Best Forex Trading Platform Guide.
Top forex brokers use advanced forex trading software from MetaTrader 4, MT5 to cTrader. Based on July 2022 spreads and performance we paired the most popular forex trading platform with the best forex broker offering the software.
Written by.
Written by.
Justin Grossbard.
With over 20 years investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. He has an Honours in Commerce and Masters degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.
Edited by.
Edited by.
Riley Adams.
As a Senior Financial Analyst for Alphabet with an active CPA, Riley has a vast amount of financial knowledge. He has a Master's Degree in economics at Penn State University and a B.A. & B.S., Economics at the Centenary College of Louisiana. He also owns the website Young and the Invested providing investing advice for young individuals.
Reviewed by.
Reviewed by.
Justin Hertzberg.
Justin has over 13 years of experience in the forex industry and for over a decade has been the President & CEO of Forest Park FX, a CFTC registered, NFA member full-service foreign exchange and futures brokerage firm. He is also the CEO of FPFX Technologies to bridge the gap between what FX & CFD traders. He has an MBA in finance from the University of Miami Herbert Business School.
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Best Forex Trading Platforms.
The top 10 forex brokers in Australia based on forex trading platforms are:
Pepperstone - Best MetaTrader 4 forex broker. IC Markets - Best MetaTrader 5 CFD broker. eToro - Top social and copy trading platform. Plus500 - Great forex platform for beginner traders. CMC Markets - Good share and forex trading platform. FXCM - Great forex trading app with NinjaTrader. OANDA - Top TradeStation software platform. IG - Largest forex broker with ProRealTime. FxPro - Best cTrader forex broker for scalping. City Index - Good eSignal charting software.
73% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Regulations and Licenses.
Brokerage.
Markets and Instruments.
Trading Platforms + Tools.
Overall.
Pepperstone Is The Best MetaTrader 4 Broker.
Pepperstone is the best MetaTrader 4 forex broker based on:
Low fees with spreads from 0.0 pips Fast execution speeds of ~30ms Enhanced platform features An enhanced MT4 demo account A range of currency pairs and CFDs Award-winning customer service.
Why Pepperstone Is The Best Choice For MetaTrader 4.
Since more traders use this platform than all other platforms, it is no surprise more brokers offer than platform than any other. Given you can choose between many brokers with MetaTrader 4, what makes Pepperstone the best choice for this platform?
Trading tools that can integrate with MetaTrader 4 Fast trading speed Low spreads Trading Products with MetaTrader 4 MetaTrader 4 Education Tools.
Great Trading Tools with MetaTrader 4 For Optimal Trading Experience.
While most brokers that offer MetaTrader 4 offer the standard access to MetaTrader Trading Signals for social trading and Expert Advisors for Automation along with the large library of custom indicators in the marketplace, Pepperstone offers platforms you can integrate with MetaTrader 4. These tools include Capitalise.ai, Myfxbook, DupliTrade and Smart Trader tools.
Capitalise.ai.
Capitalise.ai can integrate with your MetaTrader 4 platform so that traders with no technical skills can automate their trading using plain English in place of code. This platform will scan the market 24/7 based on your filters so you never miss a potential trade and can then execute the trade itself. All Pepperstone trading products are available when using this platform.
Myfxbook AutoTrade and DupliTrade.
Myfxbook AutoTrade and DupliTrade are account mirroring services that can integrate with your MetaTrader 4 trading platform. Both these platforms allow you to copy the trades of the most successful traders in their network thus sparing you need need to do your own research and manually execute trades yourself.
Smart Trader Tools.
Pepperstone also offers a suite of 28 apps to help you get the most out of the capabilities of the MetaTrader 4 trading platform. These apps include useful features such as an alarm manager for alerts and notifications and a correlation matrix to show how different assets correlate to each other in market movements. Other useful tools include a trading terminal for fast order execution and a sentiment trader for general market sentiment.
Pepperstone Has Low Average Spreads.
Through the Razor account type, Pepperstone offers ECN broker spreads with straight-through processing (STP). With no dealing desk, spreads are set by the market and Pepperstone has the best access to tier 1 liquidity pools. The result is that across the major currency pairs the broker achieves lower average spreads than other MT4 brokers such as Forex.com and Axi.
Data taken from broker website. Accurate as at 01/07/2022.
Pepperstone also offers competitive MT4 commissions that are determined by the traders’ base currency. Further discounts are available on these rates for high-volume traders under the ‘active trader’ program.
Commissions Per Lot Australian Dollar US Dollar British Pound The Euro Swiss Franc Canadian Dollar Singapore Dollar New Zealand Dollar Hong Kong Dollar Japanese Yen MetaTrader 4 AUD 3.50 USD 3.76 GBP 2.29 EUR 2.61 CHF 3.30 CAD 3.50 SGD 4.55 NZD 4.75 HKD 28.17 303.
