Top 10 Forex Trading Platforms
Our best forex trading platform list in October 2020 is.
- Pepperstone – Best MetaTrader 4 broker for forex traders.
- IG – Largest forex broker in the world with ProRealTime.
- OANDA – TradingView leading software platform.
- FXCM – Best forex trading app with Ninjatrader.
- TD Ameritrade – Best trading platform for US Traders.
- City Index – Good eSignal charting software.
- Plus500 – Best forex trading platform for beginners.
- IC Markets – Top MetaTrader 5 broker for CFD traders.
- FxPro – Best cTrader forex platform for scalping.
- eToro – Leading forex software for copy trading.
MetaTrader 4 (MT4) is the most popular retail platform for currency trading. It was created in 2005 by MetaQuotes and has over 85% penetration from worldwide forex brokers. 55% of retail forex traders used the platform in 2018 based on Finance Magnates Intelligence. Based on awards it’s considered the best forex platform.
Advantages Of MT4
The popularity of MetaTrader 4 is the biggest advantage as traders who become familiar with the platform can easily switch between the top forex brokers. The stability of the 15-year-old trading software is another key benefit with other MT4 features:
- One-click trading
- 50+ Indicators
- Pending and limit orders
- 9 time-frames
- Multi charting
Features such as algorithmic and social trading also benefit from the software’s popularity with the largest copy trader community and range of bots to download (called Expert Advisors) including those below from the marketplace.
Disadvantages Of MT4
MetaTrader 4 is not suited for those looking to trade share CFDs. The charting package is basic and while functional it lacks the sophistication of other software packages. Other concerns include a lack of indicators, limited instruments and limited timeframes.
The Best MT4 Broker Is Pepperstone
Pepperstone is the best MetaTrader 4 forex broker based on:
- Low fees with spreads from 0.0 pips
- Fast execution speeds of ~30ms
- Enhanced platform features
- An enhanced MT4 demo account
- A range of currency pairs and CFDs
- Award-winning customer service
- Market-leading leverage up to 500:1
1) Pepperstone Has Low Average Spreads
Through the Razor account type, Pepperstone offers ECN broker spreads with straight-through processing (STP). With no dealing desk, spreads are set by the market and Pepperstone has the best access to tier 1 liquidity pools. The result is that across the major currency pairs the broker achieves the lower average spreads than other MT4 brokers such as Forex.com and AxiTrader.
Pepperstone MT4 Spread Comparison
Data taken from broker website. Accurate as at 01/10/2020
Pepperstone also offers competitive MT4 commissions which are determined by the traders base currency. Further discounts are available on these rates for high volume traders under the ‘active trader’ program.
- US Dollar base currency commission rate = USD $3.77
- Euro base currency commission rate = EUR $2.61
- Pound base currency commission rate = GBP £2.29
|Commissions Per Lot||US Dollar||Australian Dollar||British Pound||The Euro||Swiss Franc||Canadian Dollar||Singapore Dollar||New Zealand Dollar||Hong Kong Dollar||Japanese Yen|
|MetaTrader 4||USD 3.76||AUD 3.50||GBP 2.29||EUR 2.61||CHF 3.30||CAD 3.50||SGD 4.55||NZD 4.75||HKD 28.17||303|
The calculator below calculates forex brokerage. It highlights the savings on fees that Pepperstone offers compared to other leading MetaTrader 4 brokers factoring in commissions, published average spreads and current forex crosses.
Tight ECN Spreads + Low Commissions = Pepperstone MT4 Fees
2) Pepperstone Has Fast Execution Speeds
Pepperstone uses the state of the art Equinix data centre in New York for MetaTrader 4. This achieves up to 10x latency reduction and a 12x improvement in trade execution speeds. Modifications within MetaTrader 4 such as ‘one-click trading’ also makes it easier to execute trades.
2020 speed testing found that Pepperstone was the fastest MT4 broker. Using Market Order Execution the average speed was 85ms. This was using demo accounts of similar brokers who offer a MetaTrader 4 no dealing desk setup. A faster execution speed reduces issues such as slippage which can impact forex traders returns.
