Forex trading platforms are a major factor in choosing a new Forex broker. The most popular trading platform you will find is the MetaTrader4 / MetaTrader5 software, which practically every broker offers.
We actually think that it is not such a great software, and very confusing for beginner traders.
Desktop vs Web Based Trading Platforms
The easiest way to compare brokers is to start with their web based trading platform.
A positive aspect of a broker that offers a good web based trading solution is that you can access it from any computer. If you are using a desktop software, you will experience faster response times, but your settings are saved locally on your computer.
In the fast paced world of trading the currency markets, you sometimes need to quickly close a position from your mobile or from the office.
The larger Forex brokers, offer more options when it comes to the variety of trading software they give you. Take a look at PepperStone which is a large Forex broker in United Kingdom and Australia. They list 9 different choices for you, in desktop, mobile, web based and tablet, see here.
Forex Trading Platform by Company
Scipio Software is one of the best trading platforms for newbie / beginner investors. It is very clean, intuitive and user friendly. A downside of using their web based software is that your custom chart setting are not saved from session to session.
You can tryout a Demo account of Scipio at the broker 24Option.com.
Sirix Trader is a very nice software, that was developed by the Leverate company in 2013.
Sirix is available as a web based trading platform, along with mobile and tablet versions. A popular feature that it comes with is Social Trading, whereby you can copy and follow the trades of other investors.
You can tryout a Demo account using Sirix with the broker CMTrading.
MetaTrader4 is the most widely available trading platform made by the company Metaquotes.
It is no longer being supported, and they are trying to get brokers to make the switch to the new MetaTrader 5. The reason why MT5 is so popular, is because before Forex trading became so popular, the few people actually trading, used MT4 along with API and Expert Advisor Systems.
If you want a demo account on MT5, signup with the broker Pepperstone.
Best Forex Brokers for Beginners
Choosing a Forex broker can be more difficult and confusing than choosing which trading platform to go with.
You can look at our Best Forex Brokers list, or you can take these pointers to use when choosing a broker.
- Make sure you broker is licensed and regulated, by your local government financial regulator.
- Verify the Forex brokers license in still active and valid.
- Test out their demo accounts to make sure it is fast enough for you, with no latency.
- If the broker offers you a fixed return managed account, run away. It is a sure sign they are a scam, read why.
- If you are looking for automated trading robots, try these.
Many investors only visit the Scam Broker Investigator after they lost money using a Rogue Forex broker. Don’t make the same mistake they did, and only use legitimate brokers which are licensed and authorised in your country.