The best trading platforms are subject to trader’s needs and interpretation of the market. A brief overview of some well-reputed platforms and the reasoning behind them will help you understand their attributes and weaknesses. Work with the best forex trading platforms for successful trading. Enjoy a positive trading experience, apply technical tools available, manage them appropriately, understand the risks, and apply your trading strategies for a successful career in the forex and crypto markets.
Forex trading involves several complex instruments which budding forex traders should know. With extensive research, beginners can learn more about the trading tools available before risking their investments. It is also advisable to get to grips with the Forex trading platform via a demo account before trading.
Basics of Forex Trading
The top traded forex currency pairs are the EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, EUR/GBP, USD/CAD, and USD/CHF.
When you are learning forex trading, you should know that currencies trade in pairs. You should have some basic knowledge of new terminologies in the forex market when you learn forex trading.
Forex trading involves a number of complex instruments which budding forex traders should be aware of. Beginners are advised to make time for extensive research and be aware of all the tools available before risking their money. It’s also advisable to get to grips with Forex trading platform via a demo account before trading.
Top Forex Trading Platforms: A Brief Glimpse
IG index offers the most accessible forex trading platforms and is regulated and available across the globe. Its industry-leading trading and research tools are the envy of many smaller forex trading platforms. The information available on the platform provides in-depth knowledge to keep you ahead in FX trading.
Established in the 1974 IG Index is easily the leader in the Forex Broker field. Since their inception, they have welcomed more than 195,000 clients to their platform and cover roughly 16,000 markets. The UK-based company provides several financial derivates, including CFDs and spread betting. In terms of cryptocurrencies, IG Index offers a decent range of coins for trading. It includes Bitcoin, Ethereum, Litecoin, Ripple XRP, and Bitcoin Cash. Beginners can use a demo Cryptocurrency account to gain knowledge about the volatile cryptocurrency market.
IG Index FX Trading
IG trading helps investors take advantage of fluctuations in currency prices. The web-based platform and mobile apps provide great insight into the forex market. Once you understand the basics of CFD trading, you can make speculative trade on the movement of currency pairs. The foreign exchange trading market reacts to breaking news, and you can predict its movement beforehand. IG forex is best for small and professional traders.
IG Index Crypto Trading
The IG trading platform is a smart way to trade cryptocurrency. Crypto trading in IG is available through CFDs. You get personalized alerts and interactive charts on it. However, retail traders in the UK cannot trade on crypto derivatives.
IG has won many trading platform awards in recent years, including the Online Personal Wealth Awards, Best Overall Personal Wealth Provider, and Best Trading Support Award.
IG Index Trading Account
All traders can trade indices using spread bets and CFD trading. Users take advantage of price movements. In the UK, spread bets enjoy tax-free profits that are tax-free. Web platform, mobile trading app, and MT4 are available at the best forex brokers.
Once you create your account on the IG Index trading account, you can start trading. Monitor your position once you start trading. Your trade depends on what type of trader you are, the index to trade on, and the risk you are willing to take.
Created in 1989, the CMC group offers several online retail financial trading solutions and solid institutional offerings. Clients get a broad range of financial markets to trade via their award-winning platform.
Their standout product is their contract for differences (CFDs) which are available globally. Their financial spread betting platform is only currently available in the UK. Clients can spread bets or trade CFDs on over 10,000 financial instruments. Their platform also offers the ability to spread bets and trade CFDs on major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple XRP.
CMC market boasts of many awards in numerous geographies, including the UK, Australia, China, and Poland.
CMC markets pricing remains very competitive, with Forex traders enjoying spread from as low as 0.7 points.
CMC FX trading
CMC market investors can enjoy low-risk trading, without any minimum deposit charges, with a fund of any amount. The Next Generation platform has around 10,000 tradeable instruments. A low spread offering is available for all account types and customers. However, its CFDs are complex instruments. MetaTrader 4 offering has a limitation to 62 symbols.
CMC Crypto trading
CMCs best forex brokers allow trading on Bitcoin, Ethereum, Litecoin, and other altcoins like TRON and NEO. The FAC-regulated, award-winning platform enables you to spread bets and trade CFD. As you can trade immediately, it provides precision pricing and minimal slippage. With three decades of experience, it ensures the security of funds, along with dedicated customer support.
CMC Markets Trading Account
CMC Markets charge low fees. Its web and mobile platforms are great for trading as it provides educational tools with advance research facilities. On the flip side, it has a limited product portfolio, and account verification is quite complex.
CMC Markets trading account supports ten base currencies. New traders can trade through demo accounts for better understanding. Further, you can trade forex, crypto, and CFD on it.
