In this article, I will be discussing the best forex trading platforms. A foreign exchange trading platform is a piece of software that enables people to buy and sell currencies on the forex market.
Apart from fees and other charges from brokers, the choice of a trading platform is of utmost importance for forex traders.
The best forex trading platforms should provide downloadable desktop software, mobile apps, or web-based trading platforms.
If you’re looking to choose the best forex trading platforms, look for one that offers excellent trading capabilities, live data, custom views, and flexible charts to help you lock in your profits.
Every forex traders require a platform on which they can rely during the trading process. We tested all the platforms to help you find the best forex trading platform. Let’s get started.
Here is a comprehensive list of the brokers who provide the best forex trading platforms for forex traders.
We compared the following features over the last six months:
- ease of use,
- trading costs,
- order execution, and more:
1. MetaTrader 4
This is the most widely used retail currency trading platform. MetaQuotes developed the trading platform in 2005, and it now has over 85% market share among forex brokers worldwide.
According to Finance Magnates Intelligence, 55% of retail forex traders used the platform in 2018. It is regarded as the best forex platform.
From the start of the global pandemic, there was a surge in MetaTrader interest, as Google trends show. This is true for both MT5 and Mt4, with Mt4 seeing a 58% increase in interest in 2021.
The most significant advantage of MetaTrader 4 is that traders who become familiar with the platform can easily switch between the best forex brokers as almost every broker offers this platform.
Another key benefit of the 15-year-old trading software is its stability. Other features are:
- Trading with a single click
- There are more than 50 indicators.
- Limited and pending orders
- There are nine different time frames.
- Multiple graphing
The software’s popularity with the largest copy trader community and a variety of bots to download (called Expert Advisors), including those below from the marketplace, benefit features such as algorithmic and social trading.
2. MetaTrader 5
MetaQuotes developed MetaTrader 5 three years after the release of MT4 (MT5). The main goal of the new platform was to allow CFD trading on stocks.
Because of the popularity of CFD trading and the increased number of brokers offering MT5, 11.5% of MetaTrader usage in 2020 was MT5 (up from 5.4% in 2019).
As previously stated, MetaTrader 5 offers a wider range of CFDs, including share CFD trading, as opposed to MT4, which focuses solely on currency trading. CFDs are derivative products that trade underlying asset price movements.
The trading platform is faster than MetaTrader 4, and it comes with more indicators and order types. The following are five of MT5’s most important features:
- There are 21 different timeframes (including 11-minute charges)
- There are 6 different types of pending orders.
- Options for netting and hedging modes
- Market Depth Function
- Policies for partial order fulfillment
Disadvantages Of Using MT5
The most serious flaw in MT5 is the MQL5 programming language for automated trading.
Because this is not the same as MetaTrader 4 and the MQL4 programming language, if you are an MT4 user, you will have to learn new coding from scratch.
This has been a major factor in MT5’s slow adoption. When it comes to purchasing EA’s (trading bots) or copy trading with a smaller marketplace than MT4, the popularity issue is also a factor.
cTrader, developed by Spotware, is the third most popular forex software, available from a variety of retail foreign exchange brokers.
While no exact market share figures have been released, the popularity of the three most popular platforms’ websites and app downloads are shown below.
The difference between MT4 vs MT5 vs cTrader can be seen in our platform comparison chart below. It emphasizes that cTrader is widely regarded as the best forex trading platform, with 65 analytical and graphic objects and level II pricing.
cTrader offers Algo for automated trading, which uses the.NET framework and the C# programming language, which some programmers will be more familiar with than MLQ4 or MLQ5.
Cons Of Using cTrader
Because cTrader has a smaller market share than MetaTrader, the online community is more niche, limiting bot sharing and the copy trading environment.
Spotware’s server is in the United Kingdom, whereas MetaTrader’s is in the United States, which can cause issues with liquidity and trade execution speeds.
Marketsx is a proprietary multi-asset trading platform developed by Markets.com that serves as a one-stop shop for all of your trading needs. The platform is owned by a London Stock Exchange-listed FTSE 250 company (LSE).
The smart trading tools available on MarketsX which include; fundamental, technical, and sentiment analysis tools, are the company’s primary advantage.
