regulations by the following financial bodies:
Financial Conduct Authority (FCA) in the UK Australian Securities and Investments Commission (ASIC) in Australia Cyprus Securities and Exchange Commission (CySEC) in Europe BVI Financial Services Commission (FSC) in the rest of the world.
Markets.com is required to be extremely transparent, which translates to very high ratings for safety. The platform is considered low risk; it segregates client funds using tier-1 banks and offers negative balance protection.
Fees and Commissions.
Markets.com offers two in-house trading platforms- Marketsx and Marketsi. Marketsi is the more speculative of the two, while Marketsx caters to CFD and Forex traders and is only available to premium traders.
The fees for forex trading on the platform are among the most competitive in the industry. On the other hand, commissions on Index CFDs and Commodities are on the high side. Markets.com charges a spread of 0.7 pips on the EUR/USD currency pair, which is the industry average. It’s worth noting that fees are generally significantly lower on Markets.com’s in-house platform MarketsX than MT4 and MT5.
The platform imposes a monthly inactivity fee of $10 on accounts that remain inactive after a period of 90 days. Traders on the platform also have to pay marginally higher overnight fees. Beyond this, traders do not have to pay deposit or withdraw charges.
Markets and Products.
Markets.com offers a prodigious amount of instruments sourced across a wide range of markets. Traders who use the Marketsx platform have access to approximately 2,200 assets across eight asset classes. With 67 currency pairs and 25 cryptocurrency pairings, forex traders have plenty of options.
A total of 28 commodities are available for cross-asset diversification, with 2,027 individual equities CFDs making up the majority of the offering. 40 Index CFDs, 14 Blends, and 60 ETFs amplify trading potential.
By far the biggest draw of Markets.com is its offer of more than 2,200 assets across eight different sectors.
Tools and Trading Platforms.
Traders on the platform can choose from four trading platforms, including MetaTrader 4, MetaTrader 5, Marketsx, and Marketsi. The brokerage platform also offers a mobile app for Android and iOS devices.
Algorithmic trading is available on the MT4 trading platform, but this solution is basic and unreliable. The platform provides thousands of free add-ons, but the really significant ones are anything but free.
The Marketsx and Marketsi platforms are where things get interesting. They’re both integrated with Trading Tools, so tools such as Insider Trades, Hedge Funds, Trading Analyst Recommendations, Acuity News Trading Sentiments, Signals, Advanced Charting, and a whole lot more are available to traders for improved analytic acumen.
Research and Education.
In-house education offered by this platform is somewhat lacking and falls way short of the standards set by industry leaders. Traders on the hunt for trading insights and market education may have to look elsewhere at other venues offering these resources free of charge.
The story is slightly better on the research front. Markets.com offers 14 excellent trading tools, and this is where the most significant percentage of research offerings are sourced.
Why Markets.com Is The Best For Trading Tools.
Markets.com offers a comprehensive and interesting range of trading g tools that can give traders a leg up while navigating the spot and futures market. When you factor in the platform’s offer of trade instruments and trading platforms, a clear pattern begins to emerge of Markets.com’s efforts at helping traders make better trade decisions and successfully master the market.
NinjaTrader.
Created in 2004, NinjaTrader is billed as an advanced charting software for forex. The platform is based off the shores of the USA and commands a significant following from traders based in North America. NinjaTrader is fully registered by the National Futures Association (NFA).
Pros of NinjaTrader.
Charts on the platform are fully customizable, while bid/ask data is available in real-time during trades. Multiple pre-configured trade indicators are accessible, along with a wide range of sketching tools. With the ability to create watch lists and indicator values, the Market Analyzer tool assists traders in scanning changes in forex markets. Currency market changes can trigger alerts, and automated strategy programs are pre-programmed.
Cons of NinjaTrader.
The biggest drawback to this trading platform is its absence of a mobile app, which is a severely limiting factor these days. Further, the platform can only be found in six foreign exchange brokers’ lists, which is perhaps why NinjaTrader has a small community.
FXCM Boasts The Best Forex Trading App.
In addition to being the best broker on NinjaTrader, FXCM also boasts the best mobile app. The app was developed through its Trading Station platform. Some of the standout features of the Trading Station are:
Regulated in the UK, Australia, and South Africa Offers a good range of financial markets, crypto included An offered free demo account Mobile app available for iPhone, iPad, and Android devices Easy to navigate interface Strong emphasis on trader education Traders in the UK have the option of spread betting Responsive customer service.
FXCM offers a demo account to both new and existing customers with the complete range of products and services, including access to third-party applications and indicators, exclusive historical market data, and access to algorithmic trading solutions.
