The Top 10 Best Forex Trading Platforms for 2021
Are you searching for the best forex trading platform to help you grow your wealth? With the widespread popularity of forex trading, choosing the right platform can be overwhelming. However, making the best choice should not be difficult if you know the key features to look for.
In this article, we will take a look at the top 10 best forex trading platforms for 2021. Our comprehensive review will provide an overview of each trading platform's key features, pros, and cons. Stay with us throughout this article, and you'll be able to choose the best forex trading platform for your trading needs.
1. Forex.com
Forex.com is one of the most renowned forex trading platforms in the market. With over 16 years of experience, they have a solid reputation. The platform boasts a broad range of forex trading tools, including charts, trade history, and real-time news.
Key features:
- Over 80 currency pairs to choose from, including minor and exotic currencies.
- Several customer service options such as email, live chat, and phone support.
- MetaTrader4 (MT4) and TradeStation platforms for Windows and Mac OS.
- Access to educational resources for both new and experienced traders.
Pros:
- Fast trade execution times.
- Reliable trading platform with a well-regulated environment.
- High-quality research tools, fundamental analysis, and technical analysis tools.
- Regulated in four jurisdictions, including the U.S., U.K., Canada, and Australia.
- Excellent customer support available 24/7.
Cons:
- Charges a fee for account inactivity.
- The minimum deposit amount is $100.
2. IG Markets
IG Markets is a UK-based forex trading platform with over 17,000 financial markets available, including forex, commodities, and cryptocurrencies.
Key features:
- Access to over 80 currency pairs, including majors, minors, and exotics.
- Access to IG MT4 and ProRealTime platforms.
- A broad range of educational resources, including trading guides and webinars.
- MetaTrader4 (MT4) trading platform for Windows, Mac, and mobile devices.
Pros:
- A wide range of trading tools, including customizable charting tools and the option to automate trades.
- High-quality news and analysis, including market updates.
- Regulated by various regulatory bodies, including the Financial Conduct Authority in the UK.
- Features a demo account that provides a real-time trading experience.
Cons:
- High fees and commissions compared to other platforms.
- The user interface may be overwhelming to new traders.
3. Saxo Bank
Saxo Bank is a fully licensed and regulated Swiss trading platform. It offers highly competitive pricing, a wide range of tradable assets, and unmatched customer service.
Key features:
- A wide range of forex pairs, including minor and exotic currencies.
- Comprehensive research and analysis tools, including fundamental analysis and technical analysis.
- Award-winning trading platforms, including SaxoTraderPRO and SaxoTraderGO.
- Minimum account balance starting at $10,000.
Pros:
- Automated trading options and algorithmic trading tools.
- An excellent trading platform that is highly customizable to meet individual needs.
- Access to extensive educational resources, including seminars, webinars, and video tutorials.
- Highly regulated and licensed in multiple jurisdictions worldwide.
Cons:
- High fees and commissions for frequent traders.
- High minimum deposit of $10,000 compared to other trading platforms.
4. AvaTrade
AvaTrade is one of the leading forex trading platforms, with over 777,000 traders worldwide. They are well-regulated, offering a wide range of forex trading tools and educational resources.
Key features:
- Over 55 currency pairs to choose from, including major, minor, and exotic currencies.
- Competitive pricing and spreads.
- A wide range of trading tools, including MT4 and MT5 platforms.
- Access to educational resources and research tools.
Pros:
- High-quality trading tools that are beneficial for beginners and experienced traders.
- Available in multiple languages and accessible all over the world.
- Top-tier customer support via live chat, email, and phone support.
- Regulated by numerous financial bodies worldwide, including the Central Bank of Ireland.
Cons:
- The high cost of trading for certain markets.
- The overnight fee can be quite high.
5. Pepperstone
Pepperstone is one of the best forex trading platforms for beginners and experienced traders. It offers a user-friendly platform, low fees, and competitive pricing.
Key features:
- Access to over 61 currency pairs, including a wide range of major, minor, and exotic currencies.
- A well-established reputation and excellent customer service.
- Access to both MetaTrader trading platforms and the popular cTrader platform.
- A minimum deposit of $200.
