Access to a good forex trading platform is essential when trading the global forex market. In the next sections, I will discuss key questions that are useful when determining which forex trading platform to choose. We will also highlight some of the popular options.
Our team of experts analyzed what makes a great forex trading platform, and I am sharing the key factors they discovered to be the most crucial.
How to find a safe broker?
It is essential to choose a forex trading platform from a regulated broker because it adds an important layer of security and protection for traders. Choosing a regulated broker ensures that you trade with a trustworthy and reputable company that will protect your interests.
However, not all regulators are equal. Tier 1 regulators offer the highest level of protection and include the UK FCA, ASIC, and CySEC. Tier 2 regulators offer good protection but are from smaller financial jurisdictions such as the FMA of New Zealand and FSCA of South Africa. Tier 3 regulators are generally based offshore and offer the lowest level of protection while there are some unregulated brokers you should stay clear of.
If in doubt, I find visiting the regulator’s online register is a good option. You can check your broker’s regulations there to gain peace of mind.
Read more about estrela bet:Best regulated forex brokers.
There are multiple fees forex brokers charge their users. Some of the main trading fees to be aware of include commission, spreads, and swaps.
- Commissions are charged for opening and closing a trade.
- The spread is the difference between the price you buy and the price you sell it.
- Swaps are fees for holding leveraged positions overnight and are usually made up of a combination of interest rates and extra broker fees.
When selecting a forex trading platform, be aware of the fees involved, including those named above, and any other charges. Ideally, the fees you pay should be as low as possible. Take time to research and compare different brokers to ensure you are getting the best deal.
Make sure you check the following when it comes to fees:
- Commissions
- Spreads
- Swaps
- Account fees
- Inactivity fees
- Deposit and withdrawal fees
Most brokers will charge different fees depending on the account type you are using. Some accounts may offer commission-free trading with higher spreads or commission-based trading with lower spreads.
You can trade using a broker’s forex demo account which will allow you to test the different fees and accounts available.
Read more about estrela bet:Best lowest spread forex brokers.
Forex brokers will generally offer different types of accounts. Which one is best for you, will depend on your needs as an individual. In my experience, you should consider the following factors when choosing an account type:
- Deposit and withdrawal options
- Leverage options
- Execution model – STP, ECN, or DMA
- Trading and non-trading fees
- The available platforms and tools
- Minimum deposit
Usually, brokers will offer different types of accounts depending on the volume that you are going to trade. For traders with a higher account balance, brokers will offer professional accounts with lower spreads and commissions, and extra trading tools and services.
In my personal experience, a demo trading account is a great place to get started. This type of account allows you to trade in a virtual environment so you can test out the features and services from the broker risk-free.
Read more about estrela bet:Best forex demo accounts and estrela bet:Best ECN forex brokers.
How to choose a suitable leverage?
Leverage trading has grown massively over the past couple of years, and can be a powerful tool when it comes to forex trading. Leveraged trading makes it possible to trade bigger positions with only a small amount of funds and has the effect of amplifying both wins and losses.
The amount of leverage that forex trading brokers offer varies. It depends on where the broker is regulated and the account type that is being used. CySEC, FCA, and ASIC-regulated brokers (Tier 1 regulators) require new clients to fill in an application form, with details that are used to determine whether a trader classifies as ‘retail’ or ‘professional’.
Retail trading accounts are limited when using leverage. The maximum leverage on forex is usually 30:1. Tier 1 regulators also require brokers to provide a negative balance protection policy for retail clients so your account does not go below zero from any adverse movements in the market.
Professional trading accounts have higher leverage options, sometimes up to 200:1. Legally, there is no regulatory requirement to provide a negative balance protection policy but some brokers will still offer it which is a good sign of a broker looking after their clients’ safety.
Unregulated brokers and some offshore brokers may offer very high amounts of leverage as they are not regulated by a well-known financial body. You should be careful trading with such brokers and check the terms and conditions carefully as it is likely you will offer a much lower level of protection.
Explore estrela bet:Best forex brokers with high leverage.
There are a variety of trading platforms available to forex traders. Here are a few that you may want to consider for gaining great trading results.
MetaTrader 4 and MetaTrader 5 are two of the most popular and widely used forex trading platforms, offering a good range of features and tools, such as:
- Advanced charting tools
- Automated trading through expert advisors
- Create custom indicators and expert advisors
- One-click trading and portfolio management
Read more about estrela bet:Best MetaTrader 4 brokers and estrela bet:Best MetaTrader 5 brokers.
MT4 and MT5 Pros and Cons
TradingView
TradingView is another growing and popular charting platform. TradingView makes it possible to track almost all markets, and describes itself as a “supercharged super-charting platform and social network for traders and investors.” TradingView has over 50 million users.
TradingView Tools:
- Large range of indicators, strategies, and libraries
- Forex screener and heatmaps
- Real-time updates and news flow
- Economic and earning calendars
- Multiple social tools and features
Read more about estrela bet:Best TradingView forex brokers.
