Best Forex Trading Platform In May 2022

The best forex trading platforms offer traders an easy to use interface, a range of useful indicators, features such as automation and fast execution speed. We compare the best software trading and the recommended forex brokers for the most popular trading platforms.

Justin Grossbard

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.

Updated: 24/05/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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Top 8 Forex Trading Platforms

The best forex brokers with great trading software list is.

TMGM - Best Platform Range Overall Including MetaTrader 4
Eightcap - Great Crypto Trading With MetaTrader 5
Forex.com - Top Proprietary Platform Plus TradingView
Interactive Brokers - Good Analysis Tools With This Platform
CMC Markets - Next Generation Indicators And Charts
Friedberg Direct/AvaTrade - Fixed Spreads With MetaTrader 4

Visit Site

Our Rating

8.50

8.33

7.0

8.17

7.17

Eightcap review

TMGM Review

FOREX.com Review

Interactive Brokers Review

CMC Markets Review

Eightcap don't provide % of clients who lose money

TMGM don't provide % of clients who lose money

72% of retail investor accounts lose money when trading CFDs

64% of retail investor accounts lose money when trading CFDs

73% of retail investor accounts lose money when
spread betting and/or trading CFDs with this provider

Regulations and Licenses

IIROC (Canada)

Other Regulators

Brokerage

EUR/USD Avg. Raw Spread

0.06

0.10

GBP/USD Avg. Raw Spread

0.73

0.42

AUD/USD Avg. Raw Spread

0.27

0.21

EUR/USD Standard Spread

1.06

1.30

EUR/USD Fixed Spreads

Commissions (USD Base)

$3.50

$2.00-$6.00

0.08%-0.2%

Minimum Deposit

$250 (Raw)
$500 (Standard)

$100

Swap Free Account

No Inactivity Fees

Funding Methods

No Funding Fees

Markets and Instruments

Currency Pairs

40+

60+

80+ (Standard Account)
58+ (DMA)

105+

338+

Cryptocurrency CFDs*

250+

12+

19+

Index CFDs

10+

15+

15+ (Standard Account)

26+

46+

Share CFDs

400+

12,000+

220+ (Standard Account)

1000+

9,000+

Commodities CFD

26+

124+

Stockbroking

50,000+

9,000+

Retail Max. Leverage (Canada)

Major Pairs 33:1
Minor Pairs 17:1

Major Pairs 62.5:1
Minor Pairs 33:1

Major Pairs: 52:1
Minor Pairs 16:1

Retail Max. Leverage (With offshore regulators)

500:1

Major Pairs 30:1
Minor Pairs 20:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Unique Feature

Low ECN Spreads

Servers in Tokyo TY3

Owned by Capital Gains

125 Markets, 31 Countries, 22 Currencies

Offers both CFD and Stock trading

Overall

Our Rating

8.50

8.33

7.0

8.17

7.17

Eightcap review

TMGM Review

FOREX.com Review

Interactive Brokers Review

CMC Markets Review

Visit Site

There are a lot of choices out there when it comes to the best forex trading platforms in Canada, and indeed, internationally.

Forex trading is still the most popular way to trade globally, so choosing the best forex brokers with the best trading platforms, is essential.

MT4 continues to be the most popular Forex trading platform worldwide and is designed for both beginners and traders with experience, but there are many others.

Some brokers offer their own proprietary trading platforms with specific features for their customers.

Along with trading platforms, there are a number of other considerations we have made, including:

Regulations (and their jurisdictions)
Trading fees (commission and spreads)
Trading Account options (including minimum deposits)
Additional factors (E.g. education, trading tools etc)

We made sure to look IIROC regulated brokers such as FXCM, Oanda, ForTrade and CMC Markets who are good choices for Canadian traders. But also considered brokers outside Canada such as eToro and HotForex, who are not IIROC regulated but accept most traders across the globe., ultimately only the 6 top forex brokers were chosen.

TMGM Has The Best Range Of Platforms Overall

As a broker, TMGM has a number of things going for it, none more so than its MetaTrader 4 offering for Forex trading.

MT4 is the most popular trading platform amongst forex traders, with around 75% of FX Volume coming from the platform in Q4 of 2021.

TMGM’s MT4 platform is our choice amongst all brokers due primarily to the superior connectivity and deep liquidity. This is because TMGM has their servers in two data centres that the major liquidity providers use, NY4 (New York) and TY3 (Tokyo) meaning a lower latency and less chance of slippage when trading. Most brokers only use 1 location so by using 2 locations, TMGM helps you get superior trading conditions.

Indeed, TMGM has a number of selling points including a wide range of markets, deep liquidity and an excellent range of trading platforms.

Fees and Commissions

To use the MT4 platform, recommended for forex trading, you have the option of the Classic and Edge trading accounts.

