Best Choice of Forex Trading Platforms - eToro
Trading platforms supported by top Forex brokers:
eToro - MobileTrading, WebTrader
OANDA - WebTrader, MetaTrader4, Mobile platforms, MetaTrader5
IG Markets - MetaTrader4, API, ProRealTime, IG Trading Platform
Trading.com - MT5
FOREX.com - FOREX.com, MT4, MT5
Interactive Brokers - Trader Workstation, IBKR Mobile, APIs
For the individual retail trader interested in the Forex market, it's essential to have a robust and reliable trading platform. The trading platform connects you to the interbank market and allows you to execute trades on currency pairs. The ideal Forex trading platform should be user-friendly, offer insightful charts and analysis, and enable you to easily monitor currency price movements while also managing your account
The team of experts at Traders Union compared top rated platforms to each other. This allowed us to compile a list of the five best options that you can utilize today. With sharp insights into fees, strengths and weaknesses, traders can select from our recommendations to find the very best platform for their unique trading needs.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | MT4 | MT5 | cTrader | WebTrader | TradingView | Proprietary platform | |
|---|---|---|---|---|---|---|---|
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details
| 🏛 Regulation: | CySEC, FCA, ASIC |
| 💻 Trading platform: | MobileTrading, WebTrader |
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | 50$ |
| 💱 Spread: | 2 points |
| 🔧 Instruments: | Currencies, assets of stock and commodity markets, cryptocurrencies |
The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.
| 🏛 Regulation: | FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
| 💻 Trading platform: | WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
| 💰 Account currency: | USD, EUR, HKD, SGD |
| 🚀 Minimum deposit: | No |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | FX, Indices, Bullion, Commodities, Crypto |
IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.
| 🏛 Regulation: | FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA |
| 💻 Trading platform: | MetaTrader4, API, ProRealTime, IG Trading Platform |
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | $1 |
| 💱 Spread: | 0.4 points |
| 🔧 Instruments: | Forex; CFDs on indices, commodities, and stocks; Cryptocurrencies, options, interest rates, sectors, bonds, knock-outs, ETFs, and Futures on indices and commodities |
Trading.com is a UK broker whose full name is Trading Point. Previously, it was called XMUK, but in 2019 it was rebranded and the company began to operate under its new title: Trading.com. The company offers to trade six asset classes such as currency pairs, metals, as well as CFDs on stocks, stock indices, commodity futures, and energy resources. More than 1,250 assets are available in total. The main office is located in London, the broker is regulated by the FCA (Financial Conduct Authority), and its registration number 705428.
| 🏛 Regulation: | FCA, CFTC, NFA |
| 💻 Trading platform: | MT5 |
| 💰 Account currency: | EUR, USD, GBP, CHF, AUD, PLN, HUF |
| 🚀 Minimum deposit: | from 5 USD |
| 💱 Spread: | 0.6 points |
| 🔧 Instruments: | Currency pairs (57), CFD on shares (1200+), commodity group (8), indices (14), metals (2), energy resources (5) |
Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).
| 🏛 Regulation: | CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC |
| 💻 Trading platform: | FOREX.com, MT4, MT5 |
| 💰 Account currency: | USD, EUR, GBP |
| 🚀 Minimum deposit: | $1000 |
| 💱 Spread: | 0.2 points |
| 🔧 Instruments: | Forex, cryptocurrencies, indices, commodities, stocks |
Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. You can also trade cryptocurrencies on Interactive Brokers. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.
| 🏛 Regulation: | SEC, FINRA, SIPC, FCA, NSE, BSE, SEBI, SEHK, HKFE, IIROC, ASIC, CFTC, NFA |
| 💻 Trading platform: | Trader Workstation, IBKR Mobile, APIs |
| 💰 Account currency: | USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
| 🚀 Minimum deposit: | No |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | Stocks, options, futures, currency, metals, bonds, ETF, mutual funds, CFD, EPF, Robo-portfolios, hedge funds |
Fidelity Investments is a large American financial services company. It was founded in 1946 by American businessman and lawyer Edward Crosby Johnson II. It provides services to traders in trading securities and commodity assets and allows investors to invest in mutual funds and investment funds, form portfolios for a variety of instruments, including bonds and annuities with fixed income. The company has received several awards: according to Barron's, Investors Business Daily, Kiplinger, and Stock Brokers. Fidelity Investments is recognized as the best online broker of 2020.
| 🏛 Regulation: | US Securities Commission (SEC), SIPS |
| 💻 Trading platform: | Active Trader Pro |
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | $1 |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | Shares, commodity assets, exchange-traded (ETF), mutual and investment funds, options, futures, bonds, annuities, fractional shares |
A Forex trading platform is software designed for conducting trades on the Forex market, granting traders access to the market along with the necessary tools and features.
