Forex Trading Software Platforms
When it comes to Forex trading platforms there are many different types as each broker builds theirs on a specific software. This allows them to choose functionality, layout and the features that their website will offer. Understanding a Forex platform and how it works is not easy. Many of you will base your decision on how it looks and feels but, like a car, you need to know what is under the bonnet.
What powers these platforms and what differentiates them? Why can one offer something that another can't? As you get more familiar with trading you may start to get a better understanding of each one is capable of. From the outset when choosing a broker this can be a difficult task especially if you are new to trading.
So how do you choose the best Forex trading platform? What do you need to look out for and what should you avoid? To help you understand which ones offers the best trading experiences we do the hard work for you. Our job is to research and review the various Forex brokers so that we can present you with the top rated examples.
How do you establish which is the best platform for trading? In this guide you will discover:
- The different types of trading platforms that exist when it comes to Forex
- How to choose the best platform for your trading style and personality
- How we rate and review each of the individual brokers and show you the best
Our Top Recommended Websites
Min. Trade: đóá 66
*Leverage Rate: 92.76%
Min. Trade: đóá 66
*Leverage Rate: 91.48%
Min. Trade: đóá 66
*Leverage Rate: 89.72%
Different Platform Types
To begin with, it is important to understand the fundamental differences and why the platforms are so different and what we mean by different platform types. Firstly, there are two types of Forex currency trading software. There is the generic type that a Forex broker uses to build a platform on. This is often used by many Forex brokers and is simpler, more cost effective and easier to maintain. Then there is the proprietary software which is unique to the developer and developed by their own team of specialists.
- MetaTrader 4 and 5 for web - This software has some limitations but is widely regarded in the industry as perhaps the best Forex software. The developer can make slight tweaks to make it suitable for their platform in appearance but the functionality remains the same
- MetaTrader for mobile - Follows the same principle as the web based platform but MetaTrader for mobile allows the broker to offer an app for phones, tablets and both iOS and Android
- Proprietary software - For brokers that prefer more independence and choice, they will design their own proprietary software, giving them full control of what it does and allowing them to make changes as and when necessary. Check it provides all the basic elements of Forex trading and more
As traders, it can be difficult to know which of these platforms will best suit your trading requirements until you try them. Using a no deposit bonus or a demo platform will allow you to test them for yourself before you make the decision.
How to Choose a Platform
There will be many factors that come into play when it comes to deciding which platform to choose. For some the most important factor is ease of use, functionality, navigation and mobile compatibility. If these boxes aren't ticked then the broker will struggle to attract users. Of course there are so many other things to consider. How many currency pairs can you trade in for a start? With some companies there are limitations as to how many pairs you can trade on.
When it comes to choosing a very useful feature is a demo. A demo platform or demo account means that you can practice on or test the software before you start live trading. Then there is cost. What is the deposit required and the minimum trade amount? Are withdrawals and deposits straight forward? So many questions that need to be answered. When the broker uses a popular software like Meta Trader 4 then you will see a lot of similarities between the various brokers.
Now of course as you become more experienced with trading then there will be more features that you become interested in. Charts and data are important to many traders. The way the charts and graphics are displayed and how useful the information is depends on the platform. When you become more familiar with Forex trading you will start to recognise the key differences in the platforms.
Forex Trading Platform 2018
Acting as a conduit between a trader and broker the forex trading platform is the most important software of any forex broker. MetaTrader 4 and cTrader are the two most popular foreign exchange and cfd trading platforms with advanced charting, real-time quotes, free demo accounts and automated trading.
View the leading forex brokers below offering the best trading platforms below.
- ?Speed of Execution?
- ?MetaTrader Supported?
- ?Does Platform Offer An Electronic Communications Network (ECN)?
- ?Cuts out a dealing desk?
