11 Best Forex Trading Platforms and Brokers 2024

This tutorial explores all about Foreign Exchange, how to trade it, tips on how to succeed, and the Best Forex Trading Platforms to compare and decide:

Forex or foreign exchange involves exchanging national currencies on or over markets that are hosted by FX brokers. National currencies are traded against each other as pairs as per the market-defined exchange rate or relative price.

Forex is one of the most lucrative tradings to engage in because, at over $6.6 trillion, it is the largest and most liquid financial market in the world. It can be done to facilitate other transactions but most of it is done for speculative reasons in that the traders expect to buy low and sell high.

Other reasons for trading include transferring funds to another currency, hedging against foreign exchange fluctuation from the time of initiating a transaction to when it is received, and providing short-term credit to finance trade between countries.

Understanding Forex Trading Platforms

This tutorial looks at foreign exchange, how to trade it, tips on how to succeed, and the best forex brokers or Forex Trading Platforms on which to trade.

The sum of percentage shares of individual currencies is 200% and not 100% because two currencies are involved in each transaction.

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How Forex Trading Works – For Pros and Beginners

The price of a currency on an exchange directly reflects the past, current, and future health of the country’s economy. Buying may indicate a prospect that the economy of that country will improve in a very short time or that the prospects/expectations of the traders will agree with that position.

The relative price or exchange rate of a currency against another reflects that first country’s economic condition compared to the second one, or the people’s prospects/expectations concerning that.

Heavily traded currencies like the USD, GBP, AUD, NZDM JPY, CHF, and Eur are known as major currencies.

Major currency pairs always include the U.S. dollar with other major currencies, crosses do not include the USD, minors include other major currencies (against each other) except with the USD, and exotic pairs comprise a major currency and a currency from an emerging market.

There are currently only 7 major currency pairs. Prices of major currency pairs move more frequently and hence provide more trading opportunities. They are the most liquid pair markets in the world. The crosses or the minors also provide vast trading opportunities despite not being the most liquid globally.

To start, you need to sign up with the best forex brokers (minimum deposit, trading fees, and requirements vary per each) and then place trades.

Further Reading => Top Forex Brokers in USA

Prices are determined by interest rates, inflation, and political stability. Governments also sometimes participate through Central Bank intervention to influence prices by flooding or buying their currencies to influence prices.

How to Trade Forex – For Pros and Beginners

Step #1: Research how it works and which best forex trading platforms to use on the basis of their features and fees. Register with a platform. Invest in trading education, understand analyses and how to use them, and then practice through demo trading.

Step #2: Research and select which currency pair to trade.

Step #3: Analyze markets using charts, indicators, and opinions from other experts.

Step #4: Read quotes, pick a position, enter a position, and place a trade.

Step #5: Monitor your positions and keep records and analyze wins and losses.

Tips on Forex Trading – For Pros And Beginners

• Huge liquid currency pairs (major currency and minor currency pairs) are the most stable for trading. These are the most traded pairs and be sure to select a platform that supports their trading. The pairs provide the most trading opportunities compared to exotic pairs (comprising a major currency against a currency of an emerging economy). The price of the latter is more easily influenced by political, economic, and social factors compared to the majors and minors.
• Invest in trading skills, and trading competence, and practice them. The best workman first invests in sharpening their tools. Invest in demo trading, which is mostly done free of charge on most platforms. Develop a trading discipline.
• Synchronize weekly and daily charts to determine appropriate entry and exit trading points. For instance, you can wait for a sell or buy signal on a weekly chart to be confirmed on the daily chart.
• Calculate your expectancy from the % won and % loss trades. It is calculated as (% won * average win) – (% loss * average loss). Also, calculate your risk-to-reward ratio to determine how likely you are to earn a profit over the long term. It is determined from the potential loss per trade: profit per trade.
• Learn how to mitigate risks using stop-loss orders.
• Build a positive feedback loop that relies on following a winning strategy. By making a profit using a strategy, you are reinforcing the trading strategy and pattern, and so is your confidence.
• Understand professional trading analyses, price patterns, and charts and how to make use of them. Do professional analyses and study prices to discover trading opportunities. If possible, get professional signals or subscribe to platforms that render such. It can, even as a professional trader, offer trading insight and direction.
• Keep a record of your trades, list reasons for each trading decision, and mark your entry and exit points on charts. Keep comments on the chart.
• Finally, avoid greed, anxiety, panic, and over-trading. Also, make sure to avoid forex trading scams.

