The best 10 Forex Trading platforms – Trusted comparison
How will a Biden presidency affect the dollar or British pound? How will the GBP fare against the Euro in a post-Brexit world? When you want to profit from the markets you will need a professional Forex Trading Platform.
These types of current affairs questions are precisely what cuts to the very heart of forex trading. Having an insight into the answers could enable you to make a tidy profit by placing money on which way pairs of currency move. This is how you can make money trading in the foreign exchange markets.
But you should be aware that forex markets are highly volatile and dynamic. Profits – and losses – can be made in seconds. It’s not for the faint-hearted. You often need nerves of steel to be sure to jump in the right direction. In this article, we will present you the best 10 platforms for Forex Trading. Read about the conditions and start trading with the lowest spreads.
The list of the 10 best Forex Trading platforms:
Broker: | Review: | Regulation: | Spreads: | Assets: | Advantages: | Open Account: |
|---|---|---|---|---|---|---|
1. IQ Option  | CySEC | Starting 0.0 pips variable, no commissions (only on main hours) | 500+ (41+ currency pairs) | + Best platform + Binary Trading + Support 24/7 + Min. trade $ 1 | Live trading from $ 10 76% of retail CFD accounts lose money | |
2. BDSwiss  | CySEC, FSC | Starting 0.0 pips + $ 2.0 commission per 1 lot | 250+ (50+ currency pairs) | + Individual offers + Trading signals + Raw Spreads + Leverage up to 1:500 + Best education + Personal support | Live trading from $ 100 (Risk Warning: Your capital is at risk) | |
3. Etoro  | CySEC, FCA, ASIC | Starting 1.0 pips variable | 2,000+ (50+ currency pairs) | + Best platform + Social Trading + Instant execution + PayPal | Live trading from $ 50 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. **Please note that instruments restrictions may apply according to region | |
4. FxPro  | FCA, CySEC, FSCA, DFSA, SCB | Starting 0.0 pips variable | 250+ (50+ currency pairs) | + High liquidity + NDD Broker + No requotes + No commissions | Live trading $ 100 (Risk Warning: Your capital is at risk) | |
5. XTB  | More than 10 | Starting 0.0 pips + 3.5$ commission per 1 lot | 3,000+ (50+ currency pairs) | + Huge varierity + Good platform + Best service Personal service | Live trading from $ 0 (Risk Warning: Your capital is at risk) | |
6. Admiral Markets  | FCA, ASIC, CySEC, EFSA | Starting 0.0 pips variable + $ 3.0 commission per 1 lot | 3,000+ (40+ currency pairs) | + Multi-regulated + Huge variety + Special offers + DMA access | Live trading from $ 100 (Risk Warning: Your capital is at risk) | |
7. FXCM  | FCA, AFSL, FSCA | Starting 0.2 pips variable | 200+ (50+ currency pairs) | + NDD/ECN Broker + High liquidity + Institutional service | Live trading from $ 50 (Risk Warning: Your capital is at risk) | |
8. Libertex  | CySEC | 0.0 pips + 0,01% commission | 250 (42+ currency pairs) | + Beginner-friendly + No spread trading + 50+ Cryptocurrencies + Professional charting | Live trading from $ 10 83% of retail CFD accounts lose money | |
9. Markets.com  | CySEC, FSCA, ASIC, FCA | From 0.6 pips variable (no commission) | 2,200+ (67+ currency pairs) | + Easy to use + PayPal + Professional tools + Low spreads + Personal support | Live-account from $100(Risk Warning: 72.1% of accounts lose money) | |
10. IC Markets  | ASIC, CySEC, FSA | Starting 0.0 pips + $ 3.0 commission per 1 lot | 232+ (50+ currency pairs) | + Good conditions + RAW Spreads + High liquidity + High leverage | Live trading from $ 200 (Risk Warning: Your capital is at risk) |
(5 / 5) 
(4.9 / 5) 
(4.8 / 5) 
(4.7 / 5) What are the best 10 Forex Trading Platforms?