- ?Compatible Devices
- ?Spread Fee – AUD/USD
- ?Number Of Currency Pairs Offered
- ?Minimum Deposit
- ?Regulated In
- ?Payment Methods
- ?Promotional Bonus
- From 0.1 Pips
from 169 reviews
- Qantas Sign up Bonus (10 QFF Points Per $1 Deposited)
- Visit Website
- From 0.0 Pips
from 78 reviews
- Visit Website
- From 0.6 Pips
from 223 reviews
- Visit Website
- From 2 Pips
from 219 reviews
- Visit Website
- Fixed – 1.8 Pips
from 17 reviews
- 20% First Deposit For Non EU-Clients
- Visit Website
Pepperstone Has The Best Forex Trading Platform
A forex trading platforms comparison on 30/07/2018 found Pepperstone was the best forex broker offering:
- The 7 best trading platforms on offer including MetaTrader 4
- The fastest execution speeds
- A raw Electronic Communications Network (ECN) guaranteeing faster settlement and more accurate prices.
- Spreads from just 0.1 Pips, the most competitive in the market place.
- Metal and currency (70) trading facilities.
Forex Platform Guides
Australia Platform Guides
Learn about the components to consider when choosing a platform for forex trading.
Australia Currency Trading
Learn of the benefit and risks of currency trading and how brokers impact forex trading.
Forex Trading Strategy
View the most popular currency strategies that Australia forex traders make on the market.
5 Reasons To Choose Pepperstone
1) Pepperstone Offers The Most Popular Forex Platforms
Pepperstone are the only Australian forex broker to offer 7 platforms including MetaTrader 4 and cTrader, the two most popular trading platform worldwide.
In addition to the choice of the best forex trading platform, Pepperstone also offers the EDGE environment allowing clients direct Electronic Communication Network (ECN) trading via the most popular trading platform (Metatrader 4). This is up to 12 times faster than competitor platforms, delivers optimal pricing and enhanced connectivity through the ECN producing tighter spreads.
2) Pepperstone Offers The Fastest Execution Speeds
In addition to the 12x execution speeds mentioned earlier a further 10x reduction in latency has been achieved through fibre optical connections to interbank servers in New York City. The company also introduced one click foreign exchange trading not too long ago. This is an incredible feature to have in today’s volatile currency markets where every single second counts; making or breaking a trade.
With Pepperstone’s best forex trading platform you can be certain that all trades are settled electronically and directly from bank servers. Unlike some of Pepperstone’s competitors, no part of the trading process is manual or involves a dealing desk. In our Pepperstone review we found incredible pricing efficiency when trading thanks to their ECN venues and banking systems. This pricing accuracy minimises slippage and ensures retail traders are not losing precious capital unnecessarily.
3) Pepperstone Has Award Winning Customer Service
Pepperstone is regulated in Australia which means all staff meet minimum training standards set by the regulator. They bring a personalised service experience for traders from the moment you join with the call centre open 24 hours, five day a week to ensue they are online during worldwide currency trading hours.
The staff can assist currency traders with the most popular forex trading strategies which are possible through the fx broker due to the fast execution speeds. There are also advanced features that are allowed from scalping to EAs through the platform unlike many other Australian brokers which don’t allow for these features.
4) Pepperstone Offers ECN Forex Broker Spreads & Fees
Pepperstone spreads are most competitive in the industry. Traders looking to scout out the best forex trading platforms should factor this into their calculations before making a final decision on which company to proceed with. Pepperstone is able to offer clients some of the tightest spreads available in the world due to their access to tier 1 liquidity from some of the largest banks in the world.
Pepperstone also offer industry-leading spreads on 50+ other currency pairs so you can be certain you are selecting not only a solid currency trading platform but also a top fx broker.
5) Pepperstone Offers High Leverage For Traders
Pepperstone offers leveraged trading of 500:1 which is one of the highest levels on offer in the industry.
It should be noted that internationally, any leveraged trading exceeding 200:1 is considered high and should be only considered by advanced Australian forex traders. Pepperstone offers forex traders to choose the level of leverage that suits their level of risk appetite and experience. This occurs when they look for the best foreign exchange trading platform for their needs. In July 2018 only ThinkMarkets, CMC & IC Markets matched Pepperstone’s leveraged trading ratio with 500:1. When trading forex markets at such levels its critical to understand the risks involved with currency trading.