TradingView Pros and Cons:
cTrader
Developed by Spotware Systems, cTrader is a strong platform for high-frequency day traders of the forex market. It specializes in providing an algorithmic, social trading community for the forex market.
cTrader Tools:
- Premium charting tools and technical indicators
- Customizable charts and interface
- Market depth feature
- Automated trading
- Copy trading
Read more about estrela bet:Best cTrader forex brokers.
cTrader Pros and Cons:
ZuluTrade
ZuluTrade is a social forex trading platform that allows you to easily follow and copy other traders. As Zulutrade has a more social approach, tools for charting and technical analysis are limited.
ZuluTrade Tools:
- Blog with market news, knowledge, and info on features
- Easy investing through copy trading top performers
- Variety of instruments and advanced tools for manual trading
- Social forex trading platform that is customer-oriented
- ZuluGuard to protect your forex trading account
ZuluTrade Pros and Cons:
Ninjatrader
NinjaTrader is an award-winning platform for both futures and forex trading and offers you multi-device trading for low costs. It has a community of over 800,000 traders. It offers great features but can be difficult to master if you are just starting.
Ninjatrader Tools:
- Advanced charting and technical analysis
- Offers order management and backtesting
- Use NinjaScript for automated trading
- Customizable interface, indicators, and charts
Read more about estrela bet:Best NinjaTrader forex brokers.
Ninjatrader Pros and Cons:
The most popular third-party tools right now are AutoChartist, Trading Central, and customized MetaTrader 4 and MetaTrader 5 broker plugins. Each of them has its own unique set of features and can enhance your forex trading experience.
AutoChartist Features:
- Automated technical analysis of trading opportunities
- Chart data and market movements in real-time
- Personalized alerts and notifications when opportunities arise
- Market reports and analyses tailored to your interests
Read more about estrela bet:Best Autochartist forex brokers.
Trading Central Features:
- Daily newsletters and economic calendar
- Technical analysis of the financial markets
- Trading signals and market research
- Expert insights and commentary on trends
If you want to start using a forex trading platform:
- Search for features such as regulation and security measures
- Explore how easy it is to use the platform
- Check what types of trading and order management techniques are offered
- Consider your individual needs and trading style.
It is crucial to consider the level of support you would like to receive when selecting a forex trading platform. Certain platforms provide personalized reports, market insights, trading signals, educational resources, and expert opinions on financial market trends. This additional information and analysis can be valuable for novice traders looking to gain knowledge about the industry. However, experienced traders may prefer a more streamlined approach with less extraneous information.
As a manual trader, I prefer web-based platforms. They provide me with convenient access from anywhere in the world, regardless of the device I use. While desktop platforms may offer additional features like algorithmic trading, they are saved locally on your computer, and there can be compatibility issues, such as needing to download Windows software to run the platform on a Mac.
Check out our list of estrela bet:Best Mac trading forex brokers.
Avoid unregulated brokers, promises of high and easy returns, and brokers that pressure you into making quick decisions. These are all red flags when it comes to choosing a forex trading platform and can indicate a potential scam.
Instead, research and verify how brokers are regulated and which measures are taken to protect customers’ needs and interests before committing financially.
How to avoid forex and CFD scams?
Avoid forex and CFD scams by following this basic checklist:
- Stick with reputable, well-regulated brokers. Always check the broker’s regulation status before opening an account.
- Read the terms and conditions carefully when registering a new account.
- Watch out when brokers promise unrealistically high returns.
- Test the broker’s services using a demo account.
Due diligence will help you to avoid bad forex brokers and CFD scams. Personally, I prefer to stick with Tier-1-regulated brokers because they are governed by regulatory bodies like the FCA and CySEC. These regulators provide retail traders with the assurance of a compensation scheme, which protects your capital up to a certain amount in the event of a broker default.
Our Methodology
FX Empire has been a pioneer in providing reviews of brokers in the financial industry. Over time, we have continuously improved and updated our evaluation methodology to keep up with changes in a rapidly evolving industry.
Our methods allow us to offer readers greater confidence in selecting the right broker. To gather information, we have opened live trading accounts and tested the user experience of each forex trading broker.
All of our broker reviews use more than 250 data points across nine core categories which include:
- Trust
- Fees
- Platforms and tools
- Tradable instruments
- Customer service
- Deposit and withdrawals
- Account types
- Research
- Education
For this guide, I conducted a detailed analysis of their trading platforms, focusing on user experience, order types, charting tools, and watchlists, with an emphasis on ease of use for all skill levels. Strong regulatory compliance was a key factor in ensuring reliability and trust in handling investments. I also assessed trading costs, including spreads and fees, and examined customer service responsiveness and quality. Additionally, I explored the range of educational and research tools offered, as well as the variety of account types suitable for both beginners and professionals.
We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.
Meet Our Writers
The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.