Compare the best forex trading platforms in 2022

To trade forex you’ll need to use an online trading platform. Use this guide to find and compare the best forex trading platforms for all types of trader.
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Updated: Jun 22, 2022

A forex trading platform is a must if you want to trade the currency markets. This page picks out the best FX trading platforms and explains which features you should look out for in a trading service.

What are the best forex trading platforms?

The list below shows the best options around according to our currency experts. Click on any of the links to start trading or, alternatively, continue scrolling to find our in-depth comparisons between each platform.

1
Min. Deposit
$10
Promotion
User Score
10
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$10
Promotion
User Score
9.3
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
3
Min. Deposit
$10
Promotion
User Score
8.7
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
4
Min. Deposit
-
Promotion
User Score
8.5
Leverage
:1
New accounts
Spreads
PIPs
Regulations
CFTC, FCA, IIROC
Forex Pairs
No Fee
Start Trading
Pros:
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Payment Methods
Bank Wire, Check, Credit Card
Full regulations list:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
5
Min. Deposit
-
Promotion
User Score
7.9
Leverage
:1
New accounts
Spreads
PIPs
Regulations
Forex Pairs
No Fee
Start Trading
Pros:
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
Payment Methods
BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort
Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill
Full regulations list:

Top forex trading platforms

1. eToro: Best forex trading platform

eToro is the best rated forex trading platform overall. It’s one of the largest and most used brokers in the world and includes a total of 49 currency pairs. The majors, minors, and some exotics are available to trade. When trading forex on eToro, you’ll get to use its proprietary platform, packed with lots of tools and features. 

Its platform has an easy to navigate interface and you can quickly select the currency pair you want to trade. You’ll also be able to check how much its price has changed and see its current spread. With the click of a button you can seamlessly load price charts which come with many pre-installed technical indicators and features. 

eToro’s platform also provides market sentiment whereby you can see what direction other traders are positioned in for any FX pair. On top of its charting features, eToro doubles as a social trading network. Traders can connect with and copy other users’ trades through its copy feature tool. 

Sign up with eToro >

68% 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

Pros

  • Wide range of FX pairs
  • Other asset classes available to trade (stocks, crypto, etc)
  • Low spreads and commissions
  • Mobile app

Cons

2. Capital.com: Best FX platform for beginners

Novice forex traders will be best suited to Capital.com’s trading platform. It has a substantial educational section where new traders can sharpen their skills. Videos with trading strategies and the latest market analysis can be accessed via its platform, making it easy for beginners to learn how to become better traders. 

Capital.com has 136 forex pairs which include the majors like EUR/USD, minors, and many exotics. Its platform has a number of tools that can help protect a new forex traders account. First it’s guaranteed stop loss feature which ensures safety while trading volatile markets. It also has custom risk tools to help with money management.

Sign up with Capital.com >

Pros

  • Wide range of currency pairs
  • Substantial educational content 
  • Low minimum deposit – $20
  • The latest market analysis from professional traders

Cons

3. Alvexo: Best FX platform for day traders – Alvexo

Alvexo is our top rated forex platform for day traders. As day trading is a fast paced style of buying and selling currencies, a platform that can perform well is a necessary requirement. Alvexo is a CFD broker that fits the needs of day traders. Users are able to choose from a selection of three trading platforms: MetaTrader4, Alvexo web trader, and mobile app. 

With a desktop, web based, and mobile app, forex day traders using Alvexo will be able to access the markets wherever they are. Its desktop application, MetaTrader 4 comes with hundreds of advanced technical tools, making analysing the forex market an easy process. Low spreads and  zero commissions mean profits from trades won’t be eaten into.

Sign up with Alvexo >

Pros

  • Three platforms to choose from 
  • Advanced technical indicators and tools
  • No commission
  • Other markets available (crypto, stocks, etc)

Cons

4. Skilling: Best for mobile FX trading

A lot of forex platforms also offer mobile applications and the top one around belongs to Skiling. Its mobile app, Skilling Trader can be downloaded on both iOS and Android and can be accessed via its website. Skilling also offers traders access to MetaTrader 4 and cTrader, both of which have mobile applications too. 

All of its mobile apps have the same functionality as their desktop counterparts. Forex traders have access to 70 different currency pairs and over 800 other financial instruments. Technical indicators and drawing tools come as standard on its apps. Skilling also has industry leading execution times of just 0.05s, making it a top choice for traders requiring speed. 

Sign up with Skilling >

Pros

  • Three mobile apps
  • Industry leading execution times 
  • 70 FX pairs and over 800 other financial instruments 
  • Low spreads

Cons

What is a forex trading platform?

