Best Free Forex Trading Platform

We’ve tried and tested numerous MT4 brokers, and Pepperstone genuinely stood out with its rapid execution times and uncomplicated account setup. The platform features set it apart from the competition. We gave Pepperstone a final score of 97/100 because it also checks off several additional criteria.

MetaTrader 4

In our journey through the world of forex trading, we’ve found that MetaTrader 4 stands out as the most renowned platform. Developed in 2005 by MetaQuotes, we’ve observed that over 85% of forex brokers offer MT4. Despite the release of MetaTrader 5 in 2010, more brokers offer MetaTrader 4 than any other platform, which is one factor for its popularity.

Features Of MT4

When we used MT4, we found a substantial array of technical and analytic tools tailored for retail traders. Moreover, its expansive trading community offers numerous avenues for social trading, add-ons, and automation tools.

Another advantage is the ease you can switch to other brokers, as so many brokers offer the platform. This gives flexibility should you not wish to be locked into a broker’s ecosystem.

However, it’s worth mentioning some limitations we encountered with MT4:

• Can only trade decentralised assets (I.E., no shares trading on central exchanges)
• Other platforms like MT5 offer more chart indicators, graphical tools, and time frames
• Not compatible with Mac Catalina and higher, which requires 64-bit processing.
• Since MT5 was introduced, MT4 platform customer support has been phased out.

Pepperstone Offers the Fastest MT4 Spreads

We have rated Pepperstone as the top MT4 broker based on our execution speed tests, combined with the easiest account opening and great platform features. Overall, we scored Pepperstone 97/100. What we like about Pepperstone includes:

• Fast execution speeds – our 3rd fastest overall
• MT4 enhancements – Smart Trader
• 60+ currency pairs and a range of CFDs
• Multi-award-winning customer service

Our Results Prove Pepperstone Is One Of The Best Brokers for RAW Accounts

Ross Collins, the head of our Forex research team, tested the average spreads for commission-based accounts for 15 brokers and found Pepperstone to be among the best. While not the overall winner (that honour went to Fusion Markets), Pepperstone is the only broker offering these same spreads globally backed with the appropriate regulation for most jurisdictions. This is because Pepperstone is regulated by the FCA in the UK, CySEC for European traders, DFSA for traders in the UAE and, of course, ASIC for Australian traders.

Our tests measured 6 currency pairs (AUD/USD, EUR/USD, GBP/USD. USD/CAD. USD/CHF and USD/JPY) over a 24-hour period, with the average spread for each of the currency pairs then combined. In our tests, Pepperstone Finished 5th overall with an average of 0.36 pips once the pairs are merged, including an average spread of 0.19 pips for EUR/USD and AUDUSD. Lastly, Pepperstone also ranked 3rd in terms of spread stability; as a trader, sudden spikes are not ideal as they are difficult to predict.

Our Testing Found Pepperstone Have Among The Fastest MT4 Execution

Ross Collins also conducted execution speed testing, and Pepperstone emerged as the 3rd fastest broker overall. Pepperstone recorded average speeds of 77ms for market orders and 100ms for limit orders. Only BlackBull Markets and Fusion Markets had faster speeds. These speed tests compared our top 20 brokers using MT4 on both limit and market orders.

We Scored Pepperstone a 15/15 for Account Opening Experience

Having fast execution speeds is one thing; it’s another to offer a fast account opening process, which not all online brokers deliver on. When opening an account with Pepperstone, we found the broker to offer a simple, 4-step process with our account approved in a few hours, not days. Our account manager contacted us the same day we signed up, and was particularly useful in helping us get started. This is why we scored Pepperstone a perfect 10/10 for account opening, where we tested the account opening process of 20 brokers.

Trading Accounts And Features

As a no-dealing-desk broker with STP style broker, Pepperstone offers both no-commission and commission-based accounts, with spreads as low as 0 pips. Across the range of major currency pairs available on MT4, Pepperstone averages 0.06 for its Razor account and 1.09 for its Standard account. We found these Razor account spreads very competitive compared with other top brokers like Eightcap and IC Markets.