List of the Best Forex Trading Platforms

Popular and best fx trading platform list:

1. Forex.com
2. NinjaTrader
3. Interactive Brokers
4. Plus500
5. FXCM
6. TD Ameritrade
7. Ally Invest
8. IG
9. XTB
10. CMC Markets
11. SaxoBank

Comparison Table of Top Forex Brokers

Detailed review:

#1) Forex.com

Best for diverse research tools, third-party market research, and expert market commentaries.

Forex.com is an ordinary CFD, forex, and cryptocurrency CFD trading platform that offers over 4,500 CFDs and over 91 forex pairs. Some of the advantages include low forex fees, a wide variety of currency pairs, and diverse research tools.

It offers standard accounts with average spreads as high as 1.1 pips; DMA accounts with around 1.5 pips for low volume trading down to 0.7 pips for a turnover of over $2 billion per month; and commission accounts available for U.S. traders only and offering five volume tiers and an effective spread of 1.6 pips for a trading volume of over $50 million per month.

Platforms: Works on desktop and web. Support MetaTrader 4 and 5, DupliTrade and ZuluTrade.

Minimum Deposit: $100 for standard and commission accounts; $25,000 for DMA accounts.

Features:

• 203 charting indicators/studies; 25 charting drawing tools; and 20 watch lists.
• Great training materials hence the best forex trading platform for beginners and advanced users alike. It includes a learning center with tutorials, videos, etc.
• In-house and third-party market research includes daily market commentaries, forex news social sentiments, expert market analyses every day, and market research.
• Charting and trading from charts.
• Virtual demo trading makes it rated as the best forex trading platform for beginners.
• Deposit methods – Wire transfer, Neteller, Skrill, credit card, and debit card.
• Smart signals.

Getting Started with forex trading at Forex.com:

Step #1: Sign up on Forex.com or its apps and deposit the minimum required. Learn the basics of how Forex works if you aren’t a pro. You might also want to try forex trading risk-free using their demo account.

Step #2: Select a currency pair you want to trade in. You may try out commonly traded pairs such as EUR/USD or use other criteria to choose. Click or tap the Buy or Sell button.

Step #3: Analyze the market: Research the pair you want to trade, look at its historical and current charts, and read resources about trading if you aren’t an expert. Learn how to do technical and fundamental analysis or use other sentiments in deciding when, how much, and what to trade.

Step #4: Pick a position. The buying and selling positions are selected based on your analyses.

Pros:

• Low risk, given that it is a publicly-traded company.
• Wide range of markets available and multiple asset investment/trading options – CFD, forex, and crypto.
• Advanced charting tools. Performance analytics are available to live account holders for free.

Cons:

• In-activity fee charged ($15 per month after one year of in-activity), 1-3 days to open an account. Makes it challenging for forex trading for beginners.

Trading and other fees: Forex trading fees are in the spreads and range from 1.3 to 4.4 pips typical and as low as between 0.6 and 2.3 pips. Rollover fees also apply to overnight trades.

Website: Forex

#2) NinjaTrader

Best for detailed charting and support for designing customized technical indicators and strategies.

NinjaTrader is an ideal software for active traders looking for a lot of technical analysis tools with back-testing support, advanced order types, and automated trading. The software can be linked to brokers to trade forex, CFD, crypto, assets, futures, options, and commodities. Examples of brokers are Interactive Brokers and TD Ameritrade.