Pepperstone in 2020 published their own execution speeds with:
- <30 milliseconds for most order by Pepperstone Group Limited (Australia)
- <60 milliseconds for most orders by Pepperstone Limited (UK)
3) Pepperstone Has A Strong Global Reputation
Pepperstone was founded in 2010 originally based in Australia with Australia Securities And Investments Commission (ASIC) regulation. The broker is also regulated in the UK with the Financial Conduct Authority (FCA), in Dubai with the (DFSA), Germany (BaFin) and is in the process of receiving an FSB licence in South Africa (FSCA). To avoid any forex scam only a regulated broker should be selected. All client deposits and funds are segregated into ‘tier 1’ banks such as the National Australia Bank.
The minimum deposit requirement is GBP £200, AUD $200 or USD $200 depending on the base currency chosen with MT4 funding methods as shown below.
Pepperstone customer support offer details MetaTrader 4 knowledge across their call centre, live chat and e-mail. Experienced traders can also receive a dedicated account manager and information seminars are regularly held at their UK and Australia offices. This is why they are the most awarded CFD broker when it comes to categories related to customer service including:
- Professional Traders Award – Best Client Relationship Manager Service
- Global Forex Awards – Best Forex Trading Support – Europe
- UK Forex Awards – Best Currency Trading Support
- Australia Investment Trends – #1 for Customer Service
Pepperstone has global regulation + award-winning customer service.
Summary Of Why Pepperstone Is The Best MetaTrader 4 Forex Broker
Our analysis showed that Pepperstone has low average spreads and the fastest execution speeds of any MT4 forex broker. With a strong reputation, enhanced trader tools and easy funding methods, Pepperstone is the best MT4 broker. The broker also offers MetaTrader 5 and you can compare to MT4 with our Pepperstone MT4 vs MT5 guide.
The overall rating is based on review by our experts
Three years after the release of MT4 the team at MetaQuotes release MetaTrader 5 (MT5). The key reason for this new platform was to allow share CFD trading. The popularity of CFD trading and more brokers offering MT5 is why in 11.5% of MetaTrader usage was MT5 in 2020 (up from 5.4% in 2019). Below shows the details of the Forex Magnates MetaQuotes study.
Advantage Of MT5
As stated above, unlike MT4 which focuses solely on currency trading, MetaTrader 5 offers a wider range of CFDs including share CFD trading. CFDs work by trading the price movements of underlying assets. The trading platform is faster than MetaTrader 4, offers more indicators and a wider range of order types. More specifically five core features of MT5 include:
- 21 timeframes (including 11-minute charges)
- 6 pending order types
- Netting and hedging mode options
- Depth of Market function
- Partial order filling policies
Disadvantage Of MT5
The biggest issue of MT5 is the programming language called MQL5 for automated trading. This is different from MetaTrader 4 which uses MQL4 programming language so essentially means learning new coding from scratch. This has been a key reason for the slow adoption of MT5. The popularity issue is also a factor when it comes to purchasing EA’s (trading bots) or copy trading with a smaller marketplace compared to MT4.
IC Markets Is The Best MT5 Broker
IC Markets is recommended for MetaTrader 5 Traders with:
- The lowest spreads on most major forex pairs
- Low Commissions From $3.50 per 100k traded
- No fee funding and withdrawal methods
- The choice of MetaTrader or cTrader platform
- An option for social trading through Zulutrade
- Fast ECN trading speeds and low latency
- Large range of CFDs including 120 global shares
1) IC Markets Has The Lowest MT5 Spreads
Comparing the top fx brokers average spreads in 2020, IC Markets was the clear winner as shown on the table below. This was based on each broker’s website data on their ECN account types in March 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.
IC Markets MT5 Spread Comparison
Data taken from broker website. Accurate as at 01/10/2020
MetaTrader 4 + 5 commissions are also competitive and based on the base currency chosen. While this is often chosen based on an individual’s location it impacts the commission rates with AUD, EUR, JPY and GBP the best value. Individuals who are outside of the regions below often choose the USD as most forex pairs and crypto pairings are USD based.
|Commissions Per Side||US Dollar||Australian Dollar||Pound Sterling||The Euro||Singapore Dollar||Japanese Yen||Swiss Franc||New Zealand Dollar||Canadian Dollar||Hong Kong Dollar|
|IC Markets||$3.50 USD||$3.50 AUD||2.50 GBP||2.75 EUR||4.50 SGD||350 JPY||3.30 CHF||4.50 NZD||3.50 CAD||27.125 HKD|
There are no hidden fees such as deposit or withdrawal fees including payment methods including credit cards, PayPal and even Bitcoin wallet. Individual broker reviews reflect the positive sentiment of the straightforward fee model.