We at CompareForexBrokers have created the calculator module to demonstrate the trading cost you will pay when buying forex assets between different brokers and factors in the commission plus the spread costs.

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Great Added Features For MetaTrader 4

Pepperstone stands out among the best online brokers for MetaTrader 4 as it offers “Smart Trader Tools“. This is a collection of tools such as expert advisors (EAs) and indicators that will help get more out of the Pepperstone MetaTrader 4 trading experience. Features include:

• Smart Lines – allows you to create sophisticated stop-losses using drawing lines
• Trade Terminal – enhanced features for professional-level execution
• Correlation Matrix – find the correlation between symbols over a timeframe

Another feature that you can use with MetaTrader 4 is Capitalise.ai to automate your trading. This software allows you to create algorithms to automate your trading without knowing any code. When we tested it, we found you can create your desired conditions using plain English, and Capitalise.ai will even help you complete your instruction. Instructions can be as simple as “Buy 10,000 USD Worth of [insert name currency pair – EURUSD] at market price “ for your entry strategy and “close position at 10% profit or 10% loss”.

We could also integrate the social trading platform Myfxbook with MT4, tapping into one of the world’s most extensive trading communities.

Our Final Verdict for Pepperstone

After our comprehensive evaluation, it’s clear that Pepperstone excels as an MT4 broker, mainly due to its swift execution speeds, streamlined account opening process, and enriched platform features. We’re confident in our score of 97/100 for Pepperstone, and we believe many traders would find value in their features.

View Pepperstone ReviewVisit Pepperstone

We’ve experienced firsthand the advantages of trading with IC Markets, especially when it comes to their low spreads. Their offering of a broad range of CFDs further enhances the trading experience on the MT5 platform. This broker is an undeniable asset for those keen on maximising their trading potential.

MetaTrader 5

The MetaTrader 5 platform is the MetaQuotes successor to MetaTrader 4. MetaTrader 5 is an improved version of MT4, offering the same user interface but more advanced features. Key improvements on MetaTrader 5 compared to MetaTrader 4 include:

• 8 new technical indicators (38 vs. 30)
• 13 new graphical tools (44 vs. 31)
• 12 new time frames (21 vs. 9)
• 2 new pending order types
• 64-bit processing for faster processing and more powerful backtesting
• Partial Order filling

One aspect we found particularly interesting about MT5 is that it is explicitly designed for assets that trade through exchanges. This makes MT5 an ideal choice if you’re keen on trading stocks, stock CFDs, and certain cryptocurrencies.

While MetaTrader 4 continues to be more popular among forex brokers, in 2018, MetaQuotes ceased development for MT4, meaning new MT4 licenses were not made available to brokers. As such, MT5 is being offered by more brokers and will eventually overtake MT4 in terms of usage  (though it will take time).

IC Markets Offers the Lowest Spreads and Top CFD Range with MT5

We recommend IC Markets for MT5 platform users because the broker offers the lowest spreads and wide CFD range. We found the following features particularly noteworthy when using IC Markets:

• Tightest spreads across most currency pairs
• Social trading with ZuluTrade, Myfxbook
• Fast trading execution
• Wide range of CFDs and 100+ global shares

IC Markets is known for the low spreads it offers for the major currency pairs, which we have tested extensively. Based on our Standard Account Spread testing conducted by Ross Collins, IC Markets outperforms every other forex and CFD provider for no-commission spreads. Ross’ testing concluded that IC Markets averaged a tight 1.03 pip spread at an average cost of $9.63.

IC Markets offers 2 main account types: a Standard and a Raw Spread account. Your trading costs and account features might vary depending on your chosen platform, but we can confirm that MT5 is compatible with both Standard and Raw Spread accounts.

IC Markets Range Of Markets Is Large – Great For Portfolio Diversity

You can trade a great range of forex, shares, indices, commodities, bonds, futures, and crypto markets with IC Markets, offering a great diversity of CFDs on the MT5 trading platform. As a key feature of MT5, traders can access share CFDs through IC Markets on the ASX, NYSE, and NASDAQ exchanges.