It’s a piece of software that allows you to trade the forex market. Forex trading platforms are offered by brokers. Platforms give traders access to the latest currency prices and connect them to the wider market or exchange. A trader can use a platform to analyse a FX market and place a trade which is then executed by the broker. There are different types of trading platforms, depends on your level of knowledge: if you are new to this world, we suggest you to check out our comprehensive guide for beginners.

How does a forex trading platform work?

Forex trading platforms can either be downloaded to a desktop computer or mobile device, or accessed through a website. Platforms facilitate the action of buying and selling currencies (e.g: Bitcoin trading). Traditionally, traders would use a telephone to contact their broker who would then place a trade on their behalf. Trading platforms have streamlined this process.

Trading platforms also come with lots of additional features. When trading forex it is common to perform technical analysis. Trading platforms include technical indicators and other tools to help traders read price charts. 

How should I choose a forex trading platform?

  • Fees. Most platforms are free to use although there are other fees you need to consider. When trading forex spreads and commissions can eat into profits so it’s a good idea to find a broker with low fees. 
  • Reliability. The best platforms don’t crash often or suffer downtime. This is especially important when using day trading or scalping strategies. You can check customer reviews before registering with a broker to see how reliable it is. 
  • Range of pairs. A good platform will include a large number of currency pairs to trade. Pairs are broken into three categories: majors, minors, and exotics. For newer traders it’s best to stick to the majors, which includes pairs like USD/GBP, EUR/USD, and USD/JPY.
  • Technical tools. When trading forex it is common to perform technical analysis before entering or exiting the market. Look out for a platform that offers a wide variety of technical indicators. 
  • Spreads. Spread is the difference between the buy and sell price of any FX pair. The best platforms have low spreads. Some platforms even offer fixed spreads, although these tend to be higher. 
  • Commission. Not every platform will charge a commission and many don’t. However some do and it’s a good idea to check what commission charges you may pay. Generally, if a platform charges commission, it will have lower spreads. 
  • Regulation. Forex trading platforms can belong to brokers based anywhere in the world. Some regions have stronger regulation than others and it’s important to choose a platform that is regulated in your jurisdiction. 
  • Security. If you’re going to put money with a forex platform you’ll want to make sure it is secure. The best platforms have additional security features such as 2 factor authentication. 
  • Customer support. If you ever have a problem that needs resolving you’ll want to make sure you are able to contact a support representative easily. Make sure to check how good your forex trading platforms support is. 
  • Other assets. It is common for forex trading platforms to offer additional asset classes to trade. Lots of traders focus on different financial instruments like crypto, stocks, commodities, and stocks. 
  • Leverage. Leverage is a tool used by many traders to magnify their positions. Leverage allows you to trade a much larger amount of currency than you currently hold in your account. For small price moves, leverage can greatly increase profits. 

Should I use a forex trading platform?

If you want to trade forex then you have to use some form of trading platform. It is the only way to trade short term movements in the currency market. Without one, it will be very difficult to access the best prices with the lowest spreads. The best FX trading platforms also make chart analysis much easier and often offer leverage, allowing you to profit from small movements in price. 

What are the risks of using a forex trading platform?

Forex trading has a steep learning curve and it’s easy to lose money, particularly when you first start trading. It involves using a lot of leverage to magnify small changes in price, and you must use tight stop-loss and limit orders to protect yourself.

This form of trading is also heavily influenced by data releases and government or central bank decisions. While there are easily-available forecasts that can help you trade these events, the reality can turn out to be different.

If you don’t understand the terminology or how data dumps like NFP (non-farm payroll data) or CPI (consumer price index) updates are likely to affect the price, you can lose a lot of money on your open positions. Use the quick summary table below to familiarise yourself with the potential risks, as well as the benefits of using a forex trading platform.

Benefits

  • Easy access to the currency market
  • Forex trading platforms can be used on a computer and mobile device
  • Advanced technical tools make chart analysis easier
  • Some platforms offer demo accounts to practice

Risks

What are the fees for a forex trading platform?

Each platform will have its own fee schedule so it is impossible to give a definitive answer. When trading forex you will likely incur some fees, and usually spread and commission are the two main ones that apply. Spread is the difference between the buy and sell price of any pair and commissions are additional charges that are set by your broker on every trade. 

Methodology: How did we choose the best forex trading platforms?

All of our reviews are based on extensive testing of the platforms listed. We have signed up and used every platform on this page as well as a number of their competitors in order to assess their usability and features, and to come up with a ranking system.

When we test a platform we carry out basic tasks like setting up an account, placing trades, and depositing and withdrawing money. We also research the platforms online to compare their features and read customer reviews. All of these factors feed into the final ranking.

Every platform includes a link to an in-depth review, where one exists on Invezz. None of the platforms listed had any influence over the final ranking but we may earn a commission if you sign up using one of the links on this page. More information about our review process is available here.

FAQs

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Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.