Best platform to trade Forex in 2024
The best Forex trading platform in 2024 is RoboForex
Top Forex trading platforms:
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RoboForex – Top broker with favorable trading conditions, and user-friendly platforms;
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IC Markets – Exceptional order execution speeds, competitive spreads, and a wide range of trading strategies supported;
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Exness – Global CFD broker offering flexibility, competitive spreads, and a wide selection of trading platforms;
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Libertex – Well-established brokerage with a wide range of instruments, tight spreads, and innovative platform;
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Octa – Trusted broker prioritizing security, offering tight spreads and unique programs for traders.
If you're new to the world of Forex trading and looking for a platform to begin your journey, navigating through the plethora of options can be overwhelming. A Forex trading platform is essentially a software application provided by brokers that enables individuals to engage in currency trading, providing them with essential tools and resources to make informed trading decisions. In this article, we will explore some of the best Forex trading platforms specifically tailored for beginners, taking into account user-friendly interfaces, educational resources, and comprehensive support systems.
Best beginner-friendly Forex trading platforms in 2024
RoboForex:
Parameter | RoboForex |
---|---|
Minimum deposit |
USD 10 |
Fees class |
Low Fees |
Deposit method |
VISA/MasterCard |
Withdrawal method |
VISA/MasterCard |
Withdrawal fee |
No withdrawal fees charged by RoboForex |
Time to open account |
Account registration - 10 minutes, 2 business days (Complete verification) |
Inactivity fees |
No |
RoboForex is an international broker known for its wide range of features and user-friendly interface, making it an attractive option for both beginners and experienced traders. With the ability to trade in foreign exchanges, stocks, indices, and cryptocurrencies, RoboForex provides comprehensive trading opportunities. The platform stands out with its competitive spreads, multiple account types, advanced trading platforms, and excellent customer support. Additionally, RoboForex offers demo accounts and copy-trading options, allowing novice traders to gain experience while minimizing risks. However, traders should be aware that RoboForex has a limited number of currency pairs available for certain account types and is not available in some countries.
👍 Pros
• Favorable trading conditions and low minimum deposit
• Unique investment program (CopyFx) for passive income
• Generous bonus programs and high affiliate payments
• Instant withdrawal of funds
👎 Cons
• Limited number of currency pairs for certain account types
• Lack of cryptocurrency tools on the R StocksTrader platform
IC Markets:
Parameter | IC Markets |
---|---|
Minimum deposit |
USD 200 |
Fees class |
Low |
Deposit method |
Bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by IC Markets |
Time to open account |
Within 1 Business Day (Complete verification) |
Inactivity fees |
No inactivity fee charged by IC Markets |
IC Markets is a well-established Forex and CFD broker that operates globally and holds multiple regulatory licenses. The platform boasts a high daily trade volume and fast order execution speeds, making it a preferred choice for active traders. With tight variable spreads, support for various trading strategies, and a wide range of trading platforms, IC Markets offers a favorable trading environment. Traders can access popular platforms such as MetaTrader 4 and 5, cTrader, and mobile trading options. Additionally, IC Markets provides competitive spreads and low commissions. However, prospective traders should note that IC Markets has a higher minimum deposit requirement compared to some other brokers and does not accept clients from the United States.
👍 Pros
• Exceptional order execution speeds
• Support for various trading strategies
• Feature-rich trading platforms
• Competitive spreads and low commissions
• 24/7 customer service
• No fees for deposits or withdrawals
👎 Cons
• Higher minimum deposit requirement
• Does not accept clients from the United States
Exness:
Parameter | Exness Group |
---|---|
Minimum deposit |
USD 15 - USD 50 |
Fees class |
Low Fees |
Deposit method |
Bank transfer, Credit card, E-Wallets, Crypto wallets |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by Exness |
Time to open account |
Up to 24 hours (Complete verification) |
Inactivity fees |
No |
Exness is a popular CFD broker catering to a global clientele. The platform offers an extensive range of trading options, including Forex pairs, cryptocurrencies, stock CFDs, indices, and commodities. Traders benefit from a wide selection of trading platforms, competitive spreads, and 24/7 customer service. Exness provides multiple account types, allowing traders to choose the one that best suits their needs. However, it is important to note that Exness offers high leverage options, which may carry increased risk. Additionally, the platform is unavailable for traders in Europe, and there is a limited range of share CFDs.