IC Markets Offers Great MT5 Mobile Trading

IC Markets offers excellent MT5 features, which add to its credibility as our top MT5 broker.

We particularly like IC Markets’ MT5 mobile app, which features a user-friendly and intuitive terminal to easily switch from landscape to portrait view. This doesn’t come at the expense of the advanced trading tools the desktop version offers, which include one-click trading, complex trade orders, real-time charts, and integrated indicators.

Two other free trading platforms you can use are ZuluTrade for social trading and Myfxbook, which can be integrated with MT4 for algorithmic trading.

Our Final Verdict on Why IC Markets Is the Best MetaTrader 5 CFD Provider

Overall, we believe IC Markets is the best broker for MT5 due to:

• Lowest Standard Account spreads
• Great range of platforms and MT5 features
• Free Social trading through ZuluTrade and MyFXBook AutoTrade
• A large range of global share CFDs and other financial instruments

We’ve had a solid experience trading with BlackBull Markets, particularly as they stand out with their rapid spreads and exceptional forex leverage on the TradingView platform. The inclusion of TradingView Pro by BlackBull Markets brings advanced charting capabilities to the table, such as extra indicators per chart and the option to view multiple charts concurrently, coupled with server-side notifications. The fact that it’s a New Zealand-based company also adds an extra layer of trust for us.

TradingView

As an online charting platform, TradingView boasts a user base of over 50 million who actively analyse the markets and share their trading strategies. We’ve found its charting tools and features especially useful when trading stocks, futures, forex, indices, commodities, and cryptocurrencies.

Features of TradingView

TradingView’s robust charting functionality stands out as one of its primary strengths. Throughout our usage, we’ve created highly customisable charts employing a comprehensive set of technical analysis tools encompassing various chart types, timeframes, and drawing utilities.

Moreover, the social trading facet of TradingView adds a unique dimension. We’ve published and shared our trading ideas and strategies on the platform, allowing fellow traders to glean insights from our observations.

The high level of customisation TradingView offers resonated with us. Custom watchlists, price alert setups, and market-specific notification configurations have been integral in tailoring our trading journey.

Lastly, TradingView provides users with a wealth of market data, including live quotes, historical prices, and economic calendars.

BlackBull Markets offers the fastest spreads and highest forex leverage.

Originating from New Zealand, BlackBull Markets emerged as our favoured TradingView broker. It notably offers the most aggressive spreads and highest forex leverage we’ve encountered in our broker reviews. Our key takeaways from our interactions with BlackBull Markets are:

• Fastest order execution speeds
• Highest forex leverage of 1:500
• Excellent TradingView experience
• Best demo account opening

BlackBull Markets had the Fastest Execution Speeds from our Testing

Our execution speed tests found that BlackBull Markets offers the fastest overall spreads. This testing was conducted using limit and market orders comparing the top 20 brokers. Ross Collins, our head of technology research, found the following execution speeds for BlackBull Markets:

• Limit Orders: 72 ms (1st overall)
• Market Orders: 90 ms (2nd overall)

Combining the two, BlackBull Markets came out as the fastest, so we rate the broker 8/10 for trading experience.

Flexible Trading Accounts with BlackBull Markets

You can open 3 types of accounts with BlackBull Markets, all with varying commission price structures and spreads.

We recommend the ECN Standard (no commission) and Prime Account (commission-based) for beginner to intermediate traders. The ECN Institutional account is only for the most experienced traders out there, given the $20,000 minimum deposit it asks for.

A notable benefit when opening an account is that BlackBull Markets offers one of the best forex demo accounts based on our testing.

BlackBull Markets offers a decent product range that is boosted with the ability to trade leverage of 1:500 for forex pairs. We’d like to point out, however, that while BlackBull Markets offers over 23,000 stocks, these are not available to Australian, U.S., Canadian, Irish, Hong Kong or Singapore clients.

