If you aim to thrive as a trader in the foreign exchange market, you must ensure that you possess precise information. You need a dependable platform that allows you to react quickly to the ever-changing financial landscape.
Thankfully, because of the growing popularity and widespread availability of forex trading platforms such as PrimeXBT , keeping abreast of the financial market has become significantly more convenient.
This article offers an extensive assessment of the nine best forex trading platforms. It covers their characteristics, advantages, disadvantages, and expenses.
>> PrimeXBT: Best Forex Trading Platform >>
Best Forex Trading Platforms in 2023
- PrimeXBT : Best Forex Trading Platform Overall
- LiteForex : Best Forex Trading Platform for CFDs on Commodities
- JustForex : Best Forex Trading Platform for Multi Assets
- FXTM : Best Forex Trading Platform With High Floating Leverage and Fast Execution
- PLUS500 : Best Forex Trading Platform Option to Trade CFDs
- AvaTrade : Best Forex Trading Platform for Leverage
- BlackBull : Best ECN Trading Environment, With Scalping and Hedging
- Traders Union : Best Forex Trading Platform for Customer Service
- EagleFX : Best for Offering Global Traders Competitive Trading Conditions
1. PrimeXBT : Best Forex Trading Platform Overall
Pros for Best Online Trading Platforms:
- User-friendly design
- Many assets are supported by the server
- Cheap fees and expenses
- Superior support for clients
- A copy-trading service is available
Cons for Best Online Trading Platforms:
- Fiat currency cannot be withdrawn
- A demo account isn’t currently available
Overview of Best Forex Brokerage
Established in 2018, PrimeXBT is a margin trading platform that provides access to a wide range of assets, including forex, cryptocurrencies, commodities, and stock indices. But it only supports CFD margin trading, so you can't buy actual cryptocurrency on the platform.
As one of the best forex trading platforms, PrimeXBT allows users to trade positions larger than the amount they deposit, which magnifies potential returns. Margin trading is risky, and investing only what you can afford to lose is crucial. The platform also offers copy trading, which enables investors to save time by automatically following and executing the trades of successful traders.
Why We Chose as Best Forex Brokerage
PrimeXBT is also an excellent choice for individuals interested in margin trading using Bitcoin, Ethereum, or a USD stablecoin as the base currency. With over 40 cryptocurrencies, 50 forex pairs, 11 stock indices, and different commodities, traders have many options to diversify their portfolios.
One disadvantage of PrimeXBT is that it’s unsuitable for most crypto investors as it doesn’t support spot trading and doesn’t allow users to own the underlying asset. Fiat currency cannot be deposited or withdrawn, and the platform only supports over 40 coins.
That said, PrimeXBT has created an Android and iOS mobile app to help traders stay up-to-date with their trades, no matter where they are. The app is user-friendly and includes essential features such as a full range of order types and detailed charts.
If you’re an accomplished trader, you can make use of PrimeXBT's Copy Trading feature to monetize your skills and earn extra income. You can earn up to 20% of the profits made by your followers, and the more followers you have, the more you can earn. This is an excellent way for skilled traders with a profitable track record to be rewarded for their efforts.
PrimeXBT values its customers and provides excellent customer service, including a Help Center, email support, and live chat support available 24/7.
2. LiteForex : Best Forex Trading Platform for CFDs on Commodities
Pros for Best Online Trading Platforms:
- There are several resources for trade and financial education
- Customer service is available 24/7, five days per week
- Fair-spread FX pair is available
- Reasonably affordable
Cons for Best Online Trading Platforms:
- Only US-listed company shares can be traded
- Entrepreneurs from just 28 countries are eligible
Overview of Best Forex Brokerage
LiteForex is widely recognized among the best forex trading platforms as it provides access to CFDs on a range of assets, such as commodities, digital currencies, and stock indices.
You can use LiteForex's trading services through their mobile app and web platform. LiteForex also provides a top-notch forex desktop trading platform that comes with a user-friendly interface and many mobile applications. These mobile apps include various integrated tools, such as Copy Trading, making LiteForex an excellent choice for traders.
Why We Chose as Best Forex Brokerage
As one of the top forex brokers, it’s renowned for its informative collection of tutorial videos that offer thorough insights into various trading strategies.