Platforms can be classified based on several criteria, including:
Platform type. Desktop and web-based platforms are the two main types. Desktop platforms are installed on the trader's computer, while web-based platforms are accessed through a web browser.
Provider. Platforms can be provided by brokers or independent providers. Brokerage platforms are often free or discounted for clients, while independent provider platforms tend to offer more features but can be pricier.
Functionality. Platforms vary in the features they offer, ranging from basic trade placement to advanced tools like market analysis, automated trading, and social trading.
Cost. The cost of platforms can vary based on type, provider, and features. Brokerage platforms are typically free or discounted, while independent provider platforms are usually more expensive.
MetaTrader Trading Platform
MetaTrader 4 and MetaTrader 5, developed by MetaQuotes Software Corp., are highly popular platforms among Forex traders worldwide. They are renowned for their extensive features, including a market for trading robots, a developer exchange for trading strategies, copy trading services, and VPS leasing.
👍 Pros
• High performance
• Multichart capability + сhart within a chart
• Extensive interface customization options
• Ability to connect third-party indicators and advisors
• Trading signal support for automated trading
• Built-in expert advisor editor
• Market depth window for viewing
• Support for all major operating systems and devices
• Excellent customer support
• Wide range of supported financial instruments and account types
• Easy connection to the trading accounts of most Forex brokers
• Numerous built-in additional services
👎 Cons
• Some issues with swap accrual/charging
cTrader platform is tailored for ECN account usage, offering a blend of top instruments and features suitable for both novice and expert Forex traders. It utilizes STP technology to process orders swiftly at market prices.
👍 Pros
• Supports a wide range of trading instruments
• Allows an unlimited number of charts with various modes, templates, and patterns
• Enables development of third-party scripts
• User-friendly interface with customization options
• Features ChartShots and ChartCasts for sharing ideas with other traders
• Offers a market depth window
• Provides practically instant order execution
👎 Cons
• Limited to working with only ECN accounts
TradingView Trading Platform
Tradingview is a popular muli-assets charting platform designed to make trading technology accessible and powerful for all traders. It brings interactive charts and widgets right to your web browser, using the latest advancements in cloud computing and browser languages. In fact, Tradingview goes beyond being just a trading platform. It's a thriving social community where traders can connect, learn, and collaborate. One unique feature allows traders to instantly share live charts and technical analysis ideas, making it easier than ever to work together. Tradingview is revolutionizing the trading landscape by providing a comprehensive and user-friendly experience for traders of all levels.
👍 Pros
• A wide range of indicators, analysis objects, and chart customization options, making market analysis more effective.
• TradingView allows traders to exchange ideas, forecasts, and trading signals, creating a conducive environment for learning and sharing experiences.
• Integrated with brokers, enabling traders to execute trades directly from the TradingView interface.
• Accessible from various devices, including desktops, laptops, smartphones, and tablets, allowing traders to stay connected to the market at all times.
👎 Cons
• Not all brokers support trading directly from the TradingView platform, which can be a drawback for traders who prefer this method of trading.
MultiCharts is a modern platform tailored for experienced users. Despite its relatively recent emergence in the market, it has quickly become one of the most popular choices among professional traders, largely due to its extensive functionality. The platform's standout feature is its advanced charts and the capabilities associated with them.
👍 Pros
• Supports development, testing, and optimization of trading strategies
• Offers a wide range of settings and the ability to expand functionality
• Allows for easy chart customization with just a few clicks
• Provides the ability to receive and work with charts from multiple providers simultaneously
• Supports Forex EA
• Offers automated trading in two modes (synchronous and asynchronous)
👎 Cons
• Not very popular in the market
• Designed for professional traders and not recommended for beginners
NinjaTrader serves as a versatile platform, offering easy connection to trading accounts with nearly any Forex broker. Its feature set includes cluster chart analysis, providing traders with precise market sentiment data.