👍 Pros
• Wide selection of trading platforms
• Competitive spreads
• Extensive range of Forex pairs
• 24/7 customer service
👎 Cons
• High leverage options, which may carry increased risk
• Unavailable for traders in Europe
• Limited range of share CFDs
Libertex:
Parameter | Libertex |
---|---|
Minimum deposit |
$50 |
Fees class |
Low |
Deposit method |
Bank transfer, credit/debit card (Visa and MasterCard), PayPal, Neteller, Skrill, UnionPay |
Withdrawal method |
Bank transfer, credit/debit card (Visa and MasterCard), PayPal, Neteller, Skrill, UnionPay |
Withdrawal fee |
No internal fees for deposits and withdrawals. However, transaction fees may apply for overseas banking options |
Time to open account |
Max. 1 day |
Inactivity fees |
No |
Libertex is a well-established brokerage that has been serving clients since 1997. They are registered with CySEC and BaFin, providing traders with a reliable and regulated trading environment. Libertex offers CFD trading on a wide range of instruments, including Forex, cryptocurrencies, commodities, stocks, indices, and ETFs. Their proprietary web trader platform is innovative and user-friendly, while also providing access to MT4 and MT5 platforms. Libertex offers tight spreads and implements a unique commission structure where they charge fixed percentage-based commissions for each currency pair, ensuring consistent costs in all market conditions. They also provide an iOS and Android-compatible mobile app with advanced features and trading tools. It's important to note that Libertex only offers customer support via email. Traders can open a new trading account with Libertex for as little as $10.
👍 Pros
• Tight spreads
• Unique commission structure with fixed percentage-based commissions for each currency pair
• iOS and Android-compatible mobile app with advanced features and trading tools
• Accepts various payment methods
👎 Cons
• Tight spreads, but also charges non-trading commissions for deposits or withdrawals of funds
• Limited educational content on Forex
OctaFX:
Parameter | OctaFX |
---|---|
Minimum deposit |
USD 25 |
Fees class |
Trading Cost USD 6 |
Deposit method |
Visa/Mastercard |
Withdrawal method |
Visa, Neteller/Skrill/FasaPay |
Withdrawal fee |
No withdrawal fees charged by OctaFX |
Time to open account |
Less than 5 minutes |
Inactivity fees |
No |
OctaFX is a trusted Forex broker that has been serving traders since 2011. They prioritize security and provide a prosperous trading environment with tight spreads, favorable market conditions, and fixed-rated exchange rates. OctaFX offers negative balance protection and boasts the industry's lowest minimum deposit. Traders can enjoy a maximum leverage of 1:500 and benefit from no commissions on deposits or withdrawals. The broker offers convenient local deposit and withdrawal options, and their customer support is available in multiple languages. OctaFX has received numerous awards, including being named the top broker in Asia. They also provide various contests and promotions, offering traders profit potential and rewards. Additionally, OctaFX has unique programs such as a free status program that unlocks additional benefits and incredible gifts based on trading activity.
👍 Pros
• Spreads starting from 0.6 pips
• No commissions on deposits or withdrawals
• Convenient local deposit and withdrawal options
• Customer support available in multiple languages
• Various contests and promotions for profit potential and rewards
• Unique programs, including a free status program with additional benefits and gifts
👎 Cons
• Regulated in only one tier-2 jurisdiction (Cyprus), making it a high-risk broker for Forex and CFD trading
• Limited range of base currencies and not many deposit or withdrawal methods available
VantageFX:
Parameter | VantageFX |
---|---|
Minimum deposit |
$50 |
Fees class |
Low trading fees |
Deposit method |
Domestic EFT, Credit/Debit Card (Visa and MasterCard), International EFT, and more |
Withdrawal method |
Bank transfer, Credit/debit cards, Apple Pay/Google Pay, SticPay, Fasapay, Bitwallet, Astropay, Perfect Money, Advcash, Cryptocurrency (Bitcoin, Tether) |
Withdrawal fee |
No internal fees for deposits and withdrawals. However, transaction fees may apply for overseas banking options |
Time to open account |
Less than 5 minutes |
Inactivity fees |
No inactivity fees |
VantageFX is a reputable and affordable Forex broker with over a decade of experience in the industry. They offer a diverse range of trading instruments, including more than 1,000 CFD products. Traders can access their services through user-friendly platforms such as TradingView, MT4, or MT5. VantageFX is regulated by ASIC, ensuring the safety of client funds. They provide competitive spreads, including the option for spreads as low as 0.0 pips on their RAW account. With various account types available, VantageFX caters to different trading needs. They also offer a BTC/ETH account for cryptocurrency enthusiasts, which comes with no deposit fees. Additionally, traders can expect a user-friendly experience, educational resources, copy trading options, and excellent customer support.
