You’ll need a trusted online broker to get started with forex trading. Choosing the right forex broker is critical to success in the international currency market.
As a savvy forex investor or a contract for difference (CFD) trader, your trading tools, platforms, and research needs might be specific.
Regarding the best Forex trading platforms in 2023, Prime XBT is our top choice based on factors such as ease of use, variety of features, affordable pricing, and excellent customer support.
Keep reading to learn about the best Forex trading platforms in 2023, with regards to their pros, cons, account types, features, and fees.
1) Prime XBT: Best Forex Trading Platforms Overall
- A Platform for Multi-Asset Classes
- Easy Registration
- Low costs
- Fiat acquisitions.
- Demo accounts are not available right now.
- Fiat currency cannot be withdrawn from PrimeXBT.
Prime XBT is a financial firm specializing in trading foreign currencies and CFDs and is governed by the FCA, a worldwide renowned financial regulatory body in the United Kingdom.
The company was founded in 2002, and because of its track record of secure transactions and explicit principles on financial transaction transparency, it has since won the trust of online traders.
With 5 markets, including Commodities, Cryptocurrency, ETF, Stock, and Stock Index, Prime XBT provides a wide range of tradable assets with a strong focus on CFDs.
Only the ETF is developed with exclusivity since only a few chosen European customers are allowed to purchase it.
Foreign Currency pairings, which only amount to 49 and rank second among Prime XBT’s most well-known rivals, are the only genuine assets available to trade for all traders.
Prime XBT surpasses other brokerages’ offerings of Stock Index CFDs by having a total of 42 available, as compared to the others’ average of 15.
The company offers 25 cryptocurrency CFDs, while other famous organizations only provide up to 16.
A few traders in Europe can access the company’s actual ETFs and Equities. They are prohibited in Cyprus, Hungary, Italy, and the United Kingdom.
Given the variety of things you may trade, it must be emphasized that the Stock offering seems to be the more profitable of the two; it is on a level with the more prestigious company.
“The ETFs” Really quite a few, yet Prime XBT still performs well compared to its rivals. There are just 220 ETFs in all.
Prime XBT offers 24/7 customer support through live chat and email. The support team is responsive and knowledgeable, assisting with various inquiries, such as technical issues, account verification, and trading-related questions like how to trade crypto
Two best forex trading platforms are available for customers of Prime XBT to utilize. The first is the industry standard MetaTrader 4, and the second is xStation 5, a trading platform created by XBT.
As the community is well known, MT4 is an entirely trustworthy platform in that it offers fully customizable charts, a vast selection of trading tools, including technical indicators and trading signals, and a variety of instructional features.
The app has a very user-friendly interface and operates quickly. Due to this, MT4 is well-liked and often utilized. Of course, a company that can produce its own software is admired.
xStation 5, a program from Prime XBT, is available in 19 different languages, including Arabic, German, English, and Russian.
While having a very professional appearance, the interface is quite user-friendly, even for the most inexperienced users. It may also be modified without a difficult procedure.
The evaluation team only identified the security of xStation 5’s log-in needing improvement. Instead of the more secure two-level login technique, it has a single login level.
Orders may be placed using xStation 5 using the Market, Limit, Stop, and Trailing Stop order types, the same as on the MT4 platform. Moreover, Prime XBT has a categorization known as the GTT order time restriction, which stands for “Good ’til Time.”
Both best forex trading platforms have mobile apps that work on Android and iOS, making them both accessible. Moreover, access to these is also accessible online.
The Standard Account and the Pro Account are two different types of Prime XBT accounts that are fully digital and do not need minimum deposits. The former boasts broader spreads while charging no charges, while the latter boasts narrower spreads while charging commissions.
It should be noted that accounts created in the area for customers from Europe may be converted into Islamic Accounts, also known as Swap-Free Accounts.
The brokerage no longer provides Basic Accounts but allows customers to create Corporate Accounts.
The necessary identity papers must be submitted for the account creation procedure. However, the procedure is more complex for European customers since they must submit a video proving their identification.
They must scan their identification documents, such as their passport or driver’s license if this is difficult.
Credit and debit cards are accepted as payment and funding options, and withdrawals and deposits are free of charge.
