Forex trading accounts provide a choice of their own or a mainstream forex platform such as MetaTrader 4 allowing fx traders to buy and sell currencies that have risks involved from forex brokers ranging from Pepperstone, IC Markets, FXCM, Plus500 to CMC Markets.
By Justin Grossbard / Updated: Saturday, December 07th, 2019
Best Forex Broker Trading Platforms
The best forex brokers based on their CFD trading platforms and features are:
Pepperstone – Best MetaTrader 4 + 5 Trading Platform
The overall rating is based on review by our experts
10 / 10
10 / 10
10 / 10
6 / 10
Range of Markets
7 / 10
10 / 10
Key Reasons To Choose Pepperstone
1) Pepperstone Offers The Most Popular Forex Platforms
Pepperstone provides traders with their choice of fx platform including:
In addition to the choice of the best forex trading platform, Pepperstone also offers the EDGE environment allowing clients direct Electronic Communication Network (ECN) trading via the most popular trading platform (Metatrader 4). This is up to 12 times faster than competitor platforms, delivers optimal pricing and enhanced connectivity through the ECN producing tighter spreads.
2) Pepperstone Offers The Fastest Execution Speeds
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) Pepperstone Has Award-Winning Customer Service
Pepperstone is regulated in Australia (ASIC) and the UK (FCA) and has a licence pending in South Africa (FSCA) which means all staff meet minimum training standards set by the regulator. They bring a personalised service experience for traders from the moment you join with the call centre open 24 hours, five days a week to ensure they are online during worldwide currency trading hours.
The staff can assist currency traders with the most popular forex trading strategies which are possible through the fx broker due to the fast execution speeds. There are also advanced features that are allowed from scalping to EAs through the platform, unlike many other brokers which don’t allow for these features. Below highlights the awards received in the past for customer support, educational resources and other areas.
Pepperstone spreads are the most competitive in the industry. Traders looking to scout out the best forex trading platforms should factor this into their calculations before making a final decision on which company to proceed with. Pepperstone is able to offer clients some of the tightest spreads available in the world due to their access to tier 1 liquidity from some of the largest banks in the world.
An example spreads is the EUR USD paring. The lowest spreads for the EUR USD can be 0 pips with the average EUR USD spreads 0.16 pips as reported on their site. Pepperstone also offers industry-leading spreads on 50+ other currency pairs so you can be certain you are selecting not only a solid currency trading platform but also a top fx broker.
Average Spreads (22/10/2019)
5) Pepperstone Offers High Leverage For Traders
Pepperstone offers leveraged trading of 500:1 which is one of the highest levels on offer in the industry.
It should be noted that internationally, any leveraged trading exceeding 200:1 is considered high 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 2019 only ThinkMarkets, CMC & IC Markets matched Pepperstone’s leveraged trading ratio with 500:1. When trading forex markets at such levels its critical to understand the risks involved with currency trading.
At Compare Forex Brokers we review the top forex brokers with the Australian trader in mind. Therefore, Australian regulation is one of the first things we look for in a reputable foreign exchange trading provider. After completing our Pepperstone review, we came to the conclusion that traders can trade currency with confidence with Pepperstone knowing they are stringently regulated and certified under strict Australian law.
iPhone & Android Compatibility
MetaTrader 4 that Pepperstone offers currency traders with app versions for the iPhone, Android and iPad/Tablet. There is also a webtrader which means you can trade on any computer without the need to download software which is great for those travelling interstate or overseas. cTrader also has a WebTrader and mobile apps version allowing cross-platform CFDs and foreign exchange trading.
Pepperstone has the most comprehensive range of payment methods with most offering instant funding options to start trading faster. The newest addition is Paypal which is one of the worlds most popular and secure payment platforms. Below shows the range of payment options for the forex online broker.
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.
You can view our UK Page for the best FCA regulated forex brokers or our South Africa page for the best brokers in that region.
Types Of Forex Trading Platforms
1) Web Based Forex Trading Platform
The most basic version available when currency trading is web-based forex trading platforms. These platforms don’t require a download, making them ideal for those ‘on the go’ or who trade currency at a workplace. These web-based versions rarely have the functionality of the downloaded fx trading platforms and can have latency issues. Customisation options can also be limited.
2) Download Forex Trading Platform For Mac Or PC
PC or mac forex trading platforms are the most popular way to trade forex. Users simply commence a forex trading platform download from their forex broker and install the program. This enables all features and customisation to occur and for the fastest trading experience to be made possible. These downloads also assist with automation and more sophisticated currency strategies.
3) App Based Foreign Exchange Platform
Most CFDs foreign exchange platforms now have apps for Android, Apple and Window portable devices. This makes it easier to use a mobile phone (through mobile apps) or tablet when access to a computer isn’t available. Often features are limited within these apps but the main trading options can still be implemented. These devices are most commonly used to monitor currency markets or end trades rather than actively trade in the market.
How Compare Forex Brokers Determined The Best Forex Broker
Compare Forex brokers is run by a team that has operated with CFDs financial service providers for over a decade. 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 2019 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.