AuthorBy Jeffrey CammackAuthor InformationUpdated: November 25, 2020

A Forex trading platform is the software used to make trades on the Forex market. Trading platforms are always free and are always available as mobile apps. The best Forex brokers will offer a range of Forex trading platforms. The most popular platforms are MT4, MT5 and cTrader.

The best Forex trading platform for you will depend on your trading experience and personal taste.

These are the brokers with the best Forex trading platforms:

English

Here are the top trading platforms to chose from.

Last updated on 25 Nov 2020
Updated 25 Nov 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
FxPro
Min. Deposit
USD 100
4.214.21
Min. Spread
0.60 pips
REGULATED BY
Trading Desk Type
11110.54.21/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
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FxPro is one of the most respected Forex brokers in the industry. Regulated by the FCA and CySEC and with over 870,000 client accounts in 173 countries, FxPro is a truly global powerhouse.

FxPro offers a no dealing desk execution model on MT4, MT5, cTrader and a browser-based platform. A reasonable 100 USD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips – to match profitability with security.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
2
FXTM
Min. Deposit
USD 10
4.234.23
Min. Spread
0.10 pips
REGULATED BY
Trading Desk Type
11110.54.23/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is regulated by the FCA, CySEC and the FSCA in South Africa and the educational material offered is first-class. By keeping the focus on beginners looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming environment for new traders. Additionally, FXTM are one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.

For the absolute beginner, FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars and a searchable glossary of new vocabulary. This is an excellent resource and many hours can be spent covering the basics of Forex Trading. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

FXTM has an open “Daily Market Analysis” section on their website where research analysts post bulletins that connect daily news items with analysis and actionable trading ideas. This can be combined with other sources to achieve a more comprehensive view of global events and the trading opportunities they represent.

The Standard Account has a minimum deposit of 100 USD and spreads start at 1.3 pips. FXTM also offers a Cent Account where the minimum deposit if only 10 USD but the spreads will be wider. If you can afford it, I would recommend starting with the Standard Account.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
3
MarketsX
Min. Deposit
ZAR 2500
4.394.39
Min. Spread
0.60 pips
REGULATED BY
Trading Desk Type
11110.54.39/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
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Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Owned by Tradetech Markets (South Africa) Pty Ltd., a subsidiary of Playtech PLC, Markets.com (South Africa) SA is one of the best-recognised Forex brands.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
4
HotForex
Min. Deposit
ZAR 70
4.294.29
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
11110.54.29/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.20 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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Listed as on the Top 100 Companies by World Finance Magazine and the award for Business Excellence 2015 (World Confederation Of Businesses) HotForex is not just recognized for their integrity by their industry peers, but also in the financial industry as a whole.

As an STP broker regulated by multiple major international organizations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginning and expert level trader.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
5
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
REGULATED BY
Trading Desk Type
11110.54.18/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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With over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms, and the award for Best Trade Execution 2016 by the African Finance Expo, AvaTrade is a good partner for all types of trader. AvaTrade has built its reputation on being a client-focused, dependable broker, and continues to add to that reputation with the recent addition of AvaProtect to its product lineup.

With great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation, AvaTrade is competitive with some of the best brokers in the world.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
6
IC Markets
Min. Deposit
USD 200
4.264.26
Min. Spread
0.10 pips
REGULATED BY
Trading Desk Type
11110.54.26/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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A hugely respected ECN broker, IC Markets has invested heavily to provide traders with the lowest spreads and fastest execution speeds possible – and has seen huge success as a result. ASIC and CySEC regulated and with support for MT4, MT5 and cTrader, this broker is serious about providing the best possible trading environment for its client base. 