👍 Pros
• Robust software functionality, including multiple indicators, cluster chart analysis, integration with third-party indicators, automated strategies, and signal systems
• Excellent customer support from NinjaTrader LLC
• Unlimited trial period for the demo account
• Strategy tester within the platform
• Two versions available: Lite and Pro
• Ability to connect trading accounts from a wide range of Forex brokers
👎 Cons
• Software may struggle with large data volumes
• Charts may experience delays in updating
• Limited list of financial instruments offered by Forex brokers for this platform
• Pro version is paid, which may not suit traders with small deposits
• Lite version does not support trading robots or third-party indicator system installation
• Possible conflicts with firewalls and antivirus software
ZuluTrade, established in 2007, leverages signals from professional Forex traders to automatically manage the accounts of inexperienced traders or passive investors. Additionally, it enables signal broadcasting to brokers' platforms interested in receiving trading signals.
👍 Pros
• Certified in the EU, U.S., Japan
• Accessible through numerous brokers
• Excellent developer support
• Free to use
• Offers a demo account
• Provides in-depth analysis of trading signal providers and their investors
👎 Cons
• Requires a minimum deposit of $500
• Signals may experience delays and occasional platform connection issues
• Primarily tailored for automated trading, limiting its suitability for all Forex traders
eToro Copy Trader Trading Platform
eToro stands out as a leading social trading platform. It allows users to invest in a variety of assets, including stocks, cryptocurrencies, and CFDs. One of its key features is CopyTrader, an innovative tool that enables users to replicate the trades of successful investors.
👍 Pros
• Supports a diverse range of trading instruments, such CFDs, US Stocks, cryptocurrencies, indices, and ETFs.
• Features the advanced copy trading system CopyTrader, promoting social interaction and learning from others
• Provides access to analytics, news, and market reviews, enhancing the social trading experience
• Offers a wide array of technical analysis indicators to assist traders in making informed decisions
👎 Cons
• Limited to trading with only one broker, eToro, which may restrict access to certain markets or instruments
• Users may experience occasional delays in order execution due to the platform's popularity and high trading volume
When choosing a forex trading platform, it's crucial to align your choice with your specific needs. For most novice traders, MT4/MT5 are excellent options as they cater to basic requirements such as a user-friendly interface, easy-to-understand mobile applications, and integration with social trading. MT5, in particular, is more focused on trading a wide range of CFDs, while MT4 is better suited for trading with advisors and bots.
For passive investors and beginners, CopyTrader from popular broker eToro and ZuluTrade, supported by dozens of popular CFD brokers, are also good choices.
For scalpers, cTrader is an excellent option due to its high speed and specialized settings for ECN accounts. However, for traders seeking more advanced solutions, there is a wide range of options available. Institutions like Interactive Brokers and Saxo Bank offer tools tailored to experienced traders and investors. These platforms provide robust charting tools, technical indicators, advanced research tools, drawing options for in-depth market analysis, and access to a broader range of asset classes.
When choosing a Forex broker, it's essential to prioritize good regulation, such as from the FCA, CFTC, ASIC, or CySEC, as well as favorable trading conditions, including commissions.
In terms of software and trading platforms, it's beneficial if the broker supports multiple trading platforms. Typically, the basic set includes MT4, MT5, a WebTrader, and some brokers also offer cTrader.
It's excellent if the broker provides additional features to support your analytical and technical capabilities. This could include free VPS, advanced technical support to help integrate trading advisors, social trading platforms, and charting tools such as AutoChartist. Some brokers even allow trading directly from the TradingView platform, making analysis and trading more convenient.
When you are choosing a Forex trading platform, there are a few things to keep in mind, as we have noted. Below, we share five additional tips that you should keep in mind when you choose a trading platform. These tips ultimately help you get more out of the platform and the money you decide to invest.
There’s no need to be hasty when you set up an account and want to start trading. Play it safe by first taking advantage of a demo account. Most platforms will give you the opportunity to register for a demo account first. This account can be very useful if you want to test the platform used for trading and see if you are comfortable using it.
Always make sure your account details are safe and that important data is not shared. Before uploading verification documents, make sure encryption is used by the platform. Check the regulators that are associated with the company too.
Take a closer look at reviews associated with the platform. This does not include reviews directly on the company’s website. Look for off-site reviews to get an unbiased opinion.
The majority of trading platforms give you access to some type of research tools. Make sure to take full advantage of these. These tools can often help you predict movements in Forex pairs.
Having the ability to automate your trades can be a great option for generating a passive income. If this is something that interests you, take a look at platforms that offer copy trading functions that work automatically - but be sure to set up strict rules to avoid serious losses.