👍 Pros
• Competitive spreads, including options for spreads as low as 0.0 pips on RAW account
• Various account types available
• BTC/ETH account for cryptocurrency trading with no deposit fees
• User-friendly experience, educational resources, copy trading options, and excellent customer support
👎 Cons
• Limited selection of tradable assets
• Lacks substantial in-house content for research and education
FxPro:
Parameter | FxPro |
---|---|
Minimum deposit |
USD 100 |
Fees class |
Low |
Deposit method |
Bank Wire transfers, Credit/Debit cards, PayPal, Neteller, Skrill |
Withdrawal method |
Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, UnionPay |
Withdrawal fee |
No withdrawal fees charged by FxPro |
Time to open account |
Within 1 Business Day (Complete verification) |
Inactivity fees |
USD 5 monthly fee after 6 months of inactivity |
FxPro focuses on providing a diverse range of trading instruments, including Forex, shares, indices, metals, and energies. Traders can choose from multiple trading platforms, including MetaTrader 4 and 5, cTrader, and mobile trading options. FxPro offers low minimum deposits, competitive spreads, and a flexible execution model. However, it is important to consider that FxPro has a limited product portfolio, imposes average non-trading fees, and charges a high commission on the cTrader account. Additionally, an inactivity fee is applied after 12 months.
👍 Pros
• Low minimum deposit requirement
• Option for floating or fixed spreads
• Multiple trading platforms
• Flexible execution model
• No inactivity fee
👎 Cons
• Limited product portfolio
• Average non-trading fees
• High commission on the cTrader account
Parameters | RoboForex | IC Markets | Exness | Libertex | Octa | Vantage Markets | FxPro |
---|---|---|---|---|---|---|---|
Trading (Demo) |
Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Proprietary Platform |
Yes | No | Yes | Yes | Yes | Yes | Yes |
Desktop Platform (Windows) |
Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Web Platform |
Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Social Trading / Copy Trading |
Yes | Yes | Yes | Yes | Yes | Yes | Yes |
MetaTrader 4 (MT4) |
Yes | Yes | Yes | Yes | Yes | No | Yes |
MetaTrader 5 (MT5) |
Yes | Yes | Yes | Yes | Yes | Yes | Yes |
DupliTrade |
No | Yes | No | No | No | Yes | Yes |
ZuluTrade |
No | No | No | Yes | No | Yes | Yes |
What is Forex trading?
Forex trading, also referred to as foreign exchange trading or FX trading, revolves around the buying and selling of currencies with the primary objective of generating profits. This financial activity takes place in the largest and most liquid market globally. To better understand the concept, let's delve into some fundamental aspects:
Forex trading involves the exchange of one currency for another, where currencies are traded in pairs such as EUR/USD (Euro/US Dollar) or GBP/JPY (British Pound/Japanese Yen)
Unlike other markets, the Forex market operates 24 hours a day, five days a week, providing traders the flexibility to engage in trading at any time
The value of currency pairs experiences fluctuations based on a variety of factors, including economic indicators, political events, and market sentiment
To participate in Forex trading, individuals can utilize online trading platforms offered by brokers. These platforms enable traders to execute currency transactions conveniently from their devices
Traders have the opportunity to take either long (buy) or short (sell) positions on currency pairs, speculating on whether the value of one currency will rise or fall in comparison to another
It's important to note that Forex trading is not limited to individual traders alone; it is also conducted by banks, financial institutions, multinational corporations, and hedge funds. This wide participation contributes to the immense liquidity of the Forex market.
What is a Forex broker?
In the world of Forex trading, a crucial element in navigating the currency markets is a Forex broker. These financial services companies play a vital role by providing traders with the necessary tools and access to platforms for buying and selling foreign currencies. Let's explore some key insights about Forex brokers:
Forex brokers serve as intermediaries between traders and the interbank market, which is the global market facilitating currency trading. They facilitate the execution of trades and provide the essential infrastructure, technology, and liquidity required for traders to participate in the Forex market.