It can be leased at $60 per month or a $1,099 one-time payment with the latter affording the trader more features such as the ability to analyze trades using order flow, volume bars, and market depth. Traders get 3-rd party developer add-ons and apps in addition to customizable indicators and charting.

Platforms Supported: Desktop, web, mobile. It can be connected to over five forex broker accounts.

Minimum Deposit: $50 minimum deposit for trading forex. $400 for futures.

Features:

• Up to 125 technical indicators or more. It also features automated trading tools through apps like Blackbird.
• Individual, joint, corporate/LLC/Trust/Partnership, and retirement accounts.
• Bank transfer, credit/debit card, and electronic wallets for depositing.
• CQG mobile iOS and Android apps for brokerage clients provide real-time quotes, charts, and analytics.
• Portfolio analysis and fee reports.
• Videos, webinars, documentation, news, and other educational resources. These are provided by a vast number of users and professional traders.
• Free emergency trade desks to offer broker-assisted trades.

Getting Started with forex trading at Ninja Traders:

Step #1: Open an account and apply and submit your NinjaTrader license key: Fill out the online application, and submit information such as the NinjaTrader license key. The account will be activated within 24-48 hours, otherwise, send an email to the account’s email provided on the website.

Visit the website to register for a free license key or purchase one.

Step #2: Fund your account: An email is sent with funding instructions. The username and password will be sent once the funding process is complete.

Step #3: Activate market data: An email is sent with the trading exchange data you need and once the data is live, you will also receive a confirmation email.

Pros:

• $50 minimum deposit for trading forex. $400 for futures.
• Detailed charting, market analysis, and live trading.
• Simple to advanced order types, including semi-automation and automated trading (either through the point and click or the platform’s C# based framework).
• Demo and simulated trading to sharpen tools. Back-testing is also available. SIM trading is also available for newbies
• Ability to work with a programmer to design your custom strategies and technical indicators.

Cons:

• In-activity fee of $25/month.
• High withdrawal fees.
• Account verification can take up to 5 business days.

Trading fees: Dependent on the broker you connect to; $60 per month or $1,099 one-time payment hence one of the best Forex trading platforms. No platform fees. withdrawal fee also applies.

Website: NinjaTrader

#3) Interactive Brokers

Best for low-commission trading, expert market insights, and diverse investment options.

Interactive Brokers offers an expansive variety of securities to trade, including stocks, bonds, mutual funds, ETFs, options, cryptocurrencies, fractional shares, futures, and metals, in addition to forex. It offers a total of 8,500 tradable symbols including 91 CFD or 105 cash forex pairs.

The broker also offers managed and segregated accounts. It offers individual, group, and corporate accounts. Traders who need to craft their own trading software or automated trading can use IBKR APIs or the IBKR Pro.

Platforms Supported: Desktop (Trader Workstation), mobile (IBKR TWS), web (Client Portal), and IBot (available across these devices) to find information and place orders.

Minimum Deposit: $0 makes it one of the best currency trading platforms.

Features:

• No initial deposit requirement hence one of the best forex online trading platforms.
• IBKR Lite is free but order flows are paid, unlike IBKR Pro.
• Product-centered tools such as FXTrader for forex trading.
• Maximum leverage of 100x. Forex is up to 40x.
• IBKR Mobile iOS and Android forex trading app.
• 127 indicators and detailed charting on the mobile app. 85 drawing tools on the web and desktop app (not available on the mobile app).
• Other market info such as videos, news, and iBot tools for support. There are also mobile alerts and watch lists.

Getting Started with forex trading at Interactive Brokers:

Step #1: Open an individual or corporate account. It takes 2-3 weeks for approval and you need to submit documents such as proof of social security number, taxpayer information, and employment.

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You will choose between cash, margin, portfolio margin, and other types of accounts and decide on the base currency.

You also require choosing the assets to trade and IBKR will disallow you to trade some if you do not have the requisite experience. The account also requires verification.

Step #2: Fund the account.