Lowest Spreads + Low Commissions = IC Markets MT5 Fees
The minimum deposit requirement when opening a live MetaTrader 5 account is $200 USD. Note that financing fees apply for overnight positions held on CFD markets.
2) IC Markets Has A Range Of Tradable CFDs
IC Markets offers the most CFDs to be traded through the MetaTrader 5 platform. This allows individuals to trade forex, cryptocurrency, bonds to indices. Maximum leverage, competitive spreads and commissions range by the CFD traded. The unique advantage of MT5 is the ability to trade Share CFDs with IC offers ASX stock CFDs including BHP, NYSE stock CFDs including Walt Disney and NASDAQ CFDs including Google (Alphabet).
IC Markets has 60 forex pairs, 19 commodities and 120 share CFDs.
3) IC Markets Has Fast Execution Speeds
As of April 2020 IC Markets, the average MetaTrader 5 execution speed was 36.5 ms. While some individual region may beat this number, its the lowest report worldwide average for this forex platform. To achieve this the IC Markets MetaTrader service is located at the Equinix NY4 data centre. 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 MT4 + MT5 server used by IC Markets has under 1ms latency. This applies to the largest VPS providers of nearby data centres dedicated lines or through the NY4 data centre itself.
60% of IC Markets trades are algo trades based on execution speeds.
When a traders monthly volume exceeds 15 lots a VPN is provided free of charge.
4) IC Markets Offers ZuluTrade
An enhancement IC Markets offers it the ZuluTrade social trading extension. This social trading feature is used by over 100,000 traders in 192 countries and has two unique features. The first is ZULU RANK which ranks the individuals to consider copying. Factors considered when ranking range from performance, stability and exposure. The second is ZULU Guard which provides account protection that can step in to protect your capital.
Summary Of Why IC Markets Is The Best MT5 Broker
IC Markets was found to be the lowest spread forex broker on the major currency pairs combined with having low commissions and funding fees. The broker offers the CFD trading software with the ZuluTrade extension with a plethora of tradable instruments including crypto. The broker is well suited for Australian traders with ASIC regulation and European traders can use the CYSEC regulated subsidiary.
Created by Spotware, cTrader is the third most popular forex software and us offered by a wide number of retail foreign exchange brokers. While no exact market share statistics have been published, below shows the popularity of the websites and app downloads of there three most popular platforms.
Advantages Of cTrader
Our compare forex brokers platform chart below shows the different of MT4 vs MT5 vs cTrader. It highlights why many consider cTrader the top forex trading platform with superior analytical and graphic objects of 65 and level II pricing. For automated fx trading, cTrader offers cAlgo which has .NET framework and C# language which some programmers will be more familiar with than MLQ4 or MLQ5.
Disadvantages Of cTrader
The smaller market share of cTrader vs MetaTrader means that the online community is more niche limiting the sharing of bots and copy trading environment. The server of Spotware is located in the UK vs MetaTrader which is the USA which can be an issue for accessing liquidity and trade execution speeds.
FxPro Is The Best cTrader Broker
Our top pick for cTrader is FxPro based on their:
- No Dealing Desk Execution and low trading costs
- The fastest average cTrader execution speeds
- Regulation across five major jurisdiction
- Up to 7,000 orders executed per second
- Low EUR/USD spreads for cTrader
1) FxPro Offers No Dealing Desk
FxPro uses straight-through processing (STP) technology execute their cTrader clients anonymously with no dealing desk intervention. This means they are not a market maker and don’t interfere with trades. The main benefit is fast trade execution speeds with the majority of orders executed in 11.06 milliseconds. The result is that the quotes shown by FxPro in almost all cases are the price the order is filled with a low percentage of slippage having almost an equal positive and negative impact. Most cTrader traders are executed through the London (LD5) Equinix Data centre with servers connected to Tier 1 banks through Quotix.
The resulting spreads for FxPro are not competitive for MT4 (1.58 pips) or MT5 (1.51 pips) but excellent for cTrader at just 0.37 pips. This makes them offer the best trading costs for cTrader only.
With 7,000 orders executed per second and co-location servers, traders benefit from the FxPro infrastructure.
FxPro offers spreads of 0.37 and 11.06ms execution speeds.
2) FxPro Is Regulated Across The Globe
FxPro has two European Union regulation with FCA registration number 509956 and CYSEC licence number 078/07. They are also regulated in South Africa by the FSCA with authorisation number 45052, the middle east (Dubai) and in the Bahamas.