With a single position, you can enjoy multiple trades. You can access and manage your account from anywhere across all your devices.
The Saxo Bank online forex trading platform is best for quality financial market research. The trading platform is excellent for traders who need data at their fingertips. Their customer service levels are high, and platforms offer more than 30,000 CFDs. Saxo Bank’s offering will tick many of the boxes for both debutant and experienced traders. Spreads also remain competitive. But, they don’t provide a Cryptocurrency trading facility. So, digital currency fans should consider another platform.
Saxo Bank is a Danish investment bank that specializes in online trading platforms. Started in 1992, the Saxo Group launched its first online trading platform in 1998.
The group is fully licensed and regulated in 15 jurisdictions, Denmark, UK, Singapore, Hong Kong, etc. Currently, they hold $16 Billion in assets under management and perform more than 1 million transactions on behalf of clients every day.
The group has enjoyed years of success, accumulating numerous accolades, over the years, in the retail and institutional sectors. Last year they were named the “Best Broker” in three categories by the Good Money Guide.
Saxo Bank FX trading
The Saxo Bank forex trading platform provides FX spreads on major forex pairs, even with low pips. The award-winning platform integrates trade signals with news feeds and risk-management features. You get higher fill rates on Tier 1, with lower premature stop-outs. However, bonds, futures, and options come with a high charge.
Saxo Bank Crypto trading
You can access crypto through ETFs. The low-risk crypto trading platform, with no public trading, has an authorization of high trust, average trust, and low trust regulators with tier-1, tier02, and zero tier-e regulators.
The Saxo Bank provides outstanding research materials, which are not available on Robinhood.
Saxo Bank Trading Account
The user-friendly Saxo Bank is an excellent platform for investment with its intuitive interface. Open an account, and you get a tier-based placing. It depends on your initial funding. Beginners can opt for the stop loss facility to keep a check on their losses.
You can track live forex charts to track the movement of currency pairs and indices. You can access interactive technical indicators on live forex charts from the NYSE, London Stock Exchange, NASDAQ, etc.
Boasting a great selection of products across its platform Forex.com is available globally. Forex.com’s Forex Trading Platforms offer several intricate trading tools and excellent research documents. Ideal for traders of all levels, the Forex.com platform provides a great starting point as an all-rounder.
A subsidiary of Gain Capital Holdings Forex.com holds $1.332 billion in assets and has a minimum regulatory capital requirement of $99m. Started in 2001, Forex.com has an enviable track record of facilitating retail business. As with many companies, they provide intuitive platforms and mobile trading applications.
They also offer trading courses tailored to all levels of trading experience and an advanced platform for seasoned financial derivatives traders. Recently they have introduced the capability to trade cryptocurrency with many of the leading coins available to trade on its platform.
Forex.com FX trading
Forex.com provides trading on currencies and spot metals and MetaTrader 5. It also allows for tight spreads on around 90 pairs. There are multiple account types with MT4, MT5, Standard, and DMA. It provides cash rebates with Active Trader Program.
Forex.com Crypto Trading
Cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin trading execution, are made through fixed spreads and low margins. Cryptos trading for traders are on MT5 platforms and Forex.com, but not on the MT4 platform.
Forex.com Trading Account
Traders, who want traditional and spread pricing, can make use of Forex.com Standard Account. If you are a high-volume trader, it is possible with Active Trader Program. You can create a Commission Account if you want ultra-tight speeds.
The America-only forex trading platform sits under a CFTC regulated company and facilitates on US-located businesses. They currently boast 11.5 million clients with funded accounts and remain one of very few brokers still offering retail Forex trading platforms in the US. TD Ameritrade’s heritage will also appeal to potential traders, with the company dating back to 1955.
TD Ameritrade has the usual array of derivatives, like ETFs, bonds, futures, and foreign exchange trading. The platform provides good market education with articles and trading videos.
It covers technical analysis, the basics of trading markets, webinars, and trading strategy tips via the TD Ameritrade network.
They also boast several awards including, StockBrokers.com #1 for the last seven years, Kiplinger’s top broker tools, and were rated #1 for beginners by StockBroker.com.
At the time of writing, TD Ameritrade offers a commission-free trade deal for 60 days worth up to $600 *see details.
TD Ameritrade’s Forex platform allows forex traders to trade over 80 forex currencies via the think or swim platform. Majors such as EUR/USD are highly-priced, but the commission represents roughly 2.00 pips.
TD Ameritrade FX trading
Forex trading is possible on TD Ameritrade with the thinkorswim trading platform. You can use your mobile trade to trade options, forex trades, and futures.
TD Ameritrade Crypto trading
From March 2021, only bitcoin futures are available for qualified clients on TD Ameritrade crypto clients. All clients cannot trade them.
