Best Forex Trading Platforms 2020

Here you will find our best forex trading platforms in 2020, based on thousands of hours of extensive research, testing and analysis across hundreds of forex trading platforms. Upon conclusion of each of our forex broker reviews, the trading brokers team has assigned each forex platform with a rating, and displayed our best forex trading platforms on this page. Some of the most important factors that contribute towards a good forex platform have been considered including the features, FX currency pairs, tools, fees, speeds, ease of use, tutorials, customer service and more. Having the best forex trading platforms based on our findings listed in one place can help online traders save time when looking for the best forex platforms according to their individual forex trading needs.

Top 3 Forex Trading Platforms 2020

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ASIC, FCA

Min $200 Deposit

2010

1:500

Review Open Account Open Account
Terms & conditions apply
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."
2.

ASIC, CySEC, FCA, IFSC

Min $5 Deposit

2009

1:880

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3.

ASIC, BVI, CBI, FFAJ, FSA, FSCA

Min $100 Deposit

2006

1:400

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Each of our chosen best forex trading platforms have undergone and passed our stringent forex broker reviews with flying colours, based on what the trading brokers team consider to be amongst the most important considerations. These forex trading platforms are under strict regulation from some of the most respectable regulatory authorities and are well-established within the forex brokerage industry, providing top forex platforms to forex traders across the globe.

1. Pepperstone

Pepperstone is one of our best forex trading platforms for 2020. They offer a wide range of trading instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs and ETFs, all across powerful online trading platforms that are suitable for traders of all experience levels.

They offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) forex trading platforms along with the advanced cTrader platform. These user-friendly forex platforms can be used on desktop and mobile devices for trading whilst on the go. Each of the forex trading platforms have an abundance of built in tools for conducting detailed chart analysis to find potential trading opportunities.

Best Forex Trading Platforms: Pepperstone Review

Best Forex Trading Platforms: Pepperstone Review

In addition to providing you with free easy to use forex trading platforms, Pepperstone also offers low cost forex trading, tight spreads and fast trade execution speeds. They are regulated by top regulatory authorities and have an award-winning customer service team. These factors amongst many others make them one of our best forex trading platforms. You can read our full Pepperstone Review to find out more.

Pepperstone Pros/Cons
Pros Cons
Wide range of trading instruments No US clients
MetaTrader & cTrader platforms No fixed spread accounts
Tight spreads & low fees $200 minimum deposit
Ultra-low latency execution speeds
Deep liquidity pool
No dealing desk
Strict regulation

Pepperstone is one of the largest trading brokers providing traders worldwide access to trade across all markets with cutting edge technology, low cost spreads, low-latency high speed execution and award-winning customer service.

Terms & conditions apply
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."

2. XM Group

XM Group easily make it as one of our choices for best forex trading platform. They offer traders across the globe a large range of trading instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies and CFDs.

All of the instruments that they offer can be traded from one online trading account on an impressive selection of 16 variations of the popular MetaTrader 4/5 trading platforms, available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). There is a forex platform to suit all types and experience levels of trader. The platforms can be used on desktop, web and mobile devices (iOS and Android).

Best Forex Trading Platforms: XM Group Review

Best Forex Trading Platforms: XM Group Review

XM Group clients also gain free access to proprietary forex trading tools that enhance the already powerful MetaTrader 4/5 trading platforms. These tools can help to quickly and easily perform technical analysis across multiple markets to identify possible trading opportunities.

They have won multiple awards for their forex trading platforms. The platforms have a no-requote policy, tight spreads, fast execution speeds and competitive fees. Traders have peace of mind as XM Group are regulated by some of the most respected regulatory authorities and offer negative balance protection to eligible clients.

Find out more about why we consider XM Group to be one of the top forex trading platforms for online trading by reading our detailed XM Group Review.

XM Group Pros/Cons
Pros Cons
Strict regulation by respected regulators No US clients
Range of trading instruments across mutliple asset classes No fixed spread accounts
16 variations of MetaTrader 4/5 trading platforms
Proprietary trading tools
Good execution speeds with a no-requotes policy
Tight spreads & low fees
Multiple funding options
Min $5 deposit

XM Group is a multi-award winning globally established and regulated trading broker with over 2.5m clients from 196 countries offering no-requotes, low spreads, fast execution and negative balance protection.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. AvaTrade

AvaTrade are one of our top forex trading platforms as they offer more than 250+ trading instruments across multiple markets and user-friendly trading platforms. They are one of the world’s largest forex brokers in terms of volume with some of the best forex trading conditions available to forex traders around the globe. This includes low fees and good execution speeds.

They are also regulated in an impressive 6 jurisdictions including Europe, Australia and South Africa. Their regulatory licenses span over 5 continents. Client funds are held in segregated accounts away from the company’s funds which gives added security.