With so many regulated bodies, traders can choose the entity that matches where they are located or what conditions they wish to start trading under (eg balance protection, leverage).
3) FxPro Offers A Range Of Markets
FxPro offers 250 instruments to be traded through the cTrader platform this includes over 70 forex pairs, the futures market, spot indices across the world, over 150 stocks and global shares, spot metals and energies such from oil to gas.
FxPro also offers training courses, news and analysis and trading tools to get the most from these 2590+ instruments.
Summary Of Why FxPro Is The Best Broker For cTrader
FxPro has the best infrastructure with co-location servers for cTrader. The results are fast execution speeds on average 11.06 ms, average cTrader spreads of 0.37 and a range of instruments that can be traded. With regulation across the globe including FSCA for South African traders, individual worldwide can choose the FxPro entity suitable for them.
Based out of the USA, NinjaTrader is an advanced charting forex software package created in 2004. Most forex traders using NinjaTrader are based in North America with the platform registered by the National Futures Association (NFA).
Advantages Of NinjaTrader
Most traders choose this software based on customisable charts and real-time bid/ask simultaneous data. Hundreds of trading indicators are preconfigured with drawing tools available. The tools ‘Market Analyzer’ helps traders scan changes in forex markets with the ability to build watch lists and indicator value. Alerts can be configured for currency market movements and automated strategy programs are preconfigured.
Disadvantages Of NinjaTrader
NinjaTrader is only offered by six foreign exchange brokers. The community using the software is small with only 60,000 traders in 2020. NinjaTrader has no mobile app with only a Windows desktop version available.
FXCM Has The Best Forex Trading App And NinjaTrader
FXCM is the best NinjaTrader broker and also has the best mobile app through it’s Trading Station proprietary platform. Key features of FXCM Trading Station are:
- App Store versions for iPhone and iPad
- Google Play versions of table and mobile android devices
- Simple, intuitive interface
- Range of financial markets including Crypto-Major baskets
- Advanced technology with 88%* of orders having zero or positive slippage
- Award-winning customer service
- The option of spread betting for UK residences
- Regulation from the UK, Australia, to South Africa
- Detailed forex trading facility including webinars
- Free demo account
*As per the August 2020 Price Improvement Statistics
In 2020 FXCM offers NinjaTrader 8 for forex trading and for Ireland and UK traders Spread Betting is also available. For both types of trading, the broker offers a risk-free demo account which includes full historical market data, access to third-party apps and indicators and the ability to develop and test automated trading strategies. It should be noted that a live account involves a high level of risk as it involves real funds and leverage. In October 2020, 75.38% of retail investor accounts lose money when trading CFDs with FXCM.
Summary Of Why FXCM Is Best For Mobile Traders
FXCM is the leading regulated broker offering both NinjaTrader and Trading Station. The later has the most advanced mobile app for both iPhone, iPad and Android devices. The broker’s fees are higher for beginners but their VIP account (active trading account) offers up to 62.4% savings making them recommended for high volume traders who like using their mobile device.
Founded in 2001 and developed by IT-Finance in France, ProRealTime key strength is the technical analysis functionality. Unlike most other forex trading software, the is web-based with no downloads required. There are customisable currency market scanners and advanced charting facilities. For automated trading, the platform uses ProRealCode coding language.
Advantages Of ProRealTime
As outlined above, the technical analysis functionality of ProRealTime is the key strength of the trading software. Currency traders can access 100+ indicators with filtering options by strike price and expiration dates. The interface has a wide variety of charts with unlimited timeframes with the ability to place trades based on trend-lines across asset classes.
Disadvantages Of ProRealTime
The platform was not designed for mobile trading with no trading apps available. Some brokers offering ProRealTime such as Interactive Brokers make it limited to some regions with Australian and USA residents not offered the software. Australian traders can only use the software in demo mode. The other issue are the fees some brokers charge from an interactive fee to real-time data access fees.
IG Is The Best ProRealTime Broker
IG has 200,000 clients globally and is listed on the FTSE 250. Key features include:
- $0 minimum deposit requirement
- Tier 1 regulation by ASIC, FCA, MAS and the CFTC
- Strong research and online training program
- Easy trading account funding methods (including Swiss Franc)
- Wide range of tradable financial markets and interest rates
IG Has Low Non-Commission Spreads
There are two types of trading accounts. The first is spread + commission account used by advanced traders looking for the lowest fees. Our analysis found that IC Markets has the lowest spreads in this category. The second category is called a standard account and has no commissions. Our analysis shown below comparing the average spreads of standard accounts showed IG was the lowest.
