Forex trading is the exchange of one currency for another, often with the aim of making a profit. Forex trading can be done online, using various platforms that allow traders to access the global market 24 hours a day, five days a week. However, not all forex trading platforms are created equal. Some offer more features, tools, and resources than others, and some are more suitable for different types of traders. In this article, we will review some of the best forex trading platforms available in 2024, based on independent research and testing by ForexBrokers.com1.
What to Look for in a Forex Trading Platform
Before choosing a forex trading platform, there are several factors to consider, such as:
- Regulation and security: The platform should be regulated by a reputable authority, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, or the Commodity Futures Trading Commission (CFTC) in the US. The platform should also use encryption, firewalls, and other security measures to protect your personal and financial data.
- Fees and spreads: The platform should offer competitive fees and spreads, which are the differences between the bid and ask prices of a currency pair. Fees and spreads can vary depending on the platform, the currency pair, the market conditions, and the type of account. You should compare the fees and spreads of different platforms before opening an account.
- Trading tools and features: The platform should provide you with various tools and features to help you analyze the market, execute trades, and manage your risk. These may include charting, indicators, news, economic calendars, order types, stop losses, take profits, margin calls, and more. You should look for a platform that offers the tools and features that suit your trading style and strategy.
- Customer support and education: The platform should offer reliable and responsive customer support, preferably 24/7, via phone, email, live chat, or social media. The platform should also provide educational resources, such as tutorials, videos, webinars, articles, and courses, to help you learn more about forex trading and improve your skills.
- User interface and experience: The platform should have a user-friendly and intuitive interface, that is easy to navigate and customize. The platform should also offer a smooth and fast trading experience, with minimal delays, errors, or glitches. You should test the platform’s demo account before opening a live account, to see if you like its design and functionality.
Top-rated Forex Brokers and Their Platforms
Based on the criteria above, here are some of the best forex brokers and their platforms that you can choose from in 2024:
- Saxo Bank: Saxo Bank is a Danish investment bank that offers online trading and investment services. Saxo Bank has a best web-based trading platform2, called SaxoTraderGO, that allows you to trade over 40,000 instruments, including forex, stocks, ETFs, bonds, options, futures, and more. SaxoTraderGO has a sleek and modern design, with advanced charting, trading signals, news, and research tools. Saxo Bank also has a downloadable platform, called SaxoTraderPRO, that is designed for professional and experienced traders, with more features and customization options. Saxo Bank is regulated by several authorities, including the FCA, ASIC, and the Danish Financial Supervisory Authority (DFSA). Saxo Bank has competitive fees and spreads, but also a high minimum deposit of $10,000 for most countries.
- CMC Markets: CMC Markets is a UK-based broker that offers CFD and spread betting trading. CMC Markets has the best platform technology3, with its proprietary platform, called Next Generation, that is available as a web-based, downloadable, or mobile version. Next Generation has a sophisticated and user-friendly interface, with over 115 technical indicators, 70 chart patterns, 12 chart types, and 10 drawing tools. Next Generation also has innovative features, such as pattern recognition, social trading, client sentiment, and price projection tools. CMC Markets is regulated by the FCA, ASIC, and the Monetary Authority of Singapore (MAS). CMC Markets has low fees and spreads, but also charges commissions for some instruments and accounts.
- TD Ameritrade: TD Ameritrade is a US-based broker that offers forex, stock, options, futures, and ETF trading. TD Ameritrade has the best desktop platform (U.S. only)4, called thinkorswim, that is a powerful and customizable platform that lets you trade over 80 currency pairs, with access to real-time data, news, and analysis. thinkorswim has a comprehensive and intuitive interface, with advanced charting, trading tools, scanners, backtesting, and automation features. TD Ameritrade also has a web-based platform, called Web Platform, and a mobile app, called Mobile Trader, that offer similar functionality. TD Ameritrade is regulated by the CFTC and the National Futures Association (NFA). TD Ameritrade has no fees or commissions for forex trading, but has high non-trading fees, such as inactivity and withdrawal fees.
- Interactive Brokers: Interactive Brokers is a US-based broker that offers forex, stock, options, futures, bonds, and more trading. Interactive Brokers has the best platform for professionals, called Trader Workstation (TWS), that is a downloadable platform that offers access to over 135 markets in 33 countries, with over 100 order types and algorithms. TWS has a complex and sophisticated interface, with advanced trading, research, risk management, and portfolio analysis tools. Interactive Brokers also has a web-based platform, called Client Portal, and a mobile app, called IBKR Mobile, that offer simpler functionality. Interactive Brokers is regulated by the CFTC, NFA, FCA, ASIC, and other authorities. Interactive Brokers has low fees and spreads, but also charges commissions, minimum activity fees, and market data fees for some accounts and instruments.
- eToro: eToro is an Israeli-based broker that offers forex, stock, ETF, crypto, and CFD trading. eToro has the best platform for copy and crypto trading, with its proprietary platform, that is available as a web-based or mobile version. eToro’s platform has a social and innovative design, with features such as CopyTrader, CopyPortfolios, and Social News Feed, that allow you to copy the trades and portfolios of other traders, and interact with them. eToro’s platform also has a simple and intuitive interface, with basic charting, trading, and research tools. eToro is regulated by the FCA, ASIC, and the Cyprus Securities and Exchange Commission (CySEC). eToro has no fees or commissions for stock and ETF trading, but has high spreads for forex and CFD trading, and also charges withdrawal and inactivity fees.
Conclusion
Forex trading platforms are essential tools for online forex traders, as they provide access to the market, trading tools, and features, and customer support and education. However, not all forex trading platforms are the same, and some are more suitable for different types of traders and needs. In this article, we reviewed some of the best forex trading platforms available in 2024, based on independent research and testing by ForexBrokers.com. We hope this article helps you find the best forex trading platform for you. Happy trading!