Best Forex Trading Platforms: Top 10 Choices for 2021
Forex trading, also known as foreign exchange trading, is a popular way to trade currencies and make profits. To succeed in this dynamic and fast-moving market, you need a reliable and user-friendly forex trading platform. With so many options available on the market, it can be tough to determine which one is right for you.
In this article, we'll explore the top 10 best forex trading platforms for 2021 and evaluate their features, costs, and usability. From beginner-friendly platforms to advanced tools for experienced traders, we've got you covered. So, let's dive in!
1. MetaTrader 4 (MT4)
MetaTrader 4, or MT4, is a reliable and popular forex trading platform that has been around for over a decade. It is an all-in-one software that offers powerful trading tools, an intuitive user interface, and access to a massive library of expert advisors (EA) and indicators. Here are some of the key features of MT4:
- Customizable charting tools and indicators
- Automated trading through expert advisors (EAs)
- Trading signals and copy trading features
- Multiple time frames and chart types
- Trade across multiple devices (desktop, web, and mobile)
- Reliable and secure with 128-bit SSL encryption
The MT4 platform is also versatile, allowing traders to customize their trading strategy with their own indicators and EAs. For beginner traders, the platform can be a bit overwhelming, but there are ample educational resources available to help you get started.
Pros:
- Customizable platform with a large selection of EAs and indicators
- Versatile trading options (manual and automated)
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Steep learning curve for beginners
- Limited news and research features
Cost:
MT4 is available to download for free, but the cost of trading is based on the broker you choose. Most forex brokers offer MT4 as a standard platform option.
2. MetaTrader 5 (MT5)
MetaTrader 5, or MT5, is an upgraded and more advanced version of the MT4 platform. It offers more advanced charting tools and indicators, an economic calendar, a built-in news feed, and improved order handling. Here are some of the key features of MT5:
- Customizable charting tools and indicators (more advanced than MT4)
- Automated trading through expert advisors (EAs)
- Economic calendar and news feed
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure with 128-bit SSL encryption
The MT5 platform is well suited for both beginner and experienced traders due to its customizable and feature-rich platform.
Pros:
- More advanced charting tools and indicators than MT4
- Economic calendar and built-in news feed
- Customizable platform with a large selection of EAs and indicators
- Versatile trading options (manual and automated)
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Limited broker compatibility
- Steep learning curve for beginners
Cost:
MT5 is available to download for free, but the cost of trading is based on the broker you choose. However, due to the advanced features available on the platform, some brokers may charge additional fees.
3. cTrader
cTrader is a forex trading platform that offers a clean and modern design, making it easy to learn and use for beginners. It boasts a wide range of analytical tools, including customizable charting and technical indicators, backtesting tools, and an economic calendar. Here are some of the key features of cTrader:
- Customizable charting tools and indicators
- Advanced order management
- Trading signals and copy trading features
- Comprehensive trade analysis tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure with SSL encryption
The cTrader platform is well suited for beginner and intermediate traders due to its user-friendly interface and analytical tools.
Pros:
- User-friendly interface
- Comprehensive trade analysis tools
- Advanced order management
- Customizable charting tools and indicators
- Trade across multiple devices
- Reliable and secure platform
Cons:
- No option for automated trading
- Limited broker availability
Cost:
cTrader is available to download for free, but the cost of trading is based on the broker you choose. Most forex brokers offer cTrader as a standard platform option.
4. TradingView
TradingView is a popular online platform that offers a wide range of trading tools, including customizable charting tools, indicators, and backtesting functionality. It also provides an extensive social community of traders where users can share trading ideas, strategies, and charts.
TradingView is web-based, so there is no need to download any software, and it can be accessed on any device with an internet connection. Here are some of the key features of TradingView:
- Customizable charting tools and indicators
- Backtesting tools
- Social community of traders
- Multiple time frames and chart types
- Advanced screening tools
- Reliable and secure platform with SSL encryption
TradingView is suitable for all levels of traders due to its simplicity and versatility. While it does not offer automated trading, it is a great tool for manual traders looking to share ideas and collaborate with other traders.
Pros:
- User-friendly interface
- Extensive social community of traders
- Customizable charting tools and indicators
- Advanced screening tools
- Trade across multiple devices
- Reliable and secure platform
Cons:
- No option for automated trading
- Limited fundamental analysis tools
Cost:
TradingView offers a free version, but access to advanced features requires a subscription, starting at $14.95 per month.
