The Best Forex Trading Platforms of 2021
As the forex market becomes more accessible to traders of all levels, it’s important to choose the right trading platform to match your trading style and goals. With so many options available, it can be overwhelming to sort through the various features and fees associated with each forex trading platform. In this comprehensive review article, we will take a closer look at some of the best forex trading platforms of 2021, so you can make an informed decision and take your forex trading to the next level.
What to Look for in a Forex Trading Platform
Before diving into our top picks, it's important to understand what to consider when evaluating forex trading platforms. Here are some key factors to take into consideration:
User Interface and User Experience
A user-friendly trading platform can make all the difference in executing trades and navigating the markets. Look for platforms that are easy to use, fast and reliable, with customizable features and a comprehensive range of tools and resources to help you make informed trading decisions.
Trading Fees and Commissions
Trading fees and commissions can have a significant impact on your profitability. Look for platforms with low fees, transparent pricing, and no hidden costs.
Asset Selection
A good forex trading platform should provide a wide range of asset classes to trade. Some popular trading instruments to look for include forex pairs, commodities, stocks, and indices.
Trading Tools and Features
The best forex trading platforms come with advanced trading tools and features, such as technical analysis, charting, order types, and risk management tools like margin trading and leverage.
Security and Regulation
It's crucial to choose a platform that is regulated by top-tier regulatory authorities, meaning it meets high standards in terms of security, data privacy and risk management.
Our Top Picks for the Best Forex Trading Platforms
Based on our analysis of the key factors mentioned above, we have identified some of the best forex trading platforms for traders of all levels.
1. MetaTrader 4 & 5
MetaTrader 4 and MetaTrader 5 are among the most popular forex trading platforms available today, and for good reason. Both platforms offer a comprehensive range of trading tools and features, user-friendly interfaces, and compatibility with a wide range of devices.
- User-friendly interface that is easy to customize
- Supports automated trading and has a library of Expert Advisors (EAs)
- A wide range of technical indicators and charting tools
- Compatible with desktop, web, and mobile devices
- Low trading fees and commissions
- Limited asset choice compared to competitors
- Can be overwhelming for inexperienced users
MetaTrader 4 and MetaTrader 5 have a strong reputation within the forex industry, and their user-friendly interfaces make them ideal for traders of all levels.
2. eToro
eToro is a multi-asset trading platform that offers a unique social trading experience, allowing traders to interact with other traders and follow their trading strategies. In addition, eToro offers a wide range of educational resources to help traders improve their trading skills.
- A unique social trading experience that enables traders to follow and copy the trading strategies of successful traders
- A broad range of asset classes, including forex, stocks, cryptocurrencies, and commodities
- User-friendly interface with advanced trading tools and features
- Regulated and licensed by top-tier regulatory authorities
- High trading fees compared to other platforms
- Limited order types compared to competitors
eToro's social trading experience is an excellent feature for beginner traders who are looking to learn from experienced traders. Additionally, eToro's comprehensive range of asset classes makes it an excellent all-in-one solution for traders of all levels.
3. Plus500
Plus500 is a CFD trading platform that offers a range of trading instruments, including forex pairs, commodities, stocks, and indices. Plus500 is known for its simplicity, low trading fees, and its intuitive, user-friendly interface.
- A user-friendly interface that is easy to navigate
- Low trading fees and commissions
- A comprehensive range of trading instruments
- Regulated and licensed by top-tier regulatory authorities
- Limited range of order types
- No phone support
Plus500's easy-to-use interface, range of trading instruments, and low trading fees make it an excellent choice for beginner traders.
4. IG Markets
IG Markets is a comprehensive, well-regulated forex trading platform that offers a wide range of asset classes, advanced trading tools and features, and excellent customer service.
- A limitless range of trading instruments across multiple markets
- Low trading fees and commissions
- Advanced trading tools and features, and customizable charts
- Regulated and licensed by top-tier regulatory authorities
- Non-intuitive interface for beginners
- Limited range of order types compared to competitors
IG Markets is an excellent advanced trading platform for experienced traders who require extensive trading tools and a wide range of trading instruments across multiple markets.
5. AvaTrade
AvaTrade is a well-regulated forex trading platform that offers a comprehensive range of assets, a user-friendly interface and a wide range of advanced trading tools and features.
- Simple yet comprehensive trading platform
- User-friendly interface with a range of customization options
- A wide range of trading signals, market news, and commentary
- Regulated and licensed by top-tier regulatory authorities
- High trading fees compared to other platforms
- Limited account types compared to competitors
AvaTrade's comprehensive range of assets, user-friendly interface, and advanced trading tools make it an excellent choice for intermediate to experienced traders.
Final Thoughts
Choosing the right forex trading platform is crucial to success in forex trading. Whether you’re a beginner or an experienced trader, it's important to consider a platform's features, fees, and regulatory compliance when looking for the best forex trading platform for you. In this article, we have explored five of the best forex trading platforms: MetaTrader 4 & 5, eToro, Plus500, IG Markets, and AvaTrade. All of these platforms have unique features and benefits, so it's essential to do your own research and choose the one that best suits your trading style and needs.