12 Best forex trading platforms in 2022
Finding the best forex trading platform is essential for any forex trader to make successful trades. However, selecting the right platform might be a challenging task with all the options available out there.
No forex trading platform is the same. So it will require a lot of research to identify the best trading platform for you, whether you are new to the trading scene or not.
So here we list 12 forex trading platforms to help you make your decision with ease.
IG – Most trusted forex trading platform
When it comes to award-winning brokers that have competitive pricing and a wide range of markets to trade on, IG takes the crown. As one of the first forex trading platforms, IG has trading support for over 17 000 assets. Users have the freedom to choose from CFDs, spread betting, Turbo24s, or vanilla options.
This forex trading platform here offers great customizability and easy navigation.
The goal behind the creation of the IG trading platform was to create a smart, fast, and clear way to perform forex trades for the masses. In addition, MetaTrader 4 and mobile trading apps are also available here.
With IG, users can use 80 currency pairs at a minimum of 0.6 pip for EUR/USD trades. It should be mentioned that when opening an account, the minimum deposit required is $250. Customer service is great here on IG, and it even has the IG Academy to help traders learn new things.
eToro – Best platform for Cryptocurrency trading
This is a forex trading platform where users can enjoy the power of social investing to its fullest. With access to over 50 forex markets, eToro is one of the best forex trading platforms. This trading platform also offers support for 49 forex pairs at a 0% trading commission. In addition, eToro also has a mobile app as well as a web-based platform.
Launched in 2007, eToro currently provides services for over 12 million users. The speciality of eToro is in its CopyTrader feature. This feature enables users to copy trades from other registered users. With this, even beginners can make successful trades and gain better profits.
The trading platform allows spreads for forex pairs as low as 1 pip and has a minimum deposit of $10. Furthermore, flexible leverage, robust regulation, and the large community make eToro a great option for traders of all experience levels.
Interactive Brokers (IBKR) – Best for professional traders
With some of the biggest libraries of stocks, mutual funds, and ETFs, Interactive Brokers are a solid forex trading platform. High liquidity is a common feature of interactive Brokers due to their large market access and availability of over 100 forex pairs. The leverage here is around 50:1, and the swap rate here is average around 1%.
You won't have to pay a minimum deposit here, and the trading commission also starts from 0.08 BPS. There aren't also no hidden spreads, and users can enjoy flexible trading strategies. Traders also have access to a range of free trading tools that they can test and integrate into their trades.
IBKR also offers more advanced research tools and reporting services. These become powerful tools in the right hand, and that makes this a better platform for more experienced traders. Great customer support features like live chat, phone, and email support are available 24/7.
Capital.com – Best for non-US traders
Another CFD trading platform with a wide range of currencies and markets is Capital.com. This trading platform offers 138 forex pairs, including exotics and minors.
The spread changes depending on the pair in question, and in cases like EUR/USD, it can be as low as 0.6 pips. Capital.com got a minimum deposit of $20 and has no charges for opening accounts, withdrawal, deposit, or inactivity fees.
There are web-based, mobile, and MT4 platforms available on capital.com and have max leverage of 30:1. One thing to keep in mind is that this trading platform doesn’t accept US-based clients. That is due to the regulations that are in place in the US, and clients in other countries can enjoy the full package of services.
Icon FX – Best overall platform
When talking about forex trading platforms, we can't forget about Icon FX. It is a CFD broker that is always finding ways to give its clients the best trading conditions and experience possible. Owned by Icon Tech PTY Ltd, Icon FX is an ASIC and FSA-regulated platform. Traders can trade with over 50 forex pairs in asset classes like
- Forex
- Indices
- Commodity
- Precious metals
- Cryptocurrencies
Icon FX does not have a minimum deposit requirement and offers leverage up to 1:500. The average spread for EUR/USD pair is just 0.2 pips. An MT4 platform is also available here, and users can enable it if they want.
Traders can use Visa or Mastercard, Bank Transfer, Cryptos, Mobile Money, Neteller, Skrill, and other payment solutions to deposit funds to their account. A solid education section and good customer service ensure Icon FX’s position on the best forex trading platform list.
XTB Online trading – Best platform for educational purposes
The platform offered by XTB is one of the giants when it comes to forex trading. The service came out in 2002 and managed to get a good reputation by offering a great trading experience. Users of this platform can trade on over 2100 global markets and have more than 4000 instruments available to them.
XTB offers 48 forex pairs and has xStation 5, mobile, and MT4 trading platforms within it. This platform offers real-time currency market sentiment information, a trading calculator, trading tools and charts to help any trader that is using it. You can find some of the best spreads here, starting from 0.1 pips. It also comes with negative balance protection to protect you from exceeding the funds in your account.
New users of this platform won't have to pay anything to get started, as the minimum deposit is $0. XTB is also a platform under the supervision of authorities like KNF, IFSC, FCA, and CySec. In addition, the platform offers some of the best in-field customer care support.
Libertex – Great CFD broker with no spreads
A popular CFD trading platform with over 2.2 million users in over 11 countries. There are over 50 forex pairs the users can choose from, and these include real-time currency market sentiment. The platform has won over 40 different international awards and has been in the business for over 24 years.
This CFD platform offers users over 250 tradable assets with leverages up to 30:1. Users have the freedom to make use of the web-based, mobile, MT4, and MT5 platforms to help them in their trades. It should be mentioned that a variable commission starting from 0.03% is levied when a trade is opened or closed.