TD Ameritrade Trading Account
You can start trading on TD Ameritrade o the same day you open your account with an SSN and ITIN. Beginners can use its educational offerings and intuitive platform to gain more knowledge. You don’t have to pay any minimum deposit. You can trade on stocks, ETFs, and Loyal3.
Which Is The Best Forex Trading Platform?
A good forex trading platform has tools to make technical analyses. There are many traders involved in high-frequency forex. Complex algorithms are used in high-frequency forex exchange to transact orders in large numbers in fractions of a second.
Some of the best forex trading platforms are,
- MetaTrader 4 (MT4) is a great forex platform for retail trading. It allows algorithmic trading with multi-charting. Hugo forex helps in STP/ECN execution. You can get free forex signals by opening a MetaTrader account.
- Ninja Trader is a universal trading platform. You can analyse cluster charts. Investment companies prefer it as it comes with volume indicators and provides accurate market sentiment data.
- Mirror Trader is similar to the Zulu-Trader and allows automatic and semi-automatic trading on it. You can also follow the transactions of other bidders.
- ATAS is best for professional trading. You can gather information about the futures market and the trading volume on it.
- eToro is a popular trading platform for day trading crypto.
- Webull crypto allows trading in Bitcoin, Ethereum, Litecoin, Zcash, Dogecoin, and many more crypto. Webull does not charge an annual account fee.
Top Platforms for UK
Residents prefer trading on the top platforms for the UK, authorized by the Financial Conduct Authority (FCA). Check if the registration number is legitimate before choosing UKs top platforms. The London trading session begins at 8 am and is the best time to trade forex in the UK. The forex market trades 24 hours a day across the world and works for five days a week.
- London Capital Group (LCG) ranks high for customer services. It provides various trading incentives and won the best forex broker award in 2020 for Beginners. It does not accept US clients.
- CMC Markets provides the best environment for most currency pairs as it has an extensive range of offerings. It protects client accounts and won the Best Overall Forex Broker award in 2020. It does not accept US clients.
- Saxo Bank won the best broker award for Advanced Trading. Its user interface provides an extensive range of offerings and gives a VIP client experience. However, it does not give importance to customer service.
- Swissquote provides the best banking services. Its Daily Technical Report and AutoChartist assist traders with an analysis of automated chart patterns. It gives a multi-asset offering, but its range of markets is smaller.
Some of the best crypto trading platforms in the UK are Binance, EXMO, LocalBitcoins, BC Bitcoin, and CEX.IO. The lowest fees crypto exchange is Binance, which also provides high-performance.
Top Platforms For US
The best US forex broker is one that has a trusted and regulated brand. The US and London markets overlap from 8 am to noon EST and are the best time to trade forex. The most-traded forex hours are when the US and London markets overlap. You can get free forex signals with a free MQL5 account.
- IG has grown into a global leader and is considered the best US forex broker. It provides real-time exchange data with the best research tools. IG forex was the best overall broker in 2021. But, the trading window requires manual resizing.
- com provides a variety of trading tools to traders. It has its own proprietary trading platform and has advanced charting capabilities on web platforms and desktops.
- TD Ameritrade forex syncs with mobile phones. You can use it for futures and options trading on both forex and crypto futures. However, the forex is available only for US residents.
- Interactive Brokers is best for professional fx traders. It also supports Bitcoin futures trading. It has a range of asset classes with competitive fees and discounts. Non-US clients can utilize the Retail spot forex facility.
Best Platform for Beginners
Trading forex for beginners involves risk factors associated with it. Going through the educational materials is necessary for forex investing. You gain better learning skills through the free demo account.
The best crypto exchange for overall performance is Coinbase, as it comes with low fees and good security features. The best crypto exchange for beginners is Cash App, which provides rich study materials. Economic data and forex news are available in the economic calendar on the forex factory news. Swing trade is best for beginners in forex trading, and it is advisable to spend around 15 minutes per day as forex trading times.
- Robinhood forex provides commission-free trading. You can also trade in stock options, stocks, and ETFs on Robinhood forex. Beginners can refer to forex factory news to remain updated on forex news and movement in the forex market.
- eTorohas a user-friendly platform and mobile app on forex trading for beginners. It also has the best copy trading platform. eToro is the best alternative to Hugo forex.
- Plus500 forex trading platforms have a simple forex beginner layout that you can grasp easily. It won the overall winner for beginners and ease of use.
- OANDA has quality market research and a user-friendly platform, which suits new traders. It has educational materials in written and video formats and webinars. Oanda’s pricing for US30 forex works on future prices. When prices are higher, it drives the index value more. The US30 forex is a price-weighted index that provides forex live news.