The calculator below calculates forex brokerage. It highlights the savings on fees that Pepperstone offers compared to other leading MetaTrader 4 brokers factoring in commissions, published average spreads and current forex crosses.
Calculate Your Trading Costs Below.
Tight ECN Spreads + Low Commissions = Pepperstone MT4 Fees.
Pepperstone Has Fast Execution Speeds.
Pepperstone utilises a state-of-the-art Equinix data centre in New York for MetaTrader 4. This achieves up to 10x latency reduction and a 12x improvement in trade execution speeds. Modifications within MetaTrader 4 such as ‘one-click trading’ also make it easier to execute trades.
2022 speed testing found that Pepperstone was the fastest MT4 broker. Using Market Order Execution, the average speed was 85ms . This was using demo accounts of similar brokers who offer a MetaTrader 4 no dealing desk (NDD) setup. A faster execution speed reduces issues such as slippage, which can impact forex traders’ returns.
Pepperstone in 2022 published their own execution speeds with:
MetaTrader 4 Background.
MetaTrader 4 (MT4) is the most popular retail platform for currency trading. MetaQuotes created the trading platform in 2005 and has over 85% penetration from worldwide forex brokers. In the fourth quarter of 2021 74.9% of forex trades were done through MT4 and in 2022 over 55% of retail forex traders used the platform. Based on awards, it’s considered the best forex platform. As Google trends highlight there was a spike in MetaTrader interest from the start of the global pandemic. This has been for both MT5 and Mt4 with the latter receiving 78% more interest last year.
Pros Of MT4.
The popularity of MetaTrader 4 is the biggest advantage as traders who become familiar with the platform can easily switch between the top forex brokers. The stability of the 15-year-old trading software is another key benefit with other MT4 features including:
One-click trading 50+ Indicators Pending and limited orders 9 time-frames Multi charting.
Features such as algorithmic and social trading also benefit from the software’s popularity with the largest copy trader community and range of bots to download (called Expert Advisors) including those below from the marketplace.
Cons Of MT4.
The MetaTrader 4 platform does not suit those looking to trade share CFDs. The charting package is basic and while functional, it lacks the sophistication of other software packages. Other concerns include limited technical indicators, instruments, and timeframes.
Pepperstone Trading Accounts.
You have a choice of 2 trading accounts with Pepperstone. The razor account has spreads from 0 pips but comes with a commission cost of $3.50 per standard lot ($7.00 round-turn). If you prefer not to pay commissions, a standard account is available, this account has spreads from 0.6 pips.
Final Verdict On Pepperstone.
Forex traders looking for the most popular trading platform (MT4) should choose Pepperstone based on their low average spreads , award-winning customer support and the broker’s fast execution speeds . Check our MT4 vs MT5 guide if you are unsure what MetaTrader version is right for you with the additional option of opening a Pepperstone demo account with any of their software options.
Our Rating.
The overall rating is based on review by our experts.
IC Markets Is The Best MetaTrader 5 Broker.
IC Markets is recommended for MetaTrader 5 Traders with:
The lowest spreads on most major forex pairs Low Commissions From $3.50 per 100k traded No fee funding and withdrawal methods The choice of MetaTrader or cTrader platform An option for social trading through ZuluTrade Fast ECN trading speeds and low latency Large range of CFDs including 120 global shares.
1) IC Markets Has The Lowest MT5 Spreads.
Comparing the top fx brokers’ average spreads in 2022, IC Markets was the clear winner as shown in the table below. This was based on each broker’s website data on their ECN account types, which we review each month. These low spreads are considered similar to what ECN brokers offer and are determined by market conditions like volatility and liquidity. IC Markets offer ECN spreads as low as 0.0 pips + commission, with commission trading fees being the broker earning its main source of income from commission.
Data taken from broker website. Accurate as at 01/07/2022.
MetaTrader 4 + 5 commissions are also competitive and based on the base currency chosen. While this is often determined by your location, it impacts the commission rates with AUD, EUR, JPY and GBP the best value. If you are outside of these regions, many traders will choose the USD as most forex pairs and crypto pairings are against the USD.
Commissions Per Side US Dollar Australian Dollar Pound Sterling The Euro Singapore Dollar Japanese Yen Swiss Franc New Zealand Dollar Canadian Dollar Hong Kong Dollar IC Markets $3.50 USD $3.50 AUD 2.50 GBP 2.75 EUR 4.50 SGD 350 JPY 3.30 CHF 4.50 NZD 3.50 CAD 27.125 HKD.
