There are a number of trading platforms open to forex traders worldwide. Some of these trading platforms stand out from others, and there are brokers that emerge top of the list for providing such trading platforms. The top brokers get their ranks according to trade execution, forex spreads, customer service, et cetera.
It’s worth noting though that sometimes brokers are graded by country or region; for example, see the best brokers in India 2020 for providing the MT4 platform.
For the MetaTrader 4 (MT4) Category
MetaTrader 4 (MT4) has been here since 2005 and has risen to become the most prominent trading platform on the worldwide forex market with more than 80% market penetration. Financial Magnates Intelligence declared that over fifty percent of retail forex traders patronized the platform in 2018 alone and this, among other accolades for the platform, makes it emerge as the best trading platform. Unfortunately, the MT4 is not available with eToro which offers social trading as an alternative. You can however explore the eToro demo account to see if their social trading platform suits you.
With features such as one-click trading, 9-time frames, multi charts, pending and limit orders, and over fifty indicators, traders find it very easy to use.
On the list of top brokers using the MT4 platform, Pepperstone takes the crown, with its fast execution speed of 30ms, low speeds with spreads (from 0.0 pips), demo account, enhanced trader tools, et cetera.
For the MetaTrader 5 (MT5) Category
The MetaTrader 5 or MT5 brokers platform came on the back of the MT4(which focuses on currency trading) in 2008 to support share CFD trading. The key reason for the new platform was to allow share CFD trading. As an upgrade to the MT4, the MT5 platform’s speed outclasses its predecessor, packs more indicators, 21-time frames, depth of market function, partial order filling policies, and more order options.
IC Markets, with the lowest spreads, low commissions and funding fees, fast ECN trading speed, wide range of CFDs, etc., occupies the top position among brokers providing the MT5 platform.
The third on the list of best trading platforms is cTrader. Among its thrilling features are: strong analytical and graphic objects of 65 and level two pricing, cAlgo (for automated trading), and other wonderful features that make it come out top of the list.
For the best broker providing this platform, FxPro grabs the ribbon, with its low trading costs, fastest execution speed, low spreads, and no dealing desk execution. Check axitrader review to learn more on their trading platform and licence
This proprietary multi-asset trading platform supports all trading needs (but mainly for share dealing). It offers slick trading and analytical tools, an advanced charting package (9 different chart types), 88 indicators, a customizable interface, superb customer service, and drawing tools. Also, a plus for MarketsX, it is listed on the London Stock Exchange (among FTSE 250).
Markets.com is the only broker that provides the MarketsX platform.
Although most of NinjaTrader users are based in North America, the sophisticated software sports custom-friendly charts, concurrent real-time bid/ask data, indicators, pre-configured drawing tools running into a hundred, Market Analyzer (which gives traders a deeper market analysis), and a pre-configured alert system that reads currency market movements and monitors automated strategy programs.
The best broker for this platform is the popular FXCM.
Choosing a platform (and a broker) that best suits you depends largely on your trading goals and lifestyle. So, examine yourself closely, decide to trade with a regulated and licensed company, read more about forex brokers USA and find which of these will best satisfy your needs.