2) Lite Forex: Best Forex Trading Platforms for CFDs on Commodities
- Five days a week, excellent customer assistance is available around the clock.
- Extensive resources for financial knowledge and trading education
- Access to a variety of FX pairs with fair spreads
- Low-cost design
- Restricted to traders in 28 countries
- Only US-listed firms are permitted to trade shares.
LiteForex is the best forex trading platform that offers access to forex and CFDs on commodities, indices, equities, and cryptocurrencies. It allows trading via its mobile app and online platform. For PC trading, there is also the well-known MetaTrader platform.
Being a Straight Through Processing (STP) broker without a trading desk, LiteForex sends customer orders directly to liquidity sources. Incorporated in St. Vincent and the Grenadines is LiteFinance Global.
With its headquarters in Limassol, Cyprus, and under the supervision of the Cyprus Securities and Exchange Commission, LiteForex’s European division (CySEC).
The user-friendly, one-of-a-kind online platform used by LiteForex provides a variety of built-in capabilities, including Copy Trading. This broker is distinguished by a useful library of instructional films that explain trading tactics in-depth.
Customers of LiteForex get access to a personal account manager who may give advice and assistance. LiteForex is a good broker for beginning traders since it includes useful research, instructional resources, and an easy-to-use interface.
About 50 different currency pairs and more than 20 different cryptocurrency pairings are among the fundamental trading assets that LiteForex provides.
The broker also allows its customers to trade the equities of more than 40 significant American corporations, important stock indexes, and various commodities CFDs.
The only two best forex trading platforms provided by LiteForex are MetaTrader 4 and 5 (MT4/MT5), on which all trading instruments supplied by the broker may be executed.
Although some traders may find this tedious, it guarantees a seamless transfer from other brokers for those already used to those platforms.
Sticking with MT4 and MT5 also gives you access to the enormous variety of Expert Advisors (trading algorithms) available for both platforms as paid and unpaid trading techniques.
Customers at LiteForex can register with a conventional “Classic” account or an ECN (electronic communications network) account. While the ECN account has the narrowest spreads, all transactions are subject to commission charges.
The Traditional Account offers commission-free transactions but substantially larger spreads.
As one would expect, traders with big trading accounts benefit more from the ECN model, while smaller traders and those new to the forex market are better suited to the Traditional forex trading account.
All trading accounts at LiteForex may be filled using the standard funding options, including bank wire transfers, major credit and debit cards, and the e-wallet services Skrill and Neteller.
A wide variety of other payment systems, including the well-known cryptocurrencies Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, are also offered as financing options by LiteForex.
Trading leverage may be extremely high with this broker, given the possibility that traders from the EU may be allowed to register with the offshore branch of LiteForex. In contrast to some of its rivals, spreads with LiteForex are regrettably still rather substantial.
The live chat feature on the LiteForex website is open 24 hours a day for customers to use. Another distinctive feature of LiteForex is that its community has its own forums and online chats where traders may interact and assist one another with various problems.
Finally, help may be contacted by calling a phone number registered in the UK, which is available from 9 AM to 9 PM (GMT +2), Monday through Friday.
3) Justforex: Best Forex Trading Platforms for Multi Assets
- Leverage options vary from 1:1 to 1:3000.
- Allowed are hedging and scalping techniques
- Several useful resources include technical analysis, news, predictions, and cryptocurrency analysis.
- Not regulated by FCA
- Does not permit EAs
With more than 154 tradable assets, JustForex is a multi-asset best forex trading platform. Social Trading, Forex trading, Social Trading, Spread Betting, and Share Dealing are all accessible assets on JustForex.
Depending on where in the globe you are and which JustForex company you have an account with, different products and assets are accessible to you on the JustForex trading platform.
You must make a $100 minimum deposit with JustForex. To familiarize yourself with the JustForex best forex trading platform, you may open a demo account.
Whether you are a novice or an experienced trader, JustForex can accommodate you.
All JustForex customers have access to the full range of underlying assets that this broker provides, including more than 60 well-known forex pairs, a sizable number of cryptocurrency pairs, contracts-for-difference (CFDs) based on stock indices, & natural gas, as well as a variety of agricultural commodities.
