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Choosing the best forex trading platform for your trading style and strategies is one of the most critical decisions when currency trading.
Combining the right platform with a top forex broker that offers low spreads, fast execution speeds and a suitable leverage can be the difference between success and failure on currency markets.
View the leading forex brokers below offering the best trading platforms below.
A forex trading platforms comparison on 05/02/2018 found Pepperstone was the best forex broker offering:
Learn about the components to consider when choosing a platform for forex trading.
Learn of the benefit and risks of currency trading and how brokers impact forex trading.
Pepperstone are the only Australian forex broker to offer 7 platforms including MetaTrader 4 and cTrader, the two most popular trading platform worldwide.
In addition to the choice of the best forex trading platform, Pepperstone also offers the EDGE environment allowing clients direct Electronic Communication Network (ECN) trading via the most popular trading platform (Metatrader 4). This is up to 12 times faster than competitor platforms, delivers optimal pricing and enhanced connectivity through the ECN producing tighter spreads.
In addition to the 12x execution speeds mentioned earlier a further 10x reduction in latency has been achieved through fibre optical connections to interbank servers in New York City. The company also introduced one click foreign exchange trading not too long ago. This is an incredible feature to have in today’s volatile currency markets where every single second counts; making or breaking a trade.
With Pepperstone’s best forex trading platform you can be certain that all trades are settled electronically and directly from bank servers. Unlike some of Pepperstone’s competitors, no part of the trading process is manual or involves a dealing desk. In our Pepperstone review we found incredible pricing efficiency when trading thanks to their ECN venues and banking systems. This pricing accuracy minimises slippage and ensures retail traders are not losing precious capital unnecessarily.
Pepperstone is regulated in Australia which means all staff meet minimum training standards set by the regulator. They bring a personalised service experience for traders from the moment you join with the call centre open 24 hours, five day a week to ensue they are online during worldwide currency trading hours.
The staff can assist currency traders with the most popular forex trading strategies which are possible through the fx broker due to the fast execution speeds. There are also advanced features that are allowed from scalping to EAs through the platform unlike many other Australian brokers which don’t allow for these features.
Pepperstone spreads are most competitive in the industry. Traders looking to scout out the best forex trading platforms should factor this into their calculations before making a final decision on which company to proceed with. Pepperstone is able to offer clients some of the tightest spreads available in the world due to their access to tier 1 liquidity from some of the largest banks in the world.
Pepperstone also offer industry-leading spreads on 50+ other currency pairs so you can be certain you are selecting not only a solid currency trading platform but also a top fx broker.
Pepperstone offers leveraged trading of 500:1 which is one of the highest levels on offer in the industry.
It should be noted that internationally, any leveraged trading exceeding 200:1 is considered high and should be only considered by advanced Australian forex traders. Pepperstone offers forex traders to choose the level of leverage that suits their level of risk appetite and experience. This occurs when they look for the best foreign exchange trading platform for their needs. In January 2018 only ThinkForex, CMC & IC Markets matched Pepperstone’s leveraged trading ratio with 500:1. When trading forex markets at such levels its critical to understand the risks involved with currency trading.
At Compare Forex Brokers we review the top forex brokers with the Australian trader in mind. Therefore, Australian regulation is one of the first things we look for in a reputable foreign exchange trading provider. After completing our Pepperstone review, we came to the conclusion that traders can trade currency with confidence with Pepperstone knowing they are stringently regulated and certified under strict Australian law.
MetaTrader 4 that Pepperstone offers currency traders with app versions for the iPhone, Android and iPad/Tablet. There is also a webtrader which means you can trade on any computer without the need to download software which is great for those travelling interstate of overseas. cTrader also has a WebTrader and mobile version allowing cross-platform CFDs and foreign exchange trading.
Pepperstone has the most comprehensive range of payment methods with most offering instant funding options to start trading faster. The newest addition is Paypal which is one of the worlds most popular and secure payment platforms. Below shows the range of payment options for the forex online broker.
|FOREX TRADING PLATFORM||BEST FOR||PRODUCTS TRADED||PRACTICE ACCOUNT||HIGHLIGHTS|
|30 Days||MT4 is the the most popular forex worldwide trading platform with automated (EA) functionality|
|30 Days||cTrader has Click-and-drag functionality to open and close trades from graphs|
|$20,000 virtual funds||All-in-one CFDs currency and share trading platform to access 10,000 markets|
|Unlimited||DealCancellation To Undo Currency Trades within 60 minutes|
|$50,000 virtual funds||Real Volume indicators and good till date trading feature|
|Unlimited||Access to CFDs and forex market sentiment and open orders/positions held by OANDA's clients|
It’s critical to understand that the top forex trading platforms by popularity are MetaTrader 4 and cTrader due to the number of international and Australian forex brokers that offer it. You may feel that the top forex trading platform is IG, EasyMarkets etc but this makes is more difficult down the track to switch currency brokers. As a rule of thumb, when deciding which forex trading is the best, you should consider the popularity of the platform as a long-term consideration.
The EasyMarkets platform is recommended for beginner forex online traders based on the ability to:
MetaTrader 4 is the most popular forex trading platform and recommended for advanced/expert traders based on the:
cTrader by Spotwear offers CAlgo integration which combine to offer seamless trading from manual to automated trading. The retail forex platform share accounts as well as templates making it easy to access either when trading. The powerful trading platform also allows foreign exchange trading features including:
The latency and features are what led to this automated forex trading platforms recommendation.
IG’s platform is recommended Australia traders for those looking for an ‘all-in-one’ foreign exchange trading platform with options to:
MetaTrader 4 (MT4) is widely considered the best forex trading platform for Mac as you can read in our full Mac review with the following features:
The best forex brokers for foreign exchange (online forex trading) are:
The stars above came from ten criteria that all forex traders should consider when currency trading:
The most basic version available when currency trading are web based forex trading platforms. These platforms don’t require a download, making them ideal for those ‘on the go’ or who trade currency at a workplace. These web based versions rarely have the functionality of the downloaded fx trading platforms and can have latency issues. Customisation options can also be limited.
PC or mac forex trading platforms are the most popular way to trade forex. Users simply commence a forex trading platform download from their forex broker and install the program. This enables all features and customisation to occur and for the fastest trading experience to be made possible. These downloads also assists with automation and more sophisticated currency strategies.
Most CFDs foreign exchange platforms now have apps for Android, Apple and Window portable devices. This makes it easier to use a mobile phone or tablet when access to a computer isn’t available. Often features are limited within these apps but the main trading options can still be implemented. These devices are most commonly used to monitor currency markets or end trades rather then actively trade in the market.
Compare Forex brokers is run by a team of Australians that have operated with CFDs financial service providers for over a decade. To determine them most popular forex trading platform and best forex broker a list of providers and reviews were created leading to the best forex trading platform comparison table above. Many fx brokers were reviewed but didn’t make the table including AVAtrade, FXCM, ThinkForex and Forex.com. The key factors that led to these brokers not been included was the forex platform they used, spreads and leverage. The best forex broker table was updated in February 2018 based on the currency trading Australia provider websites and product adjustments. Currency traders should consider the contents on this site in combination with the most up-to-date content on CFDs providers websites.
Comparison of currency trading platforms for Australian FX traders.
Reviewed by Justin Grossbard