Trading can be expensive with commissions, spread costs, and license fees for trading platforms. Those looking for a free environment can either open an account with a prop trading firm or open a free forex platform listed below. We’ve separated each section into trading platforms and the best forex brokers that offer them.

Best Free Forex Trading Platforms

Some Forex Trading Platforms Can Be Costly. These Are The Best Free Platforms:

Broker Our Rating Regulation Standard
EUR/USD Spread
Standard
GBP/USD Spread
Standard
AUD/USD Spread
Raw
EUR/USD Spread
Raw
GBP/USD Spread
Raw
AUD/USD Spread
Commissions
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
72 FMA, FSA 1.20 1.4 1.7 0.23 0.72 0.65 $3.00 72ms $0 64+ 11+ 500:1 500:1 Visit Site
61 FCA, FSCA
CySEC, SCB, FSCM
1.32 1.7 1.95 0.32 0.37 0.51 $3.50 151ms $0 69+ 30+ 30:1 200:1 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
69 ASIC, MAS, FCA
CIRO, FMA, BaFin
1.12 1.30 1.64 0.5 0.9 0.6 $2.50 138ms $0 338+ 19+ 30:1 500:1 Visit Site
71 ASIC, FCA, BaFin
FINMA, NFA/CFTC, MAS
CySEC, DFSA, FMA
JFSA, BMA, FSCA
1.13 1.66 1.01 0.16 0.59 0.29 $6.00 174ms $450 100+ 12+ 30:1 200:1 Visit Site
81 FCA, CIRO, ASIC
MAS, JFSA, FSC-BVI
KNF, NFA/CFTC, MFSA
0.6 0.9 0.7 - - - - - $0 70+ 4+ Visit Site
 

What Are The Best Free Forex Trading Platforms?

We listed the best forex trading brokers, but most require a paid account. Traders looking for a free environment can either open an account with aprop trading firm> or open a free forex platform named below.

1. Pepperstone The Best MetaTrader 4 Experience

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader,
TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

We recommend Pepperstone as the all-around best free forex trading platform based on its MetaTrader 4 offering. In our experience, Pepperstone goes the extra mile for MT4 forex traders.

With the addition of the Smart Trader Tools package, you’ll have access to 28 additional apps and indicators to enhance your technical analysis. You will also get Autochartist for advanced charting, Captialise.ai for no code automation along with Myfxbook and DupliTrade for copy trading.

Pros & Cons

  • 4 Top trading platforms
  • Fast execution speed
  • Multi-regulated
  • Good 3rd party software tools
  • Education could be improved
  • No fixed spreads
  • Islamic account not in all countries

Broker Details

metatrader 4 free

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.

Overall Average AUDUSD EURUSD USDJPY USDCHF GBPUSD USDCAD Size of spread spikes
Pepperstone 0.19 0.19 0.36 0.39 0.41 0.61 4.97
City Index 0.23 0.19 0.27 0.44 0.17 0.16 7.88
TMGM 0.15 0.15 0.33 0.51 0.35 0.43 4.81
Fusion Markets 0.09 0.15 0.22 0.41 0.21 0.23 4.64
IC Markets 0.23 1.19 0.24 0.57 0.27 0.45 5.34
FP Markets 0.31 0.20 0.39 0.63 0.31 0.51 6.98

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.

pepperstone accounts and products international

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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”.

capital

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

2. IC Markets Our Top Low Spread MT5 Broker

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

We recommend IC Markets for its exceptionally tight spreads – among the lowest we tested. This broker averaged 0.32 pips for the EUR/USD pair on its Raw Spread account and 1.03 pips on its standard account, placing second overall for tight spreads among the brokers we tested.

We also appreciate the comprehensive MT5 offering, which incorporates top trading tools into a user-friendly interface with access to more financial markets than its predecessor.

Pros & Cons

  • Winner for low spreads for RAW and Standard Accounts
  • Fast account opening
  • Free deposit and withdrawal
  • Live chat is slow
  • Not regulated by FCA

Broker Details

metatrader 5 Logo

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.

Broker Average Spread Average Spread Cost (USD)
IC Markets 1.03 $9.63
CMC Markets 1.11 $10.10
Fusion Markets 1.19 $11.07
TMGM 1.21 $11.18
Admiral Markets 1.31 $11.96
FXCM 1.47 $13.49
Pepperstone 1.46 $13.52
FP Markets 1.47 $13.60
Go Markets 1.49 $13.87
EightCap 1.51 $13.97
OANDA 1.54 $14.23
Axi 1.71 $15.99
City Index 1.79 $16.52
Blackbull Markets 1.82 $16.95
FXPro 2.22 $20.83

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 account types and products

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

3. BlackBull Markets Great TradingView Broker

BlackBull Markets

Forex Panel Score

72

Average Spread

EUR/USD = 1.2
GBP/USD = 1.4
AUD/USD = 1.7

Trading Platforms

MT4, MT5, TradingView,
BlackBull Trade

Minimum Deposit

$0

Why We Recommend BlackBull Markets

We recommend BlackBull Markets to any forex trader who prefers the TradingView platform due to the broker’s commitment to alternative tools and its excellent trading conditions.

With 13 million charts (and counting), this platform caters to experienced traders needing sophisticated charting features, such as specialised drawing tools and numerous timeframes. Combine this powerful platform with BlackBull’s competitive costs and chart-topping execution speeds and you’ve got a great TradingView broker,

Pros & Cons

  • Winner for fast execution
  • Competitive spreads
  • 1:500 Leverage
  • Top range of trading platforms
  • Spreads could be better
  • $2000 minimum deposit for ECN account
  • Not regulated in Australia, UK or Europe

Broker Details

TradingView Logo

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:

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.