Data taken from broker website. Accurate as at 01/10/2020
Please note that other fees apply when trading including financing fees for positions held overnight. These financing fees will depend on the software platform chosen with IG.
Summary Of Why IG Is Best For ProRealTime
IG has a $0 minimum deposit requirement and offers ProRealTime to the most forex traders around the world with ‘tier 1’ regulation. They offer the lowest standard account spreads (non-commission) and leading customer service as the worlds largest retail foreign exchange broker.
eToro Trading Platform
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.
Advantages Of eToro Trading Platform
The most obvious advantage of the eToro trading platform is that the platform is built for social trading. Unlike other platforms which require you to integrate third-party party software or add-on an extension, eToro provides all the social tools one will need for social trading. In this sense, eToro could be described as the Facebook of social trading, where traders can discuss all things trading with other traders and get valuable feedback.
The other notable advantage of the platform is the copy trading feature. This comes in two flavours, Copytrader and CopyPortfolio. With CopyTrader, traders can follow and copy traders. This is exceptionally useful for beginner traders or traders short on time as they can profit off the trades of other traders. eToro provides lots of performance analysis of other traders to help you find the traders to copy and risk management tools to help you exit trades when traders don’t perform.
Disadvantages of eToro Trading Platform
While the eToro platform is user-friendly and simple to use, there is a learning curve when it comes to understanding some of eToro’s terminology and parameters. For example, eToro has created its own unique formula to calculate a users risk score from 1 to 10. Traders should understand how it works as it can help you make better copy and trading decisions however it is complex to understand. The other disadvantage is eToro is a specialist social trader platform does not as many technical indicators and graphical tools as specialist CFD platforms such as Next Generation by CMC Markets.
eToro Is The Best Social Trading Broker
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 iOS app for iPad and iPhone devices. There is also an app got android 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 Offered By 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 their share trading ability to trade more stocks in most global markets as a contract for difference.
eToro is registered in Europe under CySEC (Cyprus Securities & Exchange Commission) with licence 109/10 and in the UK by FCA (Financial Conduct Authority) licence 7973792 for UK traders. It also has multiple other licences such as the Australian Securities And Investments Commission but is not available for US residences with no Commodity Futures Trading Commission (CFTC) licence.
Summary Of Why eToro Is Best For Social Traders
eToro has over 10 million clients which are critical for choice when copy trading. The specialist social trading platform offers most financial markets including cryptocurrencies.
Plus500 Trading Platform
Plus500 is a CFD provider that offers a large range of financial instruments for trading. The company offers its own proprietary trading platform designed specifically to make monitoring and trading multiple instruments at one time as easy as possible.
Advantages Of Plus500 Platform
Plus500 trading platform is well known for its ease of use when trading its large range of financial products. The main screen is designed to display multiple CFDs with real-time quotes and only the most necessary information through an exceptionally easy to view and organised layout. This helps users as it keeps things simple when trading, there is no need to switch screens to implement strategies or perform orders.
Our top picks for novice traders includes several other brokers but Plus500 has the best risk management tools available through the platform. This includes guaranteed stops which are not available with most brokers.
Disadvantages Of Plus500 Platform
Plus500 trading platform has a number of limitations, the platform does not offer algorithmic trading meaning traders looking for trading automation may find the platform does not suit their needs. Traders looking for advanced analysis tools may also feel restricted as Plus500 trading platform offers just 15 indicators and 10 timeframes and the level of platform customisation is limited.
The other main issue with Plus500 trading platform is that it is proprietary with a closed ecosystem. This limits the level of customisation one can do either through creating their own custom signals with their own code, adding extensions or plug-in from 3rd part providers to increase the number of technical indicator or graphical tools available and switching platforms should you wish to change brokers in future.
PLUS500 Is Best For Beginners
Plus500 offers the following features for novice traders:
- Easy to use forex platform
- 50+ foreign exchange markets
- The ability to trade forex, CFDs and ETFs.