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You can deposit money directly from a financial institution into the account by first enabling Direct Transfer. First, visit the Transfer & Pay tab -> Direct Deposit/Debit. You need to first be enrolled in the Integrated Cash Management program.

Alternatively, you can transfer funds from another account.

Step #3: Create a quote. Enter the transaction currency. Choose the product type Forex. Select Settlement Currency. Create an order by clicking/tapping Buy/Bid, Sell/Ask. Specify quantity and trade order type.

Pros:

• Low commission and fees hence one of the best forex online trading platforms.
• A wide range of investment assets and commodities.
• Low margin rates – 0.75% to 1.6% for IBKR Pro users depending on the amount borrowed.
• Educational resources. Free online classes. Market research tools and insights from over 70 professional investors.

Cons:

• Complex tiered pricing plans.

Trading fees: Commission per side start at 0.00002 (0.2 basis points) of the USD value traded and a minimum of $2 per trade down to 0.08 basis points for very active traders.

It aggregates trades from 17 inter-bank forex traders and charges a commission per trade instead of spreads. The commission ranges from $16 to $40 per million round turn ($8 to $20 per side).

Discounts for large volumes – $1.5 per order for $1 billion per month volume to $1 per order for $5 billion per month volume.

Trading and other fees: Spreads starting at 0.1 pips.

Website: Interactive Brokers

#4) Plus500

Best for low-commission trading, leverage trading, and diversified assets for investment

Plus500 offers more than 70 FX currency pairs for trading on their CFD platform. However, it currently does not accept traders from the United States. The platform supports CFD instruments for forex and others over 2,000 assets. It also offers limited charting, research, and educational tools compared to Forex Trading platforms on this list.

Platforms Supported: Desktop, web, iOS, and Android mobile apps. It also supports integration with MetaTrader 4 and 5.

Minimum Deposit: $100.

Features:

• The minimum deposit is $100.
• 110 indicators and over 21 drawing tools.
• Demo accounts make it best for forex trading for beginners.
• Educational resources, news, and analysis.
• Basic portfolio analysis — balances, transaction activity, and profit/loss breakdowns.
• In-house research, analysis, tools, and commentaries, though limited.
• Neteller, Skrill, Wire Transfer, PayPal, credit/debit cards, and others.
• Retail and professional account types. Both are the same in all aspects.

Pros:

• Diverse investment and trading instruments including stocks, ETFs, commodities, options, stock indices, CFDs, futures, and crypto, in addition to forex.
• Simple to advanced order types.
• Low minimum deposit.
• Demo account which means you can teach yourself how to start forex trading.
• Leverage up to 30x for forex.

Cons:

• Charges inactivity fees of $10 per month for three months of inactivity.
• Low leverage.

Trading and other fees: Charges spread and not commission. For Forex, it’s about 0.00006 (0.6 pips) but depends on the currency pair. Currency conversion is 0.70%, guaranteed stop order fee, overnight fee, and inactivity fee.

Website: Plus500

#5) FXCM

Best for automated trading integration, in-house research, and commentaries.

The broker provides trading for forex, stocks, indices, commodities, and cryptocurrency CFDs; features a low minimum deposit of $50; and a leverage of up to 30 times. The platform charges low spreads starting at 0.2 pips. It offers over 300 CFDs including fractional shares and 44 forex pairs.

The platform would be considered a winner for those looking for algorithmic trading coupled with advanced trading tools and research tools. It also scores better ratings than many platforms on the list given the copy trading offered through the ZuluTrade in addition to the Signals Market on MetaTrader.

Platforms Supported: Desktop, Web, Mobile, iOS, and Android. It also integrates with MetaTrader 4 and 5, DupliTrade, ZuluTrade,/ and NinjaTrader 8.

Minimum Balance: $50 hence one of the best for forex trading.