For traders interested in those markets, this broker also provides trading in bond futures and single stocks of businesses with headquarters in the US and Europe.
JustForex’s offering is pretty solid in this area, despite not having the industry’s largest range of cryptocurrencies. This comprises the majority of well-known cryptocurrencies like Litecoin, Bitcoin, and Ethereum, as well as EOS and Dash.
JustForex exclusively allows trading in cryptocurrencies against the US dollar.
JustForex has decided to stick with the traditional and perennially popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for trading, both of which include versions for desktop, Apple iOS, web, and Android mobile devices.
This, as usual, helps to ease the move from other brokers to JustForex by giving traders a trusted trading interface they are used to.
Depending on how much they want to deposit and what kinds of assets they want to trade, JustForex gives its customers three distinct account types to choose from:
- With a minimum investment of only USD 1, novices and those wishing to test out forex trading with little money may open a Standard Cent account on the MT4 platform.
This account has the wonderful advantage of commission-free trading, which enables novice traders to discover the market with little investment without incurring commission costs.
- The Standard account, accessible on both MT4 and MT5, is the same and differs mainly in having a larger lot size.
- With a deposit of USD 100 or more, JustForex offers a normal Pro account and a Raw Spread ECN-type account for traders with a little more money.
The ECN account remains a favorite among large traders since it offers very narrow spreads and only levies a modest commission on each transaction.
Except for the Basic Cent account, all of the accounts offered by JustForex have a remarkable degree of leverage that may go up to 1:3,000. Overall, JustForex may be a good choice for traders seeking the largest level of leverage.
For English speaking, JustForex offers live chat, email, and phone service around-the-clock.
Moreover, JustForex’s customer care team may be contacted through Telegram, WhatsApp, Facebook Messenger, and Line.
4) FXTM: Best Forex Trading Platform With High Floating Leverage and Fast Execution.
- The minimal deposit is $10.
- Several types of trading accounts
- MT4 and MT5 are the two most widely used trading systems.
- Several different training resources
- The capacity to trade using automated software
- Sunday and Saturday are off days for the broker.
- The sole investment option available is copy trading.
The Traders Union has worked with FXTM for several years, and throughout that time, the broker has established a reputation as a reliable partner that upholds its commitments. Also, the trading conditions at the firm are excellent.
Customers are given a choice of trading accounts for both experienced traders and newcomers. The broker assesses its managers for investors based on a variety of criteria, including their risk profiles.
Both pros who develop their own trading techniques and newbies to the foreign exchange market are said to be welcomed by ForexTime. There haven’t been any significant criticisms of the company’s work up to this point.
The FXTM support staff immediately responds to any trading inquiries.
This best forex trading platform’s user interface enables users to rapidly evaluate the broker’s capabilities and determine whether or not its trading circumstances are appropriate for active trading and investment offerings.
The organization offers several competitive advantages. Still, several cons, such as slow withdrawals and insufficient investment programs, prevent the broker from holding the top spot in the Traders Union ranking.
One of the most well-liked brokers among Traders Union customers is ForexTime, which has a solid reputation. The broker enables its customers to start trading in forex with small initial deposits by offering clear trading terms, knowledgeable assistance, and services.
Moreover, FXTM provides its FXTM Invest copying trades service. By funding the trading tactics of seasoned traders, both professional and inexperienced investors may use this service to generate passive income.
The best forex trading platform strongly emphasizes working with clients who participate in both active and passive trading.
The business offers a service for replicating deals that enables you to make money without being an expert trader. The broker grades its managers according to their performance, risk tolerance, and trading approach.
Each trader with an FXTM account is eligible to collaborate with a broker. Each user has a unique referral link in their own account that they may utilize to bring in more customers for the broker.
ForexTime is continually trying to improve the trading environment for investors. The firm requires a $10 minimum deposit on a cent account for beginners.
Trading in micro-lots is available to all account types, and based on the type of account and trading assets, the leverage ranges from 1:3 to 1:2000.
Stop-outs begin at 20% and come to an end at 50%. Additionally, the transactions on the Micro account are immediately executed.