There are no hidden trading fees such as deposit or withdrawal fees including payment methods including credit cards, PayPal and even Bitcoin wallet. Individual broker reviews reflect the positive sentiment of the straightforward fee model.
Lowest Spreads + Low Commissions = IC Markets MT5 Fees.
The minimum deposit requirement when opening a live MetaTrader 5 account is $200 USD. Note that financing fees apply for overnight positions held on CFD markets.
2) IC Markets Has A Range Of Tradable CFDs.
The MetaTrader 5 platform provides you access to IC Market’s full product range of CFDs. This allows you to trade forex, cryptocurrency, futures, commodities, bonds and indices. Maximum leverage, competitive spreads and commissions range by the CFD traded and the subsidiary you are signed up to. The unique advantage of MT5 is the ability to trade share CFDs with the online broker offering ASX stock CFDs including BHP, NYSE stock CFDs including Walt Disney and NASDAQ CFDs including Google (Alphabet).
IC Markets have 60 forex pairs, 19 commodities and 120 share CFDs.
3) IC Markets Has Fast Execution Speeds.
As of July 2022, the average MetaTrader 5 execution speed was 36.5 ms . This speed is the average order execution time from the moment the trade is executed to the moment the trade is confirmed. While some individual regions may beat this number, it’s the lowest report worldwide average for this forex platform.
To achieve ultra-fast execution, IC Markets MetaTrader servers are located at the Equinix NY4 data centre. This is where 600+ buy/sell firms and other service providers are located. By having the server in this central location, IC Markets offers STP, low-latency pricing fees and no dealing desk.
The MT4 + MT5 server used by IC Markets has under 1ms latency. This applies to the largest VPS providers of nearby data centres dedicated lines or through the NY4 data centre itself.
60% of IC Markets trades are algo trades based on execution speeds.
When a trader’s monthly volume exceeds 15 lots, a VPN is provided free of charge.
MetaTrader 5 Background.
Three years after the release of MT4, the team at MetaQuotes developed MetaTrader 5 (MT5). The key reason for the new platform was to allow share CFD trading . The popularity of CFD trading and more brokers offering MT5 is why 11.5% of MetaTrader usage was MT5 in 2022 (up from 5.4% in 2022). Below shows the details of the Forex Magnates MetaQuotes study.
Pros Of MetaTrader 5.
As stated above, unlike MT4 which focuses solely on currency trading, MetaTrader 5 offers a wider range of CFDs including share CFD trading. CFDs work by trading the price movements of underlying assets and are derivative products. The trading platform is faster than MetaTrader 4 and offers more indicators and a wider range of order types. More specifically the five core features of MT5 include:
21 timeframes (including 11-minute charges) 6 pending order types Netting and hedging mode options Depth of Market function Partial order filling policies.
Cons Of MetaTrader 5.
The biggest issue of MT5 is the programming language for automated trading, called MQL5. This is different from MetaTrader 4 and the MQL4 programming language, therefore you would essentially be learning new coding from scratch if you are an MT4 user. This has been a key reason for the slow adoption of MT5. The popularity issue is also a factor when it comes to purchasing EAs (trading bots) or copy trading with a smaller marketplace compared to MT4.
Additional IC Markets Details.
An enhancement IC Markets offers is the ZuluTrade social trading extension. This social trading feature is used by over 100,000 traders in 192 countries and has two unique features. The first is Zulu Rank which ranks the individuals to consider copying. Factors considered when ranking range from performance, stability and exposure. The second is Zulu Guard, which provides account protection that can step in to protect your capital.
Final Verdict On IC Markets.
IC Markets is the best Australian forex broker for those looking to trade forex or CFDs with MetaTrader 5. This was based on the low spreads, range of markets and fast trading environment offered. IC Markets is ASIC regulated (AFSL 335692) and with a strong market share is ideal for beginner to advanced MT5 traders.
FxPro Is The Best cTrader Broker.
Our top pick for cTrader is FxPro based on their:
No dealing desk Execution and low trading costs The fastest average cTrader execution speeds Regulation across five major jurisdictions Up to 7,000 orders executed per second Low EUR/USD spreads for cTrader.
1) FxPro Offers No Dealing Desk.
FxPro uses straight-through processing (STP) technology to execute your cTrader orders anonymously with no dealing desk (NDD) intervention. This means they are not a market maker and don’t interfere with trades.
The main benefit of NDD interference is fast trade execution speeds with the majority of orders executed in 11.06 milliseconds. The result is that the quotes shown by FxPro in almost all cases are the price the order is filled with a low percentage of slippage having almost an equal positive and negative impact. Most cTrader traders are executed through the London (LD5) Equinix Data centre with servers connected to tier 1 banks through Quotix.