Each LiteForex customer has access to a personal account manager who can assist and provide guidance. Along with a mobile trading platform that’s easy to use and informative research and educational resources, LiteForex proves to be an excellent broker for new traders.
LiteForex provides a diverse array of trading assets, which includes over 50 currency pairs and over 20 cryptocurrency pairings. Being among the best forex brokers, it offers trading in shares of 40+ major American corporations, key stock indices, and various commodity CFDs.
You can choose from a variety of payment options to fund your trading account, including bank wire transfers, major debit cards, and credit, as well as e-wallet services like Skrill and Neteller. LiteForex offers the flexibility of accepting cryptocurrency payments, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
LiteForex offers a 24/7 live chat feature on its website for customers' convenience. They boast a community with exclusive forums and chats where traders discuss topics like cryptocurrency trading.
Overall, LiteForex is a reliable option for anyone who is using MetaTrader 4 or 5.
3. JustForex : Best Forex Trading Platform for Multi Assets
Pros for Best Online Trading Platforms:
- Offer forecasts, technical analysis, news, and cryptocurrency analysis
- Hedging and scalping are acceptable strategies
- Includes a total of over 154 tradable assets
- Leverage options vary from 1:1 to 1:3000
Cons for Best Online Trading Platforms:
- Unrestricted FCA
- It’s completely prohibited to use EAs
Overview of Best Forex Brokerage
JustForex offers a wide variety of investment opportunities on its platform, including Forex trading, Spread Betting, Share Dealing, and Social Trading. As one of the best forex trading platforms, they provide a range of products and assets, varying depending on location and account type.
A minimum deposit of $100 is required to trade, but new users can try out a demo account to get familiar with the platform. JustForex offers over 60 forex pairs, various cryptocurrency pairings, CFDs, and an extensive range of commodities.
Why We Chose as Best Forex Brokerage
This best forex trading platform also provides access to trading in bond futures and individual stocks of companies based in the US and Europe.
JustForex supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms for web, Apple iOS, and Android versions. They offer three different account choices, including the Standard Cent account, which is suitable for beginners.
As one of the best forex trading platforms, it provides customer support 24/7 via email, live chat, phone, and multiple messaging services.
4. FXTM: Best Forex Trading Platform With High Floating Leverage and Fast Execution
Pros for Best Online Trading Platforms:
- There are multiple options for trading accounts
- Many sources for development and education
- A down payment of 10 dollars is required
- Offers automatic trading
Cons for Best Online Trading Platforms:
- Customer service unavailable during the weekends
Overview of Best Forex Brokerage
FXTM has a longstanding partnership with Traders Union and has gained a reputable and dedicated client base. It provides exceptional trading conditions suitable for both new and experienced traders.
The broker evaluates managers based on various criteria, including their risk appetite, and offers a trade-copying service called FXTM Invest.
While the broker has not received major criticisms, Traders Union doesn't rank it as number one because of some limitations like slow withdrawals and a restricted selection of investment options.
Why We Chose as Best Forex Brokerage
As one of the best forex trading platforms, FXTM offers different account types, with the minimum deposit starting at $10, and leverages ranging from 1:3 to 1:2000. Stop-out levels start at 20%, and all account types have access to metals and FX products.
Like most of the best forex brokers, the platform includes MT4, MT5, and FXTM forex mobile trading software. Plus, FXTM provides a referral program for account holders, allowing them to earn monetary rewards for referring new customers.
5. PLUS500 : Best Forex Trading Platform Option to Trade CFDs
Pros for Best Online Trading Platforms:
- Access to over 2,800 different CFDs
- Stop loss orders with FCA guarantee in the UK
- Intuitive platform
- Reliable tools for reducing risk
Cons for Best Online Trading Platforms:
- No other platforms or tools for trading are compatible
- Poor customer service
Overview of Best Forex Brokerage
Plus500 offers traders the opportunity to invest in shares using its platform and to trade a wide range of CFDs. The user-friendly forex trading platform is suitable for beginners. But experienced traders may feel that the platforms lack educational resources and market research options.
The WebTrader platform is proprietary software that provides a smooth trading experience and is easily accessible from tablets, smartphones, and web browsers.