At Compare Forex Brokers we review the top forex brokers with the Australian trader in mind. Therefore, Australian regulation is one of the first things we look for in a reputable foreign exchange trading provider. After completing our Pepperstone review, we came to the conclusion that traders can trade currency with confidence with Pepperstone knowing they are stringently regulated and certified under strict Australian law.
iPhone & Android Compatibility
MetaTrader 4 that Pepperstone offers currency traders with app versions for the iPhone, Android and iPad/Tablet. There is also a webtrader which means you can trade on any computer without the need to download software which is great for those travelling interstate of overseas. cTrader also has a WebTrader and mobile version allowing cross-platform CFDs and foreign exchange trading.
Pepperstone has the most comprehensive range of payment methods with most offering instant funding options to start trading faster. The newest addition is Paypal which is one of the worlds most popular and secure payment platforms. Below shows the range of payment options for the forex online broker.
List Of Forex Trading Platforms
View the top forex trading platforms based on popularity, usability executions speeds, features and more are displayed below. For a full list of forex trading platforms we will be making a new page in 2018.
Which Forex Trading Platform Is The Best?
It’s critical to understand that the top forex trading platforms by popularity are MetaTrader 4 and cTrader due to the number of international and Australian forex brokers that offer it. You may feel that the top forex trading platform is IG, EasyMarkets etc but this makes is more difficult down the track to switch currency brokers. As a rule of thumb, when deciding which forex trading is the best, you should consider the popularity of the platform as a long-term consideration.
Recommended Forex Trading Platform For Beginner Forex Trading
The EasyMarkets platform is recommended for beginner forex online traders based on the ability to:
- Undo trades within 60 minutes through Deal Cancellation
- Implement free guaranteed stop loss orders to avoid slippage
- Trade knowing the fees with fixed spreads applied to trades
- Keep a demo version for an unlimited time-frame
Recommended Foreign Exchange Platform For Advanced Forex Trading
MetaTrader 4 is the most popular forex trading platform and recommended for advanced/expert traders based on the:
- Execution speeds especially when integrated with servers such those Pepperstone uses
- Ease of use with ‘one click’ trading to speed up the time taken to make quick trades
- The ability to use Expert Advisor to automate their trading based on fixed strategies
- Trading Signals, mobile trading and market integration to enhance currency trading.
What Is The Best Automated Forex Trading Platforms?
cTrader by Spotwear offers CAlgo integration which combine to offer seamless trading from manual to automated trading. The retail forex platform share accounts as well as templates making it easy to access either when trading. The powerful trading platform also allows foreign exchange trading features including:
- Detachable Charts
- Templates that can be saved and shared between cTrader and cAlgo
- Custom indicators that can be uses in manual or automated trading
- Level II Pricing allowing full market depth from the leading liquidity providers
- Automated Trading orders filled through ‘Volume Weights Average Price’
The latency and features are what led to this automated forex trading platforms recommendation.
Recommended Combined Online Financial Trading Platform
IG’s platform is recommended Australia traders for those looking for an ‘all-in-one’ foreign exchange trading platform with options to:
- Trade Shares
- CFDs & Forex Online Trading
- Indices Trading
- Bitcoin and Binary Trading
- EFTs & Commodities
Best Forex Trading Platform For Mac Users
MetaTrader 4 (MT4) is widely considered the best forex trading platform for Mac as you can read in our full Mac review with the following features:
- No requirement for a windows emulator
- Pre-installed forex indicators
- Fast latency speed
- A plethora of order types
- Pre-installed indicators
Best Forex Brokers For Forex Trading
The best forex brokers for foreign exchange (online forex trading) are:
How We Chose The Best Forex Brokers
The stars above came from ten criteria that all forex traders should consider when currency trading:
- Spreads And Fees: There are two main fees charged when forex trading. Spreads are the difference between currency pairings (the margin between the ‘buy’ and ‘sell’ while commissions are a set rate charge based on the volume of funds traded. Some accounts are a mix of these while others only charge a spread. These costs add-up when currency trading so it’s important to compare these fees prior to choosing a forex broker.
- Forex Trading Platform: There are generic forex trading platforms such as MetaTrader and cTrader which are offered by a plethora of forex brokers. These are the most popular fx trading platforms making it easy to change forex brokers with minimal disruption and share insights with other currency traders. Other fx brokers have their own platform which can have unique features to enhance online trading.
