60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: April 24, 2024
AuthorAuthor: Chris Cammack

Last Updated On April 24, 2024

Chris Cammack
  • AvaTrade - Best Risk Management Tools
  • Tickmill - Lowest Commission Accounts
  • Spreadex - Best Spread Betting Platform
  • XM - Best Broker for Beginners
  • Pepperstone - Best Range of Trading Platforms
  • XTB - Best Proprietary CFD Trading Platform
  • IC Markets - Best Customer Support
  • IG - Largest Range of Trading Instruments
  • FxPro - Fastest Trade Execution
  • FP Markets - Best Trading Tools

 

Compare Brokers with the best Trading Platforms

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Broker Score
Official Site
Platforms
Proprietary App
Min. Deposit
Cost of Trading
Compare
Official Site
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
MT4, MT5, Avatrade Social, AvaOptions GBP 100USD 9 Visit Broker >
76% of retail CFD accounts lose money
4.58 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
MT4, MT5 GBP 100USD 6 Visit Broker >
71% of retail CFD accounts lose money
4.26 /5
Read Review
Visit Broker >
64% of retail CFD accounts lose money
Spreadex, TradingView USD 0USD 6 Visit Broker >
64% of retail CFD accounts lose money
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
MT4, MT5 GBP 5USD 6 Visit Broker >
75.33% of retail CFD accounts lose money
4.61 /5
Read Review
Visit Broker >
89%74- of retail CFD accounts lose money
MT4, MT5, cTrader, TradingView GBP 0USD 10 Visit Broker >
89%74- of retail CFD accounts lose money
4.39 /5
Read Review
Visit Broker >
78% of retail CFD accounts lose money
xStation5 GBP 0USD 7 Visit Broker >
78% of retail CFD accounts lose money
4.56 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
MT4, MT5, cTrader, TradingView GBP 200USD 8 Visit Broker >
70.81% of retail CFD accounts lose money
4.69 /5
Read Review
Visit Broker >
71% of retail CFD accounts lose money
MT4, L2 Dealer, ProRealTime GBP 0USD 6 Visit Broker >
71% of retail CFD accounts lose money
4.39 /5
Read Review
Visit Broker >
71.58% of retail CFD accounts lose money
MT4, MT5, cTrader, FxProEdge GBP 100USD 14 Visit Broker >
71.58% of retail CFD accounts lose money
4.40 /5
Read Review
Visit Broker >
79% of retail CFD accounts lose money
MT4, MT5, cTrader, IRESS GBP 50USD 7 Visit Broker >
79% of retail CFD accounts lose money

How we chose the best trading platforms

To help you find the right trading platform, we:

  • Chose platforms of brokers that are well-regulated. Strict regulation is essential to ensure that traders are treated fairly. 
  • Selected brokers with platforms that have a simple interface, easy navigation, advanced charting tools, and customisable indicators.
  • Picked reliable platforms. This means fast order execution, low latency, and minimal downtime.
  • Recommended platforms with the best tools available for UK traders. Trading tools such as risk management, economic calendars, market analysis, and educational resources are essential.
  • Chose the most secure trading platforms. This means brokers with two-factor authentication, encryption, and firewalls.
  • We looked into broker accounts, their options and features, to ensure we offered only the platforms with the lowest trading fees. These are the fees we consider reasonable:
    • Minimum deposit of 200 USD or less
    • Average commission-free spread around 0.9 pips, OR:
    • A commission of 7-10 USD and a spread from 0.0 to 0.3 pips.
  • Ensured that the platforms offered a wide range of financial instruments to trade, highlighting which interments were available on which trading platforms.
  • Tested the brokers’ customer service, including whether it was available through the trading platforms, and how responsive and knowledgeable the agents were.

Our Broker Score and Trust Rating

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories:

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features
  • Asset Selection: Forex, stocks, and other available instruments
  • Transactions: Simple and straightforward deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

Learn how we set the standard for broker reviews. Explore our in-depth review process here.


Others Also Visit

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Visit
AvaTrade
4.59 /5
Read Review
Visit
Tickmill
4.58 /5
Read Review
Visit
Spreadex
4.26 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit

AvaTrade – Best Risk Management Tools

Broker Score
4.594.59 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for beginners looking to manage their risk
Range of inhouse apps available on iOS and Android
AvaSocial is an award-winning social trading app

Best for:

Beginners looking for risk management tools and those who want to copy expert traders and learn from their strategies. 