The resulting spreads for FxPro are not competitive for MT4 (1.58 pips) or MT5 (1.51 pips) but excellent for cTrader at just 0.37 pips. This makes them offer the best trading costs for cTrader only.
With 7,000 orders executed per second and co-location servers, traders benefit from the FxPro infrastructure.
FxPro offers spreads of 0.37 and 11.06ms execution speeds.
2) FxPro Is Regulated Across The Globe.
FxPro has regulation in two Euro zones with FCA registration number 509956 and CYSEC licence number 078/07. They are also regulated in South Africa by the FSCA with authorisation number 45052, the middle east (Dubai) and the Bahamas.
With so many regulated bodies, traders can choose the entity that matches where they are located or what conditions they wish to start trading under (eg balance protection, leverage).
3) FxPro Offers A Range Of Markets.
FxPro offers 250 instruments to be traded through the cTrader platform this includes over 70 forex pairs, the futures market, spot indices across the world, over 150 stocks and global shares, spot metals and energies such from oil to gas.
FxPro also offers training courses, news and analysis and trading tools to get the most from these 2590+ instruments.
cTrader Background.
Created by Spotware, cTrader is the third most popular forex software and is offered by a wide number of retail foreign exchange brokers. While no exact market share statistics have been published, below shows the popularity of the websites and app downloads of the three most popular platforms.
Pros Of cTrader.
Our compare forex brokers platform chart below shows the difference between MT4 vs MT5 vs cTrader. It highlights that many consider cTrader the top forex trading platform with superior analytical and graphic objects of 65 and level II pricing. For automated trading, cTrader offers cAlgo which has a .NET framework and C# language which some programmers will be more familiar with than MLQ4 or MLQ5.
Cons Of cTrader.
The smaller market share of cTrader vs MetaTrader means that the online community is more niche, limiting the sharing of bots and the copy trading environment. The server for Spotware is located in the UK, compared to MetaTrader, which is based in the USA and can be an issue for accessing liquidity and trade execution speeds.
Final Verdict Of FxPro.
FxPro has the best infrastructure with co-location servers for cTrader. The results are fast execution speeds on average of 11.06 ms, average cTrader spreads of 0.37 and a range of instruments that can be traded. Traders looking for cTrader should choose FxPro is regulated by the FCA (in the UK) and CySEC (in Cyprus) but is not regulated by ASIC (Australia). Australian traders may therefore consider Pepperstone instead which also offered cTrader with similar features.
*Your capital is at risk ‘84.67% of retail CFD accounts lose money’
FXCM Has The Best Forex Trading App.
FXCM is the best NinjaTrader broker and also has the best mobile app through its Trading Station proprietary platform. Key features of FXCM Trading Station are:
App Store versions for iPhone and iPad Google Play versions of table and mobile android devices Simple, intuitive interface Range of financial markets including crypto-major baskets Advanced technology with 88%* of orders having zero or positive slippage Award-winning customer service The option of spread betting for UK residences Regulation from the UK, Australia, to South Africa Detailed forex trade education, including webinars.
*As per the Nov 2022 Price Improvement Statistics.
In 2022 FXCM offers NinjaTrader 8 for forex trading and for Ireland and UK traders Spread Betting is also available. For both types of trading, the broker offers a risk-free demo account that includes full historical market data, access to third-party apps and indicators, and the ability to develop and test automated trading strategies.
Background To NinjaTrader.
Based out of the USA, NinjaTrader is an advanced charting forex software package created in 2004. Most forex traders using NinjaTrader are based in North America with the platform registered by the National Futures Association (NFA).
Pros Of NinjaTrader.
Most traders choose this software based on customisable charts and real-time bid/ask simultaneous data. Hundreds of trading indicators are pre-configured with drawing tools available. The tools ‘Market Analyzer’ helps traders scan changes in forex markets with the ability to build watch lists and indicator values. Alerts can be configured for currency market movements and automated strategy programs are pre-configured.
Cons Of NinjaTrader.
NinjaTrader is only offered by six foreign exchange brokers. The community using the software is small with only 60,000 traders last year. NinjaTrader has no mobile app with only a Windows desktop version available.
Final Verdict For FXCM.
FXCM is the leading regulated broker offering both NinjaTrader and Trading Station, with the latter offering the most advanced mobile app for both iPhone, iPad and Android devices. The broker’s trading fees are higher for beginners, but their VIP account (active trading account) offers up to 62.4% in savings, making them a good option for high-volume traders who prefer to use their mobile devices.
*Your capital is at risk ‘67% of retail CFD accounts lose money.
IG Is The Best ProRealTime Broker.