The Edge account is our recommendation for competitive commission rates ($3.50 a side) with low spreads and no requotes.

The Classic account is great for beginners, with no commissions, while there is also an IRESS account, designed for share CFD trading, (but with a substantial $5000 minimum deposit). Please note that there is an inactivity fee of USD35 per month for IRESS premium and gold.

Top Trading Platforms

TMGM’s range of platforms provides a great range of trading alternatives. As well as the popular MT4, you also have access to IRESS, HUBx and Trading Central.

MetaTrader 4 is your classic trading platform because it has all the essential features you will need for successful trading. The platform is trusted and relied on by more than any other platform in the market

MT4’s native phone and tablet iOS and Android apps allow you to trade on the go. You can also switch across to desktop or their web platform, with your trading details carried over. In the near future, MetaTrader 5 will also be an option.

Additionally, Trading Central can also integrate with MT4 for a better Forex trading experience with a range of fundamental, technical, sentiment and economic analysis tools to assist you when trading.

If you wish to trade CFD shares then IRESS is a good choice but maybe not the best choice for other products. The first advantage of IRESS is that it uses Direct Market Execution (DMA) so you can see the order books at the exchanges. The other advantage is that you can trade via a great range of exchanges across the globe compared to the MetaTrader Platforms.

TMGM Review >>Visit TMGM >>

Our Rating

The overall rating is based on review by our experts

8.33

Spreads

10 / 10

Leverage

10 / 10

Trading Platform

7 / 10

Risk Management

6 / 10

Range of Markets

7 / 10

Customer Service

10 / 10

Eightcap HAs Great Crypto Trading With MetaTrader 5

As a broker, Eightcap is a MetaTrader specialist, meaning they not only offer MT4 and MT5 trading platforms but a range of useful plugins and trading tools to enhance your trading with these platforms.

An added benefit of using Eightcap is that they don’t place limitations on how you use MetaTrader. This will suit Forex traders that also like having a variety of markets to trade for automation, scalping and hedging.

Eightcap is also the king of crypto, with over 250 cryptocurrencies available, including 20 cross-currency products. You can even cross-pair these 20 cryptos against Bitcoin. To take full advantage of the full crypto range with Eightcap, you need to use MetaTrader 5 which is why we recommend this platform for this broker.

Fees and Commissions

The two account types are Standard (no commissions) and Raw (spread-based).

We recommend the Raw account for Forex trading given the competitive spreads, which start as low as 0 pips for EUR/USD. A $7 USD/CAD commission per round turn is the industry standard.

To open an account, only a $100 minimum deposit is required (outside of Australia).

When looking at ECN-type accounts, Eightcap’s spreads are competitive compared to other brokers as highlighted below. This module captures the average spreads that brokers publish on their website, which is updated each month.


0.23	0.20	0.06	0.42	0.27
0.26	0.47	0.17	0.40	0.24
0.19	0.38	0.10	N/A	0.21
0.14	0.25	0.02	0.27	0.17
0.20	0.30	0.20	0.40	0.20
0.50	0.60	0.30	0.50	0.50
0.30	N/A	0.30	0.50	0.40
0.20	0.83	0.44	0.40	0.42
0.24	N/A	0.17	0.54	0.30
0.30	0.70	0.20	0.50	0.40
0.30	1.10	0.10	0.60	0.50
n/a	0.30	n/a	0.60	0.50
0.48	1.21	0.33	0.92	1.11

Data taken from broker website. Accurate as at 01/05/2022

Compare Lowest Spreads >>

Eightcap offers most of the standard trading products found with CFD brokers but where they stand out is their range of crypto pairs. All your favourite coins are available including Bitcoin, Ripple, Litecoin, Ethereum and many coins you are likely to never have heard of. All are available for trade against the US dollar but you can also trade certain coins against other currencies including AUD, CAD, GBP, EUR, MXN and even against bitcoin

The range of crypto with MT4 is decent (Around 70 coins) but you can only trade vs USD. For this reason MT5 should be your platform if you plan to trade cryptos.

Trading Platforms

Eightcap specialises in the MetaTrader platforms, offering both MT4 and MT5, MetaTrader 4 being the most popular Forex platform globally.

MT5 has the added bonus of more tradeable markets, particularly CFDs, and also allows depth of market (DoM) trading. This platform is available as WebTrader, unlike MT4 which is not. Both MT4 and MT5 can be used via desktop or mobile.

In terms of MetaTrader plugins, FX Blue Labs is also available, which enhances the standard MetaTrader platform suite with widgets, trading apps and charting tools.

Eightcap also supports integration with the third-party algorithmic platform Capitalise.ai, which allows automated trading within your MT4 or MT5 account without any programming or coding experience.