Why do we like it?

We enjoy its user-friendly proprietary AvatradeGO app, available on both Android and iOS. It has an easy-to-use dashboard with trade management tools, clear charts, and a Market Trends feature to monitor trading trends within the AvaTrade community.

Drawbacks

Web Trader, AvaTrade’s proprietary web-based desktop platform, is not customisable, and traders can’t change the size and position of the tabs.  The platform also does not allow traders to set price alerts and notifications. 

Summary

AvaTrade’s single retail account (Standard account) features some of the tightest spreads for a commission-free account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.  AvaTradeGO also features the AvaProtect tool, which provides loss protection for a limited time. Other app highlights include a market trend monitor, zoom function and seamless synchronisation with AvaTrade’s webtrader. MT4 and MT5 have a range of indicators and Expert Advisors and provide free access to the integrated Trading Central dashboard for both platforms.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Poor regulatory oversight outside of the UK and EU
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

Tickmill – Lowest Commission Account 

Broker Score
4.584.58 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for low commission trading 
Supports MT4 and MT5
Advanced trading tools

Best for:

Expert traders looking for advanced trading tools on the MT4 and MT5 trading platforms.  

Why do we like it?

We like that Tickmill offers an Advanced Trader Toolkit, which integrates into the supported platforms, providing advanced trading tools, user-configurable news and information, and trade analysis.

Drawbacks

Tickmill’s MT4 platform is the standard version of MT4, and while numerous upgrades are available, most of them come at a price. 

Summary

Tickmill offers a hybrid execution model with both market-making and straight-through processing. It guarantees an average execution time of 0.20 seconds of trades with no-requotes.

Tickmill has some of the lowest trading costs in the industry. Its commission-free Classic Account has a minimum deposit of 100 USD and spreads of 1.6 pips (EUR/USD), which is slightly above the industry average. But its Pro Account, also with a 100 USD minimum deposit, has spreads of 0 pips (EUR/USD) and a commission of 6 USD, which is low.

Pros
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
Cons
  • Limited base currencies
AlertAccepts UK Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 71% of traders lose money with this provider.

Spreadex – Best Spread Betting Platform

Broker Score
4.264.26 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for spread betting 
Fast trade execution on desktop and mobile
CFD trading and TradingView available

Best for:

Spreadex is for traders familiar with the TradingView platform or for spread betters looking for an intuitive trading experience on a feature-rich and modern in-house trading platform.

Why do we like Spreadex?

Spreadex offers two trading platforms, a single account with a 1 GBP minimum deposit and spreads of 0.6 pips (EUR/USD). It offers over 3000 financial instruments to trade on and has fast trade execution.

Drawbacks:

Traders who are unfamiliar with using the Spreadex trading platform will be disappointed that they cannot practice on a demo account. However, those using TradingView can start with a paper trading account.

Our Verdict

Spreadex recently added TradingView to its trading platform offering, a great addition considering its ease of use and wide range of built-in charting and trading tools. The proprietary Spreadex platform is easy to set up and use. It offers advanced charting tools, fast and fair execution, advanced orders, and both CFD trading and spread betting.

Spreadex has a simple account structure with a 1 GBP minimum deposit requirement and spreads that start at 0.6 pips (EUR/USD)—one of the lowest in the industry. The only drawback of an otherwise excellent all-around offering is the lack of a demo account on the Spreadex trading platform, but traders can paper trade on TradingView.

Pros
  • Tight spreads
  • Low minimum deposit
  • Wide range of assets
Cons
  • Limited demo account
  • No swap-free account option
AlertAccepts Clients from the UK. Average spread on the EUR/USD is 0.60 pips on trading account with the lowest minimum deposit. Max leverage 30:1. Islamic account not available. Spreadex platform and TradingView supported. Spreadex is regulated by FCA.

XM – Best Broker for Beginners

Broker Score
4.454.45 / 5
🏦  Min. DepositGBP 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for beginners looking for top-class copy trading functionality
Supports MT4 and MT5
Comprehensive education material

Best for:

Beginner traders looking to connect with and copy expert traders.

Why do we like it?

We like that the broker matches MT4 and MT5 with various trading tools, including VPS services and a powerful copy trading platform. These features empower traders to make well-informed trading decisions.