Forex brokers generate revenue primarily from the difference between the buy and sell prices of currency pairs, known as the spread. They may also charge commissions or fees for their services, depending on their business model.
Aside from facilitating trades, Forex brokers grant traders access to trading platforms where they can access currency pair quotes, perform market analysis, and place orders. These platforms can be web-based, desktop-based, or mobile-based, offering convenience and flexibility to traders.
One notable feature offered by Forex brokers is leverage, which enables traders to trade with larger positions than their account balance. While leverage can enhance potential profits, it also exposes traders to higher risks of losses, making risk management a crucial aspect of Forex trading.
To attract and support traders, Forex brokers often provide additional trading tools, educational resources, and promotional offers. These value-added services aim to enhance traders' knowledge, skills, and overall trading experience.
How to start learning Forex
To begin your Forex learning journey, follow these steps:
Ensure you have a reliable internet connection and a device (smartphone, tablet, or computer) to access online trading platforms
Invest time in learning about Forex by exploring online resources, educational materials, and trading courses. Familiarize yourself with currency pairs, market analysis techniques, and trading strategies
Select a reputable Forex broker and open a trading account. Consider factors like regulations, trading platforms, fees, customer support, and available instruments. Starting with a demo account can help you practice trading without risking real funds
Develop a trading strategy that defines your risk tolerance, entry and exit points, and money management rules. Regularly refine and adapt your strategy based on experience and market conditions
Gain practical experience by starting with small positions and gradually increasing your exposure. Monitor your trades, analyze patterns, and continuously improve your decision-making skills. Demo accounts can be useful for testing new strategies without real money risks
How to find the best Forex platform for beginners?
When searching for the best Forex platform for beginners, it's vital to take into account several key factors. To help you find a suitable platform, follow these steps:
Conduct thorough research and compare different platforms:
Begin by identifying reputable Forex brokers and compare the features they offer. Utilize broker comparison tools and review websites to gain valuable insights into each platform's strengths and weaknesses
Evaluate the platform's educational resources:
For beginners, it's crucial to select a platform that provides comprehensive educational resources. Look for brokers that offer tutorials, webinars, articles, and demo accounts. These resources will assist you in acquiring knowledge about Forex trading concepts and strategies
Consider the user experience:
Opt for a platform that is beginner-friendly and boasts a simple and intuitive interface. Ensure the platform offers easy navigation, clear charting tools, and customizable layouts. Additionally, check if the platform is compatible with mobile devices, as this allows for convenient trading on the go
Assess the quality of customer support:
Reliable customer support is particularly important for beginners who may require additional assistance and guidance. Look for platforms that offer responsive customer support through various channels, such as live chat, email, or phone. Prompt and helpful customer support can greatly enhance your trading experience
Check the minimum deposit requirements:
As a beginner, you may wish to start with a smaller initial investment. Therefore, consider platforms that have low minimum deposit requirements, enabling you to begin trading with a smaller amount of capital. This flexibility allows you to gain experience and confidence without risking a significant amount of funds
Assess the range of available trading tools:
A good Forex platform for beginners should offer a variety of trading tools to enhance their trading experience. Look for platforms that provide features such as real-time market data, economic calendars, risk management tools, and technical analysis indicators. These tools can assist beginners in making informed trading decisions and improving their overall trading skills
Explore social trading capabilities:
Social trading has gained popularity in the Forex market, especially among beginners. It allows traders to observe and copy the trades of more experienced traders, thereby leveraging their knowledge and expertise. Look for platforms that offer social trading features, such as copy trading or mirror trading. These features can be valuable for beginners who want to learn from successful traders and potentially generate profits
Tips for beginners in Forex
Here are some tips to help beginners in Forex trading:
Expand your knowledge:
Take the time to educate yourself about the intricacies of Forex trading. Familiarize yourself with currency pairs, market analysis methods, and trading strategies. Online resources like articles, tutorials, webinars, and courses can provide valuable insights
Utilize demo accounts:
Practice trading with virtual money using demo accounts offered by most Forex brokers. This allows you to become familiar with the trading platform, test different strategies, and gain hands-on experience without risking real funds