Cryptocrusher and The Amazing Trader are two new trading tools Eightcap have only recently added to their arsenal.

Cryptocrusher enhances your crypto trading experience with tools such as precise entry, target and stop levels, market trend analysis, exclusive indicators and a 24-hour chat room to discuss your trades.

The Amazing Trader is an advanced charting algo platform for FX, indices, cryptos and metals that doubles as a risk management tool. The tool allows you to see the strategies of noted trader Jay Meisler in real time. You can use the platform for free with their 28-day success program but you must maintain an account balance of $500 or more.

Eightcap Review >>Visit Eightcap >>

Forex.com Has The Top Proprietary Platform Plus TradingView

FOREX.com’s platform suite has always been historically robust, none more so than the broker’s proprietary platform.

The broker’s mobile offering also competes among the best brokers in the industry with its fluid user interface and minimalist design.

In addition, the broker offers a wide range of markets to trade, especially on its flagship Advanced Trading (desktop) and Web Trading (browser) platforms.

With FOREX.com’s acquisition of ‘Chasing Returns’, performance analytics are now available to live account holders for free when using their flagship platforms.

Fees and Commissions

Forex.com has a competitive Standard Account compared to other brokers, with a 0.8 pip minimum spread for EUR/USD.

The Standard account will appeal to those traders who don’t mind paying a slightly higher spread for the benefit of market-maker execution. This is also the only account compatible with the MetaTrader platforms.

The other account option you have is a DMA/STP account which is suited to those seeking exposure to deep Forex liquidity pools. However, the DMA trading is only available as the in-house developed trading platform from Market.com.

Trading Platforms and Tools

In addition to the broker’s own flagship trading platform, Forex.com offers TradingView, the full MetaTrader suite (MT4 and MT5), and NinjaTrader.

Forex.com’s in-house trading platform is the best proprietary forex trading platform on this list, which integrates seamlessly once you open an account with them and is available across all devices.

There are also additional Forex.com products such as Smart Signals, Markets 360 and Performance Analytics that come with the brokers platform.

Chasing Returns consists of two features. GamePlan analyses your trading behaviour to help you improve. It tries to identify patterns in your trading behaviour such as where you trade emotionally.

Smart Signals find you trading ideas using statistics and has no room for subjectivity. The program will show how it has performed in the past so you can determine if will help you in the future.

Trading Central is great for additional investment support with tools including fundamental, technical and economic analysis as well as news sentiment. Trading View Charts is another useful charting program to assist with your trading strategies.

View Forex.com Review >>Visit Forex.com >>

Interactive Brokers Offer Good Analysis Tools With Their Platform

Interactive Brokers (or IBKR) is one of the largest forex brokers in the world with a high-quality, modern institutional-grade trading platform suite.

As a multi-asset broker with an extensive offering of tradeable global markets, Interactive Brokers (or IBKR) delivers competitive fees, a robust proprietary trading platform and a great range of trading products.

IBKR also has high-quality research tools and educational materials, including a growing selection of forex-specific content.

Fees and Commissions

Trading condition with Interactive Brokers will differ where you are trading from. Canadian and US traders can only trade spot not CFD and cannot trade with margin. Other countries can trade with CFDs and can trade with leverage. Regardless, commission costs are the same and these include discounts when you trade higher volumes.

Interactive Brokers does not publish its average spreads for forex but you can see their real-time quotes on their website that are set by the market.

Alternatively, IBKR also has a fairly extensive commissions page with tiered examples for different asset classes, further highlighting the more you trade, the lower the costs.

There is also a $0 minimum deposit to open an account.

IBKR has the biggest variety of financial instruments to trade on this list including Forex, options, commodities, Exchange-Traded Funds (ETFs), Exchange for Physical (EFP), mutual funds, hedge funds, bonds and futures. Just note that if you are in Canada, Singapore or the US, you will not be trading CFDs, but instead using spot trading, this also means no margin trading.

As always, it is highly recommended to practise trading different asset classes using IBKR’s demo account, which still provides access to the broker’s full range of products and tools.

Trading Platforms

IBKR’s own forex trading platform is one of the most robust in the business for Forex, particularly its flagship desktop software and web trading app.

The web-based platform (Client Portal) is geared toward everyday retail investors, whereas the desktop platform (Trader Workstation) has more forex trading tools and algos, designed for advanced traders.

The IBKR Mobile app for android and iOS devices features rich charting, and the ability to execute trades from within the charts themselves, with 127 available indicators. The benefit here is the ability to monitor and make foreign exchange trades while on the go.

View Interactive Brokers Review >>Visit Interactive Brokers Markets >>

CMC Markets ‘Next Generation’ Has Over 100 Charting Indicators

CMC Markets’ proprietary Next Generation platform features the biggest range of tradeable markets with over 12,000 instruments available.