Broker Execution Type Overall Rank Limit Orders Market Orders
Blackbull Markets NDD/STP 1 1 2
Fusion Markets NDD/STP 2 3 1
Pepperstone NDD/STP 3 2 5
Hugos Way ECN 4 6 3
TMGM NDD/STP 5 4 7
FXCM Market Maker 6 8 6
City Index Market Maker 7 7 8
FxPro NDD/STP 8 10 9
Axi NDD/STP 9 5 15
Markets.com Market Maker 10 11 11
FP Markets NDD/STP 10 18 4
Go Markets NDD/STP 12 13 12
IC Markets NDD/STP 12 12 13
Admiral Markets Market Maker 14 9 17
Eightcap NDD/STP 14 16 10
easyMarkets Market Maker 16 14 14
XM Market Maker 17 15 18
CMC Markets Market Maker 18 20 16
IG Market Maker 19 17 20
ThinkMarkets NDD/STP 20 19 19

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 account types and products nz

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.

4. FXPRO Our Best cTrader Broker

FXPRO

Forex Panel Score

61

Average Spread

EUR/USD = 1.32
GBP/USD = 1.7
AUD/USD = 1.95

Trading Platforms

MT4, MT5, cTrader,
FxPro Trading Platform

Minimum Deposit

$100

Why We Recommend FxPro

We recommend FxPro to fans of the cTrader platform using the broker’s Pro account. cTrader is a popular alternative to MetaTrader 4 since it has Depth of Market, 26 timeframes (17 more than MT4), a better user interface and an economic calendar. We particularly appreciate the drag-and-drop stop loss and limit order setup and the one-click trading from charts.

Pros & Cons

  • Wide choice of trading platforms
  • Fixed spreads available
  • Instant execution option
  • Good customer service
  • Spreads can be high
  • Not regulated in Australia
  • Range of markets slightly limited

Broker Details

cTrader Logo

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:

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 brief account types and products

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.

5. eToro The Broker With the Largest Social Trading Community

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1.0
GBP/USD = 2.0
AUD/USD = 1.0

Trading Platforms

eToro Trading Platform

Minimum Deposit

$50

Why We Recommend eToro

We recommend eToro to any forex traders curious about social trading or copy trading who like to crowdsource their trading knowledge. We especially like the SmartPortfolios and CopyTrader features, which allow you to engage with unfamiliar financial markets and trading strategies without time-consuming research or backtesting. eToro also stands out for its cryptocurrency trading products: more than any other broker we reviewed.

Pros & Cons

  • Largest social trading community
  • Impressive range of markets to trade
  • UNique social trading tools
  • Currency conversion fees
  • No live chat
  • Withdrawal fees

Broker Details

best social trading platformeToro 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:

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 brief account types and products

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.

6. CMC Markets The Top Free Proprietary Platform

CMC Markets

Forex Panel Score

69

Average Spread

EUR/USD = 1.12
GBP/USD = 1.3
AUD/USD = 1.64

Trading Platforms

MT4, CMC NGEN

Minimum Deposit

$0

Why We Recommend CMC Markets

We recommend CMC Markets based on its in-house Next Generation platform, which the broker developed with both beginner and experienced traders in mind. This platform offers a sleek, modern design with an easy-access advanced order panel, 115 indicators, 70 chart patterns and a guaranteed stop loss. We also like that CMC Markets allows scalping and offers an impressive 338 forex pairs plus 12,000 other instruments.

Pros & Cons

  • 30 currency pairs
  • 12,000 markets to trade
  • Competitive pricing
  • Next Generation platform is good
  • No 3rd party tools for copy and social trading
  • MT4 product range is smaller than with Next Generation
  • Some funding costs

Broker Details

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 brief account types and products

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.

7. IG Group Offers Good Trading Tools

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01

Trading Platforms

MT4, IG Trading Platform,
L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG

We recommend IG Group to anyone looking for a top-tier trading platform with excellent trading tools. Available as both a web trader and a mobile trading app, IG Group’s in-house platform includes 28 indicators, 19 drawing tools and signals for chart recognition. This broker also stands out for the number of tradable assets available – 17,000 markets which is more than any other broker.

Pros & Cons

  • 17,000 markets to trade
  • IG Platform has guaranteed stop loss
  • Regulated in 13 jurisdictions
  • High trust
  • No 3rd party social and copy trading tools
  • IG WebTrader has layout limitations
  • No MT5

Broker Details

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.

ig markets account and platforms aus

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

8. OANDA OANDA Trade Has Good Charting

OANDA

Forex Panel Score

81

Average Spread

EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4

Trading Platforms

MT4, TradingView, OANDA Trade (fx Trade)

Minimum Deposit

$0

Why We Recommend OANDA

We recommend OANDA’s proprietary platform for its excellent charting capabilities. OANDA Trade includes advanced charts from TradingView, 11 customisable chart types, 65+ indicators and Autochartist.

We gave OANDA 100/100 for trust and reputation since they are regulated in 7 regions. Most retail traders will use OANDA’s Spread Pricing account which has an average spread of 0.6 pips for EUR/USD which is very low.

Pros & Cons

  • Our most trusted broker
  • OANDA Trade, TradingView, MT4
  • Top research tools
  • Algorithmic options
  • No CFD shares
  • Limited CFD cryptos
  • Education tools needs refresh

Broker Details

oanda account types products usa