What Platforms Are Used For Forex Trading?

The Foreign exchange market is a global market with many retail and private traders trooping in, hoping to get the best out of the market. In this light, many forex developers have designed different online trading platforms, such as the MTrading forex platform. 

The trading platform you employ may play a crucial role in getting the best outcome in the forex market, which is full of risks. For example, inexperienced traders may adapt better and faster to a trading platform that features copy trading. On the other hand, it may not matter to an advanced trader. 

That said, our team has done thorough research into different trading platforms used by forex traders, which led to this article. Here, we discuss some of the best trading platforms to help you get the best results from trading in the foreign exchange market. 

Let’s get right into it. 

Best Forex Trading Platforms

As mentioned earlier, forex traders use several platforms to trade the market. But you see, each trading platform has an advantage over another. For example, while you can download and use some of these platforms on your mobile devices, which makes trading more convenient, others are for strict use on your PC. 

Let’s take a detailed look at five of the best forex trading platforms. 

MTrading

MTrading is an online trading platform that provides easy access to the financial market. You can start your trading experience with as low as a dollar deposit. This forex trading platform is an excellent choice, especially for novice traders. 

Also, regardless of your experience levels in forex trading, with MTrading, you should be able to get the best outcome from trading in foreign exchange. They offer copy trading, which is beneficial for traders who don’t have enough time to put into necessary research.

Also, it helps inexperienced traders gain from this financial market. This trading platform is excellent for on-the-go traders, as the mobile trading platform provides you with all the necessary tools to succeed in your trades.

They allow you to trade with leverage as high as 1:1000 and offer up to 60 percent revenue shares for IBs and a 200 percent bonus on your deposits. 

Pros

  • CopyTrade program to help improve your trade experience. 
  • Enticing bonus offers. 
  • Easy access to customer support 

Cons

  • No major shortcoming. 

IG

Since the establishment of the IG Group forex broker sometime in 1974, they’ve created easy access to the financial market for all interested forex traders.

It is perhaps one of the best for traders in the US, though they boast thousands of clients across five continents. Trading with IG gives you access to more than 80 currency pairs.

The website is well organized, making it a great online trading platform and navigation easy for traders, even as they place their market orders. In fact, Investopedia ranks IG as the best Forex broker for US traders in 2020. 

IG Trading platform is an excellent choice for those who enjoy CFD trading. They offer top-notch customer service, thanks to their premium research, spread costs, and user-friendly platform, making it an excellent choice for semi-pro and professional traders.

To round off, IG does not offer copy trading. So, you’d have to design your investment strategy without following one set by one guru or another. 

Pros

  • Extensive range of currency pairs 
  • Top-notch education and actionable research

Cons

  • No CopyTrade program

XTB

If you are in search of online forex trading with low rates and commission, then XTB might just be your best bet. This trading platform is an excellent choice for retail traders.

When you trade using the XTB online trading platform, you can be assured of trading at a reduced cost on trade orders. In addition, it offers the maximum leverage at 500:1 for non-UK accounts. 

They provide over 45 currency pairs with more than 2000 major stocks and CFDs from several global exchange markets. Also, the top-notch consumer service is another benefit you stand to gain from trading with XTB.

Traders and investors can contact their support team anytime during the business days. This platform’s major downside is that it does not offer copy trading or downloadable mobile apps for ongoing trading. 

Pros

  • Low spread costs
  • Top-notch customer support via phone calls, emails, and live chat
  • Zero commission trades. 

Cons

  • No mobile apps

Saxo Bank

Saxo Bank is a Danish native bank that offers access to trade in foreign exchanges and provides regular banking services for wholesale customers.

However, inexperienced forex traders and those with smaller accounts may experience certain obstacles while trading on this platform. For example, you must have at least $2,000 before trading on this platform.

That said, It is your best bet for an extensive market variety, especially experienced traders.  This bank allows you access to an extensive market; it boasts over 22,000 stocks with almost 38,000 trading options.

There’s virtually nothing you plan to trade that you won’t access using this platform. More so, trading is at a relatively low rate. Irrespective of whatever you are trading, there’s a charge of 0.0005 percent per transaction. 

Pros

  • Extensive market range. 
  • High-quality research
  • User-friendly platform

Cons

  • A minimum cost of $2000 is required to trade with this platform

Plus500

If you are a novice or a trader that needs quick access to competent assistance and market traders to assist you with your market orders, then the Plus500 might be your best choice. They offer some of the best customer assistance, with 24/7 access via live chat, WhatsApp, or email. 

They do not just offer top-notch customer service; they provide their traders with more than 16 currency pairs, with zero commission on stocks and ETFs. Also, they allow traders to start their accounts with a low $100. You can also enjoy on-the-go trading on their mobile apps, which contains all the essentials for the best trading experience. 

Pros

  • High-quality research and market tools
  • Top-notch assistance is available to traders. 
  • Mobile-friendly and user-friendly trading platform

Cons

  • This platform charges an inactivity fee of $10 for accounts with no activity for about three months.

Conclusion

For the best outcomes of trading the fired market, you may want to go through this well-detailed article. We’ve provided you with each platform’s major pros and cons so you can make simple comparisons to determine the one that suits you best.

Once you’ve decided on the best trading platform that works for your strategy, you can switch to get a better forex trading experience. 

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Ella Marcotte

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Jonathon Spire

Jonathon Spire

Tech Blogger at Jonathon Spire

My diverse background started with my computer science degree, and later progressed to building laptops and accessories. And now, for the last 7 years, I have been a social media marketing specialist and business growth consultant.

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Jonathon Spire

I blog about a range of tech topics.

For the last 7 years I have been a social media marketing specialist and business growth consultant, so I write about those the most.

Full transparency: I do review a lot of services and I try to do it as objectively as possible; I give honest feedback and only promote services I believe truly work (for which I may or may not receive a commission) – if you are a service owner and you think I have made a mistake then please let me know in the comments section.

– Jon