The best forex brokers offer a range of CFDs and currency pairs, low spreads, strong customer support and the top forex platforms from MetaTrader 4 to cTrader with fast execution speeds and a free trading platform demo account.
View the top fx brokers to trade foreign exchange regulated by a mix of FCA, ASIC and CYSEC.
By Justin Grossbard / Updated: Monday, January 06th, 2020
Top 8 Forex Brokers By Trading Platforms
The best forex brokers based on their CFD trading platforms and features are:
Pepperstone – Best MetaTrader 4 + 5 Forex Broker
IC Markets – Best Forex Broker For cTrader
eToro – Best Social Trading Platform With Crypto
Plus500 – Best Forex Trading Platform For Beginners
Why Pepperstone Is The Best For MetaTrader 4 + MetaTrader 5
Pepperstone is the best MetaTrader forex broker based on the following eight key factors:
Market-Leading spreads from 0.0 pips
Low Commissions from $3.50 and an active traders discount
The best MetaTrader execution speeds of ~30ms
Additional MetaTrader indicators and expert advisors
Advanced demo account with $50,000 in virtual funds
150+ instruments across a range of markets
Award-winning customer service
Markets leading leverage up to 500:1
The overall rating is based on review by our experts
10 / 10
10 / 10
10 / 10
7 / 10
Range of Markets
8 / 10
10 / 10
Top 3 Reasons To Choose Pepperstone For MetaTrader 4
1) MT4 Low Commissions And ECN Broker Spreads
Pepperstone offers the lowest commissions for MetaTrader 4 which vary by the base currency chosen including per lot:
US Dollar base currency = $3.77 USD
Euro base currency = EUR $2.61
Pound base currency = GBP £2.29
Forex traders who FX volume exceeds 100 lots are eligible for the active traders discount which is 10% off the commission rates below. For volumes between 200-500 lots the discount increases to 15% while further discounts are available for higher-volume traders
The Pepperstone Razor account type spreads are ECN broker set with straight-through processing (STP). This means that spreads are primarily set by the market with no dealing desk interface. Pepperstone is able to offer clients some of the tightest real-time spreads available in the world due to their access to tier 1 liquidity from some of the largest banks in the world.
Average Spreads (02/01/2020)
Overall, the ECN broker spreads offered by Pepperstone combined with the low commissions (that can be further discounted for active traders) is why Pepperstone is the leader when it comes to MetaTrader 4 trading costs.
2) The Fastest MT4 Execution Speeds Less Than ~30ms
In addition to the 12x execution speeds mentioned earlier a further 10x reduction in latency has been achieved through fibre optical connections to interbank servers in New York City. The company also introduced one-click foreign exchange trading not too long ago. This is an incredible feature to have in today’s volatile currency markets where every single second count; making or breaking a trade.
With Pepperstone’s best forex trading platform you can be certain that all trades are settled electronically and directly from bank servers. Unlike some of Pepperstone’s competitors, no part of the trading process is manual or involves a dealing desk. In our Pepperstone review, we found incredible pricing efficiency when trading thanks to their ECN venues and banking systems. This pricing accuracy minimises slippage and ensures retail traders are not losing precious capital unnecessarily.
3) Global-Regulation And Funding Methods
Pepperstone was founded in 2010 originally based in Australia with Australia Securities And Investment (ASIC) regulation. The broker is now also regulated in the UK with the Financial Conduct Authority (FCA) and is in the process of receiving an FSB licence in South Africa. All client deposits and funds are segregated into ‘tier 1’ banks such as the National Australia Bank.
Pepperstone has the most comprehensive range of payment methods with most offering instant funding options to start trading faster. Most funding and withdrawal methods are also free of fees. Pepperstone minimum deposit requirement is $200 or for UK residences it’s GBP £200. There are no funding requirements to open a MetaTrader 4 demo account.
Summary Of Why Pepperstone Is The Best MetaTrader 4 Forex Broker
Pepperstone offers the most advanced MT4 trading environment from fast execution speeds, enhanced features to indicators supported with award-winner customer support. With the online broker offering one of the lowest MT4 spreads, commissions and no deposit/withdrawal fees, Pepperstone is the best choice for those looking to trade with MetaTrader 4.
Top 3 Reasons To Choose Pepperstone For MetaTrader 5
1) Low MT5 Commissions And ECN Spreads
MetaTrader 5 (MT5) commissions are lower than MT4 with Pepperstone for those choosing the US dollar as their base currency. The per lot commission is USD $3.50 for MT5 compared to $3.77 for MT4. The active traders program that provides discounts from 10% is also applicable for higher-volume traders.
Most forex traders choose MT5 over MT4 based on the range of CFDs that can be traded. Below shows the spreads for the main CFD categories including indices, metals, cryptocurrency and energy. These spreads are lower than competitors due to the ECN style environment with top-tier banks, institutions and dark liquidity pools. It should be noted that the tables below are not exhaustive with more CFDs tradable including the commodity category.