Drawbacks

Although XM has a user-friendly in-house mobile app, it only offers desktop and web trading on the MT4 and MT5 trading platforms. 

Summary

XM was established in 2009, has a high trust rating, and is regulated by some of the world’s most trusted financial authorities. Furthermore, its beginner-friendly trading app allows traders to open and close positions on the move. All of XM’s accounts have a minimum deposit of just 5 USD, making them highly accessible, especially to beginners. Spreads start at 1.6 pips on the EUR/USD on its two commission-free accounts. However, on its Zero Account, spreads come down to 0 pips in exchange for a commission of 7 USD (round turn).

Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the FSC. 75.33% of traders lose money with this provider.

Pepperstone – Best Range of Trading Platforms 

Broker Score
4.614.61 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for traders looking for fast execution on a range of platforms
MT4, MT5, cTrader and TradingView
Spreads starting from 0 pips

Best for:

Traders looking for lightning-fast execution and advanced functionality that are familiar with MT4, MT5, cTrader, and TradingView. 

Why do we like it?

Pepperstone’s platform offer is one of the few reasons we recommend it. All supported platforms include automated trading, strategy backtesting, customisable charting, and a range of indicators, which integrate with Autochartist, one of the broker’s free trading tools.

Drawbacks

The commission structure of Pepperstone’s accounts change based on the trading platform a trader selects, which could be a disadvantage for those familiar with a specific trading platform.

Summary

Pepperstone offers some of the lowest trading fees in the industry, and there is no required minimum deposit to open an account. The commission-free Standard Account offers average spreads of 0.84 pips (EUR/USD), while the Razor Account averages a spread of 0.24 pips (EUR/USD) in exchange for a low commission of 7 USD per lot.

The broker also offers market execution on all its accounts, with orders fulfilled in less than 0.1s, which is fast for the industry.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA. 75.6% of traders lose money with this provider.

XTB – Best Proprietary CFD Trading Platform 

Broker Score
4.394.39 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for traders looking for a user-friendly trading platform
Fully featured proprietary platform
Over 100 Forex pairs to trade

Best for:

Beginners looking for an intuitive, powerful, and fast, trading platform with sentiment data displayed on the platform.

Why do we like it?

One of XTB’s selling points is the award-winning xStation 5 trading platform, which offers powerful charting tools, one-click trading, and real-time performance statistics so that traders can identify areas for improvement.

Drawbacks

XTB only offers the xStation 5, which means that traders familiar with third-party platforms such as MT4, MT5, cTrader, or TradingView may be put off.

Summary

XTB is a well-regulated broker that was established in 2002. It offers a similar range of instruments as other brokers but a wider range of Forex pairs (over 100). The broker guarantees to execute between 95% and 97% of clients’ transactions at the best price possible. Lastly, XTB’s trading costs are low compared to other brokers, with spreads starting at 0.35 pips (EUR/USD) and averaging 0.7 pips on its commission-free account with no minimum deposit requirements. 

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
AlertAccepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 77% of traders lose money with this provider.

IC Markets – Best Customer Support 

Broker Score
4.564.56 / 5
🏦  Min. DepositGBP 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for platform-specific traders
Supports MT4, MT5, cTrader and TradingView
Spreads from 0.0 pips

Best for:

Traders who like to use a specific platform will appreciate that IC Markets offers MT4, MT5, cTrader, and now TradingView for daily trading. This makes it easier to migrate from another broker while keeping all your data.

Why do we like it?

We enjoy that IC Markets provides an array of trading tools for each platform, including VPS services, Trading Central, and various copy trading services. These tools aid traders in making informed decisions.

Drawbacks

All accounts require a minimum deposit of 200 GBP, which can seem high for new traders.

Summary

Founded in 2007, IC Markets is a reputable Australian broker with a high trust rating. It stands out for its competitive pricing structure, offering lower trading costs than most other brokers. The Raw Spread Account is particularly cost-effective, featuring average spreads of 0.10 pips (EUR/USD) for a low commission of 6 USD (round turn) per lot. The broker’s average execution speed is under 40ms once the order is received, which ensures traders can effectively capitalise on market movements. It also has 24/7 customer support, a great benefit for traders who want to set up on the weekend.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

IG – Largest Range of Trading Instruments 

Broker Score
4.694.69 / 5
🏦  Min. DepositGBP 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for traders with a diverse portfolio
Proprietary web trader and mobile app
Offers access to over 17,000 instruments

Best for:

Traders looking to diversify their portfolios. IG provides access to its award-winning web trader platform and mobile app, but also to the popular MT4, the L2 Dealer, and ProRealTime, which host over 17,000 instruments together. 