Features:

• Active Trader Rebate Program, which offers reduced spreads up to five tiers depending on trading volumes. It offers rebates of between $5 to $25 per million traded shares.
• Active Trader accounts provide extra tools to customize their strategies via APIs, free institutional research, discounted commissions and spreads, VPS hosting, unlocked Market Depth tool, etc.
• Over 60 indicators and 26+ drawing tools. Mobile charting is also available.
• Mobile alerts. Watchlists.
• Trading platforms include its proprietary trading stations MetaTrader 4, TradingView, and NinjaTrader 8. Third-party tools provide additional analyzers and indicators.
• News, headlines, videos, research, signals, daily market commentaries, social sentiments, Autochartist, and analyses from Trading Central. Research is in-house as well as from third parties. Links from external resources are also available.
• Support for automated trading add-ons and platforms including QuantConnect, MotiveWave, and AlgoTerminal, among others. Traders can also develop their MT4 Expert Advisors with the help of a dedicated technical support team.
• Leverage of up to 30x.
• Minimum m trading size of 1,000.
• Scalping, hedging, and day trading are supported.
• Deposit methods — credit/debit cards, bank wire, Skrill, Neteller, and PayPal.

Pros:

• Detailed market research and analysis from in-house and third-party teams. It’s also a resourceful learning center.
• Low minimum deposit.
• Great integration with extended trading analysis and tools.
• Free demo account.
• Copy trading makes it one of the best for forex trading.

Cons:

• High minimum account value requirements for Active Trader – at least $25,000.

Trading and other fees: From 1.3 pips spreads for standard accounts and 0.2 for Active Trader accounts. Other swap and rollover fees.

Website: FXCM

#6) TD Ameritrade

Best for in-house research, pro charting tools, and managed accounts.

TD Ameritrade is one of the top 10 Forex Trading Platforms in the United States, providing over 70 tradable currency pairs, vast research tools, and trading education. With no minimum deposit requirements, Ameritrade also offers a wide range of tools for trading, including ETFs, options, and futures, in addition to forex.

Forex traders can choose between a standard account with no commission and one with a commission. Although the minimum deposit is zero, these two require $2,000 to start using the features. They offer up to 50x leverage although exotic pairs have up to 20x leverage.

The two accounts require minimum trade sizes of 0.1 and 0.01 lots respectively. The commission for the two accounts is $1 minimum and/or $0.10 per micro lot.

Platforms Supported: Web, mobile (Android and iOS), desktop.

Features:

• In-house research from Ticker Tape hub and the Network. Third-party news integration from different sources. The Learning Center has robust trading content.
• Up to 10 currency pairs.
• Multiple order types.
• Portfolio and fee reports. Also, managed portfolios are available.
• Pro charting tools, fundamental data, and trading ideas.
• Demo account in addition to educational resources and tutorials.
• It also offers other financial services: retirement advice, college accounts, standard banking, mutual funds, cash management, and investment portfolio management.
• Face-to-face support at over 300 brick-and-mortar branches. This includes other support mechanisms.
• Broker-assisted trades a $25 fee is charged.
• About 28 accounts are categorized into five: Standard, Retirement, Education, Specialty, and Managed Portfolio.

Pros:

• Low trading fees.
• No minimum deposit requirement. However, a deposit is needed to start using the features.
• Free portfolio guidance and teachings.

Cons:

• Only US markets are tradable.
• No credit/debit cards or electronic wallets for money transfers.
• Expensive margin rates — from 8.25% effective to 10.25% (-0.75% to 1.25% above/below base rates) depending on balance tier.

Trading and other fees: 1.3 to 1.5 pips on average during peak hours. $25 withdrawal fee via wire

Website: TD Ameritrade

#7) Ally Invest

Best for third-party advisory and automated trading.

Ally majors in stock trading brokerage for U.S. markets, although forex trading is not available on basic brokerage accounts. Additionally, although there is no minimum deposit for the self-directed trading account for stock trading, you would need a minimum of $250 to run a forex account with Ally. The margin account minimum is $2,000.

Ally Forex supports desktop, web, and mobile platforms.

Platforms Supported: Web and mobile (iOS and Android). MetaTrader.

