Best Forex Trading Platform List

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.

ECN Broker Spreads	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD	USD/JPY USD/CAD EUR/USD EUR/GBP AUD/USD AUD/JPY GBP/USD USD/JPY USD/SGD
	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
	0.76	1.41	0.43	1.09	1.22

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/10/2022

Compare Lowest Spread Forex Brokers >>

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 favorite 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 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 specialies 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.

Additional Forex.com products such as Smart Signals, Markets 360 and Performance Analytics come with the broker’s platform. Chasing Returns consists of two features. GamePlan analyses your trading behavior to help you improve. It tries to identify patterns in your trading behavior 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 practice 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 >>

Fusion Markets Offers The Lowest Commissions for MT4/MT5

Fusion Markets Offers The Lowest Commissions for MT4/MT5

Fusion Markets is our lowest-cost Forex broker for MT4 and MT5 trading, offering the best commissions in the industry, in addition to tight spreads and low ancillary fees for Canadian traders.

As a discount broker, this means Fusion Markets has some of the lowest trading costs industry-wide, which will particularly suit long-term or frequent traders.

While Fusion Markets is not regulated by IIROC, the broker does accept Canadian clients as it is regulated by an offshore broker, VFSC in Vanuatu, for traders outside Australia.

Fees and Commissions

For either MT4 or MT5, Fusion offers two account types: Classic (spread-based) and Zero (commission-based) accounts.

The Zero Account has the lowest trading costs overall, with commissions of just USD $4.50 (or CAD $6) per round turn (at least $1 cheaper than the industry average) and spreads as low as 0.0 pips.

The Standard account, on the other hand, has no commission costs, with a minimum spread is 0.8 pips for EUR/USD, lower than that of other spread-based accounts.

In terms of additional costs, there is no minimum deposit requirement, no funding costs and no inactivity fees for either account.

Please note, that funding fees may apply if you deposit from an international bank to a Canadian bank, which you may want to check with your institution.

Trading Platforms

Fusion Market’s MT4 and MT5 platforms not only boast low pricing, you can also achieve fast, ECN-like execution speed on each trade as well as the ability to connect to your proprietary Fusion Hub for managing your account.

Given Fusion is a MetaTrader specialist, you will benefit from using the most popular Forex platform, MT4, and the best platform for CFD trading, MT5. Both platforms also offer desktop, webtrader and mobile options for iOS and Android devices.

There is also Genesis, a suite of MetaTrader trading tools that enhance the power of the standard MetaTrader platform for Forex, Indices, and Commodities. This means that, like all good ECN-style brokers, EA’s (Expert Advisors) and scalping is permitted.

Additional specialist platforms include MyFxBook (for algorithmic trading with a social element) and DupliTrade (copy trading), which both integrate with MT4 and MT5.

View Fusion Markets Review >>Visit Fusion 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 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 is 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 unfavorable, 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 >>