To get going, you will need to find an online forex broker to place your orders. In this review, we spotlight the ten best forex trading platforms overall. We have applied various criteria to enable these platforms to secure a place in our top ten. The criteria include ease of use, speed of execution, fees, trading tools, learning resources, market analysis, and real-time data. Precisely the same benchmarks you would use to draw up your own shortlist of forex platforms.
10 best Forex Trading platforms:
- IQ Option – The best overall package
- BDSwiss – Who wouldn’t want Swiss fintech?
- eToro – The platform that popularized social trading
- FxPro – A no-dealing desk forex platform
- XTB – Great customer service
- Admiral Markets – Extendable demo accounts available
- FXCM – Not the prettiest, but rock-solid performance
- Libertex – A big player but sadly unheralded
- Markets.com – UK-based forex and multi-asset broker
- IC Markets – Raw spread trading
1. IQ Option
Official website of the forex platform IQ Option
This online broker traces its beginnings back to the binary options markets. Today, though, it has evolved into a fully-fledged forex broker offering its trading platform as a desktop app, a browser extension, and a mobile app. You can use IQ Option on whichever device happens to be the handiest for you.
One of the first things you will notice is how easy and intuitive their platform is; even novices should quickly pick it up.
As forex trading is an inherently risky business, IQ Option has sought to remove much of the pain through risk management tools. These include adjustable leverage, stop-loss, and take-profit settings to help protect your capital.
Another vital area where IQ Option is particularly strong is market news and technical analysis and evaluation of the currency markets. These aspects are crucial if you are to make sense of what is happening globally that could impact forex trading – and your profits.
There’s no need to go off-platform to get all the news you need; it’s piped directly into IQ Option for you. Their news service is supported by over 100 technical analysis and indicator tools to provide you with the essential insight you need to make for successful forex trading.
Benefits of the IQ Option forex platform:
- Good for beginners and very user-friendly
- $10 minimum deposit
- Adjustable leverage
- Minimum investment of $1
- Demo accounts with $10,000 of virtual cash
- Good educational resources
- Trade-in 41 currency pairs
- Spreads from 0.0 pips
- Forex options with a yield of 100%+
- 24/7 customer support in 18 languages
- Multiple payment options
(Risk Warning: 84% of retail accounts lose money)
2. BDSwiss
Official website of the forex platform BDSwiss
Who wouldn’t want the Swiss – bankers to the world – at the helm when it comes to trading forex?
But BDSwiss is more than merely a forex broker trading on an archetypal reputation. It delivers as well, and by some measure. Over a million users in 180 countries making 56 million-plus trades annually can’t be wrong, you would like to hope.
The numbers, they say, speak for themselves. BDSwiss claims its average monthly trading volume is in excess of $84 billion. They also sport 151 payment methods, so it’s improbable you will be stuck for a way to deposit into your account or make withdrawals. And talking of withdrawals, BDSwiss states the average time for a withdrawal to drop is five hours.
Impressive stuff that’s backed by a customer service team whose average response time is 35 seconds. Not too shabby compared to many other customer support teams we have all encountered in the past. Plus, customer support is available 24/5 (when the markets are open) in over 20 languages.
The forex industry has long recognized BDSwiss excellence with multiple awards wins bursting their trophy cabinet at the seams.
BDSwiss is, then, a safe pair of hands for your forex trading. The company is well regulated in numerous jurisdictions, including the US, Seychelles, Germany, and the European Union.