Headquartered in downtown Sydney, IC Markets represents the best of the Australian Forex industry; beginner traders will welcome IC Markets’ simple account structure and responsive and informed customer service; the company understands customer retention involves a combination of tight spreads, cutting edge technology, fast trade execution and specialised support. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
7
FP Markets
Min. Deposit
USD 100
4.074.07
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
11110.54.07/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Trader education and market analysis are slightly weaker than other brokers, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
8
Admiral Markets
Min. Deposit
USD 100
4.184.18
Min. Spread
0.10 pips
REGULATED BY
Trading Desk Type
11110.54.18/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
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Founded in 2001, Admiral Markets is renowned for its excellent education, industry leadership and wide range of tradeable instruments. Its industry leadership extends to platform support, where it has teamed up with MetaTrader to create Supreme Editions for MT4 and MT5, adding a range of practical tools to enhance the base platforms. 

All Admiral Markets accounts feature market execution, low minimum deposits and competitive spreads – and the company has one of the best cryptocurrency offerings on the market, with 30+ crypto pairs and cross pairs to trade; in addition, Admiral Markets have not just one, but two complete Forex courses for beginners.

A global presence, a progressive approach to knowledge sharing and competitive trading conditions have attracted both beginner and experienced traders to the Admiral Markets brand.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
9
FXCM
Min. Deposit
USD 50
4.134.13
Min. Spread
0 pips
REGULATED BY
Trading Desk Type
11110.54.13/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.3 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. Forex Capital Markets is regulated by FCA, ASIC, and the FSCA.
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FXCM has been a global Forex and CFD broker since 1999 and are regulated by the FCA, ASIC, and the FSCA in South Africa.

One of the major advantages of FXCM for beginner traders is the quality of the educational material they offer. FXCM offers eBooks on Forex basics, trading strategies, trading habits, the FXCM’s proprietary Trading Station platform, and how to identify potential trading opportunities on the market. FXCM’s extensive video library is organised into different categories that span from how to make deposits, to more advanced trading topics like order types that help traders manage risk in trades.

Like most of their competitors, FXCM ZA uses webinars to teach Forex trading – these are exclusive webinars for South Africans and hosted by Russell Shor, the Senior Analyst for FXCM’s South African team. Having a dedicated education section for South Africans is extremely rare and is one of the greatest advantages to using FXCM ZA. Moreover, FXCM ZA runs free workshops in Pretoria and Johannesburg on a monthly basis.

FXCM has a standard demo account and a single live account offering. The demo account has 5000 USD virtual money and expires after 30 days of inactivity. The standard account is commission free with a minimum deposit of 50 USD

Pros
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
Cons
  • Limited demo account
Read More About FXCM

What is a Forex Trading Platform?

MT4, MT5, cTrader

Trading platforms are software applications provided to traders by Forex brokers. You need a trading platform to make trades on the Forex market.

The most common trading platforms are MT4, MT5 and cTrader

The most popular trading platforms are third-party applications which you can install on your computer. The most common third-party trading platforms are MT4, MT5 and cTrader. Some brokers also have their own trading platforms, which are usually accessed via your browser.

Trading platforms are more than just trading applications

Trading platforms are more than just trading applications. Most trading platforms will also have charting tools, research tools, and options for automated trading or copy trading.

Which is the Best Forex Trading Platform?

Many believe that MetaTrader 4 (MT4) is the best platform because it is the most popular and is supported by most Forex brokers. Others argue that MetaTrader 5 (MT5) is better, as it is newer and has more modern features. Others prefer cTrader for its advanced customisation and intuitive layout.

Alongside MT4, MT5 and cTrader some Forex brokers also have their own platforms. Known as proprietary platforms, they are usually web-based and are better suited to beginner traders. They also tend to have a simplified interface and fewer customisation options.

Broker’s own platforms are often easier to use for beginner traders

With MT4, MT5 and cTrader, it is easy to switch brokers and keep your platform with all your preferences and customisations.

With MT4, MT5 and cTrader you can switch brokers but keep your platform

But if you decide to use a proprietary platform, the platform will not move with you if you decide to switch broker. This means you will lose any customisation and specific platform knowledge that you have gained.