Best Forex Trading Platforms: AvaTrade Review

Best Forex Trading Platforms: AvaTrade Review

AvaTrade provide forex traders of all experience levels with a choice of free forex trading platforms that can be used on multiple devices including desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). These forex platforms have a wide range of trading tools and indicators for a convenient and efficient online forex trading experience.

The forex trading platforms are MetaTrader 4 (MT4), AvaTradeGO, AvaOptions, DupliTrade and ZuluTrade. Beginners may prefer the ease of use of MetaTrader 4 whilst those who want to trade whilst on the go may need the convenience of the AvaTradeGO app to trade the forex markets from anywhere in the world at any time. AvaTrade also provide clients with a selection of copy trading platforms so that they can copy other traders, these are DupliTrade and ZuluTrade.

Founded in 2006, AvaTrade are still one of the most popular forex trading platforms available to online traders and continue to innovate their trading services. You can read our full AvaTrade Review to find out more.

AvaTrade Pros/Cons
Pros Cons
250+ trading instruments No US clients
Flexible trading platforms for multiple devices No variable spread accounts
Free trading tools & indicators Min $100 deposit
Regulation in 6 jurisdictions
Educational resources provided

AvaTrade is an award-winning trading broker with regulation in 6 jurisdictions offering 250+ trading instruments across multiple markets and trading platforms.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

How did Trading Brokers choose our best forex trading platforms?

Following on from our best forex trading platforms of 2020, we will now look at what trading platforms are used for and some of the most important factors to consider when looking for a reliable forex trading platform.

What is a forex trading platform?

An online forex trading platform allows traders to access different global markets for speculating on the price movements of various trading instruments. This can include Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, ETFs and CFDs.

Best Forex Trading Platforms: Desktop, Web & Mobile Trading

Best Forex Trading Platforms: Desktop, Web & Mobile Trading

In the past, forex investors and traders would have had to go through an offline foreign exchange broker which meant that the markets were less accessible than they are today. As technology has improved over the years, there are now many online forex brokerages to choose from. Anyone aspiring to be a successful trader can open a forex trading account with a forex brokerage and gain access to the brokers trading platforms to trade forex from anywhere in the world with an internet connection. Most forex brokers provide these platforms free of charge and for use on desktop and mobile devices.

Best Forex Trading Platforms: MetaTrader

Best Forex Trading Platforms: MetaTrader

Through a forex trading platform, you can view real time bid/ask prices of various currency pairs and load charts that show the historical and current prices of these currencies over multiple timeframes ranging from tick to yearly charts. You can add technical indicators to these charts to help identify potential trending and ranging market conditions. These indicators can provide forex trading signals and are often used as part of a forex trading strategy that involves technical, fundamental, sentiment and price action analysis. When you find a suitable trading opportunity, you can execute, manage and close your buy or sell position directly through the forex trading platform.

What makes a good forex trading platform?

Forex trading platform regulation

When you choose a forex trading platform it is very important to ensure that the forex brokerage providing the platform is regulated by a respected government authority. The most respected regulatory authorities to look for include the Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the United Kingdom.

Investors have more protection when using a regulated forex broker as they have to conduct business according to strict rules and regulations put in place to protect forex investors. If a broker claims to be regulated, you can verify this by checking the broker’s license number with the relevant authorities to ensure the regulation is legitimate and up to date.

Forex trading platform instruments

Each forex broker will offer a range of different markets and trading instruments to trade via their online trading platforms. If you wish to trade a particular asset class such as forex, stocks, cryptos, etc, you should check whether the broker offers that market through its platforms. It may also be wise to consider if you plan to diversify your investment portfolio in the future. If so, the more trading products and markets offered by the broker, the easier it could be to expand your portfolio when the time is right.

You will want to check that the forex broker offers a good range of forex currency pairs for trading, this will include major currency pairs such as the EURUSD and GBPUSD, minor currency pairs such as the EURGBP and EURAUD, exotic currency pairs such as the EURTRY and USDDKK. The more currency pairs available, the greater your options will be.

Forex trading platform tools

All forex trading platforms come with a range of free built in trading tools to assist with your forex trading, helping to improve overall efficiency and performance. These can include technical indicators for analysing charts such as a moving average, MACD, Bollinger Bands, RSI, CCI and many more.

Some forex platforms offer fundamental analysis tools such as built in economic calendars to efficiently keep track of the latest forex news releases. They may also have trading calculators to help with planning your trades. The more advanced platforms will have depth of market (DOM) with level 2 pricing and sentiment tools that show how many traders are buying/selling a particular currency pair.

If you require a specific set of trading tools or would like access to as many as possible, you should check what forex trading platforms the broker offers along with the trading tools included. Some trading tools are stand alone and thus will not be incorporated into the platforms but can still be very useful.

Forex trading platform fees

Most forex brokers will provide traders with free forex trading platforms although there are some who charge monthly and volume-based fees, usually for specialised trading platforms that have specific features a professional forex investor may need. That being said, the free platforms will most likely be sufficient enough for the average retail trader.