2) Pepperstone Offers High Leverage Of Up To 500:1
Leverage offered by Pepperstone is determined by regulation and the broker itself. Traders located in Europe choosing Pepperstone Limited (FCA regulated) are limited to 30:1 for a retail investor account. Only professional traders who meet the Financial Conduct Authority requirements once approved can receive the maximum leverage offered by Pepperstone of 500:1. Other traders who open an account with Pepperstone Group Limited such as those located in Australia can receive the maximum of 500:1.
It should be noted that internationally, any leveraged trading exceeding 200:1 is considered high risk and should be only considered by advanced Australian forex traders. Pepperstone offers forex traders to choose the level of leverage that suits their level of risk appetite and experience. This occurs when they look for the best foreign exchange trading platform for their needs. In 2020 only ThinkMarkets, CMC & IC Markets matched Pepperstone’s leveraged trading ratio with 500:1. When trading forex markets at such levels it’s critical to understand the risks involved with currency trading.
3) Award-Winning Customer Service
Pepperstone is one of the most awarded CFD brokers when it comes to customer support with past awards including:
Professional Traders Award – Best Client Relationship Manager Service
Global Forex Awards – Best Forex Trading Support – Europe
UK Forex Awards – Best Forex Trading Support
Australia Investment Trends – #1 for Customer Service
While ASIC and FCA requirements set minimum training standards, most Pepperstone staff are actually traders with detailed knowledge of financial markets, CFDs and complex instruments. They have detailed knowledge of the MetaTrader 5 platform and features and can be contacted via the call centre, live chat or e-mail. Experienced traders can also receive a dedicated account manager and information seminars at their UK and Australia offices.
Conclusion Of Why Pepperstone Was Chosen As The Best MetaTrader 5 Forex Broker
Pepperstone was chosen for MT5 based on the brokers low trading costs not just for currency trading but also for CFDs. The high leverage, customer support and low minimum deposit levels are other key criteria that led to this recommendation. MT5 traders also will benefit from the Smart Trader Tools the assist with technical analysis when trading complex markets.
IC Markets is the recommended forex broker for those considering cTrader based on the providers:
Low spreads, commissions an brokerage
ECN trading experience with low latency
Range of financial instruments
Range of forex pairs
Mobile trading setup including trading apps
Forex training from webinars to tutorials
No fee funding and withdrawal methods
ASIC Regulation and reputation
Top 3 Reasons To Choose IC Markets For cTrader
1) Low Spreads And cTrader Commissions
Comparing the top cTrader brokers average spreads in 2020 IC Markets was the clear winner as shown on the table below. This data came from each provides own website in January 2020. These low spreads are considered ECN broker levels which means they are set by the market with the provider’s main source of income from commissions.
cTrader, unlike MetaTrader, charges a USD commission for each side for every $100,000 USD traded. For IC Markets the commission rate is $3 USD per side. This is similar to competitors such as Pepperstone who charge a 3.5 unit charge per lot. To understand how the USD commission is converted to a trader’s base currency an example is provided below.
2) The Best Broker Execution cTrader Speeds
cTrader execution speeds are critical when traders with IC Markets average cTrader speeds under 40ms. This is considered one of the fastest speeds in the industry. To achieve this the IC Markets cTrader service is located at the LD5 IBX data centre in London. This is where 600+ buy/sell firms and other service providers are located. By having the server in this central location IC Markets offers STP, low-latency pricing fees and no dealing desk.
The cTrader server IC Markets utilises has under 1ms latency. This applies to the largest VPS providers of nearby data centres dedicated lines or through the LD5 IBX data centre itself. This is why scalping and high-frequency forex traders consider IC Markets the best broker.
3) A Range Of Tradable CFDs Through The cTrader Platform
IC Markets offers the most CFDs to be traded through the cTrader platform. This ranges from cryptocurrency, bonds to indices. Maximum leverage, spreads and commissions range by the CFD traded. The only CFD that can’t be traded with cTrader is stocks which are exclusive for the MT5 platform.
Summary Of Why IC Markets Is The Best Broker For cTrader
IC Markets was primarily recommended for cTrader based on their lowest brokerage rates with low spreads (0.1 pips average for EUR/USD), commissions and no funding costs. The technology platform for cTrader is market-leading and a plethora of CFDs can be traded. The forex provider is ASIC regulated and was established in 2007.
eToro specialises in Social Trading and Copy Trading with a platform specifically designed for trading CFDs. The online broker was recommended for social traders based on the platform functionality, number of copy traders online and depth of CFD trading options.
