Forex Trading Platforms

By Jeffrey Cammack / Updated: Friday, April 19th, 2019

There are numerous different Forex trading platforms, and selecting which Forex broker to use from a platform-first perspective means we first need to make some stark contrasts between two major types of platforms.  The FX Australia team has years of experience in handling these trading platforms and have thoughts on how best to help traders pick the best platform.

Trading Platforms

The best Forex trading platforms are:

Best MT4 Platform broker: Pepperstone
Best cTrader Platform broker: FxPro
Best Mobile Platform broker: AvaTrade
Best Proprietary Platform broker: eToro

The first significant distinction a trader will need to make is if to use a cross-broker platform or a proprietary trading platform.

A cross-broker platform is one that you will be able to use at several different brokers, and there are a couple of advantages of doing this.  Switching between brokers using the same software is going to be easy.  Using a platform that can move with you between brokers means, should your broker change the trading conditions in a way discourages you from using them, then set up at a new broker is not going to require an overhaul of the software you trade with.  Also, setting up trading software is going to take time to customise, and get each setting perfect and arranged in a way that it is easy for you to use.  If you change broker to one that supports the same platform, you do not need to set aside time to learn new software.

Another advantage of using cross-broker platforms is that there is a large community using them which means there will be a lot of support on hand with general questions, or a developer community that is building addons known as EAs (Expert Advisors) or trading algorithms.

A proprietary trading platform is one that a broker has developed for use by their clients.  Many proprietary trading platforms have won awards for either the speed of execution of trades or for the additional features that have been introduced.  An advantage to using proprietary trading platforms is that they often look better as an investment has been made in the user experience.  While these platforms are great trading tools, the drawback is that if you change broker, you will need to change software too.

Other considerations when researching trading platforms are:

  • Research area:  The trading platform should рrоvіde іnfоrmаtіоn ѕuсh as charts, currency quotes, news feeds and a way of doing technical analysis of the market.
  • Mobile apps:  The trading platform should have a mobile version of the software that is continually synced with the desktop version.  Having the flexibility of the device will be convenient for monitoring open trades or taking advantage of breaking news and opening up new trades.
  • Mac software: If your computer runs on Mac OS this will limit your platforms choices, so it is something to consider.
  • Cost: Few brokers charge for using their proprietary software outright, but some have chosen to charge a fee if trading volume is too low.  This cost will only affect those who plan on trading every once and a while.

Top MetaTrader4 Brokers

MT4 has ѕtrеngthѕ thаt trаdеrѕ appreciate. It is often quoted as being the best Forex trading platform, and it is used by the majority of STP/ECN brokers. In comparison to other platforms, it executes trades fast, supports customisation, and thus helps the trаdеr реrfоrm a numbеr of tasks quickly аnd easily. The strengths of the platform are dоіng charting аnаlуѕіѕ, ассеѕѕіng buіlt-іn іndісаtоrѕ аnd еvеn runnіng оthеr trading mоdеlѕ іnсludіng аutоmаtеd bоtѕ and Expert Advisors (EAs).  Read our full list of MT4 brokers.


Pepperstone Logo

Pepperstone

PepperstoneBest MT4 Broker.  Australian ASIC-Regulated International Broker, Wide Platform Support (Read Pepperstone Review)

Pepperstone is the leading MT4 broker for Australian traders.  With fast trade execution and winner of the Best Forex ECN broker award (UK Forex Awards 2018), Pepperstone has competitive trading conditions and leading customer support.  While we list Pepperstone as the best MT4 broker, their strength lies in the entire product that has seen successful international growth.

Beginner Rating: Good
Regulator:  ASIC
Broker Type:  ECN/STP
Platforms: MT4, MT5, cTrader
Account Types: Demo, Standard, Razor, Swap Free, Active Trader
Minimum Deposit: $200 AUD


XM Logo

XM Global

XM Global – Leading MT4 Broker.  Strong international regulation in the group, and extremely low minimum deposits (Read XM Review)

XM Global is a favourite among beginner traders because of the low minimum deposit requirement, the industry-standard MT4 & MT5 support and strong regulation across the group.  XM Global is a broker targetted at beginner traders who want engaging deposit bonuses and enjoyable extras without compromising the security of account funds or any limitations in the number of CFDs and currency pairs available to trade.

Beginner Rating: Standard
Regulator: ASIC, FCA, CySEC
Broker Type: Market Maker
Platforms: MT4, MT5
Account Types: Demo, Micro, Standard, Zero
Minimum Deposit: $5 AUD


Top cTrader Brokers

FxPro Logo Large

FxPro

FxPro – Best cTrader Broker.  Award-winning international brand and smaller minimum deposits (Read FxPro Review)

For over 15 years, FxPro has been investing in a trade execution platform that would rival the best. This fast trade execution, with cTrader, MT4 & MT5 at the centre of the product, has brought FxPro international acclaim and a continuous flow of awards from the leading shows.  With international regulation from the FCA and CySEC, FxPro has created a sought-after platform with trading conditions that summon experienced and professional traders.

Beginner Rating: Standard
Regulator: FCA, CySEC, FSCA
Broker Type: Pure STP
Platforms: MT4, MT5, cTrader, FxPro Edge
Account Types: Demo, Standard, Premium
Minimum Deposit: $100 AUD


Top Mobile Platform Brokers

Avatrade logo

AvaTrade

AvaTradeBest Mobile Platform Broker.  Regulated by all major players and strong cryptocurrency CFD offering. (Read AvaTrade Review)

AvaTrade is a traditional market maker broker that reinvests the profits from this business model back into the tools and platforms traders use most.  With MT4 as the desktop platform and a custom-built mobile trading app, AvaTrade has strength in trading platforms.

Beginner Rating: Good
Regulator: ASIC, FCA, CySEC, FSCA
Broker Type: Market Maker
Platforms: MT4, Ava Go Proprietary Mobile App
Account Types: Demo, Silver, Gold, Platinum
Minimum Deposit: $100 AUD


Best Forex Brokers by Platform

 

 

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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