First, let us have a closer look at the most popular third-party platforms.

MetaTrader 4

MT4 devices

Launched in 2005, MetaTrader 4 (MT4) is the world’s most popular trading platform. Like most retail trading platforms it’s available for free from MetaQuotes or any of these MT4 Forex brokers.

MT4 is considered the Forex trading industry standard due to its execution speed, customisability, broker adoption and security. Over 90% of brokers will offer support for MT4.

MT4 is the most popular trading platform in the world

MT4 runs smoothly and executes trades quickly, even on slower internet connections. But it is most famous for its customisation options.

You can build or buy trading robots for MT4 to automate your trading

MT4’s open-source scripting language, MQL4, allows traders to build and buy Expert Advisors (EAs), indicators and other trading robots. These can then be installed on the platform to assist with and automate trading.

MT4 also has an advanced charting package, allowing traders to view multiple charts at different timeframes. These charts can then be overlaid with indicators to provide even more precision.

Like most platforms, MT4 is also available on mobile, tablet, in a web browser and as a downloadable application. Be aware that some of the customisation options are lost on mobile devices or on a web browser.

MT4 is extremely popular, so there are thousands of reviews and guides that will help get you started and answer any question you may have. Most MT4 brokers will help traders set up the platform and offer specialist technical support.

The best MT4 broker is AvaTrade

The best MT4 broker is AvaTrade. With excellent MT4 technical support for beginners, both FSCA and ASIC regulation and competitive trading conditions, they come top of a long list of MT4 brokers.

MetaTrader 5

MT5 Devices

Launched in 2010, Metatrader 5 (MT5) is the most recent version of the MetaTrader platform. Though it is not as popular as MT4, MT5 is also supported by many brokers. It is more modern in appearance and features than MT4 but there is not a huge difference between the two platforms.

MT5 and MT4 are very similar trading platforms

Like MT4, MT5 allows traders to access the Forex market. But it also provides native access to other CFDs, like equities, stocks, and commodities. MT4 only supports access to these other markets via modifications to the platform. This wider range of CFDs is also good for brokers, as it lets them offer more products to traders in a single platform.

MT5 also comes with a more advanced scripting language (MQL5), which allows for more complex algorithms than MQL4. The MQL5 back-testing function is also more reliable, permitting a more precise understanding of how an EA is going to operate in a live trading environment.

The main problem for many traders is that MQL5 is not backwards compatible with MQL4. This means that any trading robots built for MT4 will not work in MT5 and vice versa.

Trading robots built for MT4 will not work in MT5 and vice versa

The MT5 interface may look like MT4 but it has more features. MT5 has a more advanced charting package, including 12 more timeframes and more built-in technical indicators. MT5 also has a Depth of Market function, allowing traders to see view the bids and offers for any given instrument or currency pair. Other features include an economic calendar, a live news feed, a larger number of pending order types than MT4 and an embedded chat system.

MT5 is also available on mobile, tablet, in a web browser and as a downloadable application.

The best MT5 broker is XM

The best MT5 brokers is XM. With tight spreads, excellent customer service, and great educational support, XM stands out from the rest of the MT5 brokers.

Here is our top list of reputable brokers offering MT5:

Best MT5 Brokers

Scroll for more detailsPreviousNext
Overall Rating
Official Site
Regulators
Trading Desk
Platforms
Min. Deposit
Max. Leverage
Cost of Trading
Islamic Account
Time To Withdraw
Withdrawal Fee
No. of FX Pairs
Hedging
Scalping
Support Hours
Website Language
Support Language
Compare
Official Site
4.18 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
Market Maker
MT4, MT5, Avatrade Social
USD 100
400:1
USD USD 9
Yes
Two Plus Business Days
Fees Included in Spread
50+
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.23 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
ECN/DMA, Market Maker
MT4, MT5
USD 10
Flexible
USD USD 19
Yes
Same Day
4 USD / ECN Accounts
59
Yes
Yes
24/7
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.38 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
Market Maker
MT4, MT5
USD 5
500:1
USD USD 16
Yes
Next Business Day
7 USD / lot - XM Zero Account
57
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.39 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
Market Maker
MT4, MT5
ZAR 2500
300:1
ZAR USD 6
Yes
Next Business Day
Fees Included in Spread
50+
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.29 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
STP
MT4, MT5
ZAR 70
1000:1
ZAR USD 12
Yes
Next Business Day
6 USD / lot - Zero Account
51
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.43 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
ECN/DMA
MT4, MT5
USD 5
500:1
USD USD 12
Yes
Next Business Day
7 USD / lot - PRO account
80+
Yes
Yes
24/7
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.12 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
Market Maker
MT4, MT5
USD 1
2000:1
USD USD 7
Yes
Two Plus Business Days
Fees Included in Spread
120
Yes
Yes
24/7
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.07 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
ECN/DMA
MT4, MT5, IRESS
USD 100
500:1
USD USD 14
Yes
Next Business Day
6 USD / lot - RAW Accounts
60+
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
4.21 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
Market Maker NDD
MT4, MT5, cTrader, FxProEdge
USD 100
500:1
USD USD 15
Yes
Same Day
9 USD / lot - cTrader Account
70+
Yes
Yes
24/5
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk
3.98 /5
Read Review
Visit Broker >
Risk InformationYour capital is at risk
ECN/DMA, STP
MT4, MT5
USD 5
500:1
USD USD 4
Yes
Next Business Day
7 USD / lot - ThinkZero Account
36
Yes
Yes
24/6
Yes
Yes
Visit Broker >
Risk InformationYour capital is at risk

Compare Brokers

Compare

cTrader

cTrader screens

cTrader is a multi-asset trading platform, allowing users to trade Forex as well as other CFDs. Launched in 2011, cTrader offers high-speed execution with a cleaner user interface than the competing Metatrader software.

cTrader also allows for automated trading with the built-in cTrader Automate. cTrader Automate allows traders to build or buy trading robots (cBots) and custom indicators. Algorithms built for MT4 and MT5 will not function in cTrader.

cTrader Automate and cTrader Copy let traders automate trading and copy trading strategies

Another feature, cTrader Copy allows traders to copy trading strategies, as well as provide strategies for copying by other traders

One of the best features of cTrader is the fully customisable layout. You can pick a chart-only layout or the default, which includes analysis and trading news. Even the charts are customisable, allowing you to display different charts side-by-side, or toggle between them. cTrader appears and functions in a similar manner to MetaTrader 4, so any transition would be easy if you are used to the latter.

It is easy to transition from MT4 to cTrader

If you tend to trade with a certain set of currencies, the platform also allows you to create a “favourites” window, allowing you to always have easy access to your most-traded currency pairs. Here you can immediately see quotes when you launch the application so that you can make trades quickly. Additionally, cTrader comes pre-packaged with over 30 technical indicators and objects, allowing even further customisation.

The best cTrader broker is FxPro

The best cTrader broker is FxPro. FxPro’s cTrader account offers tight spreads, market execution, no requotes and will allow for partial fills for orders that lack liquidity.

Currently, cTrader is supported by the following brokers:

Min. Deposit
Min. Spread
USD 200
0 pips
USD 100
0.60 pips
USD 200
0.10 pips
EUR 100
0.70 pips
USD 5
0.20 pips
USD 50
0 pips
USD 5
0.40 pips
USD 5
0 pips

Proprietary (Broker-owned) Platforms

The other common type of trading platforms is broker-built and operated platforms. These proprietary platforms vary in and quality, but they are generally web-based and easy to use for beginners. Some of them are also quite different from traditional platforms like MT4.

Remember: If you use a broker’s own platform and then decide to switch broker, you will have to learn how to use another platform.