The eToro Trading Platform
When opening an eToro trading account a demo account is automatically created. This has $100,000 of virtual funds which traders can experiment with and practice using the platforms full functionality. The demo account includes the research feature from eToro investors and industry experts sourced from financial institutions.
There are a variety of trading platform options from the web platform to mobile app for iPad, android and iPhone devices.
The eToro Trading Community
eToro has millions of traders but more importantly, it has the most traders engaged in social trading. These traders allow their trades to be copied in real-time by other traders because of a unique popular investors program. Below shows how this works with traders rewarded based on the size and the number of other traders copying their positions.
Other key social trading features include live news feeds allowing traders to discuss strategies and share strategies.
Financial Markets That Can Be Traded With eToro
In 2020, 47 currency pairs can be traded with eToro. Other key financial markets include 17 cryptocurrencies (including bitcoin), 145 EFTs, 13 commodities and 13 indices. The biggest financial market unique to eToro is share trading with the ability to trade more stocks in most markets as a contract for difference.
Summary Of Why eToro Is Best For Social Traders
When it comes to copy trading, size matters. eToro has over 10 million clients with the largest number offering to copy their trades due to a unique incentive system. The platform was designed around social trading and most financial markets can be traded especially cryptocurrencies. eToro is registered in Europe under CySEC (Cyprus Securities & Exchange Commission) with licence 109/10 and in the UK by FCA FCA (Financial Conduct Authority) licence 7973792. It also has multiple other licences such as with ASIC but does not available for US residences it does not have a licence with the Commodity Futures Trading Commission (CFTC).
It’s critical to understand that the top forex trading platforms by popularity are MetaTrader 4 and cTrader due to the number of international and Australian forex brokers that offer it. You may feel that the top forex trading platform is IG, EasyMarkets etc but this makes is more difficult down the track to switch currency brokers. As a rule of thumb, when deciding which forex trading is the best, you should consider the popularity of the platform as a long-term consideration.
Recommended Forex Trading Platform For Beginner Forex Trading
Undo trades within 60 minutes through Deal Cancellation
Implement free guaranteed stop-loss orders to avoid slippage
Trade knowing the fees with fixed spreads applied to trades
Keep a demo version for an unlimited time-frame
Recommended Foreign Exchange Platform For Advanced Forex Trading
MetaTrader 4 is the most popular forex trading platform and recommended for advanced/expert traders based on the:
Execution speeds especially when integrated with servers such those Pepperstone uses
Ease of use with ‘one-click’ trading to speed up the time taken to make quick trades
The ability to use Expert Advisor to automate their trading based on fixed strategies
Trading Signals, mobile apps and market integration to enhance currency trading.
What Is The Best Automated Forex Trading Platforms?
cTrader by Spotwear offers CAlgo integration which combines to offer seamless trading from manual to automated trading. The retail forex platform share accounts as well as templates making it easy to access either when trading. The powerful trading platform also allows foreign exchange trading features including:
Templates that can be saved and shared between cTrader and cAlgo
Custom indicators that can be used in manual or automated trading
Level II Pricing allowing full market depth from the leading liquidity providers
Automated Trading orders filled through ‘Volume Weights Average Price’
The latency and features are what led to this automated forex trading platforms recommendation.
IG’s platform is recommended Australia traders for those looking for an ‘all-in-one’ foreign exchange trading platform with options to:
CFDs & Forex Online Trading
Bitcoin and Binary Trading
EFTs & Commodities
Best Forex Trading Platform For Mac Users
MetaTrader 4 (MT4) is widely considered the best forex trading platform for Mac as you can read in our full Mac review with the following features:
No requirement for a windows emulator
Pre-installed forex indicators
Fast latency speed
A plethora of order types
List Of Forex Trading Platforms
View the top forex trading platforms based on popularity, usability executions speeds, features and more are displayed below. For a full list of forex trading platforms we will be making a new page in 2018.
FOREX TRADING PLATFORM
MT4 is the the most popular forex worldwide trading platform with automated (EA) functionality
cTrader has Click-and-drag functionality to open and close trades from graphs
Currencies CFDs Shares Bitcoin Commodities
$20,000 virtual funds
All-in-one CFDs currency and share trading platform to access 10,000 markets
Currencies CFDs Commodities Indices
DealCancellation To Undo Currency Trades within 60 minutes
Currencies CFDs Indices Commodities
$50,000 virtual funds
Real Volume indicators and good till date trading feature
Currencies Indices Commodities Bonds
Access to CFDs and forex market sentiment and open orders/positions held by OANDA's clients
How We Chose The Best Forex Brokers
The stars above came from ten criteria that all forex traders should consider when currency trading:
Spreads And Fees: There are two main fees charged when forex trading. Spreads are the difference between currency pairings (the margin between the ‘buy’ and ‘sell’ while commissions are a set rate charge based on the volume of funds traded. Some accounts are a mix of these while others only charge a spread. These costs add-up when currency trading so it’s important to compare these fees prior to choosing a forex broker.