BlackBull Markets offers TradingView Pro

We chose BlackBull Markets because it offers TradingView Pro, which features advanced charting tools, including additional indicators per chart, viewing multiple charts per view, and server-side alerts.

Our Verdict on BlackBull Markets

Our engagement with BlackBull Markets has been positive, highlighted by unmatched execution speeds, an exceptional demo account experience, and the integration of TradingView Pro, all of which elevate one’s trading journey.

BlackBull Markets ReviewVisit BlackBull Markets

We’ve enjoyed our trading journey with FxPro on the cTrader platform, thanks to their expansive range of over 250 financial products. This includes everything from currency pairs and futures to spot indices, shares, commodities, and energy. The broad array of trading instruments undoubtedly elevates the overall trading experience on cTrader. Additionally, FxPro provides top-notch training programs, up-to-date news, comprehensive research, and essential trading tools.

cTrader Forex Trading Platform

cTrader is the 3rd most popular available trading software, and it is free. Developed by Spotware, the platform is available on desktop, Web Trader, and mobile devices. cTrader is especially popular with scalpers due to its fast processing speed.

Features of cTrader

cTrader is known for its large number of indicators, timeframes, and exceptionally fast execution speed. The main advantages of cTrader include:

• 3 types of Depth of Market
• Fast order entry and execution
• 70 indicators and 54 timeframes (14 time intervals and 6 zoom levels)
• More modern and sleek-looking trading interface
• Chartshots for sharing charts with others via social media

In addition to these features, cTrader has its own version of Expert Advisors called cTrader Automate (formerly cAlgo). Coders will appreciate the use of C#, a language well understood by programmers. Traders needing further help have access to resources such as cTDN forums and the cTrader Developer Network.

FxPro Has Fast cTrader Execution For Scalpers

FxPro is the ideal forex broker for trading with cTrader based on several key factors:

• Trading Experience
• Trading Platforms
• Trading Products

FxPro never interferes with pricing through the trading process. The broker primarily draws liquidity from traders occupying the opposite side of the trade. In instances where this isn’t feasible, FxPro employs STP to finalise the transaction. This system means FxPro can allow fast trade execution speeds of 11.06ms.

The quotes showcased by FxPro are closely aligned with the final order fulfilment price. In our comparative evaluation of FxPro’s platforms, we observed spreads ranging from 1.58 pips on MT4 to 1.51 pips on MT5. Contrastingly, cTrader users enjoy an average spread of approximately 0.37 pips, underscoring the cost efficiency of employing cTrader via FxPro.

FxPro Offers A Range Of Financial Markets With 2000+ Instruments

Over 250 financial instruments, including forex pairs, futures, spot indices, shares, metals, and energies, are offered by FxPro on the cTrader platform. Complementing this vast instrument selection are FxPro’s educational modules, real-time news updates, analytical insights, and trading toolkits, all of which enhance our cTrader trading experience.

Our Final Verdict on FxPro

All factors considered, we hold FxPro in high regard as the optimal broker for cTrader aficionados. This is anchored in its strong infrastructure (featuring co-location servers), rapid execution speeds, competitive spreads, and a comprehensive suite of financial instruments.

View FxPro ReviewVisit FxPro

We’ve navigated the web platform and mobile app of eToro and appreciated its seamless user experience. As the beacon in social trading, eToro boasts a community of over 10 million traders globally. This unique feature allows traders to capitalise when others mirror their strategies across a myriad of financial markets. We believe connecting with such a vast community can be a game-changer for many traders.

eToro Trading Platform

eToro is a multi-asset trading platform that incorporates social and trading features. As a social trading platform, eToro stands out from competitors in the copy trading field for 3 reasons:

• Social and copy  features as built directly into the platform (most competitors are integrated as 3rd party software)
• Collaboration with one of the largest social trading communities
• The platform offers unique social trading features such as CopyTrader™ and CopyPortfolio™

CopyTrader gives users the ability to follow and copy other traders in eToro’s social network, while SmartPortfolios works like an index where you can copy a portfolio compiled from some of the best traders in the eToro community.