This includes a massive 339 Forex currency pairs, the most of any online broker on this list, as well as 9451 stocks and ETFs with a healthy array of indices, commodities and treasuries.

The broker’s Next Generation trading platform also stands out, packed with quality research and innovative trading tools for forex trading.

Fees and Commissions

CMC Markets offers consistently low spreads, of which their minimum spread for the EUR/USD, is 0.7 pips.

Their only account option is a CFD account, which is CMC’s version of a Standard (or no commissions) Account. You can still trade a number of markets with this account, including Forex.

The only commissions you’ll pay when trading CFDs are for Shares (from $8) with CMC Markets.

The broker doesn’t publish their average spreads but does publish their minimum spreads, so it’s difficult to compare their spreads to other brokers.

There are some other trading costs with CMC including holding costs, market data fees, guaranteed stop-loss charges and a monthly inactivity fee which can all be found on the broker’s website.

Trading Platforms

As mentioned, CMC Markets’ in-house trading platform, CMC Next Generation, is fast, reliable, and packed with impressive tools and features.

It is also an award-winning platform, winning the best mobile trading app for 2021.

Additionally, The Next Generation platform stands out for its feature-rich charting, with 80 technical indicators and studies, 40 drawing tools, and 60 easily attachable candlestick patterns.

The additional tools include AutoChartist for MT4 and VPS hosting.

View CMC Markets Review >>Visit CMC Markets >>

Friedberg Direct Powered by AvaTrade Has Fixed Spreads on MetaTrader 4

Friedberg Direct Powered By AvaTrade is a subsidiary within the AvaTrade Group. Friedberg Direct holds IIROC regulatory license and provides the brokerage services, AvaTrade provides the technology to connect you with liquidity providers. If you are trading outside Canada, your broker will only be AvaTrade.

While we have already covered the MetaTrader platform on this page, Friedberg Direct Powered By AvaTrade are slightly different since they provide fixed rather than variable spreads.

To explain, fixed spreads remain constant except in extreme market volatility. This predictability can provide advantages over floating spreads which fluctuate when economic conditions turn unfavourable, thus leading to large losses.

Fees and Commissions

Friedberg Direct Powered By AvaTrade does not charge commission fees (on top of their spreads) for their Standard Account so your trading costs are factored into the fixed spread.

Minimum spreads start at 0.9 pips, which when combined with no commission fees and fixed spreads, is competitive for a Standard Account.

The minimum deposit requirement varies depending on your currency denomination. It is $300 CAD or $250 USD and there are no extra funding costs.

Trading Platforms

Forex trading platforms available through Friedberg Direct Powered By AvaTrade include the MetaTrader platforms (MT4 & MT5). A specialist app called AvaOptions is available for options trading along with AvaSocial for social trading.

Having a large choice of trading platforms gives you more choice and freedom when trading. MT4 and MT5 also allow trading automation as Expert Advisors or EAs.

Bother MetaTrader trading platforms come with a wealth of trading tools. MetaTrader 5 has superior tools however more people use MetaTrader 4 which means you will have a larger community of like-minded traders for support. It also means access to a greater range of Expert Advisors (EAs).

If you are an options trader, then you will appreciate the benefits of the AvaOptions app. With this app, you can trade options on 40 currency pairs plus gold and silver. Expirations can be set to any business day and overnight options can be from one night to one year and set to any strike price.

Visit Friedman Direct powered by AvaTrade >>

Disclaimer on Regulations

It’s essential to consider the regulatory environment of a country before choosing a broker, especially when it comes to the Foreign Exchange market.

There is no single global body governing the forex market. Instead, several governmental and independent bodies (FCA, ASIC, CySEC, etc.) supervise forex trading globally. These supervisory bodies regulate forex by setting standards that all brokers under their jurisdictions must comply with.

E.g. In Canada, the top regulatory bodies are the Investment Industry Regulatory Organization of Canada (IIROC) and The Canadian Securities Administrators (CSA).

All brokers on this list are regulated, but you should always check the broker’s website to ensure it is, indeed, a regulated broker before you open an account with them. There may also be certain provinces, states or regions that have their own financial regulator, as some brokers may have different regulatory requirements for certain regions. In Canada, two examples include Ontario and Alberta, which both have additional regulatory requirements from the broker before they can offer services in these regions.

There are also certain NFP and other corporations that offer additional protection for retail investors against bankruptcy. In Canada, this is The Canadian Investor Protection Fund (CIPF) which safeguards client accounts held by IIROC-regulated investment intermediaries, within certain limits.

Lastly, the regulator (IIROC or offshore) also impacts high-risk trading factors such as maximum leverage available. This information can all be found on the broker’s website.

About the author: Justin Grossbard