Benefits of BDSwiss forex trading platform:
- Customer support in over 20 languages
- Multi-regulated forex platform
- Excellent flexibility for payments and withdrawals
- Ultra-fast execution speed
- World-class forex market analysis
- Great education content including live seminars with industry experts
- Platform available for desktop, web, and mobile
- In-house app plus MetaTrader 4 and 5 platform
- Spreads from 0.0 pips
- Different account types
- Trading signals
- Webinars and good education
(Risk Warning: Your capital can be at risk)
3. Etoro
Official website of the forex platform Etoro
**Please note that instruments restrictions may apply according to region
This Israeli-developed forex platform is hands down the best for social copy trading. Launched in 2007, eToro is today synonymous with social network trading. Such is their dominance in the marketplace that eToro is the first name that gets mentioned in any discussion about copying other traders’ moves.
eToro is considered a low-risk broker as it is regulated in two tier-one jurisdictions in Australia and the UK. In addition, it is further regulated in a tier-two and a tier-three jurisdiction.
It’s safe to say that eToro will feature near the top of any forex broker review guide. And certainly will top the category for social trading, for sure. But what makes this behemoth of the forex trading marketplace so special?
For starters, it has been designed from the ground up for novice traders. You are unlikely to find a simpler entrance into forex trading. This is because eToro is incredibly easy to use and boasts a user-friendly platform.
However, as eToro demands a minimum deposit from $ 50, you may wish to try out a demo account first to get an understanding of the nuts and bolts of the platform. There are some educational resources available on the site. But they are a little thin considering eToro bills itself as a platform custom-designed for beginners.
However, this isn’t too much of an issue as there are plenty of learning resources elsewhere to tap into. Plus, the single biggest attraction of eToro is its copy trading chops.
Benefits of eToro forex trading platform
- A web-friendly platform for beginners
- Multi-regulated brand
- Great for novice forex traders
- Trade-in 47 forex currency pairs
- The undisputed king of social copy trading
- Spreads from 1.0 pips
- Social trading (copy successful traders 1 to 1)
- Copy portfolios
- A low minimum deposit from $ 50
- Free demo account
- Mult-language support
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
4. FxPro
Official website of the forex platform FxPro
As an all-rounder, FxPro does a pretty good job. It’s the full package, without a doubt.
When you use FxPro for your forex trading, you immediately understand that things have been thought through. As you navigate around and trade foreign exchange currency pairs, it becomes clear that everything works seamlessly. All the dots have been joined together logically.
While it may not have the cheapest fees around, this is more than compensated because the platform works exceptionally well and is rock solid. And who can put a price on that kind of peace of mind?
Indeed, FxPro’s tagline is that you trade on the go like a pro. And it does live up to this ambitious claim.
With regulation in multiple jurisdictions, FxPro is considered a low-risk broker. It is subject to regulation in the UK, Cyprus, South Africa, and the Bahamas. Additionally, FxPro has been around since 2006, making it one of the more long-established forex outfits. Since its founding, FxPro has executed 455 million orders for almost 1.5 million customers in over 170 countries.
If you have traded forex in the past, you will appreciate the choice of platform that is available, namely, MetaTrader 4 and 5, cTrader, and they are proprietary developed, FxPro Platform.
Benefits of FxPro forex trading platform:
- Demo accounts available
- Multiple regulated forex trading platforms
- Solid 15 year-long track record
- Trade popular major and minor forex pairs
- Multiple trading platforms
- Ultra-fast order execution
- Multiple awards
- 24/5 customer support in over 17 languages
- Free forex course for beginners
- MetaTrader 4/5, cTrader
- Spreads from 0.2 pips
- No-dealing desk broker
(Risk Warning: 79.58% of retail accounts lose money)
5. XTB
Official website of the forex platform XTB
XTB has been operating for well over a decade and today is a well-known and regular face in ‘best of’ forex reviews. We are no exception. We cannot hesitate to recommend this remarkable forex platform to anyone who cares to listen.
Talking of well-known faces, the first one you will see on their website landing page is Jose Mourinho, the world’s greatest living football manager. He has marginally less silverware than XTB, but as a brand ambassador, we must infer he has an uncanny knack for picking a good team.
He may well be onto something with XTB, to be fair. When you sign up, you are assigned a manager to help with your forex trading account. Unlike other platforms that offer forex as an add-on to their portfolio of services, XTB is laser-focused on forex trading and you can also trade more than 1,500 assets.
