The Best Forex Trading Platform In 2023
Forex trading is a highly complex enterprise, as it needs a lot of understanding of currencies, business, geopolitics, and more. Even with all the required knowledge, it becomes difficult to return the investment always. However, forex trading platforms can help a trader to generate the breakeven. That is why it is essential to trade with the best forex trading platform to get passive income.
Forex brokers offer several platforms. Some may provide their platform, while most of the broker uses a third-party platform as some third party platforms are very popular and reliable among the traders.
In this article, we will cover all the reliable forex trading platforms.
There are hundreds of platforms available across the internet. It is quite impossible to mention the exact criteria for choosing a forex trading platform. However, you will not get all the good things in a single platform. From our experience, we can say that there will always be some lacking. Still, some forex trading platforms are trusted and provide excellent automated trading experience.
We have enlisted the best forex trading platforms. Before that, let’s see the criteria we have looked into while listing.
How to Choose the Best Platform?
Most of the online forex trading platforms come with the brokers are free for the traders. Though, some broker may charge for using a particular platform. We considered both, but find out almost all the brokers bear the platform cost and offer free of cost to its traders.
For forex trading, first of all, you must need a device such as phones, tablets, or computers/ laptops. To characterize the technical qualification, traders have to look if the platform can run on his/her device. However, the best forex trading platform always keeps device configuration simple so that anyone can trade with any devices. Our listed platforms are good enough for any device.
Then, we also looked if the platform generates technical reports on the desired trading.
Some traders prefer downloading the software then use it, while others like online forex trading rather than download and go online. Most of the platform offers both download and web-based platforms. However, both types are more or less the same. It is just a personal preference. In our platform list, we will mention both types so that you can choose according to your choice.
Some modern and technically advanced best forex platform allows user to trade directly from the chart. Though there are many online forex trading platforms that don’t have such an option, it is not bad, though. We deeply analyzed both options and included the best ones.
There are some additional features to take into consideration while choosing the best forex platform. However, those are not mandatory and don’t affect online forex trading. We considered other features such as forex trading news, robotic trading, tutorials, learning opportunities, etc.
Best Forex Platform Type
Platforms are usually classified according to different factors, such as formats, programming languages, and trading models. According to the formats, forex trading platforms are categorized into downloadable and web-based platforms. Let’s look into a brief about them.
- Downloadable Forex Trading Platforms: Clients have to download the platform in the device such as on a smartphone or computer and install it afterward. Next, users have to log in with the id and password. Besides, a stable internet connection is a must.
- Web-based platform: Unlike a downloadable platform, you can use it online. Usually, these platforms are built on JAVA or another programming language. Users can access those from anywhere or any devices and initiate online forex trading. In the forex world, web-based platforms are more convenient.
Some platforms are categorized according to the programming language, which falls under web-based and downloadable. However, those platforms such as MT4, MT5, cTrader, etc. are actual platforms widely known by forex traders. We will discuss those in the next part of this article.
Furthermore, some platforms are categorized according to the trading models. According to the models, two types of platforms are-
- Dealing with Desk Platforms: Market makers usually use these platforms. Dealing desk platforms connect a broker’s desk to different trade platforms. All the orders run from the dealing desk. Meta trader and Act Trader fall under this category.
- Non-Dealing Desk Platforms: Different liquidity providers’ pricing quotes are visible through these platforms, which are also called direct access trading platforms. Level II software and Currenex Viking fall under the non-dealing desk forex trading platforms
Best Forex Trading Platform
As we have said earlier, it is hard to find all the good things in a single platform. However, we researched, invested, and checked the entire available platform in the market. After doing all the hard works, we came out with the following list of the best forex trading platform. Read on to get to know the details.
Meta Trader 4
Meta Trader 4 is a widely used reputed forex trading platform, which was introduced ten years back. It analyzes financial markets with the help of expert advisors. It is especially for forex trading. Until Meta Trader 4 was introduced, there was no third party forex platform. Before complete acceptances of Meta trader, all the brokers had their platforms, which were not as correct as Meta trader.
Meta trader is not a broker; instead, it is only a platform that provides services to the brokers. They have gained their reliability and trust in these years, a significant number of traders want to have Meta Trader 4 in the broker account. As a result, brokers were forced to add MT4 in their platform list. Brokers are also getting benefits as they integrate with the best forex platform.
Most importantly, Meta Trader has some unique features, which makes it famous as the best forex platform. These include:
- Trade with one click
- More 50 indicators for your research
- Advice from the experts
- Multi charting feature
- Feature for limit orders
- Nine separate time frame for the traders
- Analytical functions with 23 analytical objects
- Copy-trading feature
- Built-in market
- Algorithmic trading opportunity
- Mobile trading apps
All these features bring tremendous opportunities together for forex trading. Let’s find the core benefits of using Meta Trader 4.