Features:

• Individual, joint, retirement, custodial, Coverdell, and managed portfolio types of accounts.
• Zero deposit fee. Debit cards, ACH, and checks, while bank or cashier’s checks are unsupported.
• Multiple and different order types.
• Trade analytics.
• Educational materials.
• Support from Sunday to Friday.
• Margins of up to 50x. Minimum margin requirements vary per forex currency pair. Margin maintenance requirements of 2% for major and 5% for minor currency pairs. No margin calls.
• Rollover fees for overnight orders. Fee-based on interest rate differentials.
• Advanced charts, over 80 technical indicators, multiple drawing tools, actionable research, and trading ideas through commentary and research reports, news, and an economic calendar. Order management, custom lists, trade alerts, integrated statements, etc.

Pros:

• Wide range of tradable instruments — forex, options, ETFs, funds, bonds, futures, CFDs, and cryptocurrency.
• High leverage of up to 50x.
• Risk management tools.
• Different order types, some of which are used to limit risks.
• Third-party expert advisors and custom indicators through MetaTrader.
• Automate trading strategies for real-time buy and sell signals.
• Education, customer support, and broker-assisted phone order placement.

Cons:

• Only bank transfers are supported yet wire is expensive for withdrawals and take some time to complete.
• Accounts not supported by SIPs or FDIC.

Trading and other fees: Spreads from 1.6 and 2.6 pips. Mp withdrawal or deposit fees.

Website: Ally Invest

#8) IG

Best for copy trading.

IG supports the trading of only forex in the US, as well as crypto, bond CFDs, commodity CFDs, CFDs, stocks, and options for traders in other countries.

In addition to being available over mobile, desktop, and web platforms, it offers educational tools. One disadvantage is that it charges a higher-than-average fee for forex trading compared to other best forex trading apps.

Platforms supported: Web and mobile. It also integrates with MetaTrader 4, ProRealTime, and L2 Dealer.

Features:

• $250 minimum deposit.
• 205 currency pairs.
• Research tools and charting analysis. It provides 30 technical indicators.
• Demo accounts. Education, sessions, webinars, and tutorials. Support.
• 1-3 days account verification.
• 6 base currencies are supported by forex trading.
• Trading class.
• Credit/debit, bank, PayPal, and other funding methods.
• Alerts, notifications, portfolio and fee reports, etc.
• Autochartist and PIA-First trading signals.

Pros:

• Multiple order types.
• Volume rebates with the lowest tier require a monthly volume of $100 million for 5%.
• Copy trading access through MT4.

Cons:

• Inactivity fee at $12/14 per month but after two years of inactivity.

Trading and other fees: Spreads from 0.8 pips or $8 per 1.0 standard lot. The average cost is 1.1 pips or $11. Deposit and withdrawal fees apply.

Website: IG

#9) XTB

Best for social and copy trading, social sentiments, and in-house market research.

XTB allows customers to trade over 1,848 stock CFDs, 135 ETFs, 22 commodities, 36 indices, 5 cryptocurrencies, and 57 forex pairs. It allows them to open standard ad pro accounts with Active Trader accounts providing Lower Spread Group spreads rebates of between 5% to 30% for monthly lots of between 20 and 1000 lots for the full 30%.

Platforms Supported: Desktop, web, and mobile. MetaTrader 5 and xStation 5 can also be integrated.

Features:

• Virtual demo trading.
• Social and copy trading. Social sentiments for currency pairs.
• 39 indicators and 30 drawing tools.
• Market research analyses from in-house and third parties. Also news, daily commentaries, webinars, videos, and other educational resources.
• 1 day to open an account.
• 5 currencies, 48 pairs.
• Credit/debit cards, bank, Skrill, Paysafe, and other electronic deposit options.

Pros:

• Zero withdrawal and deposit fee, and no minimum deposit.
• Up to 30x leverage for forex.
• Manage Forex positions with xStation.
• Wide range of markets and assets to invest in or trade beyond Forex.
• Market analysis and real-time news.