Why do we like it?

IG was founded in 1974 and is renowned for its safe and secure trading environment, competitive trading fees, and an extensive array of trading instruments and platforms. 

Drawbacks

IG does not charge a withdrawal fee, but the minimum withdrawal amount is 200 USD.  Additionally, IG charges deposit fees for payments via credit cards. This is unnecessary and not common among other brokers.

Summary

IG’s platforms are supplemented with an array of trading tools that can assist traders in formulating and executing their strategies. As one of the largest CFD brokers globally, IG is known for its reliable and strict order execution, ensuring that traders get the best prices possible. IG offers two low-cost standard trading accounts with no minimum deposit requirements, making them accessible for traders at all levels. You can trade on either the MT4 platform, in which case spreads will average at 0.75 pips on the EUR/USD, or on the IG platform, where spreads average at 0.86 pips on the EUR/USD. 

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Excellent education
  • Excellent market analysis
Cons
  • High minimum deposit
AlertAccepts UK Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

FxPro – Fastest Trade Execution

Broker Score
4.394.39 / 5
🏦  Min. DepositGBP 100
🛡️  Regulated By
💵  Trading Cost 
USD 14
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for traders looking for fast execution
Offers MT4, MT5, cTrader
Proprietary web trader and mobile app

Best for:

Traders seeking fast execution on the MT4, MT5, and cTrader platforms. 

Why do we like it?

We like that FxPro offers an impressive selection of trading platforms, ensuring that all types of traders can find a platform that suits their needs. Additionally, the FxPro mobile trading app has been lauded for its user-friendly interface and accessibility.

Drawbacks

It is worth noting that the educational resources and market analysis tools provided by FxPro are somewhat limited when compared to other brokers.

Summary

FxPro is recognised for its fast order execution, with most client orders being filled in under 13 milliseconds. This swift execution ensures traders can capitalise on market movements promptly and efficiently. This makes this broker an attractive choice for those who value speed and accuracy in their trading activities.

FxPro offers a wide range of account types with reasonable minimum deposits, making it suitable for a variety of traders. Both the MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a commission but tighter spreads—down to 0.3 pips on the EUR/USD.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

FP Markets – Best Trading Tools

Broker Score
4.404.40 / 5
🏦  Min. DepositGBP 50
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Best for: Traders that prefer third-party tools

IRESS platform supported 

Autochartist and VPS supported

 

Best for:

Experienced traders that value enhanced trading platform functionality and top-class trading tools. 

Why do we like it?

FP Markets offers support for MT4, MT5, cTrader, TradingView and the IRESS platform alongside a vast range of trading tools, including Autochartist, a Trader’s Toolbox, VPS services, and copy trading services. 

Drawbacks

The three commission-based IRESS Accounts (available through the ASIC-regulated entity) have very high minimum deposits: 1000 GBP for the Standard Account and up to 50,000 GBP for the Premier Account.

Summary

FP Markets offers fast execution on its MT4 and MT5 platforms and DMA execution on its IRESS platform. DMA trading means less intervention between the trader and the underlying market and, therefore, no re-quotes. FP’s Toolbox includes customisable news and data feeds, live sentiment and correlation tracking, tick charts, session maps, sophisticated alarms and messaging and advanced risk management tools. 

FP Markets offers a Standard and Raw account on the MetaTrader platforms, both with a minimum deposit of 100 USD. Spreads start at 1 pip (EUR/USD) on the Standard Account, which is the industry average, and 0.1 pips (EUR/USD) on the Raw Account in exchange for a commission of 6 USD.


Pros
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
Cons
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

What is Forex Trading?

Forex trading involves exchanging one currency for another to profit from fluctuations in the exchange rate. Unlike stock markets, the forex market is a decentralised global marketplace, and currencies can be traded around the clock. Forex trading is a popular investment option due to its potential for high returns and liquidity and low transaction costs. 

Learn more about how Forex trading works here

What is the difference between a Forex trading platform and a Forex broker?

Forex trading platforms and Forex brokers are two different things, but they are closely related.