You can trade up to 48 currency pairs, with spreads as low as 0.1 pips and at a micro-lot level. And it is all conducted within their safe and secure online platform.
Their award-winning platform appeals to both veteran forex traders and novices alike. The trading environment is transparent and well supported through real-time market analysis, live stats, and arguably the most comprehensive charting tools anywhere.
Benefits of the XTB forex trading platform:
- Trade 48 currency pairs
- Top-notch free forex education content
- Demo account loaded with $10,000 of virtual cash
- Variable leverage up to 1:200
- Personal manager to assist you with trading
- Variable spreads from 0.1 pips
- Instant market execution, so no price requoting
- MetaTrader 4, xStation 5 platform
- Multi-language support
- More than 5 international regulations
(Risk Warning: Your capital is at risk)
6. Admiral Markets
Official website of the forex platform Admiral Markets
This forex platform is one of the elder statesmen of forex trading, having been established for 19 plus years. Admiral Markets is a globally regulated, multi-award winner that lets forex traders gain access to the markets on the industry-standard platforms, MetaTrader 4 and 5.
There are several good reasons to give Admiral Markets a big thumbs up. That’s why they easily make it into our top 10 charts of best forex brokers. And here’s why.
Since being formed in 2001, Admiral Markets has made steady progress in expanding into the forex trading machine it has become today. It’s widely regulated, being overseen in the UK, Estonia, Cyprus, Australia, and EU-wide. You can be assured then that Admiral Markets is not some fly-by-night outfit. They are a legitimate, well-supervised business that’s respected and admired by its forex industry peers.
This may explain why they can demand a minimum deposit of $100. Two hundred dollars is at the higher end of the scale, so you ensure the account you open has negative balance protection. This tool is an essential consideration when using leverage, and not all Admiral Markets accounts have it as standard.
You may wish to investigate Admiral Markets with a demo account first before committing yourself. Their demo accounts last for 30 days and give you a live trading experience but with virtual cash. You can extend the 30 days demo to unlimited if you wish by opening a live account. But you will need to go through the full document verification process for a live trading account.
Benefits of the Admiral Markets forex trading platform:
- Flexible trading accounts available
- Minimum deposit $ 200 on the forex trading platform
- Support MetaTrader 4/5 platform
- Spreads from 0.0 pips and $ 3 commission per one lot trade
- More than 2,000 markets available
- Supports multiple accounts in different currencies
- An ever-expanding range of educational resources
- Live chat and phone support
- Global presence
- Leverage of up 1:30 for retail accounts
(Risk Warning: 81% of retail accounts lose money)
7. FXCM
Official website of the forex platform FXCM
FXCM has been around so long it has had time to shorten its name from Forex Capital Markets, the handle it was using at launch in 2000. But there’s nothing abbreviated about the forex trading services it provides. The brokerage is regulated in the UK, the European Union, South Africa, and Australia, so there are no worries on that score.
It has an interesting mix of trading platforms, comprising MetaTrader 4, ZuluTrade, Trading Station, TradingView, and NinjaTrader. It is equally diverse in its trading accounts. Minimum deposits, dependent on account and currency type, range from $50 upwards.
But if you are not quite ready to go live, open a demo account first and get $20,000 of fantasy money to trade. FXCM is not the prettiest of interfaces, the website in particular. Functional would be the best description. However, aesthetics apart, you can be sure FXCM is the business for forex trading.
They have had two decades to get things spot-on for their clients. They are ultra-contactable. You can get a hold of real humans via live chat, phone, email, and SMS text. Should you need to pick up the phone, there are 42 country-specific numbers, spanning South Korea to Venezuela and points in between.
And if your internet connection goes belly up, you can call their trading desk and place orders by phone.