Traders can use the interface to make watchlists, place trades, analyze charts, and keep an eye on them using a range of technical indicators. Unlike other best forex brokers, the platform doesn’t offer the popular MetaTrader 4 (MT4). But clients can select from over 2,000 tools using a personalized technical analysis chart.
Why We Chose as Best Forex Brokerage
Plus500's platform, designed for experienced traders, has a straightforward layout accessible via a mobile app. This includes the product catalog, orders, account details, and technical charting. They also offer multiple chart views and support Live Chat, email, WhatsApp, and a 24/7 ticketing system for help.
The Trading Academy caters to traders of all skill levels, providing resources like video trader instructions, eBooks, and frequently asked questions.
6. AvaTrade : Best Forex Trading Platform for Leverage
Pros for Best Online Trading Platforms:
- Deposits and withdrawals can be made at no cost
- Account opening is simple and quick
- Offers valuable research tools
- Well-designed and user-friendly web platform
Cons for Best Online Trading Platforms:
- Only FX, CFDs, and cryptocurrencies may be traded
- Inactivity fees are quite high
Overview of Best Forex Brokerage
AvaTrade operates in multiple countries and is regulated with subsidiaries in Ireland, Australia, the United Arab Emirates, South Africa, Japan, and the British Virgin Islands.
Clients from most countries use their services, but there are exceptions like Belgium, Iran, and the US. To create an account, a minimum deposit of $100 or its equivalent is required, and different deposit options are available.
Why We Chose as Best Forex Brokerage
As one of the best forex trading platforms, it supports CFD trading for various financial products, including commodities, stocks, cryptocurrencies, and more. Plus, there are over 50 currency pairs available for forex trading, and the platform supports multiple order types.
AvaTrade generates revenue by imposing a spread on the bid and ask prices, and an overnight interest fee may apply to open positions. Like most of the best forex brokers, the platform supports popular trading apps, including MetaTrader 5 and 4. They also offer a demo account with a $100,000 virtual balance for 21 days.
7. BlackBull : Best ECN Trading Environment, With Scalping and Hedging
Pros for Best Online Trading Platforms:
- There’s no minimum deposit required
- Spreads are small and tightly bound
- Low CFD and forex fees
- Provides market updates and analysis
Cons for Best Online Trading Platforms:
- Prime accounts have high minimum deposits
Overview of Best Forex Brokerage
BlackBull Markets is a worldwide ECN broker that offers trading services to clients globally. The company specializes in forex, CFDs on commodities, fiber optic communications, and FinTech solutions. They offer various specialist services, including market updates, personal account managers, and analysis, to ensure clients receive a high-quality final product.
Why We Chose as Best Forex Brokerage
With BlackBull Markets, you can access accounts like ECN Institutional, ECN Prime, ECN Standard, Swap-Free, Islamic, and Demo accounts. The Active Trader Account requires a $1 deposit. It includes advanced reporting, segregated accounts, VPS hosting, custom solutions, and a dedicated manager.
Moreover, BlackBull Markets offers a mobile trading platform for forex and CFD trading, including equities, cryptocurrencies, stock indices, and precious metals. Customers can access the best forex trading platforms like MetaTrader 4 on multiple devices.
BlackBull Markets accepts deposits in nine currencies and processes most payments instantly. They also allow withdrawals via the same method as deposits, subject to certain constraints.
8. Traders Union : Best Forex Trading Platform for Customer Service
Pros for Best Online Trading Platforms:
- User-friendly platform with lessons for new traders
- Offers educational resources for all skill levels
- Support is available in 17 languages
- 24/7 assistance is provided via email, phone, and live chat
Cons for Best Online Trading Platforms:
- No trial version
Overview of Best Forex Brokerage
Traders Union's analysts provide valuable information for traders and investors. The website offers content for beginners to experts and regularly updates with researched trading topics. They feature feedback on over 600 brokerage firms, giving insights into their pros and cons from active traders. This helps users choose the right option among the best forex brokers.
Why We Chose as Best Forex Brokerage
Traders Union serves as one of the best forex trading platforms for those who have joined a brokerage firm through their referral link, providing information and support. Their legal team acts as an impartial mediator in disputes between customers and brokerage firms.
Traders Union assists traders in exploring potential profit opportunities in the financial management markets, regularly evaluating and rating the best forex brokers. The website is often referenced by traders when selecting a broker for trading on forex, the stock market, or binary options.