The minimum deposit needed to trade here is $105, and the swap rate varies depending on the pair. A great thing about Libertex is its 0-spread policy on the offered currencies. Finally, users of this platform can deposit funds from credit/debit card transfers, bank transfers, and even some e-wallets.
Plus 500 – Best platform for trading forex CFDs
One of the top names in the CFD forex traders in the European market is Plus 500. Besides forex pairs and CFDs, users also have the freedom to trade stocks, indices, ETFs, and cryptocurrencies on this platform. Plus 500 offers a user-friendly and intuitive UI, making it a great choice for traders of all skill levels.
A mobile app and a web-based platform are also available here. However, there are no MT4 or MT5 facilities. With Plus 500, users gain access to over 2000 instruments and over 60 forex pairs. Exotic forex pairs such as EUR/TRY and GBP/ZAR. Plus are available alongside the more common ones.
This platform offers some great features to lessen its users' risk. They stop limits and stop losses, trailing stops, and negative balance protection. That makes this platform a safe place for newer traders. Plus 500 also offers a $10 minimum deposit and a low spread value at 0.6 pips.
AvaTrade – Highly regulated secure platform
Launched in 2006, AvaTrade is a forex trading platform with relatively low forex trading fees. The platform has the backing of regulated parties like ASIC, FSA, FSCA, and the central bank in Ireland. AvaTrade offers 55 trading forex pairs through CFDs and charges no commissions when opening or closing trades.
Users of this platform can enjoy low spreads at 0.9 for popular pairs like EUR/USD. AvaTrade also got web-based, MT4, MT5, and mobile platforms and users can choose what they like. The platform’s minimum deposit is $100. They also do not have any hidden commissions with max leverage of 30:1.
For withdrawals, it supports six base currencies, is entirely free, and takes three business days at most to complete. Like many other platforms, users can create a demo account to learn the ropes. The extensive array of educational materials to help traders gain knowledge is another important feature of AvaTrade.
Forex.com – Best platform for US-based traders
This is a specialist forex trading platform for US traders that launched in 2001. As one of the first forex traders, Forex.com is highly trusted in the industry, with four-tier 1 jurisdictions under its name. The platform offers support for over 80 forex pairs alongside the ability to trade gold, silver, and futures.
Users of Forex.com have competitive fees when compared with other forex trading platforms. Spread on here also depends on the pair and can range anywhere from 0.5 pips to 1.3 pips. The platform coverage of Forex.com is impressive as it offers web-based, mobile, MT4, as well as Ninja Trader platforms.
Forex.com is no slouch when it comes to features either. It provides high trade executions, fast transactions, and advanced charting tools to help the traders in their endeavours. This forex trading platform also comes with a solid learning academy with great courses and guides. In addition, Forex.com is a platform that has earned numerous awards for mobile trading, education, and low costs.
TD Ameritrade – A highly rated US-based platform
Introduced in 1975, TM Ameritrade is one of the first forex trading platforms. This is another platform that allows only US traders to do trading. Besides that, TD Ameritrade is a solid platform with a best-in-class rating for platform and tools, mobile trading, and research.
Here, users can trade currencies on a commission-free basis with no hidden spreads. In exchange, the spread is built into the bid/ask price. The trading platform allows trading for over 50 forex pairs, including majors, minors, and exotics. The highly competitive fees at display hint that the platform is better suited for more professional traders.
Thinkorswim is their web-based platform available for trading. Users don’t have to pay a minimum deposit, and the platform also does not have any trading commissions. Max leverage here is 50:1, and the swap rate is 1.25%. Here, users can enjoy real-time economic news and forex market developments, customizable charting screens, currency trading maps, technical indicators, and much more.
SaxoTraderGO from Saxo Bank – Best platform for intermediate traders
When it comes to large-scale forex brokers, Saxo bank is one the better ones. This is a forex broker that provides a great variety when it comes to forex trading platforms. With over 40 000 different financial products to aid the masses, it is clear to see why Saxo Bank’s trading platform SaxoTraderGO is so well received. Traders who use the SaxoTraderGO gain the ability to trade over 35,000 financial instruments in over 8 asset classes.
The platform has a quite high minimum deposit at $2000 and provides 0.6 pips on major forex pairs. There is an MT4 option available if you are not a fan of the SaxoTraderGO. Users can upgrade the level of their account, and the prices get lower as the account level goes higher.
SaxoTraderGo is a flexible trading platform that allows users to choose from either a standard or advanced trading platform. This makes it a viable option for both beginner and advanced traders. The extensive knowledge base section is also helpful for anyone seeking knowledge.
Frequently Asked Questions
Icon FX is the best overall platform. It is regulated, offers high leverage, and has just 0.2 pips.
eToro is great for beginners. What makes it easy to use is its Copy Trading feature.
EUR/USD is the most used pair. It is also the most profitable forex pair as of now.
Conclusion
Forex trading platforms are in place to make the task of trading forex currencies much easier. Having a large number of platforms to choose from is a massive advantage forex traders have. Each platform offers different benefits and rates to the traders who use them.
Any experienced trader will tell you that a lot goes into choosing the best platform for each trader. When selecting a forex trading platform, there are many things to consider, from your knowledge level, fees involved, tools offered, resources available and more. So make sure to select the best trading platform for your situation and the nature of the trades you are planning to do.