- A range 0f Cryptocurrency CFDs
- Order types including guaranteed stop-loss orders
- Technical analysis ideal for all trading experience
- Trader’s guide including technical analysis and market analysis
- Trading signals that alter when market sensitive events occur
One of the main features is the Plus500 trading platform is backed with risk management tools not always found with other brokers. This includes Guaranteed Negative Balance Protection ensuring you don’t lose more than your deposit. Guaranteed stop loss is also available setting a maximum a trader loses on a trade. Both don’t prevent the high risk of losing your funds rapidly but do set limits to those losses.
While Plus500 is a good platform is you are new to trading, we do not recommend the platform if you intend to use it in order to learn to trade. For this, we recommend their demo account as you can practice with virtual cash before using your own money to invest. Leverage instruments do involve a high level of risk so we recommend exercising caution before you trade.
Plus500 is the trading name globally but a number of subsidiaries exist worldwide from Plus500AU in Australia (AFSL 417727), Plus500UK Ltd in the United Kingdom (FRN 509909), Plus500CY in Cyrus (Licence No. 250/14) and Plus500SG for Singapore traders with License Number CMS100648-1. Beginner forex traders should check the product disclosure statement (PDS) of the subsidiary first before trading with Plus500.
*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
eSignal is one of the oldest trading platforms on the market that point of difference is its advanced charting features which makes it great for traders wanting technical analysis.
Advantages Of eSignal Software
eSignal is designed for professional traders with a high emphasis on superior charting tools. eSignal’s price feeds from the widest range of sources giving traders the most detailed and accurate real-time (with signature and elite subscriptions) and historical trading data to use for charts possible. With such data reliability, eSignal can distinguish themselves from other platforms for its charting tools.
eSignal allows traders to view 500 symbols at one time, 100s of indicators (via the app store), access advanced drawing tools and Market Screener Plus for advanced fast scanning of markets based on criteria such as technical indicators.
Disadvantages Of eSignal Software
eSignals is expensive, monthly subscriptions costs range from $54 USD for Classic version to $359 USD for Elite version. In addition to this add-ons also have their own costs. Such costs make it unsuitable for beginner traders, to save on costs, a broker that offers eSignal as part of their package may be worth considering.
If you subscribe with the Classic plan, subscribers will only get intraday (data delayed 15 minutes) and no backtesting, no mobile access and no depth of market, for these features, traders will need Signature or Elite plans.
Forex.com Is The Best eSignal Broker
Forex.com perfectly integrates their price engine software to the TradingView interface, making it possible for forex traders to trade directly from TradingView charts with the following advantages:
- Access to +12,000 global financial instruments
- 3 different types of tradable contracts (CFDs, spread bets and spot FX)
- Parent company Gain Capital listed on the New York Stock Exchange NYSE
- Multiple powerful chart types (11 chart types)
- Fast and secure HTML5 technology
- An extensive selection of smart technical tools (+65 technical indicators)
- Mobile trading charts with over 60 customizable technical indicators
- 16 years of currency exchange rates and price history
1) City Index Risk Management Features
City Index Web Trader platform is engineered to run with protective risk management features that come in the form of:
- Negative Balance Protection
- Automated Margin Closeout
- Guaranteed Stop Loss orders
The negative balance protection is an automatic stop-loss feature that ensures clients to not lose more than the account balance. When a debit account balance occurs due to unforeseeable market events the negative balance protection policy will clear out any debit balances.
Additionally, City Index TradingView platform is equipped with a guaranteed stop-loss order, which for an extra fee that is built into the spread warrants that your SL will be triggered at the specified price. Please note, CFDs remain complex instruments and traders show learn about the risks even with these features.
Note* The City Index GSL order ensures no slippages on the stop-loss order
Our team of experts also weighed into our proprietary scoring system the wide range of order types offered by City Index which includes:
- Hedging order tools (go both long and short on the same instrument)
- Partial close order feature (liquidates your position in increments)
- One-click trading mode directly from the TradingView charts
- Advanced trailing stop orders
- One cancels other (OCO order)
City Index smart trading with innovative Risk management features
2) TradingView Access to Intelligent Trading Tools
City Index clients can access a plethora of smart trading tools that can help them find new trading opportunities. City Index web-based charts are powered by TradingView but are enhanced by the in-house technology built by the team of experts at this brokerage trading firm. Find out below the trading tools accessible through City Index’s TradingView platform:
- 11 chart types for different trading styles (Bars, Candlestick, Hollow Candles, Heikin-Ashi, Point & Figure, Line, Area, Baseline, Renko, Line Break, and Kagi)
- Performance tracking charts, allowing to compare two or multiple markets on the same chart
- 74 advanced drawing tools (Elliot Wave studies, Gann studies, Increased et of Fibonacci chart studies)
- 65 custom technical indicators and studies (Advance / Decline Line, Correlation Coefficient, Double EMA, EMA Cross, VWAP, Williams Fractal, Zig Zag and much more)
- 360° market view features unite in one place market information, related news, economic calendar, technical and fundamental analysis portal, expert market analysis and watchlist integration
City Index is rich in advanced trading tools on their Web Trader Platform.