Traders Union provides rankings for digital banks, Bitcoin exchanges, and payment methods.
9. EagleFX: Best for Offering Global Traders Competitive Trading Conditions
Pros for Best Online Trading Platforms:
- Offers access to MetaTrader 4
- Provides a tiered affiliate program
- Multiple contact methods for customer service
- Demo account has no time restrictions
Cons for Best Online Trading Platforms:
- MetaTrader 5 not available
Overview of Best Forex Brokerage
Since 2019, EagleFX, an STP and ECN broker based in the Dominican Republic, has offered competitive trading across various markets. With just a $10 minimum deposit, it's popular among new traders.
Depending on expertise, traders can choose a single or multiple accounts and practice with a demo account, ideal for beginners. They primarily use the MetaTrader 4 platform for forex trading.
Why We Chose as Best Forex Brokerage
EagleFX applies a commission fee of $6 per lot for trades in both directions. Price spreads, which are influenced by market forces, trading sessions, liquidity availability, and volatility, can vary daily due to changes in demand and supply.
When choosing a broker, consider how easy it is to deposit and withdraw funds. Like most of the best forex brokers, EagleFX offers several user-friendly deposit and withdrawal methods, ensuring convenience and flexibility for traders.
How We Chose the Best Online Forex Trading Platforms of 2023
We chose the best forex trading platforms with particular considerations to ensure securities trading is both accessible and cost-efficient.
These factors were considered while selecting the best forex trading platforms:
- Access to Research and Tools for Investment: We considered the best forex trading platforms that offer thorough guides, tutorials, and investment resources as our top picks.
- Online Access: We preferred businesses that offer a variety of choices for account management and simplify the process for clients to invest online through user-friendly interfaces.
- Low Trading Fees: We examined many best forex trading platforms that offered the lowest possible fees for trades.
- Intelligent Automation Technology: We assessed every platform by examining the technologies they employed and awarded bonus points to those with automated investment features.
How to Choose the Best Forex Trading Platforms for You
Selecting the best trading platforms for forex is a process that requires careful consideration of several factors. Here's a simple and extensive guide on how one might make such a choice:
Security and Regulation of Best Brokers for Forex Trading:
- Priority: One of the most critical aspects is ensuring that your money and personal information are safe.
- Regulatory Bodies: The best trading platforms for forex regulated by reputable financial bodies are seen as trustworthy. Some of these regulators include the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC) in Australia.
- Research: Before opening an account, always check if the best forex brokers are registered with any recognized regulatory authority.
Transaction Costs of Best Brokers for Forex Trading:
- Every Penny Counts: All traders must contend with transaction costs. Whether it's through spreads or commissions, you'll want to minimize these costs as much as possible.
- Comparison: Before jumping in, compare fee structures of different best trading platforms for forex. Remember, a platform offering lower transaction costs but unreliable execution might not be the best choice.
Trading Platform and Software of Best Brokers for Forex Trading:
- User-friendly: A platform's interface should be intuitive and easy to use.
- Tools and Charts: Adequate charting tools, technical indicators, and other essential resources can significantly impact a trader's experience.
- Reliability: The software of the best brokers for forex trading should run smoothly, without frequent crashes or errors.
Account Types and Flexibility of Best Brokers for Forex Trading:
- Diversity: Some of the best trading platforms for forex offer several account types with varying minimum deposits and benefits. Having options allows traders to choose an account that best fits their trading style and capital.
- Leverage and Margin: Most of the best brokers for forex trading offer different leverage options. While high leverage can amplify profits, it can also magnify losses. Understand the leverage provided and use it judiciously.
Customer Service of Best Brokers for Forex Trading:
- Availability: Most of the best forex brokers operate 24/7, so having customer support available at all times is vital.
- Response Time: Efficient and prompt customer support can make a significant difference, especially during trading emergencies.
- Language Support: Given the global nature of forex trading, the best trading platforms for forex that offer multi-language support can be beneficial.
Execution Quality of Best Brokers for Forex Trading:
- Speed: In fast-moving markets, the speed of order execution can make a difference in your trading outcomes.
- Slippage: The best brokers for forex trading will execute your trades at or very close to the price you see when you click the buy or sell button.