Benefits of the FXCM forex trading platform:
- Free demo account
- A low minimum deposit of $ 50
- Big brokerage firm with institutional service
- Low spreads on 39 popular currency pairs
- Low spreads from 0.4 pips
- Leverage of 1:400 available
- Free market data and analysis
- Extensive training material
- Numerous payment methods
- Multiple forex trading platforms offered: Trading Station, MetaTrader 4, ZuluTrade, TradingView, Capitalise AI
(Risk Warning: Your capital can be at risk)
8. Libertex
Official website of the forex platform Libertex
Yet another football-linked forex broker. This time it’s Libertex teaming up as official trading partners of Spurs and Valencia. Quite what it is about forex brokers and football is not clear.
What we do know, however, is that Libertex has been dealing in forex since 1997, is one of the more prominent players, and is based in Cyprus. While it may not be one of the names most commonly bandied about, it is a solid performer trusted by over two million clients in over 120 countries.
After being in the forex game for more than two decades, Libertex knows a thing or two about the market. Hence, their trophy cabinet is as well-stuffed as Spurs and Valencia’s, with over 100 international awards to date.
With over 700 employees worldwide, Libertex is well placed to support customers, whether they are novices or experienced forex traders.
Through educational resources do appear a little sparse, Libertex boldly claims their three-hour training video is enough to get you started trading forex. This assertion sounds a shade ambitious, particularly if you are starting from square one as a novice.
There are a couple of exciting bonus promotions they offer: a 100% welcome bonus and a loyalty program. As you would imagine, there are T&Cs. For example, to get the welcome bonus, you need to deposit a minimum of $100. The loyalty program is an intriguing feature, too, but there’s a raft of rules too long to explain here. Take a look.
Benefits of the Libertex forex trading platform:
- Well regulated
- Segregated funds
- Broker since 1997
- No spreads
- Low commissions
- Advanced trading platform
- Trade 51 currency pairs
- Welcome bonus and loyalty program
- Minimum investment of $10
- Web-Platform, App, MetaTrader 4
- Multi-language support
(Risk Warning: 83% of retail account lose money)
9. Markets.com
Markets.com official website
UK-based Markets.com is headquartered in London and authorized and regulated by the Financial Conduct Authority (FCA) and 4 more regulation authorities.
It has grown rapidly in Europe and Asia and serves over a million customers. It has been successful by underlining the importance of winning new customers and retaining existing ones. Indeed, it is committed to growing its market share, with a particular focus at the moment on new customers in western European countries.
To get started, you only need to deposit a minimum of $ 250 to access leverage of up to 1:30 or even higher if you are a professional trader or choose a regulation outside Europe. So that’s a pretty good deal when you think about it.
Demo accounts are free. You get the option of going live trading or opening a demo account at sign-up. The demo accounts have a balance of $50,000 in virtual cash for you to try out the platform and your forex trading strategies before going live with real money. Unlike other brokers, the Markets.com demo account is unlimited, so you can practice as long as you like.
Markets.com gives you the option of three different forex trading platforms: Web Trader, a desktop app, and a mobile app. So you can trade on whatever device you choose, wherever you happen to be, as all three give you the same profile.
Best of all, the platform is intuitive to use and very user-centric.
Benefits of the Markets.com forex trading platform:
- User friendly
- Multiple platforms: Web-Trader, MetaTrader 4, MetaTrader 5
- Platform available in 32 languages
- A minimum deposit of $250
- Negative balance protection
- Multiple payment methods
- Regulated broker
- 65 plus currency pairs available
- Low spreads (variable) with no commission
- Support 24/5 in different languages
(Risk Warning: 70% of retail accounts lose money)
10. IC Markets
Official website of the forex platform IC Markets
From the Land Down Under comes IC Markets. It’s a well-respected forex broker and well regulated via the internationally recognized Australian Securities and Investments Commission. The regulatory authorities further oversee it in Seychelles and Cyprus.
If you want a dependable forex broker with a proven track record and impeccable credentials, then check out IC Markets first. They are a go-ahead bunch that never stands still in terms of its service offering or the technology it deploys.