Forex trading platforms are applications – either on a phone or a computer – that traders use to place trades, while Forex brokers are companies that find buyers and sellers for your trades. Forex brokers also provide leverage and other services such as education, analysis tools and customer support. Forex brokers charge a fee for these services; this is usually in the form of a markup called the “spread”.

Guide to the Best Trading Platforms

The most popular trading platforms are MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView. Many brokers also have their own proprietary trading platforms. Almost all trading platforms are also available as mobile trading apps. The best Forex trading platform for you will depend on your trading experience and personal taste

Features
MetaTrader 4
MetaTrader 5
cTrader
TradingView
Timeframes
9
21
26
Unlimited – customised timeframes
Chart Types
Line, Bar, candlesticks
Line, Bar, candlesticks
Bar, Candlesticks, Line +4 more
Bar, Candlesticks, Line +9 more
EA Trading
Check Mark Green
Check Mark Green
Check Mark Green
Check Mark Green
Indicators
31
38
55
100+
Pending Order Types
4
6
4
6
Depth of Market
X Mark Red
Check Mark Green
Check Mark Green
Check Mark Green
Integrated Economic Calendar
X Mark Red
Check Mark Green
Check Mark Green
Available as a widget
One Click Trading
Check Mark Green
Check Mark Green
Check Mark Green
Check Mark Green
Trailing Stop
Check Mark Green (But from the terminal side)
Check Mark Green (But from the terminal side)
Check Mark Green
Check Mark Green
Sentiment Display
X Mark Red
X Mark Red
Check Mark Green
Check Mark Green
Coding Language
MQL4
MQL5
C#
Pine Script

What is MetaTrader4 (MT4)?

Available at over 90% of Forex brokers, MT4 can run on any system, regardless of age, has extremely fast execution, and has the largest number of Expert Advisors.

Developed in 2005 by MetaQuotes, MT4 is the world’s most popular Forex trading platform. MT4 gives traders real-time access to the Forex market, enabling them to trade currencies, commodities, indices, and cryptocurrencies. However, it does not natively allow trading on stock CFDs, ETFs, and bonds, which are available on MT5, cTrader, and TradingView.

The platform also has advanced charting tools and customisable trading layouts, but its interface is outdated, and other platforms, such as MT5, cTrader, and TradingView, have a much broader range of platform tools and more advanced functionality.

Because MT4 has such low resource requirements, it can run on both new and old devices and has been developed to initiate trades as quickly as a Forex broker can process them.

One of the main benefits of MT4 is automated trading with trading robots called Expert Advisors (EAs). Traders can build or purchase EAs, which will trade within the parameters of a pre-set algorithm. Before MT4, automated trading was only available to banks and hedge funds. There are also many more EAs available for MT4 than any other platform in the world.

Watch our MT4 tutorial video
Learn more about MT4.
Find out more about our favourite MT4 brokers.

What is MetaTrader5 (MT5)?

A feature-rich and modern trading platform compared to MT4, MT5 is more powerful and efficient and offers trading on a broad range of tradable assets, including stocks, ETFs, and bonds. 

Released in 2010, MT5 is considered a more advanced and versatile platform than MT4. One of the key differences is that MT5 has a built-in economic calendar and more advanced charting tools. MT5 also supports more order types than MT4 and, unlike MT4, allows native trading of assets like stocks, ETFs and bonds. 

Another feature that sets MT5 apart from MT4 is its Depth of Market DOM feature. DOM measures the liquidity of an asset based on its supply and demand. It displays the number of open buy and sell orders for a given asset. 

MT5 also has an improved programming language called MetaQuotes Language 5 (MQL5) that allows traders to create more complex EAs than is possible with MQL4, but there are far fewer pre-programmed EAs available for download on MT5.

Although MT5 has slowly gained popularity and is available at many more Forex brokers than cTrader and TradingView, it is not as user-friendly or easy to set up.

Watch our MT5 Tutorial Video
Learn more about MT5.
Find out more about our favourite MT5 brokers.

What is cTrader?

cTrader is a modern-looking and user-friendly platform with more advanced functionality than MT4 and MT5. cTrader users are also more profitable than their MetaTrader counterparts.

Developed by Spotware and released in 2011, cTrader is a trading platform popular among forex traders for its advanced features and user-friendly interface. cTrader advanced charting capabilities include 70+ technical indicators, 26 time frames, a range of chart types, and Depth of Market functionality. cTrader also has a built-in economic calendar and a wide range of advanced order types.

