Best Forex Trading Platform 2021: A Comprehensive Review
If you're looking to enter the lucrative world of forex trading, one of the first things you'll need is a reliable, user-friendly trading platform. With so many options available, finding the best forex trading platform can be overwhelming. In this comprehensive review, we'll guide you through everything you need to know to choose the best forex trading platform for your needs.
Our review will cover the following:
- What is a forex trading platform?
- Why is it important to choose the best forex trading platform?
- The 10 best forex trading platforms in 2021
- Comparison of the 10 best forex trading platforms
- Conclusion and Final thoughts
What is a Forex Trading Platform?
In simple terms, a forex trading platform is an online software solution that allows traders to buy and sell currency pairs. Some of the most popular currency pairs include EUR/USD, USD/JPY, GBP/USD, and USD/CHF. The platform provides traders with a range of tools and resources to help them make informed decisions about when to buy and sell currencies.
Without a trading platform, it would be impossible for traders to access the forex market. While there are a few different types of trading platforms available, most of them share the same basic features. These include charts and indicators, trading signals, and a range of order types.
Why is it Important to Choose the Best Forex Trading Platform?
Choosing the best forex trading platform is crucial for a few key reasons. Firstly, a good platform is essential for making informed decisions about when to buy and sell currency pairs. With access to the right charts, indicators, and trading signals, traders can get a better understanding of market trends and make smarter trades.
Secondly, a reliable forex trading platform will give traders the peace of mind that their funds are secure. With security threats and potential scams becoming more common in the world of online trading, it's more important than ever to choose a platform that takes security seriously.
Finally, by choosing the best forex trading platform, traders can access a range of features and tools that will help them become more successful. Whether you're a beginner or an experienced trader, a platform with educational resources, advanced charting tools, and a range of order types can help take your trading to the next level.
The 10 Best Forex Trading Platforms in 2021
Now that we've covered what forex trading platforms are and why they're so important, let's dive into our top 10 list of the best forex trading platforms for 2021.
- MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is widely considered to be the gold standard in forex trading platforms. It's user-friendly, reliable, and offers a vast array of features and tools to help traders become more successful. MT4 includes a range of charting tools, indicators, and trading signals, as well as a range of order types. MT4 also supports automated trading through the use of Expert Advisors (EA).
- MetaTrader 5 (MT5)
MetaTrader 5 (MT5) is the successor to MT4 and offers even more features and tools to traders. Like MT4, it's user-friendly and supports a range of charting and analysis tools. MT5 also has a built-in economic calendar and offers more order types than its predecessor. MT5 has become increasingly popular in recent years due to its advanced features and improved usability.
- cTrader
cTrader is another popular forex trading platform that's known for its user-friendly interface and advanced charting tools. cTrader offers traders a range of order types and automated trading options. One of cTrader's standout features is its algorithmic trading platform, which allows traders to design their own trading robots. cTrader also has a mobile app that makes it easy to trade on-the-go.
- NinjaTrader
NinjaTrader is another popular forex trading platform that's known for its advanced charting tools and automated trading capabilities. NinjaTrader is particularly popular with scalpers due to its fast order execution speeds. The platform supports a range of order types and includes a range of third-party plugins that can be used to enhance the platform's features.
- TradingView
TradingView is a popular forex trading platform that's known for its advanced charting tools and social trading features. It offers traders a range of charting tools, indicators, and drawing tools, as well as a range of order types. TradingView is particularly popular with day traders due to its real-time market data and live news feeds.
- Forex.com
Forex.com is a popular forex trading platform that's known for its user-friendly interface and competitive pricing. Forex.com offers traders a range of educational resources and webinars to help them become more successful. The platform supports a range of order types and includes a range of trading tools and indicators.
- Oanda
Oanda is a popular forex trading platform that's known for its competitive pricing and award-winning customer support. Oanda offers traders a range of trading tools and indicators, as well as a range of order types. The platform also offers a demo account to help traders get started.
- IG
IG is a popular forex trading platform that's known for its user-friendly interface and competitive pricing. IG offers traders a range of educational resources and webinars to help them become more successful. The platform supports a range of order types and includes a range of trading tools and indicators. It also offers a demo account to help traders get started.
- Dukascopy
Dukascopy is a popular forex trading platform that's known for its advanced charting tools and competitive pricing. Dukascopy offers traders a range of order types and automated trading options, as well as a range of educational resources. The platform also includes a range of third-party plugins that can be used to enhance its features.
- Saxo Bank
Saxo Bank is a popular forex trading platform that's known for its advanced charting tools and competitive pricing. Saxo Bank offers traders a range of order types and a range of educational resources to help them become more successful. The platform also includes a range of trading tools and indicators.
Comparison of the 10 Best Forex Trading Platforms
To help you choose the best forex trading platform for your needs, we've put together a comparison table of the 10 platforms we've reviewed.
| Platform | Pros | Cons |
|---|---|---|
| MT4 | User-friendly, reliable, vast array of features and tools | Can be overwhelming for beginners |
| MT5 | More features and tools than MT4, built-in economic calendar | Not as widely used as MT4 |
| cTrader | User-friendly, advanced charting tools, automated trading options | Limited range of order types |
| NinjaTrader | Advanced charting tools, automated trading capabilities, fast order execution speeds | Can be complex for beginners |
| TradingView | Advanced charting tools, social trading features, real-time market data | Limited range of order types |
| Forex.com | User-friendly, competitive pricing, educational resources | Limited range of order types |
| Oanda | Competitive pricing, award-winning customer support, educational resources | Limited range of order types |
| IG | User-friendly, competitive pricing, educational resources | Limited range of order types |
| Dukascopy | Advanced charting tools, competitive pricing, automated trading options | Limited range of order types |
| Saxo Bank | Advanced charting tools, competitive pricing, educational resources | Limited range of order types |
Conclusion and Final Thoughts
After reviewing the 10 best forex trading platforms for 2021, it's clear that there are a range of options available to suit different trading styles and needs. The top 3 platforms that stand out are MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
MT4 remains the most widely used forex trading platform due to its reliability, user-friendly interface, and vast array of features and tools. MT5 is a more advanced version of MT4 that's becoming increasingly popular due to its additional features and improved usability. Finally, cTrader is a popular choice among traders who value advanced charting tools and automated trading options.
Ultimately, the best forex trading platform for you will depend on your trading style, experience level, and individual needs. We recommend trying out a few different platforms to see which one feels most comfortable and suits your needs best. With the right platform in hand, you'll be well on your way to becoming a successful forex trader.