Traders who reside in the UK and Ireland also have access to spread betting and the NinjaTrader 8 app for forex trading.
Why FXCM is Perfect For Mobile Traders.
High-volume traders who have a preference for trading with their mobile phones will find FXCM helpful. The platform is regulated and offers integration with both Trading Station and NinjaTrader. Trading Station is widely acknowledged to have the most advanced mobile app on both the iOS and Android platforms.
Beginners may struggle with FXCM’s fees, which are on the high side, but Active Traders can potentially save over 62% of costs.
Best with Ninja Trader.
ProRealTime.
ProRealTime is one of the few exclusively web-based brokers around. The company was established in France in the year 2001 by developers IT-Finance. ProRealTime offers several advantages, key among them their technical analysis functionality. This broker gives traders the freedom to personalize several tools, including advanced charting and currency market scanners. This platform also supports automated trading, with their software programmed with ProRealCode coding language.
Pros of ProRealTime.
The main strength of this trading software is its technical analysis functionality. Traders of macro and micro currencies can make use of over 100 indicators, which expiration dates and strike prices can filter. The interface offers several charts and periods, as well as the ability to trade trend lines across asset classes.
Cons of ProRealTime.
Without the option of trading apps, mobile trading is unavailable on this platform. Further, the software is only available to Australian users in demo mode, while the platform is restricted to traders in the USA and Australia with some brokers.
IG: The Leading ProRealTime Broker.
With over 200,000 traders across the globe on their platform, IG is a strong player in the industry. The company is also listed on the FTSE. Here are some of their most compelling attributes:
Convenient and reliable account funding methods Tier 1 regulation by ASIC, FCA, MAS, and the CFTC No minimum deposit is required. More than the decent offer of tradable financial markets Solid research and education program.
IG’s Fees and Commissions.
IG offers pretty low spreads on both available trading accounts. For advanced traders who favor the spread + commission account in search of low spreads, IG’s fees are relatively competitive, although nowhere near as low as the industry leaders in this category.
IG offers spreads of 0.86 pips on the EUR/USD currency exchange for standard accounts, which is higher than the industry average.
IG also charges some non-trading fees, such as financing fees for overnight positions.
Why IG Is Best For ProRealTime.
The platform’s $0 minimum deposit requirement is attractive. As the world’s foremost retail foreign exchange broker, they provide the lowest standard account spreads and the best customer service.
Lowest Spreads.
eToro Trading Platform.
eToro channels most of its market drive towards the trading of CFDs.The platform is also notable for being the unofficial hub of social trading and copy trading. Traders are drawn to the platform because of its large community of online traders, the diversity of CFD trading options on offer, and the easy and smooth interface of the platform.
Pros of eToro Trading Platform.
The eToro trading platform has been designed to make social trading more accessible and more interactive. eToro provides all the tools needed for social trading in-app, negating the need for add-ons or special software.
Another feature that’s worth a mention is the platform’s copy trading function. The two available types are CopyTrader and CopyPortfolio. You may use CopyTrader to follow and imitate the trading tactics of other users. This is especially beneficial for new traders or those with limited free time since they may make sizable gains from other traders’ deals.
eToro also lets you analyze the performance of other traders to assist you in identifying the right traders to copy. Further, you get risk management tools to assist you in exiting deals when traders fail to perform.
Cons of eToro Trading Platform.
eToro has developed its own set of parameters and terminologies, so even seasoned traders may find themselves stumped on the platform in spite of its simple interface. Traders may find themselves having to start learning these things from scratch.
Another drawback is that eToro is a niche social trading platform with fewer technical indicators and graphical features than specialist CFD platforms.
Is eToro Safe?
eToro is licensed by the CySEC (Cyprus Securities and Exchange Commission) with license 109/10 for European traders and the FCA (Financial Conduct Authority) with license 7973792 for UK traders. It also has several additional licenses, including one from the Australian Securities and Investments Commission (ASIC), but residents of the United States can not access it since it lacks a Commodity Futures Trading Commission (CFTC) license.
With a number of tier-1 regulations to its name, eToro is considered to be a low-risk broker.
eToro Is The Leading Social Trading Broker.
A demo account is automatically generated when you open an eToro trading account. Traders are offered $100,000 in virtual capital to play with and practice utilizing the platform’s full capabilities. The research feature from eToro investors and industry professionals gathered from financial institutions is included in this demo account.
Markets and Products.
eToro currently offers over 47 currency pairings for trading. There are also 17 cryptocurrencies (including bitcoin), 13 indexes, 145 exchange-traded funds (ETFs), and 13 commodities to consider. The most distinctive feature of eToro’s financial market is its capacity to trade more stocks in most worldwide marketplaces as a contract for difference.