- AvaTrade is a global brand with various trading platforms. It is great for copy trading and mobile. New investors should learn trading strategies by gaining more knowledge from research materials.
- XTB forex trading platforms offer good customer services. It has the xStation 5 trading platform, which does not provide live webinars.
Best Platforms For Professional Traders
Professional traders trade in their local time zone between 8 am and 4 pm forex hours. Position trading strategies take less forex trading times. They prefer forex charts for high-level fx trading that give them forex signals. Forex live news keeps them updated on strategic movements.
- IG has excellent research tools and a list of tradeable products with an extensive range of offerings. It integrates Autochartist, is a third-party signal provider.
- TD Ameritrade FX provides access to professional-level tools and major currency market options and futures on thinkorswim. Its mobile app is a powerful trading platform for forex investing.
- XTB has low FX spreads, which professional traders prefer. Customer service is excellent for traders new to the trade. The xStation 5 trading platform provides a great trading experience.
- City Indexhas advanced trading platforms and provides diverse market research. It also has a mobile app that traders prefer for applying forex strategies.
CFD Vs. Online FX trading
Online forex trading is only on currencies, especially in the eight major currencies, while CFD trading is on forex currencies and other instruments. You can trade one currency against another, where all lots are uniform in size. Leverage in forex is very common.
- CFD is best if you trade with a short-term outlook. It is riskier than trading shares. It covers a diverse set of the market like energy, metals, and indices.
- Online forex trading is news-driven by global events, such as employment, political news, inflation, etc. CFD is affected by specific factors like the supply and demand of a particular commodity and currency trends.
FX Trading Vs. Crypto Trading
Forex trading is a well-established sector where brokers and institutions collect fees for the transactions made. The crypto market is comparatively new and does not involve any middleman.
- Forex exchange provides more liquidity, while crypto trading does not provide easy liquidity.
- Forex markets are more secure, especially if you are trading in major currencies. Cryptocurrency trading does not provide security or safety.
- Forex markets are calmer with low volatility. Crypto trading moves with large swings and is highly volatile.
What is Rated as the Best Forex Trading Platform?
Make sure that you choose a trusted forex trading platform. You can also choose a platform based on the research requirements and the tools you require
But make sure that you understand the workings of CFD before you trade. More than 50% of retail investors lose money when they begin to trade CFD.
Many fx traders visit the forex trading Reddit asking some basic questions. Mentors provide guidelines to many problems on the forex trading Reddit.
- For Beginners: AvaTrade
- For Professional Traders: Interactive Brokers
- For Best Trading Conditions: Plus500
- For Research Purpose: Saxo Bank
- For Excellent Service: CMC markets
- For Low Costs: XTB
- For Copy Trading: e-Toro
- For Overall Purpose: IG
How Much Do I Need To Open An Account?
To begin with, you can open an account with a minimum of 10 dollars. You should have a bank account and a currency trading account.
Some banks accept a minimum of $500 or $1,000 as a deposit, while others accept even $5 to $10 as a minimum deposit.
Choose the level of leverage in forex that makes you most comfortable. With just $10, forex trading for beginners is possible.
Which Forex Trading Platform Charges the Lowest Fees?
- Fusion Markets is best if you are a beginner trader, where you can choose Fusion Markets Classic Account. But the Zero Account is commission-free, where you get access to ECN account types.
- MT4 provides access to CFD from various asset classes. You also get extensive trading tools here.
- FP Markets provides the tightest spreads and access to ECN pricing.
- Pepperstone offers tight spreads and low commission costs through Standard Account or Razor Account.
What Platform Offers The Best Customer Service?
- Saxo Bank provides the best customer services at competitive prices and good research facilities.
- XTB offers reliable customer service and a great trading experience with the xStation 5 trading platform.
- IG offers good opportunities for customers. It offers MetaTrader and FX Blue premium MT 4 add-ons.
- CMC Markets provides a great user experience through its mobile app and comprehensive market research using advanced tools. It is best for all types of traders for CFDs and spread forex strategies. But High CFD spreads are available for particular indices only.
Trading platform Summary
Forex and crypto trading is a rocky path. You can get rich easily using the guidelines provided on forex trading platforms. Choose the best fx trading platform for a profitable trading experience. Once you understand the risks to manage, forex and crypto trading becomes easy. Your trading strategy will differ, according to the type of trader you are, such as a beginner or a professional trader. Take risks only on spare money that you are willing to lose. Choose the best trading platform by selecting features like fee charge, deposit money, speed of transactions, access to trading tools, etc.
Enjoy trading on a safe, secure and profitable trading platform.