5) Avatrade: Best Forex Trading Platform for Leverage
- Options for free deposits and withdrawals
- Quick and simple account opening
- Superb research resources
- High costs for idleness
- Available only in CFDs, FX, and cryptocurrencies
Due to its subsidiaries in Ireland, Australia, South Africa, Japan, the United Arab Emirates, and the British Virgin Islands, AvaTrade is subject to regulation on numerous continents. Regrettably, it is unregulated in certain nations, including the US and the UK.
With a few exclusions like the US, Iran, and Belgium, AvaTrade accepts customers from a wide variety of nations.
You may deposit money into your AvaTrade account via a wire transfer, credit card, or debit card. A 100 euro minimum deposit is needed (or equivalent local currency).
Depending on where you are based, AvaTrade accounts may be opened in US and Australian dollars, Euros, or British pound sterling.
Another option is a demo account. You will be given a virtual balance of $100,000 to test the best forex trading platform without putting any of your actual money at risk. Real equities cannot be traded since AvaTrade is a CFD broker.
With AvaTrade, it is possible to trade forex. There are around fifty different currency pairings available. Of course, this also contains the most well-known exchange rates, such as EUR/GBP, GBP/USD, EUR/USD, EUR/JPY, and EUR/AUD.
CFDs You can trade contracts for difference (CFDs) on various financial instruments, including stocks, cryptocurrencies, major indices, commodities, European and Japanese bonds, and about 60 ETFs.
Direct cryptocurrency purchases are prohibited on AvaTrade. However, it provides customers the option to trade CFDs on cryptocurrencies.
Forex options trading is feasible. Market orders, limit orders, stop-loss orders, and take-profit orders may all be used to trade using AvaTrade.
Please be advised that orders cannot be guaranteed (e.g., stop-loss orders). For instance, the order will be carried out at the following price if the market is volatile.
You will have more or less leverage depending on where you are headquartered since various nations permit varying amounts of leverage.
Moreover, various products have varying amounts of leverage; for instance, in the UK, we may find leverages ranging from 2:1 (for crypto CFDs) to as high as 30:1. (for Forex CFDs). Regrettably, you cannot lower the leverage for your trades, unlike with other CFD traders (like eToro).
AvaTrade may assess a little interest fee on any open positions you still hold at the end of the day (10 PM GMT).
AvaTrade is a straightforward online broker you can trade using your browser. Moreover, you may trade using the well-known (third-party) programs MetaTrader 4 and MetaTrader 5.
Also, it offers trading applications for Android and iOS mobile devices and tablets. These apps are rather attractive. The AvaTrade app has a rating of around 4.5 on both Google Play and the Apple App Store.
6) Blackbull: Best Forex Trading Platform for ECN Trading Environment, With Scalping and Hedging
- Options trading for both professionals and consumers
- Low and Tight Spreads
- Controlled by the FMA
- No Minimum Deposit is Required
- Very few trading tools
BlackBull Markets is a genuine electronic communication network (ECN), a no-dealing-desk brokerage that caters to a global clientele and specializes in forex, contracts for difference (CFDs), commodities, fiber optic communications, and fintech solutions.
The best forex trading platform provides customers with expert services, including personal account managers, regular updates on the state of the market, and analysis as part of an all-around outstanding offering.
Three different account types are offered by BlackBull Markets: ECN Standard, ECN Prime, Swap-Free, Islamic, and Risk-Free Demo. BlackBull Markets Professional live trading accounts may be opened with a deposit of as little as $1 USD.
Benefits of an Active Trader Account include segregated client accounts, sophisticated reporting, VPS hosting services, and customized solutions. A dedicated account manager is also accessible at all times.
All applicable trading accounts opened by clients in non-Islamic nations are given Extended Swap-free status by BlackBull Markets by default.
For those new to forex trading, BlackBull Markets provides a free demo trading account that is 100% risk-free. After 30 days, the BlackBull Markets sample account expires. The BlackBull Markets Demo account has almost enough money in it.
A platform may support multiple asset classes, enabling customers to trade forex and CFDs on stocks, precious metals, stock indices, and cryptocurrencies.