Forex Trading Platform: There are generic forex trading platforms such as MetaTrader and cTrader which are offered by a plethora of forex brokers. These are the most popular fx trading platforms making it easy to change forex brokers with minimal disruption and share insights with other currency traders. Other fx brokers have their own platform which can have unique features to enhance online trading.
Advanced Trading Tools: Most forex brokers offer enhancements to existing platforms allows for improved charting, sentiment indicators, alarm managers to enhanced automated trading. These tools can provide greater insights into currency markets or make placing and closing an order easier.
Execution Speeds: Speed is everything when currency trading. The best forex trading platforms allow for ‘one-click’ trading but often a forex broker’s infrastructure can lead to trading delays. Delays can lead the price to be realised to differ from the price quoted known as slippage. Ensuring the forex broker has the right setup to maximise execution speeds can be critical in turbulent markets such as during rate decisions.
Leverage: Currency markets and CFDs traditionally move by small amounts daily. To make it worthwhile to trade currency leverage is offered by all forex brokers to amplify these movements. Higher leverage can be critical for advanced forex trading strategies and can differ from 50:1 up to 400:1 so this can be a critical variable used to determine the right forex broker. It should be noted forex traders usually can request lower leverage.
Risk Management Tools: Leverage explains above increases the risks of forex trading. For traders with a low-risk tolerance of those new to forex trading, it’s recommended to consider a foreign exchange broker that offers risk management tools. These can include guaranteed stops, where a maximum loss amount can be locked in. Another is minimum balance protection which guarantees a currency trader loss can’t exceed their deposit.
Financial Products Traded: All forex brokers offer the major currencies to be traded but there are many currency pairings (exotics) that only a limited number offer. Many online brokers also offer trading of CFDs, indices, commodities and even cryptocurrency such as Bitcoin. Some even include share trading allowing traders to have an all-in-one trading solution rather than multiple brokers and platforms.
Customer Satisfaction: Customer service varies significantly between forex brokers. While most will have a call centre that is open 24 hours during business days, only some offer services such as live chat. A limited number also offer dedicated account manager which can be useful for those new to currency trading or those that required support for advanced trading systems.
Minimum Deposit: Different forex brokers have deposit requirements that can range from just $25 up to $10,000. Many online traders don’t want to deposit large quantities so this is an element that can help determine the right currency broker. Funding options can also range between brokers from Paypal, direct deposit to credit cards. Some also charge deposit and withdrawal fees which should be considered.
Reputation And Regulation: The sad truth about forex trading historically is there have been forex scams. These have almost always been done by overseas forex brokers that are not locally regulated and have a poor reputation. It’s worth viewing review websites such as Trust Pilot prior to selecting an online broker and making sure they are regulated by ASIC.
Types Of Forex Trading Platforms
What Is the most popular trading software?
The most popular forex platform is MetaTrader 4 by Metquotes. Most leading forex brokers offer this trading platform including Pepperstone, IG and CMC Markets offering fx trading on the following devices:
Beginner traders benefit from fx brokers that have fixed spreads, an easy to use fx trading platform, risk management tools such as guaranteed stop-loss orders and customer service training tailored for novices.
We recommend Plus500 which offers these features and offers a range of CFDs including cryptocurrency trading.
What is the best leverage when forex trading?
Leverage is determined by the forex broker chosen and your local regulator. For example, in the UK the Financial Conduct Authority sets the maximum leverage at 30:1 for retail investor accounts. Other regulators allow higher leverage in their jurisdiction such as the FSCA in South Africa. The best leverage for experienced traders who use automation can be 500:1 which is offered by IC Markets. Beginner forex traders should consider a demo account or selecting lower leverage such as 50:1 due to the high risk involved with leverage.
What is the best platform to trade forex?
The best platform to trade forex is MetaTrader 4 based on the number of forex brokers offering the software and the fact it’s the most used platform in the world. You can view a list of MT4 brokers that offer the platform which is further broken down by brokerage, features and customer service.
How Compare Forex Brokers Determined The Best Forex Broker
The Compare Forex broker team has compared CFD providers and their platforms for over five years. This fx platform comparison is for international CFD traders while you can also view country-specific comparisons for:
To determine the most popular forex trading platform and best forex broker a list of providers and reviews were created leading to the best forex trading platform comparison table above. Many fx brokers were reviewed but didn’t make the table including IG Markets, GO Markets, AVAtrade, FXCM, EasyForex, ThinkMarkets, AxiTrader and Forex.com. The key factors that led to these brokers not been included were the forex platform they used, spreads and leverage.
The best forex broker table was updated in 2020 based on the currency trading provider websites and product adjustments. Currency traders should consider the contents on this site in combination with the most up-to-date content on CFDs providers websites.