Cons:

• Inactivity fees of 10 Euros per month after a year of inactivity and where the deposit was not made in the last 90 days.

Trading and other fees: From 0.1 pips.

Website: XTB

#10) CMC Markets

Best for hedging and scalping, trading education and research, and technical charting tutorials.

CMC Markets is a place to trade 330+ forex pairs, 110+ commodities, 90+ indices, 9,000 shares, ETFs, stocks, government bonds, and 12 cryptocurrencies. However, it does not accept U.S. traders.

Platforms Supported: Android, iOS, web, and desktop. It also integrates with MT4.

Features:

• 115 indicators/overlays. 70 chart patterns, 12 chart types, and 35 drawing tools.
• Customizable watch lists and client sentiments.
• Different order types include take profit and stop loss.
• Education includes fundamental and technical tutorials. News and research are also available.
• Leverages of up to 30x.
• Hedging and scalping are allowed.
• Bank transfers, credit cards, debit cards, and e-wallets like Neteller and Skrill.

Pros:

• Wide range of investment and trading assets.
• Trading education and support.

Cons:

• Inactivity fee of 10 pounds per month for a non-trading activity of 12 months.

Trading and other fees: Spreads starting at 0.7 pips. Up to 1.0 pips for major currency pairs. 0.1 pips on the commission-based account. Inactivity fee.

Website: CMC Markets

#11) SaxoBank

Best for copy trading, and third-party tools integration.

SaxoBank offers up to 60,000 tradable instruments including forex, options, CFDs, ETFs, ETNs, futures, cryptocurrencies in the form of CFDs, and bonds. Forex traders have up to 190 pairs with which to gamble. The platform also provides other benefits to traders such as copy trading, different account types with different spreads, and trading education.

Platforms Supported: Mobile (Android and iOS), desktop, and web platforms. TradingView, Updata, Dynamic Trend, OpenAPI, and MultiChart can also be integrated.

Features:

• Types of accounts: classic accounts with a minimum deposit of 2,000 Euros, platinum accounts with minimum deposits of $200,000, and VIP accounts with a deposit minimum of $1 million or those upgraded from platinum accounts (upgrading needs $167 million worth of forex trading volume).
• Commission-free except for those trading less than 50,000 units who pay a ticket fee of $3 per side.
• 62 indicators and 20 drawing tools.
• Market research, articles, news, and trading signals. Other educational resources.
• Expert analyses from Autochartist.
• Swapping between instruments is a breeze.
• Demo trading.

Pros:

• Risk management tools.
• Advanced algorithmic order types.
• Social and copy trading. Social sentiments are available.
• In-house and third-party research. News, market commentaries, and analyses are provided.

Cons:

• High minimum deposit compared to some other forex trading best brokers.

Trading and other fees: From 0.4 pips.

Website: SaxoBank

FAQs on FX Trading Platforms

Conclusion

Most Forex Trading Platforms and brokers on the list provide basic tools like research, multiple Forex pairs for most traders, multiple order types, multiple deposit options, algorithmic orders, social/copy trading through MT4, and in-house tools, and require 1-3 days to verify accounts.

However, some forex trading platforms include Interactive Brokers, XTB, and TD Ameritrade since they have no minimum deposit requirements; NinjaTrader and FXCM charge $50 each; Forex.com and PLus500 $100; and Ally Invest and IG charge $250. These are some of the platforms with the lowest minimum deposits.

Feature-wise, although most provide detailed charting and indicator resources, Forex.com, Interactive Brokers, Plus500, Ally Invest, TD Ameritrade, and CMC Markets are clear leaders. Other factors to consider when choosing a broker include fees with Forex.com, NinjaTraders, Plus500, Interactive Brokers, SaxoBank, and XBT offering competitive rates.

Research process:

• Forex Trading Platforms Initially Listed for Review: 30
• Total Forex Trading Platforms Reviewed: 11
• Time Taken to Research this Article on Forex Trading Platforms: 30 hours