There is no shortage of Forex trading platforms in the modern-day. The problem, however, is that many of these platforms are unregulated or lack important features. Educating yourself on the specific factors and features that make a trading platform a good choice can help you opt for one that won’t end up as a disappointment. Apart from understanding the risks that are involved in these platforms, there are additional factors to take into consideration too.
Not sure what to look at when choosing a Forex trading platform? In this section, we share a few characteristics that set a good platform aside from those that are not as trustworthy. Take a look at each of these factors when you analyze the Forex trading platforms that are available.
Security and protection should always be the primary priorities when you take a look at a trading platform. You want to ensure any confidential data you provide will be kept private and not shared with any unauthorized parties.
Start by ensuring the platform’s website has an appropriate SSL certificate. You can usually see this by looking at the top URL bar while visiting the website. There should be a lock icon - if you click on it, you can see more details about the certificate.
You also want to ensure the trading platform you choose is regulated. Opt for a company with at least one tier-one jurisdiction regulation.
You do not want to struggle to initiate trades on the platform. Check the platform used to initiate trades with the company you are inspecting. Make sure the system is easy to use and does not place too many distractions in your face. You want to ensure choosing a Forex pair, entering a bid, and initiating the transaction can be done in seconds instead of minutes.
The ability to access analytics should also be considered an essential factor. When you choose a platform, make sure they have analytical features that allow you to see the history of a specific currency pair. This gives you a good idea of the current performance and can help drive better decisions.
While trading on your computer is great, there are times where you want control over your transactions when you’re not home. Thus, a good Forex trading platform should also be able to give you access to a mobile app. These apps are very convenient, as it allows you to trade while on holiday or even when waiting in line.
Two primary types of trading platforms exist. These include standard Forex broker platforms, as well as commercial platforms. A commercial platform is more geared toward those who want to participate in day trading. Retail investors also generally opt for a commercial platform. When it comes to more traditional Forex trading activities, then standard platforms are usually the better choice - especially for the average consumer.
Interested in Forex Trading? - Start With $10To bring you a list of the best Forex trading platforms, we had to filter through a large list of options that are available. Here are some of the factors that we looked at while we analyzed the range of Forex trading platforms that are available - these factors allowed us to bring you a list of five options that are the best out there at the moment.
The trustworthiness of the platform was our most important factor. We ensured the options we chose are regulated and that effective security protocols have been added to secure client data.
We looked at how clean the design of the platform is. Our goal was to find platforms that are easy to use, even for those who haven’t traded before.
Our team also considered platform support. Apart from a proprietary platform, having access to alternative options like MetaTrader and a mobile app can be very helpful.
The best platform for forex trading depends on your goals. For most traders, the following five points are crucial:
Look for platforms that offer advanced charting tools. These tools can help you analyze price trends, identify patterns, and make informed trading decisions.
Speed is crucial in trading. Look for platforms that offer fast order execution to ensure that your trades are executed at the desired price.
A good trading platform should offer a wide range of analytical tools. These tools can help you analyze market trends, identify trading opportunities, and manage your risk.
Consider a platform that supports a wide range of assets. This can give you more trading opportunities and help you diversify your portfolio.
Look for platforms that offer additional features, such as risk management tools, mobile trading apps, and educational resources. These features can enhance your trading experience and help you become a more successful trader.
For beginners, other features can also be valuable, such as trading signals and copy trading.
When choosing the optimal Forex trading platform, it's important to test it on a demo account. This is the only way to truly understand its effectiveness.
Forex trading platforms are simply trading software designed for executing trades in the market. The security of these platforms is closely tied to the security of the broker providing the platform. The broker should be regulated by a top-tier regulator like the FCA UK, CFTC, or ASIC, and adhere to KYC rules, as well as technical security standards such as two-factor authentication. If you are trading with such a broker, then their trading platform is likely to be secure.
Most brokers now offer all three, so you can access your account and trade via desktop software, browser-based web platform, or mobile apps. But consider connectivity requirements before opting for mobile only.
MT5 offers more advanced features, including additional timeframes, more advanced charting, wider range of instruments, and support for more order types. However, MT4 is still widely used due to its simplicity and the large community of users and developers
For individual investors it is practically impossible to start Forex trading without the involvement of a broker.
Requirements are generally very low, you'll need a computer/laptop/smartphone with a modern operating system and a reliable internet connection. Huge processing power is only required in case of heavy back-testing, use of large number of chart indicators and complicated automated systems
Yes, it is possible. Some popular Forex brokers support trading directly from the TradingView platform.
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
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.
