If you’re going to rank the best forex trading platforms, there’s no point in being half-hearted. So here is the ultimate ranking chart of the top five acts you need to have in your sights this year.
They are ranked in order. However, in reality, except eToro, perhaps, any of the forex trading platforms we highlight here could have taken the top spot. And snapping at their heels are many other platforms that are due honorable mentions, such as IG, Saxo, IC Markets, IQ Options, and Tickmill.
We recommend you check out after much fine gap gauging. This is our objective as a possible top-five forex broker. They are an excellent shortlist and starting place should you want to change platforms or choose a forex broker for the first time.
Number One – Plus 500
All forex trading platform reviews will have Plus500 at the top or thereabouts. And for some excellent reasons.
- Trade over 60 currency pairs with up 1:300 leverage
- Advanced trading tools to limit losses and lock in profits
- Free unlimited demo account
- Free charts
- Free real-time forex quotes
- Not open to US residents
Verdict: While they don’t charge dealing fees and rely on market spread for their money, look out for the other fees Plus500 charges, including an overnight funding charge, currency conversion fee, inactivity fee, and guaranteed stop order fee.
Number Two – XTB
As one of the largest forex brokers, the XTB name carries considerable clout. So regardless of whether you are a newbie forex trader or an experienced one, XTB is an excellent choice for fulfilling your trading ambitions.
- Spreads start at 0.1 pips
- Allows micro-lot trading
- Trade 48 currency pairs
- No minimum deposit
- Excellent learning resources
- It does not offer copy or social trading
- Charges a withdrawal fee
Verdict: XTB will always make a great choice as it is rock solid and has a proven track record and reputation. To be applauded for its training resources.
Number Three – eToro
eToro pioneered the idea of social and copy trading and, in the process, stole a march on its competitors. It has captured the lion’s share of the market for new traders by making forex trading as easy as possible.
- The numero uno for social trading
- Easy to use
- Unlimited demo accounts
- The spreads aren’t the best around
Verdict: Though eToro is somewhat unfairly perceived as the preserve of the newbie, it has much to offer advanced traders. It makes a welcome addition to your trading armory. And the possibility to earn extra on your trades by becoming an eToro star trader with your copy trader following.
Number Four – Oanda
Despite being underrated by many, Oanda is always in contention as one of the best trading platforms for forex in 2021. This is because it has a no-fuss approach to forex that’s rather endearing and primarily responsible for its loyal following.
- Trade 38 forex pairs
- ID verification is not required for account opening deposits of less than $9,000
- Impressive 25-year track record as a forex broker
- Well regulated
- Only offers MetaTrader 4
- Focused on forex and offers only a limited number of other assets
Verdict: If you want an essential service and wish to concentrate exclusively on forex, Oanda will likely be the one for you.
Number Five – FXTM
Though placed in the fifth position, FXTM could quickly have occupied the number one place on any other day. At this level in the ultimate forex trading platform ranking stakes, the difference between first and fifth is minute.
- A great all-rounder for forex trading
- Good mix of trading accounts, including demos
- Well regulated
- Good array of educational resources
- Low $10 minimum deposit
- Let down a little by its spreads and fees
Verdict: While its pricing structure is higher than rivals, there is a lot to commend FXTM. It’s forex-centric, has been around for a long time, and is heavily committed to education and training.
Interestingly, Forbes has arrived at a completely different ranking for its reasons and broader criteria.
One that they pitch as the best for beginners is TD Ameritrade. However, it didn’t make it into our ultimate ranking since it is primarily for US citizens. It excels in training new traders with an array of resources to get you up to speed.
Bloomberg, meanwhile, isn’t into promoting rivals since it has its forex trading platform, FXGO, for price takers to execute forex transactions. It is a commission-free platform for pros bundled in when you take out a subscription for a Bloomberg Terminal.
Newsweek is also wary of lending its name to one platform above another. However, recently they popped their head above the parapet with a feature on finding the best forex signals. Even here, they hedged mightily and declined to name names. The closest they have come is to identify MetaTrader 4 and 5 as the best signal providers. This isn’t particularly insightful as almost every forex trading platform offers MT4 and MT5.
Likewise, The Economist has been somewhat light in its coverage of forex trading platforms of late. But perhaps they can be forgiven as the US elections, a global pandemic, Brexit, and a host of other significant events have been dictating news cycles for the past year.
Its last significant look at forex trading dates back to 2019. Then, the feature focused on the burgeoning online forex platforms moving forex into the 21st century and out of the monopolistic hands of financial institutions.
The New York Times has also developed a blind spot for forex trading, with the last mention on its website similarly stretching back to 2019.
While forex trading platforms may not have been in the news much lately, it is safe to say that the events making the headlines undeniably substantially influence foreign exchange trading.
The best way to stay ahead in these uncertain times is via a top-ranking forex trading platform that gives you the resources to analyze and make sense of the money markets.