Pros:
- Tight spreads with low fees compared to other trading platforms.
- A comprehensive range of forex trading tools, including automated trading and stop-loss orders.
- Regulated by the Financial Conduct Authority (FCA) in the UK.
- Excellent customer support 24/5.
Cons:
- Limited tradable instruments compared to other forex trading platforms.
- The inactivity fee is quite high.
6. Plus500
Plus500 is a popular forex trading platform that's regulated in numerous jurisdictions globally. It offers a wide range of trading instruments, including forex, commodities, and equities.
Key features:
- Low minimum deposit of $100.
- Over 60 currency pairs to choose from.
- A well-developed mobile platform for both iOS and Android users.
- Excellent customer support and a comprehensive range of research and educational resources.
Pros:
- An easy-to-use platform that's suitable for beginners and experienced traders.
- A wide range of tradable instruments, including commodities, cryptocurrencies, and equities.
- Highly regulated in various jurisdictions.
- Offers a demo account for new traders.
Cons:
- Limited analytical tools.
- The high spread for certain currency pairs.
7. E*TRADE
E*TRADE is a popular trading platform that offers a wide range of investment instruments, including forex. It's a well-regulated platform that caters to both beginner and experienced traders.
Key features:
- Over 80 forex tradable instruments, including major and minor currency pairs.
- A user-friendly platform with a well-developed mobile app.
- Access to research tools and educational resources.
- Excellent customer support available 24/7.
Pros:
- Low maintenance fees compared to other forex trading platforms.
- Fast and reliable data processing.
- A range of account types available to meet individual needs.
- Regulated in the U.S. by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Cons:
- Limited forex trading resources.
- No MetaTrader trading platform offered.
8. OANDA
OANDA is a highly respected forex trading platform that has been in operation for more than two decades. It offers competitive fees, cutting-edge technology, and efficient order execution.
Key features:
- Over 70 currency pairs, including major, minor, and exotic currencies.
- A highly user-friendly platform for both beginner and experienced traders.
- Access to both MT4 and OANDA's trading platform.
- A low minimum deposit of $1.
Pros:
- A well-regulated trading platform with a highly competitive fee structure.
- Fast and reliable execution of trades.
- A comprehensive range of research tools, including autochartist and social trading tools.
- Regulated by numerous financial regulatory authorities worldwide.
Cons:
- No access to equities or index trading.
- The inactivity fee is quite high.
9. Alpari
Alpari is a popular forex trading platform that's regulated and licensed by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.
Key features:
- Over 50 currency pairs to choose from.
- Both MetaTrader 4 and MetaTrader 5 trading platforms available.
- A well-regulated and trustworthy trading platform.
- Comprehensive range of trading tools and educational resources.
Pros:
- A broad range of forex trading tools.
- Low fees compared to other trading platforms.
- Top-tier customer support via live chat, email, and phone support.
- Available in numerous languages and accessible worldwide.
Cons:
- The high minimum deposit of $100 is quite steep.
- Limited tradable instruments compared to other forex trading platforms.
10. XM
XM is a regulated and licensed forex trading platform that's renowned for its reliability, user-friendly interface, and broad range of trading tools.
Key features:
- A wide range of tradable currency pairs, including major, minor, and exotic currencies.
- A well-structured user interface that's easy to navigate.
- Both the MetaTrader 4 and MetaTrader 5 trading platforms available.
- A low minimum deposit of $5.
Pros:
- Fast and reliable execution of trades.
- A comprehensive range of educational resources and article analysis.
- Automated trading options available.
- Highly regulated and licensed in multiple jurisdictions worldwide.
Cons:
- High spreads compared to other trading platforms.
- The inactivity fee can be quite costly.
Conclusion
In conclusion, selecting the best forex trading platform for your trading needs requires consideration of several factors. Key factors to consider are trading tools, research resources, fees and commissions, customer support, regulation, and security measures.
While each of the highlighted trading platforms has unique features and advantages over others, the most suitable platform for your trading needs depends on personal preferences and trading style.
With this review, we hope that you are now in a better position to select the best forex trading platform that matches your trading requirements. Happy trading!