Summary of Why City Index Offers the Best TradingView Web Platform
Overall, City Index TradingView platform has professional capabilities and trading tools that can satisfy the needs of the most sophisticated traders. TradingView is supported by most popular browsers, including Chrome, Firefox, Safari, Internet Explorer 11, Microsoft Edge. You can trade on any device and operating system anywhere directly from your browser without the need to install it on your PC.
TradingView is an online charting system and social network for traders to chat with each other, share ideas and trade scripts. It’s offered by a select number of brokers including OANDA and Saxo Bank.
Advantages Of TradingView Platform
The main advantages of the TradeView platform are its charts and social trading features.
TradeView offers superior charting for a large range of CFDs. Traders can choose from 10 HTML5 chart types with up to 8 charts per layout and over 50 drawing tools to help analyse trends and identify opportunities. TradingView also has a stock screener based on different metrics from over 100 search fields. A similar feature is offered by xStation offered by XTB.
Disadvantages Of TradingView Platform
TradingView is not a true trading platform. You cannot buy and sell through it, to do this you will need a broker that integrates TradingView into its platform. It also does not offer Level 2 data regardless if traders subscribe to a Premium subscription. While the software offers a free subscription, to get the best features, a paid subscription will be needed to get the best features such as a screen with multiple charts and customer services.
OANDA Is The Best TradeStation Broker
Oanda ranks as the best US-based forex broker offering TradeStation which they call Oanda Trade Web, Oanda Trade Desktop and Oanda Trade Mobile and Table app. Based on our experts’ in-depth analysis, Oanda is recommended for their:
- Strong regulatory oversight from the CFTC and NFA
- A large number of currency pairs (+71 FX pairs)
- Multi-currency deposit solution with 9 account base currencies
- Technical analysis powered by Autochartist
- Sophisticated technical analysis tools
- Award-winning retail FX platform
- Integrated leading news services (Dow Jones International, 4CAST and OANDA MarketPulse)
- Execution with no-requotes and no order rejections
1) Oanda Autochartist Technical Analysis Tool
Oanda offers its clients access to Autochartist a powerful third-party tool that uses automatic chart pattern recognition software. All Oanda Trade clients can gain free of charge access to the Autochartist software. Some of the Autochartist features and advantages are listed below:
- Ongoing market screening of potential forex chart patterns
- Get customizable alerts for your preferred trading signals
- Market volatility analysis
- Historical performance stats of your trading activity
- And much more
Make better trading decisions with indicators, overlays and tools, including AutoChartist.
Additionally, Oanda clients can have access to an economic calendar integrated directly with the TradeStation platform. If your trading relays on news activity you can get real-time breaking news along with market commentaries from industry-leading FX experts.
2) Oanda No Minimum Deposit Requirements
The review conducted by our team of industry experts revealed that Oanda doesn’t enforce a minimum deposit policy. At Oanda, forex traders can deposit and withdraw money through 4 supported payment methods including:
- Debit card (MasterCard, Visa or Discover)
- Bank transfer
- Checks (only for USD)
- Automated clearing house (ACH)
Additionally, Oanda supports not only the major currencies for deposits which includes USD, AUD, GBP and EUR, but it also supports minor currencies like the CAD, HKD, JPY, SGD and CHF. In total, Oanda customers can use 9 different account base currencies along with their favourite banking method.
Trade with Oanda under Regulatory + Risk Compliance + Transparent Trading Environment.
Summary Of Why OANDA Is Recommended For TradeStation
Oanda was found to be the best US forex broker offering the TradeStation platform powered by its advanced price technology. The fact that Oanda’s online trading services are regulated by the most trusted financial authorities in the world (NFA and CFTC) confers a high level of trust among retail FX traders. For a limited period of time (30 days) traders can use the TradeStation demo account to test the financial services offered by Oanda.