The eToro trading platform offers a large range of CFD products and tools. These include cryptocurrencies, stocks, forex, commodities, and ETFs that are available with zero commission costs. You can choose between a Windows download, WebTrader, and an iOS or Android Trading App for mobiles.

eToro is our favourite social trading platform provider

The mass popularity of eToro speaks for itself, but we will highlight 3 areas we particularly like about eToro’s free platforms:

• Excellent Social Trading platforms
• Huge Social Trading Community
• Diverse range of products

eToro Social Trading Is A Social Trading Specialist

eToro hosts the best social trading platform that we’ve seen. The platform isn’t merely about executing trades; it’s a treasure trove of research tools, the latest news, posts, and enlightening articles. It serves as a melting pot for global insights from traders, enriching our trading journey and knowledge base.

You can only open a standard account with eToro, which offers commission-free spreads. While spreads are on the wider side, there are no additional funding costs and a decent range of trading products.

Opening an account automates a demo account brimming with $100,000 in virtual funds, allowing for risk-free practice.

eToro’s Diverse range of products

While eToro’s product palette isn’t overwhelmingly vast, it does encompass a commendable spectrum spanning from forex to ETFs. What caught our attention was that eToro doesn’t skimp on its product range, unlike most socially-centred brokers.

eToro Has A Huge Trading Community

Being part of eToro’s community, which boasts millions of traders worldwide, has been a transformative experience. It’s the epitome of collaborative trading, enabling real-time trade copying, live news updates, comments, and exposure to myriad strategies.

eToro’s Popular Investor Program also allows experienced traders to earn additional income through other traders copying their movements.

Why we think eToro Offers The Best Social Trading Platforms

eToro is available through the web platform as well as the mobile forex trading app. With over 10 million clients worldwide, eToro is the benchmark for social trading and also allows traders to earn rewards for clients copying their trades on a range of financial markets.

*Your capital is at risk ‘68% of retail CFD accounts lose money’

We’ve delved into CMC Markets and truly valued their extensive range of currency pairings and CFD products, making them the foremost forex broker in the market. The CMC Markets Next Generation feature emerges as an ideal trading platform tailored for every kind of trader. It stands out with diverse deal size options, sound financial acumen, leading-edge technology, and astute risk management.

Next Generation Trading Platform

Having explored various trading platforms, we’ve found that Next Generation, exclusively provided by CMC Markets, is a formidable contender in both mobile and web trading spaces. This award-winning trading platform is equipped with:

• 115 indicators
• 12 chart types (including 70 patterns)
• Ability to customise all Next Generation features to your tastes.
• Advanced charting, including pattern recognition
• Client sentiment gauge
• Mobile Charting Package: including over 20 technical indicators, 15 drawing tools, and live-streaming charts.
• Chart Forum so CMC traders can share technical analysis findings and ideas
• 6 order types, including boundary orders (which protect against slippage)
• Access to market depth via price ladders
• Custom stop triggering (buy, sell, mid-price)
• Choice of netting and hedging
• Reuters economic calendars
• CMC Markets’ SOR technology was built to maximise order speed execution

It’s worth noting that, despite Next Generation’s high degree of sophistication, it doesn’t support social trading and automation. Moreover, being a proprietary trading platform, transitioning between different platforms can be a tad challenging.

CMC Markets’ Next Generation Platform is our top proprietary platform

CMC Markets is the exclusive provider of the Next Generation trading platform. We think CMC Markets stands out with a huge range of currency pairs and CFD instruments, as well as its excellent platform features.

While CMC Markets only offers one CFD account, the broker had the second-best spreads for a no-commission account from our testing. CMC Markets averaged 1.11 pips at an average cost of $10.10.

CMC Markets has a Huge Range Of Tradable Instruments

CMC Markets is renowned for its large variety of CFDs available. From our analysis, we have not seen many brokers that offer 330 spot and forex currency pairs. While CMC Markets count both sides of the pair (i.e. AUD/USD and USD/AUD), even if you halve the count, it is still more than nearly all brokers. The brokers offer competitive spreads and no commissions on all major, minor, and emerging currency pairs.