The advance charting package, Hedge Funds investment confidence, Insider trades, which shows smart money buying and selling activity, and a stock report powered by Thomson Reuters are among our top picks for the most useful trading tools.
Marketsx is a multi-award-winning trading platform that comes with all the tools you’ll need to succeed in the market. There are 88 technical indicators, 9 chart types, drawing tools, and a customizable interface on the platform.
Technical analysis, fundamental analysis, risk management, and sentiment analysis are all tools that can be used to assess current market trends across a variety of financial instruments.
Downsides Of Using Marketsx Trading platform
MarketsX is only available to Markets.com clients, so it has a limited audience. Although it is a multi-asset platform, the platform’s functionality is geared toward share trading, leaving forex traders behind.
NinjaTrader is an advanced charting forex software package that was created in 2004 and is based in the United States. The majority of NinjaTrader users are from North America, and the platform is regulated by the National Futures Association (NFA).
The majority of traders choose this software because of the customizable charts and real-time bid/ask data. Hundreds of pre-configured trading indicators are available, along with drawing 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 movements can trigger alerts, and automated strategy programs are pre-programmed.
Downsides Of Using NinjaTrader
Only six foreign exchange brokers offer NinjaTrader. The software’s user base is small, with only 60,000 traders in 2021. NinjaTrader does not have a mobile app and only has a Windows desktop version.
6. eToro Forex Trading Platform
With a platform specifically designed for trading CFDs, eToro specializes in social trading and copy trading.
Because of the platform’s functionality, the number of online copy traders, and the breadth of CFD trading options, the online broker was recommended for social traders.
The eToro trading platform’s most obvious advantage is that it is specifically designed for social trading.
eToro comes with all of the social trading tools you’ll need, unlike other platforms that require you to install third-party software or an add-on extension.
In this way, eToro can be thought of as the Facebook of social trading, where traders can talk about anything trading-related with one another and receive valuable feedback.
The platform’s copy trading feature is another noteworthy feature. CopyTrader and CopyPortfolio are the two flavors available.
You can use CopyTrader to follow and copy the trading strategies of other users. This is especially beneficial for new traders or those with limited free time, as they can profit from other traders’ trades.
eToro offers performance analysis of other traders to assist you in identifying traders to copy, as well as risk management tools to assist you in exiting trades when traders fail to perform.
Downsides Of Using eToro Trading Platform
While the eToro platform is user-friendly and straightforward to use, there is a learning curve to grasping some of the platform’s terminology and parameters.
For instance, eToro has developed its formula for calculating a user’s risk score, which ranges from 1 to 10. Traders should understand how it works because it can assist them in making better copy and trading decisions, but it is difficult to grasp.
Another disadvantage is that eToro is a niche social trading platform with fewer technical indicators and graphical tools.
This is a social network and a trading platform for private traders that is based on technical analysis. We’ll go over this platform in greater detail because it can be beneficial to anyone (if you do not use it for trading, it can be used as an additional technical analysis).
- Three languages are available for localization on the platform. The free version has a lot of features: the client section (charts or charts) is HTML5, which is very convenient because you can use any browser version;
- Real-time charting is similar to desktop platforms in that it provides real-time data on currency, stocks, and indices.
- Provides a wide range of technical tools for both users and businesses.
8. eSignal Forex Trading Platform
eSignal is one of the most established trading platforms available. The software’s unique selling point is its advanced charting capabilities, which make it ideal for traders who want to conduct technical analysis.
eSignal is a platform for professional traders, with a focus on advanced charting tools.
eSignal’s price feeds come from a variety of sources, providing traders with the most detailed and accurate real-time (with signature and elite subscriptions) and historical trading data for charting.
With such data reliability, eSignal’s charting tools can set it apart from other platforms.
eSignal gives traders access to advanced drawing tools, 500 symbols at a time, 100s of indicators (via the app store), and Market Screener Plus for advanced fast scanning of markets based on criteria like technical indicators.
Disadvantages Of Using eSignal
Monthly subscriptions to eSignals range from $54 for the Classic version to $359 for the Elite version. Furthermore, each add-on comes with a price tag.
Because of the high costs, it is not suitable for new traders. A broker that includes eSignal as part of their package may be worth considering if you want to save money.