Deposit and Withdrawal of Best Brokers for Forex Trading:
- Ease: It should be easy to deposit funds and to withdraw your profits.
- Fees: Check if the best forex trading platforms you’re considering charge fees for deposits or withdrawals.
Educational Resources and Research Tools of Best Brokers for Forex Trading:
- Training: For beginners, the best trading platforms for forex offering training resources, webinars, and tutorials can be advantageous.
- Market Analysis: Access to daily market analysis, news feeds, and research reports can help traders make informed decisions.
Demo Account of Best Brokers for Forex Trading:
- Practice: The best forex brokers offer demo or practice accounts that allow new traders to practice without using real money. This can be a beneficial feature for those new to forex trading.
Feedback and Reviews of Best Brokers for Forex Trading:
- Real Experience: Look for online reviews and feedback from other traders. Their experiences can give insight into the reliability and overall quality of the best trading platforms for forex.
No single platform is the best for every trader. The right option among the best forex trading platforms for you will depend on your particular needs, trading style, and experience level. It's always a good idea to start with a demo account to get a feel for the platform and ensure it aligns with your trading goals.
Best Forex Trading Platforms: FAQs
Here, we address the most frequently asked questions regarding the best forex trading platforms in this article:
What Is a Forex Trading Platform?
The best forex trading platforms allow traders to take part in global asset trading and communicate with their counterparts from any location. They also offer the option to practice trading through a demo account.
How Do Forex Trading Platforms Work?
The best forex trading platforms are software applications that provide real-time currency price quotes, enabling traders to buy or sell currency pairs. They offer tools like live charts for analysis, allow for trading on leverage (controlling larger positions with a smaller amount of capital), and provide account management features.
These best forex trading platforms connect to a broker's system to execute trades in the actual market, and many have built-in security measures and options for automated trading strategies.
Who Are Forex Brokers?
A forex broker acts as a mediator between the currency traders and the marketplace. The primary function of the best forex brokers is to enable traders to exchange currency pairs by granting access to the forex market.
Banks, financial institutions, and small businesses provide forex trading services to their customers. When selecting the right choice among the best forex brokers, it can be an overwhelming task. This is because various factors such as regulation, customer help, trading tools, account options, and spreads need to be considered.
Which Trading Platform Is Best for Beginners?
There are several best forex trading platforms that are suitable for beginners, and it ultimately depends on personal preferences and trading goals. However, PrimeXBT is certainly a top option for beginners because of its user-friendly interface and comprehensive educational resources.
As our number 1 option among the best forex brokers, it provides a wide range of trading instruments, including forex, cryptocurrencies, commodities, and indices. PrimeXBT offers advanced trading tools such as customizable charts, technical analysis indicators, and risk management features.
Overall, PrimeXBT is one of the best forex trading platforms for beginners who want to learn about trading in a safe and user-friendly environment.
What Platform Do Professional Traders Use?
Professional traders use a variety of the best trading platforms depending on their specific needs and preferences. Some of the best forex brokers popular among professional traders include PrimeXBT, LiteForex, and FXTM.
These platforms offer advanced features such as real-time data, advanced charting tools, automated trading capabilities, and access to various financial instruments.
Can I Start FX Trading Without a Broker?
While technically possible, starting FX (foreign exchange) trading with the best FX brokers is only practical for some individual traders.
The best forex brokers provide essential services such as market access, leverage, trading tools, liquidity, and competitive costs. Without them, you'd face challenges directly accessing the vast FX market, getting necessary resources, and possibly incurring higher costs.
For a smoother and more efficient trading experience, using a broker or any of the best forex trading platforms is advisable.
Best Forex Trading Platforms: Final Thoughts
The best forex trading platforms offer investors a chance to increase their portfolio's value and broaden their investment options.
Investors can start trading by setting up a brokerage account and getting free FX trading software from any location worldwide. When choosing the best forex trading platforms, the right option can vary depending on the trader's experience level.
Our top pick among the best forex brokers for experts and beginners is PrimeXBT, which has a track record of delivering excellent results. This platform offers innovative features and tools that make trading easier and more effective.
Before choosing any of the best forex brokers, consider factors like tradable assets, available currency pairs, and accounts.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