Remember

Some of the best and more interesting proprietary platforms are worth inspecting in more detail:

eToro Platform

eToro’s web platform is easy to use and is a big draw for beginner traders. With its unique integrated social component, advice and trading opportunities are always available from a community of traders. It includes a watchlist so you can see show detailed graphs for any currency pair you want.  While this is no replacement for technical analysis, it does provide a degree of insight with little effort.

Read our eToro review

IG Markets Webtrader 

IG Market’s web platform is one of the best broker-operated platforms available and has won many awards for its clean design and accessibility. Research tools, monitoring tools, complex order management and advanced charts are all included. Other features include simple functionality to open, close and edit individual and aggregate positions, chart customisation and risk management tools. Custom indicators are also available as well as access to data and news feeds to help spot trading opportunities.

Read our IG Markets review

easyMarkets platform

Day Trading with dealCancellation and Freeze Rate

easyMarkets were one of the first brokers to develop their own trading platform and have a history of platform innovation. While easyMarkets also offers support for MT4, most of the trading tools available to easyMarkets customers are only available through the easyMarkets platform. Feature highlights include dealCancellation, which allows clients to cancel an order within an hour of making a trade, and Freeze Rate, which allows you to freeze a price you see for a few seconds (especially useful in volatile markets).

Read our easyMarkets review

Marketsx

Marketsx is a new trading platform from by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. It provides CFD trading on stock, Forex, commodity, indices, cryptocurrency, ETF and bond markets. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Read our Marketsreview

Specialty Platforms

While we have covered the most popular trading platforms, there are many other specialist platforms. These either behave differently than the more common platforms or require more advanced knowledge.

ZuluTrade

ZuluTrade is a popular option that specialises in copy trading and social trading.  With ZuluTrade, traders can copy each other’s trades and the embedded social network allows for the sharing of ideas and strategies. With over a million users, it is one of the largest copy trading providers around. An added benefit, you can link a pre-existing MT4 account to ZuluTrade. ZuluTrade is also available on iOS and Android devices.

NinjaTrader 8

Ninjatrader

Much like the MetaTrader platforms and cTrader, NinjaTrader 8 is available free of charge and offers a great deal of customisation. This includes advanced charting, complex order management and algorithmic trading via NinjaTrader’s C# based framework. While it is perfectly capable of trading the Forex market, most of the NinjaTrader community is focused on futures trading.

QuantConnect

Quantconnect

QuantConnect is for traders working in the development industry or comfortable with writing and editing code. It provides a comprehensive integrated developing environment (IDE) designed by algo traders for algo traders. Built on the Lean Algorithmic Trading Engine, an open-source cloud-based trading platform designed in C#, QuantConnect not only provides a design-environment it also connects some of the most sophisticated algorithmic traders in the open-source community together.

Final Word

There are lots of other niche trading platforms out there, especially for more advanced traders, but this article covers most of the popular choices.

A trading platform is only a tool. Your success or failure depends on you

Whatever you choose, remember that a trading platform is only a tool to connect you with the market and your success or failure will depend entirely on your trading choices. Make sure that those choices are educated, low-risk and decisive.

FAQs

What is the difference between a Forex trading platform and Forex broker?

A trading platform is a software application traders use to trade Forex, whereas Forex brokers are the companies that connect a trading platform to the Forex market.

Which is the fastest Forex trading platform?

MT4 is the lowest-latency platform, but execution speed will also depend on your internet connection and your broker’s connection to the Forex market.

Which is the easiest Forex trading platform to use?

eToro is famous for having an easy-to-use platform. But of the traditional platforms, cTrader is the easiest to learn.

Which is the best platform for beginners?

The best platform for beginners is MT4, as there are so many guides and tutorials on how to use it.

Are trading platforms free?

Yes, trading platforms are always free. Do not trust anyone who tries to sell you a trading platform.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients. Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. 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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