There are two sets of forex platforms. Those that are exclusive to a particular forex broker and those that a plethora of brokers offer. These platforms are designed and developed by software manufacturers and are then sold as ‘white label’ platforms to brokers. Brokers claim these platforms as their own even though many companies support the same platform. Below we assess the best forex broker platform elements from a range of providers. We analyse them specifically for Australian forex trading conditions to see how they stack up
Non-Exclusive Mainstream Forex Trading Platforms
Non-exclusive forex trading software (also know as ‘third-party’) works with any brokers who have an API (Application Program Interface). They include:
MetaTrader is a windows based forex platform which is the most popular worldwide and is offered by IC Markets.
The platform’s popularity is due to the ‘ease of use’ with many traders used to the platform which is one of the oldest. The platform is also feature rich and includes an automated trading ability.
The most popular version is MetaTrader 4 (MT4) with the newer MetaTrader 5 (MT5) version offered by some ‘niche’ forex brokers only. The key differences of MT5 is the ability to aggregate open positions, incorporate buy/sell stop limit pending order types, view level II prices and the ability to trade stocks & futures.
There is a Windows & Mac version of MetaTrader and mobile/tablet apps for all mainstream devices.
cTrader was designed by forex traders offering a sophisticated interface with a variety of customisation options including detachable charts.
Both advanced charting combined with an advanced ordering system attract many forex trader bringing a more efficient trading experience. Other key features include the ability to view level II pricing (something MT4 doesn’t offer), trading automation with back testing facilities.
In 2013 the platform won the FX Week award for ‘Best Retail Platform’
The platform has a webtrader option (which doesn’t need to be downloaded), an iPhone/Android app and cAlgo which allows traders to create ‘robot’ programs developed in C# which can be customised to set algorithms.
Exclusive Forex Trading Platforms
Other brokers have their own proprietary software to provide them with a competitive advantage attracting forex traders.
1) The Next Generation CFD trading platform
The Next Generation platform was created by CMC Markets to help differentiate them in the market.
The platform offers a range of features including:
– Automated execution
– A layout which can be customised (similar to cTraders)
– Mobile trading applications
The key strength of this platform is it’s charting tools which have won awards with 80+ technical indicators, comparison charts and more.
2) Forex Trader Pro
Forex Trader Pro is offered by Forex.com by interestingly the forex broker also offers MT4 as an alternative.
The platform has excellent customisation options and not only have iPhone, Android and iPad apps but also a web only version.
With advanced trading features, integrated research, charting tools and analysis, the platform is popular for intermediate forex traders.
Other features include:
– Instant or Market execution (you decide)
– User defined price tolerance
– Five digit pricing
3) Web PROfit
Forex Capital Trading offer Web PROfit alongside MT4 similar to Forex.com offering both non-exclusive and exclusive platforms.
The platform is fast, sick and professional to give forex traders full control when currency trading.
There is the following versions:
– Web PROfit
– Android app PROfit
– Apple app PROfit
There are many other brokers that have their own platform such as Plus500 but these are just to simplify forex trading rather than focus on tools and features that exceed MetaTrader and cTrader.
So Whats Important When Looking For The Best Forex Broker Platform?
A trading platform is one of the most important features a fx broker offers as this is the conduit between yourself and that broker (or in the case of ECN brokers, the market itself). The best forex broker platform for you will be based on their charting options, quote, interface and ability to execute orders quickly and accurately.
When considering a forex platform consider:
- What is the price (if any) of using this platform
- The charting options including technical indicators available
- The software base and compatibility with your computer or device
- If you can trade from charts shown?
- What types of orders can be made and the order interface
- How much historical data is available?
- Can back-testing be conducted for strategies and ‘robots’
- Does the platform have an API for your own programming or software needs?
Almost all Australian forex brokers offer a free demo account to test the platform. Most of these demo accounts are limited by units or duration but at least it’s an excellent opportunity to test it out to ensure its the best forex broker platform for you.
The screenshot below shows a list of the best forex brokers for high leverage brokers. Click on it to view the platforms they use and browse other brokers to find the right match for your needs.
More About How We Found The Best Forex Broker Platform
Compare Forex Brokers has a range of forex broker charts that compare the leading Aussie regulated players for Australian traders. The information came from the individual forex broker websites and other third party sources including demo account information. Use our free tools to find the right broker to suit your needs from high leverage to low spreads.