They offer three main account types. In common with most other forex brokers today, they offer Islamic swap-free accounts as well. The accounts use either MetaTrader 4 and 5 or cTrader.
IC Markets has worked hard to get its market share. They are user-focused and continuously on the lookout for innovations to improve the user experience. So they are quite progressive in that regard. This strategy has paid dividends so far in terms of growth and expanding its international customer base in the face of tough competition.
They do go after new forex traders and support them well with an extensive library of educational resources. However, the actual platform itself may appear daunting at first for newbies with its array of forex tools and levers. Newbies will benefit from starting with a demo account.
Benefits of the IC Markets forex trading platform:
- Raw spread accounts from 0.0 pips
- Low trading commissions from $ 3.0 per one traded lot
- Demo accounts
- Commission-free trading available
- Apps for web, desktop, and mobile
- 24/7 customer support
- Excellent archive of learning content
- Leading-edge trading tools
- MetaTrader 4/5, cTrader
- No fees for deposits and withdrawals
- High liquidity and fast execution
(Risk Warning: Your capital is at risk)
Which are the best forex trading platforms?
The ten platforms we have reviewed here. Namely, IQ Option, BDSwiss, eToro, FxPro, XTB, Admiral Markets, FXCM, Libertex, Plus500, and ICMarkets. However, your definition of what is best may be radically different from someone else. Best is a very subjective term. Best can be best defined as the platform that is the closest match to your forex trading objectives and preferences. Some platforms are better suited for beginners, others for more advanced forex traders or large volume traders. However, we are confident that the ten brokers we showcase here cover all the bases. You should have no trouble finding a forex platform to serve your needs.
Is it possible to start forex trading with $10?
Yes, you can. A few platforms allow minimum deposits as low as $10. However, the usual starting deposit is usually around $100 or $200 but can be as much as $500. However, if you are a forex beginner, you needn’t ever risk $10 if you open a demo account first. These are free and allow you to learn the platform and get you up to speed with forex trading. Demo accounts are risk-free as you are trading with virtual cash to learn the ropes. Some demo accounts are good for 30 days; a few are unlimited.
Is forex just another form of gambling?
Not in the sense of a casino or horse race track, no. Unlike horses or blackjack, the odds are tipped in favor of the trader who knows the forex market and how to trade.
Which factors are important to choose a reliable forex trading platform?
As professional traders, we know what to look for when choosing a good forex trading platform. It is important to check the broker by certain criteria. First of all, you should have a look at the regulation of the broker. There are some scam websites that are unregulated and trying to rob the customers of money. So be very careful and only trade with platforms that are fully regulated.
Then it is important to check the trading conditions and offers of the forex platform. Most brokers are offering a free demo account so you can test it by yourself. The support for customers should also be checked. No one wants a forex broker who is not answering important questions or helping his own customers.
The most important factors to check are:
- Regulation
- Good trading conditions
- Low trading fees
- Fast execution
- No slippage
- Professional forex software
- Reliable support
- No hidden fees
- Free demo account to test
- Free education to beginners
Our conclusion on the best forex trading platforms:
There are plenty of forex platforms around to choose from. Indeed, over-choice is a little bit of a problem. However, we have compiled this review to showcase the 10 forex platforms that we believe are ‘the best.’
These are ten forex platforms that go beyond expectation for various reasons. In our research, we identified the ones from the pack that displayed distinguishing characteristics. The platforms that offer a little more than others. That special x-factor that sets them apart.
We have also highlighted the forex platforms we firmly believe are leaders in the field. The ones we think are suitable for beginners, have exceptional ease of use, transparency, and excellent overall trading conditions. We think you may well agree with our picks of the bunch.
The message is clear, though. No matter your aspirations or your experience level, there’s a forex platform that’s a perfect match for you. What we have done is whittle the process of elimination down to a shortlist of ten candidate platforms. It’s easy to compare and contrast what each has to offer. And zero in on the forex platform that feels custom-built for your needs.
Last Updated on January 3, 2024 by Andre Witzel