CMC Markets Next-Generation Platforms Has Great Mobile Trading

Overall, the Next Generation platform provided by CMC Markets is of a high standard due to:

• Access to over 300 forex currency pairs and over 9,000 global CFDs
• Tax-free spread betting for UK-based traders
• Advanced risk management and powerful mobile apps
• Leading proprietary trading platform and industry-leading charting features

Our Verdict of CMC Markets Next Generation Platform

Being seasoned traders, we regard CMC Markets as the most comprehensive forex broker, especially given the sheer volume of currency pairs and CFD instruments they offer. With diverse trade size options, a proven track record in the financial domain, cutting-edge technology, and risk management techniques, the Next Generation platform by CMC Markets is a commendable choice for traders across the spectrum.

View CMC Markets ReviewVisit CMC Markets

We’ve navigated the IG platform and genuinely appreciated its accessibility for all trader types. Offering a sleek and secure user interface, it’s designed with browser-based research tools that facilitate intelligent trading. Among its standout features are one-click chart trading, a suite of intricate order types, and the invaluable benefit of direct market access (DMA) trading. IG undoubtedly fits the bill for those searching for top trading platforms complemented by quality trading tools.

Having delved into various trading platforms, IG’s proprietary system genuinely stands out, rivalling CMC Markets’ Next Generation. What struck us instantly is the platform’s simplicity combined with its browser-based execution, allowing traders like us to delve into spread betting (for those in the UK), CFD trading, and share dealing.

Features Of The IG Trading Platform

IG platform provides a smart way to trade on a secure and attractive user interface with “browser-based research tools.” The platform is free and available for all types of traders, with key features such as one-click chart trading, an array of complex order types, and direct market access (DMA) trading.

The most popular IG trading tools we enjoy include:

• Deal Ticket – an array of unique trade management tools like instant market overview, automated orders, price alerts, and technical alerts.
• Smart Charts – includes 28 indicators and 19 drawings plus multiple timeframe selections, including tick-by-tick charts.
• News and Analysis – have the capability to stream news events and economic data inside the platform. The trading news is empowered by Reuters’ feed and IG experts accompanied by the DailyFX team of experts.
• IG Live – a financial television sponsored by IG with exclusive market coverage.
• Signals – delivers free buy and sell signals based on chart pattern recognition, technical analysis and fundamental analysis. The trade signals are empowered by Autochartist and PIA-First.
• Customisation – the ability to tailor the entire interface based on your personal needs. Trades can use multiple workspaces and watchlists, and add or remove columns.

IG’s Trading Platform is Packed with Great Trading Tools

Along with its educational resources and immense product range, IG is known for its sophisticated trading tools within a large choice of trading platforms, including its core platform and specialist platforms (L2 Dealer for DMA trading, ProRealTime, and MetaTrader 4).

IG Has a Good Collection Of Trading Tools

The IG trading platform has many award-winning features and tools on web, mobile, and tablet devices, such as watchlists and price alerts. These monitoring tools can be valuable for tracking and controlling trades throughout the day.

Additionally, IG provides access to Reuters News (a streaming service to provide clients with news and insight), Autochartist (an automated monitoring tool that can be programmed to provide chart pattern alerts), and Trading Central (a technical analysis tool that updates traders on markets).

IG has an immense product range

With IG’s proprietary platforms, you can trade a huge range of over 100 forex pairs and 13,000 stocks. Only CMC Markets can top this from our broker analysis.

To trade IG’s huge range, you can open two account types – standard (spreads but no commissions) and ECN-style (spreads and commissions).

Spreads are competitive without topping our lists, but you can receive discounts for high-volume trading, which is why we recommend IG for active traders.

Our Verdict of IG’s Platforms

Overall, IG is an exceptional broker with an advanced trading platform. To summarise, IG’s highlights include:

• Excellent proprietary platforms and features
• Access to thousands of global financial markets
• Award-winning education, training courses, and customer service

View IG Markets ReviewVisit IG Markets