
Forex trading, or foreign exchange trading, which is basically the trading of currencies, is the wild west of trading these days. It’s a highly lucrative, exciting space to be in. But with lots of rewards comes lots of risks and you’ll want the best tools at your disposal to enter the world of foreign exchange trading.
To help you understand the forex trading space we’ll explain the basics of the forex marketplace, give you the tools to figure out what type of trader you want to be, and tell you what you should look for when evaluating the best forex trading platform for your trading needs.
In this article, we’ll go over the best forex trading platforms overall to give you a good overview of the marketplace today. Read on to learn about forex trading and the best forex trading platforms!
Forex Trading FAQ
1. What Is Forex Trading?
Forex trading is the exchange of one currency for another on the foreign exchange market. Investors profit from the changing value of a particular currency. In the same way, investors profit from the changing value of a stock.
2. What Does Forex Trading Do?
It is this buying and selling of currency that sets the floating currency price on the foreign exchange market.
3. What Are the Different Types of Forex Trades?
Spot trading is simply selling your currency to buy another. This type of foreign currency trading is one the average person is most familiar with and is even likely to have done. When you visit a foreign country and exchange your home currency for the new country’s currency, you’ve completed a spot trade. The rate at which this transaction is done is called the “spot rate.”
Forward trades are spot trades that occur in the future. You pay a fee to guarantee your agreed upon future rate. The benefit of a forward trade is that it hedges you against risk.
This is a forward trade where you borrow from the dealer and sell the currency first. It is bought back in the future at a set price. This is a risky trade because if the price goes up you have to pay the dealer back at a higher price.This type of foreign currency trade is done by banks. A foreign exchange swap happens when two parties agree to swap currencies at the spot rate. They agree to swap back the currency at a later date. A central bank then agrees to hold this money in the interim and they use it for short-term or overnight lending.
4. Why Is Forex Trading Profitable?
Forex trading is highly profitable because of leverage. Leveraging is where you can trade more money than you have in your account. Every forex trading platform will have different leverage rates. For example, if leverage is set at 50:1 you would have around $50 dollars to trade with for every $1 in your account. As you put in more money, this grows exponentially.
5. Where Can You Buy and Sell Foreign Currency?
Buying and selling foreign currency can be done on forex trading platforms that are often run through banks, hedge funds, and investment platforms.
6. What Should You Look For in Your Best Forex Trading Platform?
For a beginning trader, educational tools and a platform that is easy to understand is of prime importance. Other factors that are essential to consider when choosing the best forex trading platforms are reputation and level of trust, fees, and transaction costs.
7. What Are the Benefits of Forex Trading?
The benefits of forex trading are easy profitability and high liquidity. In short, it’s easy to make and move money. But remember higher returns mean higher risk, and higher leverage means higher risk as well.
How We Reviewed The Best Forex Trading Platform
To choose the best forex trading platform we reviewed each platform based on trust level, fees, minimums and transaction costs. We also looked at their leverage, how many currencies they trade, and the tools and educational materials on each platform.

Overall Price Range of Forex Trading Platforms
The price range on forex trading platforms is vast. Many platforms will have investment minimums of higher than around $3,000 but many will have investment minimums of $0.
What We Reviewed
FOREX.com

Features
Forex.com is the largest forex trading platform in terms of daily transactions and volume. They also compile a large number of regulations worldwide which makes them a particularly trusted and safe trading platform, also known and respected for their professionalism.
They have a good Sunday-Friday customer support and many educational materials that are helpful for beginner forex traders. They also have a number of different platforms for trading and offer analysis tools to traders. Their maximum leverage is 200:1 and they allow trade on 80 different types of currency.
Pros
- Good for worldwide
- Educational materials
- regulation
Cons
- Lower leverage
- No automated trading
- Fees
Price
The minimum deposit at Forex.com is around $250.
Range of Markets
Forex.com gives you access to over 80 different currency pairs.
Pepperstone

Features
Pepperstone is one of the largest and most important Australian forex trading platforms. They are growing rapidly and reported a 20% growth rate in 2016. They are considered one of the best forex trading platforms for their ECN trading system.
They have different account types to suit every type of trader, from normal accounts to accounts that fit a high volume trader. They recently partnered with Equinix, a Nasdaq company, and a financial network, with an ear to the ground on Wall Street. They have high leverage options with their maximum leverage at 500:1.
Pros
- ECN trading system
- Different account types
- High leverage
Cons
- Not for U.S. Customers
- Limited portfolio
- Limited education
Price
Their minimum deposit is around $200.
Range of Markets
Peperstone gives you access to over 80 tradable instruments.
TradeKing Forex

Features
TradeKing Forex is the forex trading arm of TradeKing. They offer many different forecasting and risk assessment tools to help traders, but their online platform is not as intuitive as other forex trading platforms. However, their mobile app is very intuitive and user-friendly.
Their maximum leverage is 50:1 and they do mark up their spreads. The spreads vary from day to day and are often higher than comparable platforms. They offer weekly webinars and guides to help educate those new to forex trading.
Pros
- Tools that help you forecast risk
- Good app
- High number of currency pairs
Cons
- High minimum deposit
- Platform not user-friendly
- Spreads can vary widely
Price
The initial minimum investment is around $2500.
Range of Markets
Over 50 different currency pairs to choose from.
FXPRO