IG has 200,000 clients globally and is listed on the FTSE 250. Key features include:
$0 minimum deposit requirement Tier 1 regulation by ASIC, FCA, MAS and the CFTC Strong research tools and online training program Easy trading account funding methods (including Swiss Franc) Wide range of tradable financial markets and interest rates.
Background To ProRealTime.
Founded in 2001 and developed by IT Finance in France, ProRealTime’s key strength is the technical analysis functionality. Unlike most other forex trading software, the is web-based with no downloads required. There are customisable currency market scanners and advanced charting facilities. For automated trading, the platform uses ProRealCode coding language.
Pros Of ProRealTime.
As outlined above, the technical analysis functionality of ProRealTime is the key strength of the trading software. Both macro and micro currency traders can access 100+ indicators with filtering options by strike price and expiration dates. The interface has a wide variety of charts and unlimited timeframes, with the ability to place trades based on trend lines across asset classes.
Cons Of ProRealTime.
The platform was not designed for mobile trading with no trading apps available. For some brokers offering ProRealTime such as Interactive Brokers, the trading platform is limited to some regions with no access for Australian and USA residents. Australian traders can only use the software in demo mode. The other issue is the fees some brokers charge from interactive fees to real-time data access fees.
More Details About IG.
There are two types of trading accounts. The first is a spread + commission account used by advanced traders looking for the lowest fees. Our analysis found that IC Markets has the lowest spreads in this category. The second category is called a standard account and has no commissions. Our analysis shown below compares the average spreads of standard accounts and determined IG offered the lowest spreads overall.
Data taken from broker website. Accurate as at 01/07/2022.
Please note that other fees apply when trading, including financing fees for overnight positions. These financing fees will depend on the software platform chosen with IG.
Final Verdict On IG.
IG is one of the most popular worldwide brokers with a $0 minimum deposit requirement and an excellent trading stack. The broker is recommended for traders looking for the niche ProRealTime trading software but not for other mainstream forex platforms like MT4 where other brokers offer lower trading fees.
eToro Offers The Best Copy Trading Software.
When opening an eToro trading account, a demo account is automatically created. This has $100,000 of virtual funds which traders can experiment with and practise using the platform’s full functionality. The demo account includes the research tools from eToro investors and industry experts sourced from financial institutions.
There are a variety of trading platform options from the web platform to mobile iOS app for iPad and iPhone devices. There is also an app for Android devices.
A Deep Dive Of The eToro Trading Platform.
eToro specialises in social trading and copy trading with a platform specifically designed for trading CFDs. The online broker was recommended for social traders based on the platform functionality, number of copy traders online, and depth of CFD trading options.
eToro Copy Trading Platform Pros.
The most obvious advantage of the eToro trading platform is that the platform is specifically designed for social trading . Unlike other platforms which require you to integrate third-party software or an add-on extension, eToro provides all the social tools you need for social trading. In this sense, eToro could be described as the Facebook of social trading, where traders can discuss all things trading with each other and get valuable feedback.
The other notable advantage of the platform is the copy trading feature. This comes in two flavours, CopyTrader and CopyPortfolio. With CopyTrader, you can follow and copy other users’ trading strategies. This is exceptionally useful for beginner traders or traders with little free time, as they can profit off the trades of other traders.
eToro provides performance analysis of other traders to help you find the traders to copy and risk management tools to help you exit trades when traders don’t perform.
eToro Copy Trading Platform Cons.
While the eToro platform is user-friendly and simple to use, there is a learning curve when it comes to understanding some of eToro’s terminology and parameters. For example, eToro has created its unique formula to calculate a user’s risk score from 1 to 10.
Traders should understand how it works as it can help result in superior copy and trading decisions however it is complex to understand. The other disadvantage of eToro is the specialist social trader platform that does not have as many technical indicators and graphical tools compared to specialist CFD platforms such as Next Generation by CMC Markets.
The eToro Trading Community.
eToro has millions of traders but more importantly, it has the most traders engaged in social trading. These traders allow their trades to be copied in real-time by other traders because of a unique popular investors’ program. Below shows how this works with traders rewarded based on the size and the number of other traders copying their positions.
Other key social trading features include live newsfeeds, allowing traders to discuss strategies and share strategies.
Financial Markets Offered By eToro.
In 2022, 47 currency pairs can be traded with eToro. Other key financial markets include 17 cryptocurrencies (including bitcoin), 145 EFTs, 13 commodities and 13 indices. The biggest financial market unique to eToro is their share trading ability to trade more stocks in most global markets as a contract for difference.
In Australia, eToro trades as eToro AUS Capital Ltd and it is ASIC regulated with the Australian Financial Services Licence (AFSL) number 491139. The broker is also regulated by CySEC (Cyprus Securities & Exchange Commission) and in the UK by FCA (Financial Conduct Authority).