Like MT4 and MT5, cTrader supports automated trading through cTrader Automate, a feature for developing and backtesting trading robots called cBots. cTrader also has an integrated copy trading function called cTrader Copy, allowing traders to copy the trades of other traders.

Unfortunately,  cTrader is not as widely available as MetaTrader software programs, but according to Spotware’s internal calculations, 35% more cTrader users are profitable compared to the industry average. This amazing statistic highlights why cTrader has become MetaTrader’s main competitor.

Watch out cTrader Tutorial Video
Learn more about cTrader
Find out more about our favourite cTrader brokers

What is TradingView?

TradingView has the most advanced charting functionality of all third-party trading platforms and is the most customisable. However, because it is fairly new, it is the least widely available platform. 

TradingView is a charting platform and social network used by 50 million traders and investors worldwide to spot opportunities across global markets. TradingView also works with select brokers, allowing traders to trade directly from TradingView’s charting platform. 

The TradingView platform offers a fully customisable experience, with 12 chart types, custom time intervals, 100,000+ community-built indicators, integrated financial analysis, and its own programming language, called PineScript, which allows traders to share their automated trading strategies.

Overall, TradingView is the most advanced, customisable, and feature-rich third-party platform available, but traders will have few brokers to choose from that offer its services.

What are Proprietary Trading Platforms?

Proprietary trading platforms are trading platforms that belong to a single broker. Most of the larger brokers have proprietary platforms. They generally work in a web browser and are designed to be intuitive and easy for beginners to learn. However, they tend to be less advanced; many do not have automated trading, for example. Some of our favourite broker platforms are AvaTrade, XTB, Skilling and IG.

Be aware that by choosing a broker’s proprietary platform rather than MT4, MT5, cTrader or TradingView, you will not be able to take the platform with you if you decide to switch brokers. So, you will lose all your specific platform knowledge and will have to start all over again with your new broker.

Learn more about Proprietary trading platforms here

What are Mobile Trading Apps?

Mobile trading apps are trading platforms that work on mobile devices, like mobile phones and tablets. Most trading platforms are available on Android and iOS devices, though they lose some functionality in the switch to the smaller screen size and emphasis on touch-screen controls.

Learn more about which mobile trading apps are best and how they differ from desktop trading platforms.

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Trading Platform FAQs

What trading platform is best for Forex trading?

Our team has reviewed over 180 brokers to find those with the best Forex trading platforms. Traders with different priorities and experience levels prefer different trading platforms. These are our favourite brokers with the best trading platforms.

  • Pepperstone – Best Range of Trading Platforms
  • Tickmill – Most Trusted Broker
  • XTB – Best Proprietary Platform

Some Forex trading platforms have more currency pairs to trade than others, and this depends on which Forex broker your trading platform is connected to. Beginners should start with the major currency pairs, like the EUR/USD or the USD/JPY, as they are less volatile and are less expensive to trade than minor currency pairs and exotic currency pairs. 

Learn more about currency pairs and how to trade them

What other assets can I trade on a Trading Platform?

Other assets you can trade are stocks, commodities, cryptocurrencies, indices and government bonds. Which assets are available on your trading platform will depend on your broker, and some brokers offer many more types of assets. Some of the rare assets include interest rates, ETFs and futures.

What are technical indicators?

Technical indicators are used to identify trends, measure market volatility, and assess the strength and direction of current market conditions. Technical indicators can be divided into two categories: trend-following and oscillators. Trend-following indicators are used to identify the direction of a trend, while oscillators identify reversals in the trend. 

Common types of technical indicators include moving averages, momentum indicators, relative strength index (RSI), Bollinger Bands, MACD (moving average convergence divergence), stochastics, Ichimoku clouds, Fibonacci retracements and more. Technical traders use indicators to determine potential entry and exit points for trades.

What are trading tools?

Trading tools are any technology or application traders use to help them make trading decisions, track trades, and manage their portfolios. These tools can range from basic charting software to complex AI-driven algorithms for high-frequency trading. Trading tools typically provide access to market data, news feeds, and real-time risk management tools. 

Many trading tools also come with specialized features such as portfolio analysis, order execution, backtesting of strategies, portfolio optimisation, and access to multiple exchanges in one place. In addition to these more practical applications, they may include educational resources such as videos and tutorials that help traders gain insight into the markets they trade.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our overall Forex Rankings report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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