Subscribers to the Classic plan will only get intraday (data delayed 15 minutes) and no backtesting, mobile access, or market depth; traders will need to upgrade to the Signature or Elite plan to get these features.
TD-Ameritrade ThinkOrSwim (TOS) is an ETF, forex, futures, stock, and options trading platform that works on desktop, mobile, and the web. It’s one of the few Mac-compatible platforms.
Because of its advanced charting features, a wealth of research tools, and highly customizable screening tools, the platform stands out in a crowded field of competitors. The following are some notable features of the ThinkOrSwim trading platform:
- 400 technical studies and 8 Fibonacci tools are among the cutting-edge research tools available.
- Charts for professional levels: Season charts and thermo mode for look-back visibility are among the 300 chart studies available.
- Information about your forex account is displayed in a bar: For configuration, display important account metrics.
- Through the ‘my Trade’ tab, you can engage in social trading.
- CNBC is available for free streaming directly through the platform.
- To determine the general mood of investors on social media, use a social sentiment.
ThinkOrSwim also includes extensive research capabilities from TD-Ameritrade, which provide users with trading education and news. ThinkOrSwim is currently only available in the United States.
TD-Ameritrade bought ThinkOrSwim in 2009, and this broker only operated in the United States. Because of the numerous tools available, the platform has a steep learning curve.
If you are a novice trader, you may not require the 400 charting tools provided by ThinkOrSwim.
TradeStation is a social network and online charting system that allows traders to communicate with one another, share ideas, and trade scripts.
Some brokers, including OANDA and Saxo Bank, offer it. The TradeView platform’s charts and social trading features are its biggest selling points.
For a wide range of CFDs, TradeView provides superior charting.
Traders can choose from ten HTML5 chart types, each with up to eight charts per layout, as well as more than 50 drawing tools to aid in trend analysis and opportunity identification.
TradeStation also has a stock screener that uses over 100 search fields to pull data from various metrics. XTB’s xStation has a feature that is similar to this.
Downsides Of Using TradeStation
TradeStation is a trading platform, but it is not a true trading platform. You can’t buy or sell through it; instead, you’ll need a broker who has TradeStation integrated into their platform.
It also does not provide Level 2 data to traders, regardless of whether they have a Premium subscription.
While the software provides a free subscription to access certain features, a paid subscription is required to access the most advanced features, such as a screen with multiple charts and customer service.
ZuluTrade is a trading platform that allows you to place, copy, and analyze signals from Forex traders all over the world. The ZuluTrade alternative terminal’s main function is to “copy” the signals of traders who trade on real accounts with various brokers.
- Zulu Alchemy portfolio analysis;
- ZuluGuard security system, which prevents copying if the provider’s strategies have been significantly changed;
- The ZuluScript environment is used to create an automation system.
You have the option of copying signals, trading, or acting as a provider, allowing other traders to copy signals for a fee. This platform differs slightly from MT, but it is still appropriate for the market.
ProRealTime was founded in 2001 and developed in France by IT-Finance. Its key strength is the technical analysis functionality.
Unlike most other forex trading software, it is a web platform and does not require any downloads. Currency market scanners can be customized, and advanced charting tools are available.
The platform employs the ProRealCode coding language for automated trading. As previously stated, ProRealTime’s technical analysis functionality is the trading software’s strongest suit.
One can filter the 100+ indicators can be by strike price and expiration dates, making them useful for macro and micro currency traders.
The interface offers a wide range of charts and timeframes, as well as the ability to trade trend lines across asset classes.
Downsides Of Using ProRealTime
There were no mobile trading apps available because the platform was not designed for mobile trading.
Some brokers, such as Interactive Brokers, offer ProRealTime, but it is only available in certain regions, with no access for residents of Australia and the United States.
The software is only available in demo mode for Australian traders. Another issue is the fees that some brokers charge, which range from an interactive fee to a fee for real-time data access.
Conclusion – Best Forex Trading Platforms
I hope this guide gives you insights on how to choose the best forex trading platforms for your trading. We discussed that a forex platform should be simple to use, the technical indicators are easy to find, with symbols such as currencies and analysis on various time frames.
Excellent forex trading platforms should provide accurate forex quotes as well as dependable trade execution, good order placement, account management, technical and fundamental analysis tools, strong data security, and system downtime minimization.
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