Leading Forex software for Copy Trading.
Plus500 Trading Platform.
Established in Israel in 2008, Plus500 has achieved overwhelming success and prestige in the global brokerage industry, culminating in its status as an FTSE-listed brokerage. The platform is intuitive and straightforward, with a myriad of CFD instruments on offer. Plus500 trading platform is trusted, and this trust is backed by several tier-1 regulators, including the Financial Conduct Authority (FCA) in the UK.
Traders are covered up to £85,000 under the Financial Services Compensation Scheme (FSCS), as required by regulation. This brokerage also has a Cyprus Securities and Exchange Commission-regulated subsidiary (CySEC). As a result, Plus500 is governed by the Financial Instruments Directive 2014/65/EU, often known as MiFID II, as well as the EU’s 4th Anti-Money Laundering Directive. According to EU Directive 2014/49/EU, traders are covered by the Investor Compensation Fund (CIF), which has a maximum coverage of €20,000.
Pros of Plus500 Trading Platform.
Regulated by several tier-1 regulators Stop loss orders are guaranteed, and negative balance protection is assured Easy and intuitive interface Low trading costs and a myriad of markets Extremely beginner-friendly platform.
Cons of Plus500 Trading Platform.
Limited number of indicators and timeframes available Algorithmic trading is not offered Proprietary platform does not support third-party integration and personalization easily Limited education and research materials.
Plus500 Is The Best Forex Trading Platform For Beginners.
Traders just looking to get their feet wet for the first time enjoy the following features on Plus500:
Easily navigable interface Guaranteed stop loss and other order types Over 50 forex markets Multiple cryptocurrency CFDs Technical analysis and trader’s guide.
Easiest to Navigate and Most Suited for Beginners.
eSignal.
eSignal is widely known and revered throughout the brokerage industry for setting the pace in charting technology. Over several decades of its existence, and to date, it still holds that distinction. The platform is also known for fantastic trading tools and advanced indicators.
Pros of eSignal Software.
Reliable real-time data Improved backtesting and scanning A wide array of third-party add-ons Myriad of technical indicators ad studies Advanced charting technology.
Cons of eSignal Software.
The platform is expensive, and many traders may be priced out of joining Additional symbol units would be welcome.
Forex.com Is The Best eSignal Trading Platform.
Forex.com’s pricing engine software is flawlessly integrated with the TradingView interface, allowing forex traders to trade straight from TradingView charts with the following benefits:
Charts for mobile trading with over 60 technical indicators that can be customized The platform’s parent company (Gain Capital) is listed on the New York Stock Exchange +12,000 worldwide financial products are available to you There are a variety of dynamic charts (11 chart types) A large number of advanced technical instruments (over 65 technical indicators) are available There are three distinct sorts of contracts that may be traded (CFDs, spread bets, and spot FX)
City Index Helps Traders Manage Risks Effectively.
With the introduction of risk management features such as automated margin closeout, negative balance protection, and guaranteed stop loss to its Web Trader platform, City Index intends to safeguard its traders’ funds.
Traders Are Offered Access To Intelligent Trading Tools.
Traders at City Index have access to various intelligent trading tools to identify fresh trading opportunities. The web-based charts at City Index are powered by TradingView, but they are improved by in-house technology developed by this brokerage trading firm’s team of specialists.
ThinkOrSwim.
TD Ameritrade’s ThinkorSwim (ToS) is a sophisticated trading platform. Active traders consider it to be one of the greatest trading platforms accessible. It’s chock-full of technical analysis and charting tools, as well as software features that may boost a trader’s productivity. It’s compatible with mobile, web, and desktop, gaining recognition for being one of only a select few platforms available on Mac.
Pros of ThinkOrSwim.
The following are standout features and benefits of the ThinkOrSwim platform:
Interactive social trading Numerous news streams and extensive research capacities Over 400 technical studies and 8 Fibonacci tools are among the market-leading research tools available The platform is committed to educating novice traders Wide variety of charts and other trade instruments.
Cons of ThinkOrSwim.
The sheer number of tools and content may get overwhelming Beginners face a steep learning curve on the platform Traders looking for specific tools may need to use more than one trading system.
TD Ameritrade’s ThinkOrSwim Is The Best Platform For US Forex Brokers.
With awesome offers such as zero commissions trading and over 70 currency pairs to be traded, TD Ameritrade is staking a concerted claim to be the best forex trading platform in the US. The broker is upfront with its pricing, and traders are never surprised with hidden charges.
Is TD Ameritrade Safe?