Forex trading platform commissions

In addition to potential fees for gaining access to the brokers trading platforms, you should consider other online forex trading costs. Most forex brokerages will charge a commission for placing trades in addition to the spread and overnight swap fee. These costs can vary significantly from broker to broker so it is important to consider the overall costs you will incur and the affect that will have on your money management.

Forex trading platform spreads

The spread is the difference between the buy and sell (bid/ask) price which can vary depending on the volume of liquidity and quality of liquidity providers that a forex broker has. Some brokers offer fixed and variable spread accounts, some will offer commission free accounts but instead mark up the spread to make up for this. In general, the more liquidity that the broker has, the tighter the spreads can be. It is important to account for the spread when planning your forex trading strategy, especially if you are planning on using scalping strategy.

Forex trading platform swaps

If you hold a position with your online forex broker overnight then you will probably need to pay a swap fee. This is an interest fee for the procedure of moving open positions from one day to another, also known as the rollover. This is another cost to factor in to your money management planning. Some brokers offer swap free Islamic trading accounts that conform with Sharia law which allows Muslims to engage in online trading through their forex platforms.

Other forex trading platform fees

Along with trading platform, spread, commission and swap fees, most forex brokers will charge additional fees that should be checked and clearly understood. Other fees that are worth considering include withdrawal and inactivity fees.

Forex trading platform usability

If you are already familiar with a specific forex trading platform then it could be a good idea to choose a forex broker that offers that platform. However, if you have yet to use a trading platform then it may be a good idea to start with a broker that offers a user-friendly forex trading platform which has plenty of tutorials available to help you learn how to trade online. The MetaTrader 4 (MT4) platform is often considered as one of the most intuitive and easy to use forex trading platforms which makes it a popular choice amongst new forex traders across the globe.

Forex trading platform leverage

Nearly all online brokers offer leveraged forex trading via their platforms. Leverage basically means that you can open a position larger than you could without it. If for example you had leverage of 1:50 and a trading account balance of $1,000, you could effectively open a position size of $50,000 (1,000 x 50 = 50,000). Although leverage can increase profit potential, it also increases trading risk and thus, can lead to large losses. It is imperative that you have a thorough understanding of leverage and the significant risks involved before you start trading online. Check the broker offers a leverage that you require via your preferred forex trading platform.

Forex trading platform education

Some brokers also provide traders with educational resources such as videos and trading guides to help them improve their forex trading knowledge and skills. They may include detailed tutorials on how to use trading platforms which could be helpful for those who are new to online trading and need help to familiarise themselves with the different platforms available to them.

Forex trading platform minimum requirements

You will need to make sure that the forex trading platform will run on your computer, VPS or mobile device by checking the specification requirements. Each forex broker trading platform will have a minimum deposit requirement which is worth considering.

Forex trading platform funding

Each online forex broker will offer different options for making deposits and withdrawals to and from the trading platform. Most brokers accept bank wire transfers and credit/debit cards but some traders prefer online payment processors such as Skrill, PayPal, Neteller, etc. Ensure that the trading platform supports your preferred method for funding your forex account.

Forex trading platform customer service

If you have an issue with your trading platform that you need help with, it is important that the forex broker has a prompt and efficient customer service team. Online chat is often the quickest way to speak with someone whilst other options include telephone and email. The more hours the forex brokerage support team is available, the better. Some run 24/5 whilst others are available 24/7. You should also consider the brokers office locations as they may be in a different time zone to you which could affect the response time. Check that the broker has a method of contacting support that is most convenient for you and available in your language.

How to start trading forex online?

Now that you have had a brief overview of what forex trading platforms are and what to look for, you may be considering opening a forex trading account with an online broker to gain access to their trading platforms. This can be a quick and easy process that requires completing an online registration form. Simply choose a forex trading broker, follow the account opening process and you will be able to start trading forex online through one of their trading platforms. You may refer to our guides on how to choose a forex broker and how to open a forex account if you would like to learn more.

Need help choosing from the best forex trading platforms in 2020?

If you are still unsure which is the best forex trading platform for you then you can use our free online broker comparison tool to quickly compare forex brokers based on trading platforms, trading instruments, minimum deposit, regulations, leverage, funding options and more. You can also read our broker reviews and choose from our best brokers that we have conveniently categorised into the best online brokers, best forex brokers, best stock brokers, best CFD brokers, best crypto brokers, best trading platforms, best social trading platforms and best trading apps. If you would like to look for the best trading brokers in a particular country, we have pages dedicated to our best forex brokers USA, best forex brokers UK, best forex brokers Australia, best forex brokers South Africa and best forex brokers Canada. There are also pages for our best stock brokers USA, best stock brokers UK, best stock brokers Australia, best stock brokers South Africa and best stock brokers Canada.