Final Verdict On eToro.
eToro is recommended for social and copy trading based on market share. It has over 10 million clients and the trading software makes it easy to filter these traders to the performance and risk criteria to suit an individual’s need. While the broker has higher trading costs than other brokers like Pepperstone or IC Markets, the platform’s ease of use makes the broker the logical choice for copy traders.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
Plus500 Trading Platform.
Plus500 is a CFD provider that offers a large range of financial instruments for trading. The company offers its proprietary trading platform, designed specifically to make monitoring and trading multiple instruments at one time as easy as possible.
Advantages Of Plus500 Platform.
Plus500 trading platform is well known for its ease of use when trading its large range of financial products. The main screen is designed to display multiple CFDs with real-time quotes and only the most necessary information through an exceptionally easy to view and organised layout. This helps users as it keeps things simple when trading, there is no need to switch screens to implement strategies or perform orders.
Our top picks for novice traders include several other brokers, but Plus500 has the best risk management tools available through the platform. This includes guaranteed stops, which are not available with most brokers.
Disadvantages Of Plus500 Platform.
The Plus500 trading platform has several limitations. The software does not offer algorithmic trading, meaning traders looking for trading automation may find the platform does not suit their needs. Traders looking for advanced analysis tools may also feel restricted as the Plus500 trading platform offers just 15 indicators and 10 timeframes and the level of platform customisation is limited.
The other main issue with the Plus500 trading platform is that it is proprietary with a closed ecosystem. This limits the level of customisation one can do either through creating their custom signals with their code, adding extensions or plug-in from 3rd part providers to increase the number of technical indicators or graphical tools available and switching platforms should you wish to change brokers in the future.
Plus500 Is Best Forex Broker For Beginners.
Plus500 offers the following features for novice traders:
Easy to use forex platform 50+ foreign exchange markets The ability to trade forex, CFDs and ETFs. A range 0f cryptocurrency CFDs Order types including guaranteed stop-loss orders (GSLOs) Technical analysis is ideal for all trading experience Trader’s guide including technical analysis and market analysis Trading signals that alter when market sensitive events occur.
One of the key features of the Plus500 trading platform is the risk management tools that are not often offered by other brokers. This includes guaranteed negative balance protection (NBP) ensuring you don’t lose more than your deposit. Guaranteed stop-loss orders are also available, allowing you to set a maximum potential loss for trades. Both don’t prevent the high risk of losing funds, but the trading tools reduce the high risk by allowing you to set limits on your losses.
While Plus500 is a good platform if you are new to trading, but we do not recommend the platform if you intend to use it to learn to trade. For this, we recommend their demo account as you can practice with virtual cash before using your own money to invest. Leverage instruments involve a high level of risk, so we recommend exercising caution before you trade.
Plus500 is the trading name globally but a number of subsidiaries exist worldwide from Plus500AU in Australia (AFSL 417727), Plus500UK Ltd in the United Kingdom (FRN 509909), Plus500CY in Cyprus (Licence No. 250/14) and Plus500SG for Singapore traders with License Number CMS100648-1.
Final Verdict On Plus500.
Plus500 has the easiest-to-use trading software and with strong regulations combined with a low deposit requirement of just $100 the broker is recommended for beginner traders.
*Your capital is at risk ‘72% of retail CFD accounts lose money’
City Index Is The Best eSignal Broker.
City Index perfectly integrates its price engine software to the TradingView interface, making it possible for forex traders to trade directly from TradingView charts with the following advantages:
Access to +12,000 global financial instruments 3 different types of tradable contracts (CFDs, spread bets and spot FX) Multiple powerful chart types (11 chart types) Fast and secure HTML5 technology An extensive selection of smart technical tools (+65 technical indicators) Mobile trading charts with over 60 customizable technical indicators 16 years of currency exchange rates and price history.
1) City Index Risk Management Features.
City Index engineered its Web Trader platform to run with protective risk management features that come in the form of:
Negative balance protection Automated margin closeout Guaranteed stop-loss orders.
Negative balance protection is an automatic stop-loss feature that ensures clients do not lose more than the account balance and are indebted to their broker. When a debit account balance occurs because of unforeseeable market events, the negative balance protection policy will restore your trading account balance to zero.
Additionally, the City Index TradingView platform is equipped with a guaranteed stop-loss order, which for an extra fee that is built into the spread warrants that your SL will be triggered at the specified price. Please note, CFDs remain complex instruments and traders show learn about the risks even with these features.
Note* The City Index GSL order ensures no slippages on the stop-loss order.
Our team of experts also weighed into our proprietary scoring system the wide range of order types offered by City Index, which includes:
Hedging order tools (go both long and short on the same instrument) Partial close order feature (liquidates your position in increments) One-click trading mode directly from the TradingView charts Advanced trailing stop orders One cancels the other (OCO order)
City Index smart trading with innovative Risk management features.