Among the options available at BlackBull Markets are 64+ currency pairs, indices from significant markets, precious metals like gold and silver, and commodities like energy, gas, and oil.
BlackBull Markets is committed to providing forex traders the lowest feasible costs. They give their customers access to this market with adjustable leverage up to 500:1. It is available every day of the week, 24 hours a day.
With BlackBull Markets’ selection of Index CFDs, customers may expand their horizons and diversify their portfolios since BlackBull Markets offers CFD trading with very low latency. On all of their platforms, BlackBull Markets offers access to various commodities.
For trading a Forex currency pair, BlackBull Markets’ Basic Account requires a minimum round-trip cost of at least 0.8 pips without commission.
The minimum round-trip cost for trading the EUR/USD on the Prime Account is 0.1 pip + fee equal to 0.6 pip. These accounts’ owners will thus never pay less than 0.7 pip.
The Institutional Account offers commission rates that may be negotiated and spread as low as zero. This gives a competitive value for significant depositors with at least $20,000 in the capital. Account inactivity fees are not assessed by BlackBull Markets.
Deposits may be made at BlackBull Markets in USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, and ZAR. All payments are immediate except for bank wire transfers, which take one to three days to execute.
7) Traders Union: Best Forex Trading Platform for Customer Service
- Offers a wealth of information and resources, including research, analysis, and broker ratings.
- Provides legal assistance
- Provides broker ratings
- Access to client testimonials
- Limited information or resources for traders in certain regions or countries
The Traders Union mainly serves as a resource for traders and investors, providing insightful data. Experienced financial analysts choose and modify the material for various audiences.
Because of this, the website has content for new and experienced traders, making it one of the best forex trading platforms. The platform offers a variety of educational resources for traders, including articles, videos, webinars, and tutorials covering a wide range of topics related to trading, including technical and fundamental analysis, risk management, trading psychology, and more.
These educational resources can be beneficial for traders of all skill levels, from beginners to experienced traders, seeking to expand their knowledge, improve their trading strategies and learn about the key things to keep in mind before investing in cryptocurrencies
The TU team routinely researches the most important subjects and refreshes, builds, and develops new broker profiles. Information about the trading policies of more than 600 brokerage firms may be found on the Traders Union website.
Client testimonials are included in each broker profile, giving customers a chance to read about the benefits and drawbacks of the organization from the viewpoint of active traders.
Traders Union’s community-driven approach provides a platform for traders to connect, share ideas, and exchange information. The platform offers forums, social networking features, and a trader’s blog where members can interact, learn from each other, and build their trading network.
The online platform offers both information and legal assistance. Everyone in the community who signed up for a broker via the Traders Union referral link has access to it. The TU legal team arbitrates conflicts between brokerage firms and their customers without charging a fee.
TU also provides ways to increase your income via the financial markets. Analysts at Traders Union also provide broker ratings.
Traders may use them to choose a firm to trade on various financial markets, including the forex, stock, and binary options markets. Ratings of digital banks, cryptocurrency exchanges, and payment systems are also published on the Traders Union webpage.
TU professionals assess a company’s trustworthiness, dependability, customer service, technical support, and other factors in addition to its trading circumstances to guarantee that the evaluations are neutral and objective.
Compiling the grades also requires analysis of customer testimonials provided on the TU website by brokers. Each month, the experts review the firms based on various factors and update the ratings.
Traders Union provides customer support through email, chat, and phone. While the customer support options are available, some users have reported delays or lack of responsiveness in customer service, which could be an area for improvement.
9) EagleFX: Best Forex Trading Platform for Offering Traders Around the World Competitive Trading Conditions
- The best forex trading platform utilized is MetaTrader 4.
- There are no commissions for non-trading activities.
- EagleFX provides a multi-tiered affiliate scheme.
- There are many methods to contact the broker’s support staff.
- The trader may utilize the demo account for as long as he deems appropriate, and there are no time restrictions.
- National Restriction
EagleFX offers a variety of trading instruments, including forex currency pairs, cryptocurrencies, commodities, indices, and metals. This provides traders with a diverse range of options to trade based on their trading strategies and preferences.