- Advanced Trading Tools: Most forex brokers offer enhancements to existing platforms allows for improved charting, sentiment indicators, alarm managers to enhanced automated trading. These tools can provider greater insights into currency markets or make placing and closing an order easier.
- Execution Speeds: Speed is everything when currency trading. The best forex trading platforms allow for ‘one-click’ trading but often a forex broker’s infrastructure can lead to trading delays. Delays can lead the price to be realised to differ from the price quoted known as slippage. Ensuring the forex broker has the right setup to maximise execution speeds can be critical in turbulent markets such as during rate decisions.
- Leverage: Currency markets and CFDs traditionally move by small amounts daily. To make it worthwhile to trade currency leverage is offered by all forex brokers to amplify these movements. Higher leverage can be critical for advanced forex trading strategies and can differ from 50:1 up to 400:1 so this can be a critical variable used to determined the right forex broker. It should be noted forex traders usually can request a lower leverage.
- Risk Management Tools: Leverage explains above increases the risks of forex trading. For traders with a low risk tolerance of those new to forex trading it’s recommended to consider a foreign exchange broker that offers risk management tools. These can include guaranteed stops, where a maximum loss amount can be locked in. Another is minimum balance protection which guarantees a currency trader losses can’t exceed their deposit.
- Financial Products Traded: All forex brokers offer the major currencies to be traded but there are many currency pairings (exotics) that only a limited number offer. Many online brokers also offer trading of CFDs, indices, commodities and even cryptocurrency such as Bitcoin. Some even include share trading allowing traders to have an all-in-one trading solution rather than multiple brokers and platforms.
- Customer Satisfaction: Customer service varies significantly between forex brokers. While most will have a call centre that is open 24 hours during business days, only some offer services such as livechat. A limited number also offer dedicated account manager which can be useful for those new to currency trading or those that required support for advanced trading systems.
- Minimum Deposit: Different forex brokers have deposit requirements that can range from just $25 up to $10,000. Many online traders don’t want to deposit large quantities so this is an element that can help determine the right currency broker. Funding options can also range between brokers from Paypal, direct deposit to credit cards. Some also charge deposit and withdrawal fees which should be considered.
- Reputation And Regulation: The sad truth about forex trading historically is there have been forex scams. These have almost always been done by overseas forex brokers that are not locally regulated and have a poor reputation. It’s worth viewing review websites such as Trust Pilot prior to selecting an online broker and making sure they are regulated by ASIC.
The Classes Of Foreign Exchange Trading Brokers
1) Web Based Forex Trading Platform
The most basic version available when currency trading are web based forex trading platforms. These platforms don’t require a download, making them ideal for those ‘on the go’ or who trade currency at a workplace. These web based versions rarely have the functionality of the downloaded fx trading platforms and can have latency issues. Customisation options can also be limited.
2) Download Forex Trading Platform For Mac Or PC
PC or mac forex trading platforms are the most popular way to trade forex. Users simply commence a forex trading platform download from their forex broker and install the program. This enables all features and customisation to occur and for the fastest trading experience to be made possible. These downloads also assists with automation and more sophisticated currency strategies.
3) App Based Foreign Exchange Platform
Most CFDs foreign exchange platforms now have apps for Android, Apple and Window portable devices. This makes it easier to use a mobile phone or tablet when access to a computer isn’t available. Often features are limited within these apps but the main trading options can still be implemented. These devices are most commonly used to monitor currency markets or end trades rather then actively trade in the market.
How Compare Forex Brokers Determined The Best Forex Broker
Compare Forex brokers is run by a team of Australians that have operated with CFDs financial service providers for over a decade. To determine them most popular forex trading platform and best forex broker a list of providers and reviews were created leading to the best forex trading platform comparison table above. Many fx brokers were reviewed but didn’t make the table including AVAtrade, FXCM, ThinkMarkets and Forex.com. The key factors that led to these brokers not been included was the forex platform they used, spreads and leverage.
The best forex broker table was updated in July 2018 based on the currency trading Australia provider websites and product adjustments. Currency traders should consider the contents on this site in combination with the most up-to-date content on CFDs providers websites.