What are the top forex platforms and what are the most important requirements they must have? Features, functionality, advantages and reliability: here’s how to choose the best forex platform to trade online safely and to the fullest potential.
Before starting it’s necessary to make a small premise, that’s to clarify the difference between platform and broker.
The broker is the intermediary who legally arranges transactions between a buyer and a seller, who earns by retaining a commission and who undertakes to operate according to the rules and standards required by law, while the platform, physically, is the software we use to access and trade on the forex market.
Each broker can therefore make differing types of platforms available to their traders . There are proprietary platforms , i.e. those created by the broker itself and which are available only at that particular broker, and non-proprietary platforms , i.e. developed by third-party companies and which are then licensed by the broker to be made available to traders.
Forex platforms: the types
Forex platforms are basically divided into three types: stand alone, web based and mobile.
- Stand alone: These are the platforms that must be physically downloaded and installed on your computer like any normal program. They are generally the most used and the most complete that allow you to negotiate in the most professional way.
- Web Based: These are the platforms through which you can trade directly online without having to download anything on your computer. The main advantage of these platforms is clearly flexibility, i.e. the fact that they can operate from any computer with an internet connection.
- Mobile: These are the platforms that allow you to trade through mobile devices or smartphones and tablets
How do you choose the right platform?
The choices available today are varied, but in reality, a better forex platform ever doesn’t exist. Each has different peculiarities and satisfies different needs. However, there are 5 fundamental characteristics that a good trading platform must be able to guarantee, and they are:
- Simplicity and immediacy of use
- Always up-to-date data and complete graphics
- Possibility of customization
- Ability to perform advanced operations
- Assistance in different languages
If you’re an experienced trader, you’ll certainly be able to choose your platform independently, for the others, however, the three best platforms ever to trade in the forex market are: MetaTrader 4 or 5 , cTrader and xStation .
MetaTrader 4 or 5
The MetaTrader 4 allows a level of control and unparalleled flexibility, and is today the most widely used platform in the world for trading on the currency market. It includes 3 execution modes, the possibility of placing market orders and pending orders, stops and trailing stops.
It includes 30 different technical indicators and 23 objects, the ability to view interactive graphs in 9 time frames and the unique ability to integrate the widest variety of extensions and additional applications, robots and technical indicators.
MT4 is the best choice for many investors and not by chance, it’s included in the offer of all the best brokers. For more info on the features of MT4 see the official website here.
The cTrader is another platform offering tools and control at high levels. It has a simpler interface than MT4, but at the same time provides an extremely complete set of tools, charts and features.
It offers the ability to view charts in 26 different time frames to satisfy the needs of different trading styles and methods and facilitate the development of more accurate price projections. it’s available in desktop, web and mobile versions and is generally used by ECN brokers because it is particularly optimized for order execution in STP mode.
For more information on cTrader see the platform’s official website here.
The xStation is the owner of the platform XTB Brokers, and is one of the best and most respected proprietary platforms within the industry. Optimized to be extremely fast, with an execution speed of 85 milliseconds and an extremely intuitive and well organized interface.
It is equipped with all the advanced trading features directly from the charts, statistics, news and risk management tools, additionally, it offers unique tools such as the ability to instantly determine what profit or loss you’ll get counting on the stop loss, the lot size and the limit order, the Trader’s Talk, to instantly know the key news, and the Market Sentiment to see how other investors are positioning themselves within the market.
XStation is a one-of-a-kind platform and is a particularly good selection for all trading styles and experience levels. For more info on xStation see the official page here.
The most trusted forex brokers with the top platforms
Currently, the most reliable brokers that provide the best platforms to operate in the forex market in all the above types (stand alone, web based and mobile) are: XTB, IC MARKETS, PEPPERSTONE, ACTIVTRADES and AVATRADE.
TRADE ON XTB
XTB offers the xStation platform along with one of the best sets of trading conditions, over 48 currency pairs and spreads starting from 0 pips. It doesn’t require a minimum deposit and offers an entire professional training package, with seminars, live lessons and advanced guides, as well as one of the most efficient and competent assistance services that we’ve had the opportunity to test.
XTB is currently among the top brokers in the world for forex and CFDs, and one of the most respected intermediaries in the industry, as well as one of the most recommended choices by Forexbrokeruk.co.uk.
TRADE ON PEPPERSTONE
your capital is at risk
Pepperstone is one of the most appreciated and respected Forex brokers currently in business, specializing within the currency market and suitable for all types of investors, individuals, professionals and institutions.
It offers all the best trading platforms, MetaTrader 4 , MetaTrader 5 and cTrader , available in all versions (desktop, web and mobile), the three most used standards in the world for Forex and CFD trading.
Pepperstone is one of the largest operators in the world for traders who want to invest in the currency market, able to guarantee great execution speed, stability and professionalism, also as very competitive trading conditions that are truly transparent and an environment without conflicts of interest (it is an STP broker). Among the online brokers currently in business, it’s one of the most reliable and competitive to choose to trade with.
TRADE ON ACTIVTRADES
your capital is at risk
ActivTrades offers 3 trading platforms , the popular MetaTrader 4 and the more advanced MetaTrader 5 , which in addition to forex, also allows you to trade on other markets. It also offers the ActivTrader, the broker’s proprietary trading platform, a web platform that can be used directly from the browser without having to download and install anything on your computer.
ActivTrades is one of the most solid and secure brokers, CONSOB regulated and with offices in Milan, offers extremely advantageous trading conditions and enjoys an excellent reputation among both professional and private investors.
If you are looking for a reliable broker with good conditions, ActivTrades is a good choice to consider.
TRADE ON IC MARKETS
your capital is at risk
IC Markets offers three platforms, cTrader , MT4 and MT5, and is another of the largest Forex brokers in the world. It offers very competitive trading conditions, low spreads, and is one of the best choices for intermediate and advanced level investors. The platforms are available in various desktop, web and mobile versions and may be used with differing types of accounts.
IC Markets is a reputable broker with a rich set of Forex platforms, has a minimum deposit of $ 200 and can provide advanced tools and support for even very demanding traders.
TRADE ON AVATRADE
your capital is at risk
Avatrade is another very famous, safe, regulated and reliable large operator, with 8 platforms to choose between including MetaTrader4 . Here, too, web based trading is provided, via smartphone or tablet or from a computer (PC or MAC). All platforms offer a comprehensive set of tools to trade at full potential and in a high-level environment.
Avatrade offers advantageous trading conditions on forex, convenient spreds and various bonuses for both new members and existing customers.