2) TradingView Access To Intelligent Trading Tools.
City Index clients can access a plethora of smart trading tools that can help them find new trading opportunities. City Index web-based charts are powered by TradingView but are enhanced by the in-house technology built by the team of experts at this brokerage trading firm. Find out below the trading tools accessible through City Index’s TradingView platform:
11 chart types for different trading styles (Bars, Candlestick, Hollow Candles, Heikin-Ashi, Point & Figure, Line, Area, Baseline, Renko, Line Break, and Kagi) Performance tracking charts, allowing to compare two or multiple markets on the same chart 74 advanced drawing tools (Elliot Wave studies, Gann studies, and Fibonacci chart studies) 65 custom technical indicators and studies (Advance / Decline Line, Correlation Coefficient, Double EMA, EMA Cross, VWAP, Williams Fractal, Zig Zag and much more) 360° market view features unite in one place market information, related news, economic calendar, technical and fundamental analysis portal, expert market analysis and watch list integration.
City Index is rich in advanced trading tools on their Web Trader Platform.
Final Verdict On City Index.
Overall, the City Index TradingView platform has professional capabilities and trading tools that can satisfy the needs of the most sophisticated traders. TradingView is supported by most popular browsers, including Chrome, Firefox, Safari, Internet Explorer 11 and Microsoft Edge. You can trade on any device and operating system anywhere directly from your browser without the need to install it on your PC.
CMC Markets Next Generation Platform.
CMC Markets has a proprietary platform to provide you with optimal trading conditions with CMC Markets range of 10,00 trading products. Advantages of choosing CMC Markets include:
Access to 10,000 CFD products Competitive commission-free trading for all CFD products (except shares) Share trading (via CMC Invest Platform) Risk management with a Guaranteed Stop-Loss Dynamic charting Range of order executions types Automated execution.
Next Generation.
The CMC Markets Next Generation trading platform comes with a number of features that make them stand out in a competitive market. Good usability is available than to its layout wizard which allows you to choose between floating or fixed windows, decide on 5 types of layouts and choose what colours you prefer. This is a good thing as the platform comes with over 35 drawing tools, 115 technical indicators, and 70 chart patterns for 12 types of charts so you would want a layout that works for you. When building your charts, you can access 20 years of price history and set your chart intervals anywhere from 1 second to 1 month.
In addition to customisable layouts and charts, the platform comes with a client sentiment tracker and a pattern recognition scanner that can scan over 120 products every 15 minutes and then send you alerts automatically.
One last feature worth noting is the risk management tools A guaranteed stop loss order and boundary order is available for a small premium to provide an element of protection when markets are volatile.
CMC Markets has good execution.
While CMC Makets is a market maker, they operate more like a no dealing desk broker. The broker crunches 225m prices every day from 14 feeds so the broker is constantly looking for the best quotes at all times. CMC Markets have a fill rate of 99.9% and this is always at the price you see, this means no requotes. Lastly, unlike some market makers that may reject your trades when conditions are unfavourable to them, CMC Markets automate this process and never intervene in your orders.
CMC Markets Range Of Markets Is Large.
With 10,000 products to trade, CMC Markets has one of the largest range of products for trade of all brokers. In fact, they don’t just offer CFD products, you can even trade shares and these shares will come with a CHESS number if you are trading ASX shares.
Other products for trade include.
Forex CFDs: 338+ currency pairs. ETFs and Share CFDs: Share from 23 countries (9000+ shares including 2000 Australian stocks). Commodities: 100+ hard and soft commodity products Treasury CFDs: 50+ treasuries Index CFDs: 90+ major indices.
CMC Markets CFD Trading Accounts.
CMC Markets keeps things simple, only one type of trading account is available. Forex pairs start from 0.7 pips and don’t have commission costs.
While forex and other products don’t have commission costs, there are costs when trading shares. How much you pay will depend on which market you are buying into but it’s $7 in Australia.
TradeStation.
TradeStation is an online charting system and social network for traders to chat with each other, share ideas and trade scripts. It’s offered by a select number of brokers, including OANDA and Saxo Bank.
Advantages Of The TradeStation Platform.
The major advantages of the TradeView platform are its charts and social trading features.
TradeView offers superior charting for a large range of CFDs. Traders can choose from 10 HTML5 chart types with up to 8 charts per layout and over 50 drawing tools to help analyse trends and identify opportunities. TradeStation also has a stock screener based on different metrics from over 100 search fields. A similar feature is offered by xStation offered by XTB.
Disadvantages Of TradeStation Platform.
