Top 10 Forex Trading Platforms for 2020
Are you in search for the best forex trading platforms, and also looking to speculate if the US Dollar (USD) would rise in value against the Euro (EUR)?
If so, you need to trade in a platform that offers you the best analysis and indicators. The forex market is the biggest and the most liquid market worldwide that represents currency with trades that are conducted 24 hours per day, five days a week.
To start trading in the forex market, you need the best online broker, as this will ensure success in the international markets.
However, picking the right forex trading platform/broker requires time and can be daunting, so we would like to do the work for you by highlighting the 10 best forex trading platforms for 2020. Let’s get started without wasting any time.
1. IG
IG is a highly rated forex trading software and it is one of the top platforms since 1974. This platform is regulated and trusted across the globe. IG offers lots of tradable products plus excellent trading and research tools.
This platform also offers competitive rates. It is essential to also know that it is available in these channels: mobile apps (iOS / Android), web-based platform and a browser extension.
The maximum leverage ratio on IG is 1:200, that means you with $100, you can manage assets worth $200,000.
It is essential to know that IG Client Sentiment at DailyFX.com offers forex-positioning data, which are often updated in real-time.
Additionally, IG provides guaranteed stop losses to lower catastrophic risks; it also offers lots of professional and institutional services for investors — very well above the industry average.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $100 | 80 | 3% | 0.5% | YES | 24/5 | YES |
Pros
- MetaTrader4 with Industry standard
- Guaranteed stop order
- Lots of markets
- High-end platforms
Cons
- May incur exchange and subscription fees
- Dormant account fees
- Retail investors cannot trade on interbank
2. Plus500
Another forex trading platform with top-notch services is Plus500. It is also regarded as one of the top forex trading platforms, and it has been in existence since 2008.
Plus500 also offers tradable products that include ETFs, cryptocurrencies, commodities, equities, stock indexes, etc. It is also compatible with mobile devices (iOS/Android), web, and has a browser extension. This platform is high-regulated and registered under the U.K.
Plus500 doesn’t have a commission fee on any traded product on its platform. All charges are contained in the spread of the trading instruments that it offers. This company is a public-traded company on the AIM section of the London Stock Exchange since 2013 with a $2.25 billion as a market cap.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $100 | 70 | 3% | 0% | YES | 24/5 | YES |
Pros
- Easy access to more than 2,000 trading instruments
- Lowest spreads and commission in the industry
Cons
- Inactivity fee
- No API
3. SAXO Bank
The Saxo bank offers a VIP client experience. It is also suitable for forex traders who can afford the $10,000 minimum deposit.
The company offers lots of competitive pricing plus excellent trading tools. Saxo Bank provides clients with brilliant research, and powerful customer service with more than 40,000 instruments to trade with.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $10,000 | 182 | 5% | 0.2% | YES | 24/5 | YES |
Pros
- VIP client experience
- 40,000 tradable instrument
Cons
- High minimum deposit
4. CMC Markets
CMC Markets was founded in 1989 and it is highly-regulated in n four tier-1 jurisdictions alongside two tier-2 jurisdictions. it offers clients a wide range of financial products with powerful pricing.
With CMC Markets, clients have the opportunity to access its Next Generation trading platform, which features excellent innovative tools and charting.
One of the beautiful features of CMC Markets is that it provides modest pricing and has average spreads on EUR/USD as low as 0.7 pips and typical spreads of 0.81 pips.
CMC Markets’ Next Generation trading platform is very reliable with lots of unique tools and features.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $0 | 180 | 3.3% | 0.1% | YES | 24/5 | YES |
Pros
- Better average rates
- Huge product catalog
- Real-time news
Cons
- High U.S. index CFD Spreads
- Limited security features
- No social trading platform
5. Oanda: FXTrade
Founded in 1996, Oanda is a highly-regulated company in six tier-1 jurisdictions. Oanda offers excellent research tools, news, market analysis. However, when it comes to its pricing, Oanda offers better average rates, which not more than CMC markets and IG.
It is essential to also know that its forex trading platform is compatible with the web, desktop, and mobile devices. Additionally, its real-time data comes from 25 central banks’ exchange rates globally.
Oanda doesn’t need fixed trade sizes, which are often referred to as lots; this is one of the advantages of using this platform.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $0 | 55 | ~5% | $5 per lot | YES | 24/5 | YES |
Pros
- It is possible to open an account with as little as $1
- Good API
- No fixed trade sizes
Cons
- No negative balance protection
6. Interactive Brokers
Interactive Brokers was created in 1977 and it is also one of the most highly-regulated forex trading companies in the world today. Its webpage is user-friendly and can be used by newbies very easily. This company offers comprehensive trading and order management. It also provides portfolio tools watch-lists, and other tradable tools. Not only that this platform suit newbies, but it is also recommended for professional traders.