Features
This forex trading platform is an English trading platform and is well known for its non-defense discretionary categories. Their trading platforms are award-winning and feature platforms like MetaTrader and cTrader. They have also introduced new technologically advanced features like automated trading and they have several other automating programs that make FXPRO one of the best forex trading platforms if you are looking to rely on automation as part of your trading strategy. Their maximum leverage is 500:1 and they are a spread betting broker, so they make their fees without commission.
Pros
- Non-Defense Discretionary categories
- State-of-the-art broker
- Automation
Cons
- Not for U.S. traders
- Not for high volume traders
- No promotional offers
Price
FXPRO requires a minimum deposit of around $200.
Range of Markets
FXPRO has 70+ different currency pairs to choose from.
TradeStation Group

Features
TradeStation Group recently sold their forex assets to Oanda to combine their high-quality educational tools and overall forex trading platforms. The leverage maximum is 50:1 and there are currently over 70 different currency pairings. Both spread and commission are charged but both the spread and the commission are low. There are also no minimum trade lots. All these made the new Oanda platform one of the best overall.
Pros
- Good tools
- Easy web trading
- Third party development is supported
Cons
- Higher commission
- Pricey withdraws
- Better for low volume traders
Price
The initial investment for Oanda is $0.
Range of Markets
Over 70 different currency pairings.
Plus500

Features
This is another forex giant. They are based in Cyprus. They are a CFD provider and forex trading platform. Their maximum leverage is low at 30:1. They are a trusted trading platform because of the high number of regulators they compile with around the world. Their platform is known for its usability with a fully digital and mobile integration. They don’t trade on classic MT4 or MT5 platforms. They make their money through spreads, but their spread prices are low and so are their overall trading fees.
Pros
- Low spreads
- Trusted regulators
- Easy-to-use platform
Cons
- Minimal research tools
- High financial rates
- Limited portfolio
Price
Plus500 requires an initial minimum deposit of around $100.
Range of Markets
Plus500 includes all the major currency pairs.
Fortex Capital Marketing

Features
Fortex Capital Marketing was one of the early pioneers of internet trading. They suffered a huge loss in 2015 and have since been slowly recovering. Despite these setbacks, Fortex Capital Marketing is still known as a reliable and trustworthy forex trading platform. They have a variety of guides and educational materials and offer platform walk-throughs for traders daily. They offer 30:1 maximum leverage for major currency pairs.
Pros
- Reliable
- Multiple platforms
- Good for active traders
Cons
- They have stopped operating in the U.S.
- Not good for low volume traders
- Company setbacks
Price
The minimum initial investment is around $2,000.
Range of Markets
They offer around 40 different currency pairs.
Markets.com

Features
Markets.com is one of the world’s fastest growing forex trading platforms. This is because of the significant investment they have made in customer support. They have a multilingual support department and 24/5 availability. Indeed, this customer service has won them several awards over the years. They also try to reach as many different markets as possible and their database has become a reference point for brokers worldwide. Their leverage maximum is 500:1 and their platform features a plethora of different research tools to help traders.
Pros
- Awesome support
- Multiple markets
- Low fees
Cons
- Not for U.S. traders
- Not FSC regulated
- Limited portfolio
Price
Their minimum investment deposit is around $100.
Range of Markets
They offer around 50 different currency pairs.
E*trade FX

Features
E*trade is a giant brokerage firm in the U.S. they also offer a wide range of Forex options. They are known for their good introduction into the forex trading space. They also offer 24-hour support and have different trading options for different expertise levels. Their highest maximum leverage is 500:1. The main forex trading platform they use is MetaTrader4.
Pros
- Low commission
- Reputation
- Automated trading
Cons
- Limited technical capabilities
- Hidden fees
- Bad customer service
Price
Minimum initial deposit is around $100.
Range of Markets
They offer a good range of currency pairs.
IC Markets

Features
This forex trading platform is known for their reliability and quality of service, the original company started in 1973 and they now have around 140,000 clients worldwide. They are also now the largest forex trading platform in the U.K. They support multiple trading platforms like MetaTrader, ProRealTime, LT4, and L2 Dealer. Their maximum leverage is 200:1 and they take fees from spread, but their spread take is lower than most of their competitors at 0.6 pips. They also support over 90 different currency pairings on their platform.
Pros
- Reliable
- Supports multiple platforms
- Large number of currency pairings
Cons
- Not for U.S. traders
- Platform tends to freeze
- Doesn’t support electronic wallets
Price
The minimum deposit for IC Markets is $200.
Range of Markets
They offer both major and minor currencies.
The Verdict
Forex trading is a fun and risky investment space to be in. Overall, the best trading platform is a place like Forex.com that has a good reputation and good regulation. It is both user and beginner friendly. While this is our choice of the best forex trading platform, all the options are good. Happy trading!
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