Meta Trader 4 Pros
It is one of the stable forex trading platforms, which also provides powerful mobile apps for all operating systems. So, you can trade anytime, anywhere. Its user-friendly interface with easy to use feature makes a perfect platform for a novice. It also has downloadable software along with web trading features.
Meta Trader 4 Cons
If you remember, we said earlier that none of the forex trading platforms are perfect. MT4 has some opposing sides too. However, brokers are also responsible for those cons. Some brokers may sometimes offer wider spreads on MT4, while they provide smaller spreads in their main forex trading platform. Additionally, some brokers may find it a bit slower because of their operating system or lower RAM.
Meta Trader 5
Like the Meta Trader 4, MT5 is also a forex trading platform. However, it also includes stocks and futures, which makes it a multi-asset platform. Apart from the additional features, Meta Trader 5 is quite similar to Meta Trader 4. Additionally, MT5 does not offer any revolutionary performances than MT4.
Meta Trader 5 offers some additional features. However, those are not entirely helpful for forex. Still, let’s look at those
- Professional technical analysis for the users
- Fundamental research for forex, exchange, and futures markets.
- C++ based MQL5 programming language for sophisticated indicators
- Tester to test a trading strategy
- Multi-asset platform
Meta Trader 5 Pros
For the forex traders, MT4 and MT5 are quite similar. However, it offers some distinct advantages too that are not available in MT4.
It offers 21-time frames for the traders, which includes minute charts, hourly charts, daily, weekly and monthly charts. Besides, 6 types of pending order lists are also included. On MT5, traders can switch between netting and hedging. Its depth of market feature shows bids and offers at different prices.
Meta Trader 5 Cons
It may have some bugs as they coded from scratch. However, they are improving continuously.
However, all the good stuff in MT5 outweighs the cons and makes it one of the best forex trading platform.
It is a London based company, which is another forex trading platform join in the competition with Meta traders. It is specially made for the ECN brokers as if offers custom designs for brokers. However, it is not widely available for all the brokers. Traders are still getting used to it. Although it is similar to the Meta trader, it does offer some different features. Those features are-
- Showing trading sessions according to the market hours.
- Proxy connection setting
- Depth of Market for ECN brokers
As a beginner, cTrader has quite an excellent user-friendly interface along with easy to use features. After the execution of a trader, it allows charting for the prospective traders. Additionally, pending orders are also available to display on the charts. The charting tool is also easy to understand for any traders.
It offers limited auto-trading capabilities, which is not useful for the new traders. Besides, cTrader doesn’t provide customization of indicators. It is mainly a web-based forex trading platform. However, only android and iOS users can download an app.
It has been a few years that, ActTrader was introduced for forex trading. However, it already gained some traders’ trust as it has easy and reliable chart analysis features. Besides, moving from one screen to another is also a relatively new and easy feature. So, it comes to hand while using multiple screens, which also saves workspaces. It is available in numerous languages, and also the apps are available for phones and tablets. Some features are-
- Easy navigation
- Simple order pacing with quick response time
- Easy account tracking
ActTrader is not old enough to test by a significant number of users. So, the disadvantages are not much visible yet as they work with very few brokers. However, it is hard to find high quality regulated brokers all over the world with ActTrader.
Currenex is a third-party online forex trading software vendor, which provides service to the forex brokers. It doesn’t have any direct relationship with any liquidity providers or even brokers. However, pricing could be different from broker top broker as Currenex doesn’t deal with the banks.
It was founded in 2003 but started the operation in 2004. It offers forex, stock, and futures markets. Besides, it offers automated strategy with advance charting along with trade simulation. On the other hand, NinjaTrader is not free. A trader has to purchase the license.
Furthermore, they are just a forex trading platform and don’t provide market data. So, on this platform, a trader will have to connect their platform with third-party market data providers such as Kinetick or Google Finance.
We will recommend eSignal for the advanced traders, who are a fan of fully customizable features. Additionally, users can create their trading strategies. It offers some advanced drawing tools and can view 500 symbols at once. However, users have to pay a monthly or annual fee.
As you can understand, there are multiple things to consider while choosing the best forex trading platform for both newbie and expert traders. However, Meta Trader 4 and Meta Trader 5 continue to be the top choice as the best forex platform for the traders as it is available for free with numerous excellent features.
As a trader, you can easily choose any of the forex trading platforms we have mentioned in this article. Besides, you can also select the platform offered by your broker test basis and go for the one you become comfortable with.