TD-Ameritrade ThinkOrSwim (TOS) is a desktop, mobile and web compatible trading platform for ETFs, forex, futures, stocks and options. It is one of the few platforms available on Mac. The platform stands out in a crowded field of competitors because of their advanced charting features, a wealth of research tools and screening tools which are highly customisable.
Advantages of ThinkOrSwim
The ThinkOrSwim trading platform offers the following notable features:
- Cutting edge research tools: 400 technical studies, 8 Fibonacci tools
- Professional level charts: 300 chart studies including season charts, thermo mode for lookback visibility
- Forex account information bar: Show important account metrics for configuration
- social trading though myTrade tab
- free streaming of CNBC streamed directly through the platform
- Social Sentiment to determine the general mood of investors on social media
ThinkOrSwim also includes extensive research capabilities from TD-Ameritrade, this gives users education and news to help with trading.
Disadvantages of ThinkOrSwim
ThinkOrSwim is only available in the US. ThinkOrSwim was purchased by TD-Ameritrade in 2009 and this broker only operated in the US.
The platform also has a large learning curve due to the wealth of tools available. If you are a beginner trader, you may not need 400 charting tools like ThinkOrSwim offers.
TD Ameritrade Offers ThinkOrSWim For US Traders
70 Forex Pairs and Commissions Free Trading
TD-Ameritrade offers 70 currency pairs for trade, all with no commissions. Trading with spread only products keeps thing simple and straight forward as traders know in advance (via the spread) exactly what they are paying for. The broker also has no commissions when trading the following online stocks, ETFs, options and selected bonds. Futures and options on futures will incur a $2.25 fee per contract.
Similar to a demo order, this is a tool to help you practice trading with the most realistic scenarios possible. With this tool, you test new strategies, test order types without risking your own capital.
TD-Ameritrade Is Multi-Regulated
Traders buying forex and futures are signed up with TD-Ameritrade subsidiary known as Ameritrade Futures & Forex LLC. This broker is regulated with the following authorities:
- U.S. Securities and Exchange Commission (SEC)
- Commodity Futures Trading Commission (CFTC)
- National Futures Association (NFA)
- Financial Industry Regulatory Authority (FINRA)
Very few other traders can be used by US traders such as Interactive Brokers (IBKR). Requirements of this regulation include:
- Segregated accounts for their funds
- Policies in place to protect client funds should broker become insolvent
- Complaints procedure to resolve disputes
- Product disclosure statements
TD-Ameritrade Educational resources
With an extensive collection of educational features including immersive courses, online articles and web videos, webcasts, web seminars. TD Ameritrade has a commitment to giving their clients every opportunity to develop their skills when CFD trading.
Summary Of Why TD Ameritrade Is The Recommended For US Forex Traders
Trading forex in the US (excluding Arizona or Ohio) requires a broker regulated by the Commodity Futures Trading Commission (CFTC). TD Ameritrade is regulated with the CFTC and since April 2020 offers forex trading through the entity ‘TD Ameritrade Futures & Forex LLC’. The reason the broker is recommended includes the ThinkorSwim Forex platform, wide range of currency pairs, customer support and low spreads.
Types Of Forex Trading Platforms
What is the best trading platform for forex?
MetaTrader 4 is the most popular forex platform by retail forex traders with over 50% market share worldwide. Most leading brokers offering fx trading offer MT4 including Pepperstone, Saxo Bank, IG and CMC Markets.
The best MT4 broker is Pepperstone based on spreads, execution speeds and features.
How should I choose a forex trading platform?
There are five key questions to ask that will determine the software for your needs:
- Are you new to trading? – If so consider the Plus500 platform
- Do you want the most popular platform? – If so choose MetaTrader 4 with over 50% market share
- Do you want to trade CFDs as well as currency? – If so choose MetaTrader 5 which is the next most popular software
- Do you want a forex trading platform for scalping? – If so then cTrader is recommended
- Is your main trading strategy copy trading? – If so then the eToro platform which specialises on social trading is best for you.
View our conclusion section to view the best forex broker offering the best software.
What is the best forex broker for beginners?
Beginner traders benefit from fx brokers that have fixed spreads, 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.
The best forex platform is MetaTrader 4 based on the popularity of the trading software, reliability and automated trader facilities. Those looking to choose a broker with MT4 should select Pepperstone which has some of the lowest spreads in 2020, fastest execution speeds combined with good trading customer service.
Forex Platform Guides
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.