TradeStation is not a true trading platform. You cannot buy and sell through it, to do this you will need a broker that integrates TradeStation into its platform. It also does not offer Level 2 data regardless if traders subscribe to a Premium subscription. While the software offers a free subscription to get so features, a paid subscription will be needed to get the best features such as a screen with multiple charts and customer services.
OANDA Is The Best TradeStation Broker.
Oanda ranks as the best US-based forex broker offering TradeStation which they call Oanda Trade Web, Oanda Trade Desktop and Oanda Trade Mobile and Table app. Based on our experts’ in-depth analysis, Oanda is recommended for their:
Strong regulatory oversight from the CFTC and NFA A large number of currency pairs (+71 FX pairs) Multi-currency deposit solution with 9 account base currencies Technical analysis powered by Autochartist Sophisticated technical analysis tools Award-winning retail FX platform Integrated leading news services (Dow Jones International, 4CAST and OANDA MarketPulse) Execution with no-requotes and no order rejections.
1) Oanda Autochartist Technical Analysis Tool.
Oanda offers its clients access to Autochartist, a powerful third-party tool that uses automatic chart pattern recognition software. All Oanda Trade clients can gain free of charge access to the Autochartist software. Some Autochartist features and advantages are listed below:
Ongoing market screening of potential forex chart patterns Get customizable alerts for your preferred trading signals Market volatility analysis Historical performance stats of your trading activity And much more.
Make better trading decisions with indicators, overlays and tools, including AutoChartist.
Additionally, Oanda clients can have access to an economic calendar integrated directly with the TradeStation platform. If your trading relies on news activity, you can get real-time breaking news along with market commentaries from industry-leading FX experts.
2) Oanda No Minimum Deposit Requirements.
The review conducted by our team of industry experts revealed that Oanda doesn’t enforce a minimum deposit policy. At Oanda, forex traders can deposit and withdraw money through 4 supported payment methods including:
Debit card (MasterCard, Visa or Discover) Bank transfer Cheques (USD only) Automated clearing house (ACH)
Additionally, Oanda supports not only the major currencies for deposits which include USD, AUD, GBP and EUR, but it also supports minor currencies like the CAD, HKD, JPY, SGD and CHF. In total, Oanda customers can use 9 different account base currencies along with their favourite banking method.
Trade with Oanda under regulatory + risk compliance + transparent trading environment.
Final Verdict On OANDA.
Oanda was found to be the best forex broker for US traders, offering the TradeStation platform powered by its advanced price technology. The fact that Oanda’s online trading services are regulated by the most trusted financial authorities in the world (NFA and CFTC) confers a high level of trust among retail FX traders. For a limited period (30 days) traders can use the TradeStation demo account to test the financial services offered by Oanda.
Types Of Forex Trading Platforms.
What is the most popular forex trading platform?
By market share the most popular trade platforms are:
MetaTrader 4 (MT4) for forex trading with advanced features for algorithmic and copy trading facilities MetaTrader 5 (MT5) for CFD trading from currency to shares with enhanced charting tools cTrader for expert brokers with servers based in London and the fastest execution speed for automation.
Most regulated brokers will offer MT4 and MT5 while cTrader is niche software only provided by a handful of CFD specialist providers.
How should I choose a forex trading platform?
A trader should base their forex trading platform based on their experience level and needs with the best software for:
A Currency Trader – Choose MetaTrader 4 with Pepperstone who is the 2022 best broker. A CFD Trader – Choose MetaTrader 5 offered by FP Markets which has the lowest spreads. A Beginner Trader – Choose the Plus500 Platform made for novice traders A Scalper – cTrader is best for automation with FxPro having the fastest execution speed. A Copy Trader – Choose the eToro Platform with specialist social trading software.
If you’re unsure which trading software best suits you a useful resource is our MetaTrader 4 vs MetaTrader 5 comparison.
While the above platform made our list of best forex trading platforms, there are other very good trading platforms you could consider. IG Markets in addition to ProRealTime also have their in-house developed trading platforms (IG trading platform) and L2 Dealer which is designed for DMA trading. AvaTrade makes three trading platforms for mobile trading. AvaTradeGO (for trading all products), AvaSocial for Social Trading and AvaOption for Options Trading. XTB have xStaion 5 and Station Mobile. Forex.com also have a range of trading platforms.
Summary Of The Best Forex Broker And Platform.
The best forex platform is MetaTrader 4 based on the popularity of the trading software, reliability and automated trader facilities. The best forex broker offering MT4 is Pepperstone, which has some of the lowest spreads in 2022, the fastest execution speeds and good trading customer service.
Disclaimer: If you sign with a broker’s UK subsidiary (as required by UK traders) then you will not be able to trade cryptocurrency derivatives due to FCA regulations.