Develop a trading plan:
Create a well-defined trading plan that includes your goals, risk tolerance, entry and exit strategies, and money management rules. A trading plan helps you stay disciplined and make rational decisions based on a predetermined strategy
Start with smaller trades:
As a beginner, begin with smaller trade sizes and gradually increase your exposure as you gain experience and confidence. This approach helps manage risk and minimizes potential losses during the learning phase
Implement risk management techniques:
Practice proper risk management by setting stop-loss orders to limit potential losses on each trade. Avoid risking more than a certain percentage of your account balance on a single trade to protect your capital
Maintain a trading journal:
Keep a record of your trades in a trading journal, noting the reasons behind each trade, entry and exit points, and outcomes. Regularly reviewing your journal helps you analyze your performance, identify strengths and weaknesses, and improve your trading skills
Stay informed with market news and analysis:
Stay updated on economic news, market trends, and geopolitical events that can influence currency prices. Follow reputable financial news sources and utilize technical and fundamental analysis to make informed trading decisions
Essential tools in Forex
When it comes to essential tools in Forex trading, beginners are advised to consider the following:
Time Zone Converters:
Understanding the optimal trading times for specific currency pairs or commodities is crucial. Time zone converters help traders coordinate their activities with different market sessions worldwide, enabling them to seize trading opportunities when markets are most active
Economic Calendar:
An economic calendar is a valuable tool that provides important data on upcoming economic events, releases of economic indicators, and market consensus. It allows traders to plan their trades around significant announcements, helping them avoid unexpected market volatility
Calculators:
Calculators play a crucial role in Forex trading by assisting with various calculations. They help traders determine pip values, calculate position sizes, assess volatility rates, and perform other essential metrics that inform their trading decisions
Best time to trade Forex
The specifics of trading in a particular region are discussed in greater detail below and with reference to trading sessions that fall within the main (business hours) trading times:
U.S./London overlap (8 a.m. to noon EST):
The most active trading period with over 70% of trades occurring during this time. The U.S. dollar (USD) and the euro (EUR) are popular currencies traded, leading to significant volatility
Sydney/Tokyo overlap (2 a.m. to 4 a.m. EST):
While less volatile than the U.S./London overlap, this period still presents trading opportunities, especially for currency pairs involving the euro and the Japanese yen (JPY)
London/Tokyo overlap (3 a.m. to 4 a.m. EST):
Although less active than the other overlaps, it can offer opportunities for traders focusing on the European and Asian markets
Best Forex Trading Platforms by Countries
Expert Opinion
The choice of a trading platform for beginners depends on several factors. First, the trading platform should be intuitive. Therefore, it's best to open a demo account and try risk-free trades before starting with a broker. Next, evaluate the broker's trading conditions. Availability of a cent or micro account, allowing for trading with small sums, is an advantage. A developed platform for copy trading is also essential, as it allows copying trades from more experienced traders.
Author at Traders Union
FAQs
Which Forex platform is best for beginners?
It depends on individual preferences and needs. Some popular options for beginners include RoboForex and IC Markets.
Is OctaFX legal in the USA?
No, OctaFX is not currently regulated to operate in the United States.
Is OctaFX a good broker?
OctaFX is a well-regarded broker with positive reviews, but individual experiences may vary. It's recommended to research and consider personal preferences before choosing a broker.
Which trading is best for beginners?
For beginners, it's often recommended to start with stock or currency pair trading in traditional markets before venturing into forex trading. These markets may offer a more straightforward introduction to trading for those new to the field.
Team that worked on the article
Chinmay is a certified Investment Analyst and Portfolio Manager by the National Stock Exchange (NSE) Academy. He is currently associated with a $75 million VC fund and assists them in identifying and researching investable sectors and start-ups. He has completed his Bachelors of Business Administration from the Institute of Management, Nirma University and is currently pursuing MBA majoring in Finance from the same. He has 4 years of hands-on investment experience in a variety of asset classes and his professional qualifications include being a CFA Level 2 candidate and NSE Certified Market Professional Level 2.
He finds writing as a way to express his thoughts and share his knowledge with people eager to learn. He himself happens to be an avid reader of personal finance books and on top of his recommendation list are the international bestsellers ‘The Psychology of Money’ and ‘Think and Grow Rich’
He has this one strong belief as his motto: Life is what you make of it.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.