Since its launch in 2019, EagleFX has provided traders worldwide with competitive trading conditions and access to various financial markets at only a $10 minimum deposit.
The amount of the required minimum deposit is very minimal. This makes this broker the most accessible choice for any novice trader and assures that most traders will give it significant consideration.
Such trading conditions can also be attractive for traders looking for cost-effective trading options and higher leverage for potentially higher returns.
Brokers may provide traders with a single user account or a range of accounts, each catering to different levels of ability, expertise, and experience.
EagleFX allows traders with different levels of experience to open a demo account. Beginners may use a demo account to gain experience.
EagleFX provides traders access to MetaTrader 4, a renowned trading platform created by MetaQuotes and the winner of several awards.
One of the most well-liked trading platforms available today, MetaTrader gives traders access to cutting-edge features while being simple to use. It is a widely used trading platform in the forex industry and offers a range of features that can enhance the trading experience for both beginner and experienced traders.
EagleFX charges commissions at a rate of $6 per lot round-turn. Price spreads change during the day based on variables, including the trading session, market dynamics, volatility, and the amount of accessible liquidity (supply and demand).
The simplicity of making deposits and withdrawals is another critical aspect to consider when assessing brokers. EagleFX provides traders with several methods for depositing money and withdrawing it.
EagleFX provides customer support through various channels, including live chat, email, and social media. Their customer support is available 24/7, which can benefit traders in different time zones. However, some users have reported delays in response time and a lack of clarity in customer support.
The trading platform claims to have strong security measures to protect user data and funds, including SSL encryption, two-factor authentication (2FA), and segregated client funds.
While EagleFX offers a range of secure trading options, competitive trading conditions, and the popular MT4 trading platform, as with any online trading platform, traders need to exercise caution, follow best security practices, and be aware of the risks involved in online trading.
Best Forex Trading Platform: FAQs
Here, we answer a few frequently asked questions about the best Forex trading platforms in 2023.
What Is the Biggest Forex Trading Platform in 2023?
The biggest Forex trading platform in 2023 is Prime XBT. It’s one of the best online trading platforms for buying and selling alternative assets, including stocks, ETFs, cryptocurrencies like Bitcoin, etc.
However, the forex trading industry is constantly evolving, and the popularity of different platforms can change over time based on various factors such as market trends, user preferences, and technological advancements. It’s best to research up-to-date information from reliable sources and consult financial experts to get the most accurate and current information about the best forex trading platforms in 2023.
What Are the Best Times To Trade Forex?
The foreign exchange (forex) market is open 24 hours a day, five days a week, so you can trade at any time during the trading week. However, the best times to trade Forex will generally depend on your trading style, market conditions, and individual preferences.
One of the most active forex trading sessions is the New York (GMT 12:00 – 21:00), with high trading volume and volatility. It overlaps with the end of the London session, which can result in increased price movements, particularly in currency pairs involving the US dollar (USD).
It’s important to note that market conditions can change, and there may be exceptions or variations in trading volume and volatility due to economic events, geopolitical developments, and other factors.
What Is a Proprietary Forex Trading Platform?
A proprietary forex trading platform, also known as a “prop trading platform,” is a software developed and used by a specific financial institution or trading firm for its own internal trading purposes.
Unlike commercial trading platforms widely available to the public, they are typically used exclusively by large financial institutions, such as banks, hedge funds, and proprietary trading firms that developed them and are not available for public use.
Such platforms may have custom features, functionalities, and interfaces that cater to the firm’s unique trading strategies, risk management policies, and other proprietary trading techniques.
Summary: Best Forex Trading Platform 2023
Choosing the best forex trading platform can be daunting, but with careful research and consideration, anyone can find the best fit for their investment goals. Prime XBT stands out among the best Forex trading platforms with a track record of success and positive reviews from satisfied customers.
While Prime XBT is our top choice, it’s important to note that the best forex trading platform for you may depend on your individual trading needs, preferences, and level of expertise.
Make sure to thoroughly research and compare different trading platforms, considering factors such as ease of use, features, pricing, and customer support. This can help you choose a platform that aligns with your trading goals and strategies.
So why wait? Sign up today and start trading like a pro!