5. NinjaTrader
NinjaTrader is a feature-rich trading platform that offers advanced charting tools and a wide range of technical indicators. It can be used for manual and automated trading, and it offers advanced order management tools, backtesting functionality, and a market replay tool. Here are some of the key features of NinjaTrader:
- Customizable charting tools and indicators
- Automated trading through NinjaScript (proprietary coding language)
- Backtesting tools
- Advanced order management
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure platform with SSL encryption
NinjaTrader is suitable for advanced traders who are comfortable with technology and coding. However, for beginner and intermediate traders, there may be a steep learning curve.
Pros:
- Advanced charting tools and indicators
- Automated trading through NinjaScript
- Backtesting tools
- Advanced order management
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Steep learning curve for beginners
- No margin trading available
Cost:
NinjaTrader offers a free version with basic features, but access to advanced features and trading requires a subscription, starting at $50 per month.
6. eToro
eToro is a user-friendly social trading platform that allows you to follow and copy the trades of other traders. It offers an intuitive platform with a wide range of trading assets and a community of traders where you can share ideas and collaborate. Here are some of the key features of eToro:
- Social community of traders
- Copy trading features
- Wide range of trading assets
- User-friendly interface
- Advanced charting tools
- Trade across multiple devices
- Reliable and secure with SSL encryption
eToro is suitable for beginner and intermediate traders due to its user-friendly interface and copy trading features.
Pros:
- User-friendly interface
- Social community of traders
- Copy trading features
- Wide range of trading assets
- Advanced charting tools
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Limited customizability for experienced traders
- No option for automated trading
Cost:
eToro charges a spread fee on each trade, which varies depending on the asset being traded.
7. XM Trading Platform
XM is a forex trading platform that offers a wide range of analytical tools, including customizable charting tools, technical indicators, and educational resources. It also has an intuitive user interface and a reliable trading platform. Here are some of the key features of the XM trading platform:
- Customizable charting tools and indicators
- User-friendly interface
- Comprehensive educational resources
- Advanced screening tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure with 128-bit SSL encryption
XM is suitable for beginner and intermediate traders due to its user-friendly interface and educational resources.
Pros:
- User-friendly interface
- Comprehensive educational resources
- Customizable charting tools and indicators
- Advanced screening tools
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Limited order functionality
- No option for automated trading
Cost:
XM charges a spread fee on each trade, which varies depending on the asset being traded.
8. Plus500
Plus500 is a user-friendly online trading platform that specializes in CFD trading. It offers a wide range of trading assets, an intuitive user interface, and analytical tools. Here are some of the key features of Plus500:
- User-friendly interface
- Wide range of trading assets
- Customizable charting tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure with SSL encryption
Plus500 is well suited for CFD traders due to its simplicity and versatility.
Pros:
- User-friendly interface
- Wide range of trading assets
- Customizable charting tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Limited order functionality
- No option for automated trading
- Limited research tools
Cost:
Plus500 charges a spread fee on each trade, which varies depending on the asset being traded.
9. IG Trading
IG Trading is a user-friendly forex trading platform that offers a wide range of trading assets, analytical tools, and educational resources. It also provides a comprehensive research platform with in-depth market analysis and professional insights. Here are some of the key features of IG Trading:
- User-friendly interface
- Wide range of trading assets
- Comprehensive research platform
- Customizable charting tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure with SSL encryption
IG Trading is well suited for all levels of traders due to its user-friendly interface, educational resources, and research platform.
Pros:
- User-friendly interface
- Wide range of trading assets
- Comprehensive research platform
- Customizable charting tools
- Multiple time frames and chart types
- Trade across multiple devices
- Reliable and secure platform
Cons:
- Limited number of free indicators
- No option for automated trading
Cost:
IG Trading charges a spread fee on each trade, which varies depending on the asset being traded.
10. Oanda
Oanda is a reliable forex trading platform that offers a wide range of trading assets, analytical tools, and educational resources. It also provides a customizable trading platform with an intuitive user interface. Here are some of the key features of Oanda:
- Customizable charting tools and indicators
- Comprehensive educational resources
- User-friendly interface
- Multiple time frames and chart types
- Reliable and secure with SSL encryption
Oanda is well suited for all levels of traders due to its user-friendly interface and educational resources.
Pros:
- User-friendly interface
- Comprehensive educational resources
- Customizable charting tools and indicators
- Multiple time frames and chart types
- Reliable and secure platform
Cons:
- No option for automated trading
- Limited order functionality
Cost:
Oanda charges a spread fee on each trade but offers commission-based trading as well.
Final Thoughts
Choosing the best forex trading platform can be a daunting task, but with the right research and testing, you can find the perfect fit for your trading needs.
Whether you're new to forex trading or an experienced trader, there is a platform out there that will suit your level of expertise and trading style. Take the time to explore different platforms, test them out, and find the one that works best for you.
Remember, it's not just about finding the best platform; it's also about finding the platform that complements your trading strategy and goals. Good luck, and happy trading!