Ameritrade Futures & Forex LLC, a subsidiary of TD Ameritrade, which the latter trades under, is regulated by several top regulating bodies within the USA and beyond. These regulators include:
US Securities and Exchange Commission (SEC) National Futures Association (NFA) Commodity Futures Trading Commission (CFTC) Financial Industry Regulatory Authority (FINRA)
To be approved and licensed by these regulators, brokers would need to segregate client funds and have tier-1 banks do this for them, operate very strict and transparent policies, institute complaints procedures for the resolution of disputes, and put policies in place that guarantee the protection of traders’ funds. In the US, very few brokers are able to satisfy these requirements, apart from Interactive Brokers (IBKR).
Resources and Education.
With the education of traders among the stated goals of TD Ameritrade, the platform offers several engaging courses, webinars, videos, articles, and other materials to help traders step up their game and attain full mastery of CFD trading skills. The paperMoney feature is also a great tool that allows you to try out real-life trading scenarios without the added pressure that comes with the risk of losing money.
Beginners.
TradeStation.
Founded in 1982 and based in Florida, TradeStation is respected for its pioneering roles in advancing trader technology. Futures trading, options trading, mobile trading, as well as specializations like day trading and professional trading, are all areas where TradeStation excels.
Pros Of The TradeStation Platform.
Excellent technical analysis and charting tools Stock screener for better personalization Wide range of tools for more accomplished trend analysis Detailed and well-structured educational materials Easy-to-use web and mobile platforms.
Cons Of The TradeStation Platform.
Pricing is complicated Deposits and withdrawals are far from straightforward Not a very beginner-friendly platform.
OANDA: The Best TradeStation Broker.
Since it was established in 1996, OANDA has been a strong player in the US brokerage field. The company has an established global brand solidified by its sparkling reputation and seamless web trading experience. The platform does not offer a wide range of FX pairs and CFDs, but it makes up for this with its extensive and detailed market research. These are some of the platform’s strong points:
Quick execution with minimal requotes and no order rejections Excellent research tools, market analysis, and news More than 71 forex currency pairs Cutting-edge technical analysis tools FCA and NFA regulated Straightforward deposits with a wide range of currencies acceptable Intuitive and easily navigable platforms.
OANDA Tools And Platforms.
The online, desktop and mobile versions of OANDA’s flagship fxTrade platform are all accessible. Charting, which is powered by TradingView, includes over 80 indicators and other features, including the option to compare several currency pairings on a single chart.
OANDA integrates with third-party platforms to bring algorithmic trading to its users. Traders on the OANDA platform also get the chance to build their own apps using programming languages such as C# and Python. However, OANDA also offers the popular MetaTrader 4 platform for traders that prefer it.
Is OANDA Safe?
OANDA is regulated by the following authorities:
OANDA Corporation is a member of the NFA (#0325821). This broker is also a registered Futures Commission Merchant (FCM) Retail Foreign Exchange Dealer (RFED) with the CFTC Australian Securities and Investment Commission (ASIC) Investment Industry Regulatory Organization of Canada (IIROC)
OANDA Europe is regulated and approved by the Financial Conduct Authority (#542574) in the United Kingdom, and clients are covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 in extra asset protection.
Why OANDA Is Great For TradeStation.
With a long and proven track record, along with regulations from tier-1 regulating bodies, OANDA is one of the most trusted forex trading platforms in the US. This broker stands out for its impressive array of research tools and easily navigable web and mobile platforms.
Best for Market Research Offerings.
In A Nutshell.
We picked MetaTrader 4 as the best forex trading platform based on overriding market consensus, and after an analysis of the immense benefits it offers traders. AvaTrade is the best MT4 trader based on its competitive spreads, excellent research tools and materials, and good customer service.
FAQs.
Q: What is the best forex trading platform?
A: The best forex trading platform is MetaTrader 4 due to its popularity, adaptability, and ease of operation. It also offers a wide range of tools, instruments, and integrations, particularly for algorithmic trading.
Q: Which forex trading platform is the best?
A: MetaTrader 4 is the best forex trading platform.
Q: Which is the best forex trading platform for windows 10?
A: Plus500 is highly regarded for its versatility. It works perfectly across a number of platforms, including web, desktop, and mobile. The best forex trading platform for windows 10 is Plus500.
Best Overall Broker.
About Ezekiel Chew.
Ezekiel Chew the founder and head of training at Asia Forex Mentor isn’t your typical forex trainer. He is a recognized expert in the forex industry where he is frequently invited to speak at major forex events and trading panels. His insights into the live market are highly sought after by retail traders.
Ezekiel is considered as one of the top forex traders around who actually care about giving back to the community. He makes six figures a trade in his own trading and behind the scenes, Ezekiel trains the traders who work in banks, fund management companies and prop trading firms.