Interactive Brokers was also given the best low cost, International trading, options trading, and day trading platform by Investopedia.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $0 | 22 | ~2% | 0.2% | 33 | 24/5 | YES |
Pros
- No minimum deposit is needed
- Excellent trading software
- Excellent market analysis
Cons
- Inactivity fee
- Fewer currency pairs
7. Pepperstone: cTrader
Pepperstone is one of the most trusted and high regulated forex brokers in Australia. This platform offers both cTrader and MetaTrader 4 (MT4) platforms. This broker will definitely suit your trading style or strategy— no matter what.
Pepperstone has a wide range of asset classes including forex, commodities, stock market indices and cryptocurrencies. It also offers low spreads, and more than 60 currency pairs plus free funding for a lot of deposit options.
When using this platform, there are times when spreads can go as low as 0 pips on EUR/USD during liquid times. Although the amount of the fee solely relies on which platform you are using under this broker such as MT4 MT5 or cTrader, a Pepperstone product.
Additionally, Pepperstone advanced analysis tools. Its cTrader platform provides candlesticks, lines, bars, and dot lines.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $262 | 61 | 5% | $7 per lot | 50 | 24/5 | YES |
Pros
- Affiliate program
- Low non-trading fees
- Low forex fees
- Low trading fees
Cons
- High financing rate for CFDs
- Unchangeable leverage
8. LCG Trader
LCG Trader is one of the most competitive trading firms in the world. This is due to the fact that it offers lots of trading platforms with the opportunity for everyone to choose between standard or electronic communications (ECN) accounts. ECN accounts make it possible for clients or investors to trade directly in the market markers that can help in decreasing the cost of the spread in liquid assets.
LCG offers premium services to traders with 25,000 GBP deposit and also commissions depending on the trading volumes. With this broker, you have the opportunity to add guaranteed stop-losses for extra pips.
Additionally, LCG Trader also helps traders use to trade with leverages, which means that not as much capital is needed to trade. This allows forex traders to increase position size, amplifying potential gains and losses.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $10 | 61 | 5% | $10 per lot | 70 | 24/5 | YES |
Pros
- Guaranteed stop-loss orders
- Quality analysis and insights
- Top-notch mobile app
- Competitive spreads
Cons
- Inability to integrate third-party tools into the platform
- The commission is higher on MT4 than on LCGTrader
9. XTB
Founded in Poland in 2002, XTB is a trusted and a multi-asset broker that is regulated in prominent financial centers in the world. This platform offers a well-rounded and modest offering for investors. XTB has an outstanding customer service and the xStation 5 trading
XTB also offers lots of research across various platforms and websites. Apart from streaming headlines from top-tier news providers, this platform has an in-house staff that publishes technical analysis for users.
Overall, XTB has low fees and costs. It is essential to know that the cost in its “PRO” account for some forex pairs and indexes are even below average.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $0 | 49 | 3% | $4 per lot | n/a | 24/5 | YES |
Pros
- 3,000 trading markets
- Investors/clients can explore the available market through search tools.
- Micro lot trades
- No minimum amount to open an account
Cons
- Withdrawals up to $100 and less are charged $30 commission
10. FXCM
FXCM, also known as Forex Capital Markets, is one of the well-known brokers in the U.K. Founded in 1999, this broker offers a wide range of tradable markets, and it offers competitive pricing for everyday trading.
It is also essential to know that FXCM this broker has lots of trader types. Additionally, it provides High-volume traders and algorithmic traders plus quality market research. FXCM offers 39 currency pairs, and only 32 CFDs, which includes no single-stock CFDs.
Web | Desktop | Mobile | Minimum Deposit | Currency Pairs | FX Margin | FX Commission | Indicators | Trading Hours | Demo Account |
Yes | Yes | Yes | $50 | 56 | 3% | Spreads only | n/a | 24/5 | YES |
Pros
- Excellent trading platform
- Low fees
- Excellent research tools
Cons
- Bad mobile and desktop interface and UX
Final Words
We have technically accessed and ranked the 10 best forex trading platforms for 2020. Hence, the ones that we listed here offer the best services for you to succeed in the forex market.
Before choosing a forex trading platform, you need to take a look at its regulation state, trustworthiness, FX trading tools, global market research, forex spreads, and order execution – and these are the things that we took a look at before ranking each one listed above.
If you are an active trader already who is merely looking to try his hand at beating the market, then you probably have an idea of what you need in a trading platform.
If you are not or needed some light anyway, then the article has got you covered. Now you finally know the platforms with low costs, innovative strategy tools, and premium research focus. We hope you’ve enjoyed our list, and now are free to pick one that meets your personal priorities at very best.
Happy trading!