cTrader has some of the most innovative charting features in the market! While you can access the most common charting tools like Fibonacci levels, trend lines, and horizontal lines for drawing support and resistance on the right side, the indicator menu can be accessed from the left toolbar. Unlike other platforms where the software mainly uses dropdown menus, you can search for the favorite indicator with cTrader, making it a breeze to add any available indicator to any open chart on the fly.

Furthermore, the toolbar with technical analysis tools, timeframes, and access to technical indicators is attached to each individual window, which means you will always have access to the favorite tool regardless of where the chart is located. cTrader was way ahead of its competitors even in the early days as it incorporated all the popular order types, including:. By cTrader introducing Stop Limit orders from the get-go, it allowed traders to wait for the price of an asset to break above a certain level, either above or below the current market price, before setting a buy or sell limit order along with clearly defined stop loss placement.

On the market order tab, Forex traders can see all the price and spread information. But, unlike other platforms, it also shows exactly how much is being risked as well as what percentage of the account equity the trade would risk and the potential profit. Hence, while you need to calculate these ratios manually, or using a spreadsheet, with other trading platforms, cTrader provides a simple and effective way to manage risks as well as reward to risk ratios of the trade, before you actually place the order!

Moreover, cTrader offers a unique feature called market range in the order placement window. When Market Range is enabled, traders can define how many pips of slippage they are willing to allow while placing a market order. This feature is especially important for traders who prefer to trade during volatile market conditions. During major economic news releases, prices can move drastically.

If you are scalping, trading with a very short time window during this volatile market condition, then placing a market order could mean that your order will be filled at a different price than originally intended. The market range feature from cTrader ensures that the deviation in price is kept to an acceptable level as defined by the trader. On the right side of the main window, you can also see a detailed economic calendar that shows all the relevant news coming up today or over the next week.

Even if you do not pay attention to market fundamentals, knowing when a piece of major economic news is scheduled to be released can help you tighten your stop loss or stay away from the market altogether to avoid volatility.

As you can tell by now, Spotware has put a lot of thought into the window management from the perspective of professional traders and any trader would appreciate the attention to detail. In the main cTrader window, traders can find a history tab that shows all the closed position. Here, they can also export all periodic or all history from the last month period into Microsoft Excel or HTML format for analyzing with third party statistical software.

cTrader takes user data very seriously and has created a dedicated full-time position of Data Protection Officer DPO in the company. Spotware has published a detailed privacy policy that meets the requirements of the European General Data Protection Regulation GDPR. Also, the cTrader platform implemented endpoint encryption in order to protect against privacy risks to protect users against hardware theft or loss.

For a list of Forex borkers who offer the cTrader Platform, see here: cTrader Forex Brokers NinjaTrader Long before the MetaTrader 4 arrived to dominate the Forex trading platforms market, NinjaTrader was the industry leader. NinjaTrader Group, LLC was founded back in and they introduced NinjaTrader for mostly professional traders who needed state of the art technical analysis capabilities as well as a stable and reliable platform for remote trading.

While most of the trading platforms we discussed are offered for free as part of the brokerage service, NinjaTrader usually works as separate software independent of the broker you are dealing with.

The free version of NinjaTrader incorporates almost all the advanced trading features. However, certain features like automated trading, a number of advance order types, and backtesting capabilities are omitted from the free version. NinjaTrader Group, LLC runs a brokerage business itself. However, you can also use the platform to connect to several other high-quality Forex and Futures brokers and trade various assets, including CFDs.

Right now, NinjaTrader only supports a handful of 3rd party brokers, including Forex. com, Oanda, Ameritrade, Interactive Brokers, FXCM, and CityIndex. Unlike most trading platforms, NinjaTrader allows users to use several data sources on the platform. Hence, if you are not satisfied with the data source provided by your brokerage account, you can always buy premium data sources and incorporate them within NinjaTrader.

This way, you can place trades to a broker but do not have to rely on their data. The first impression you will get after installing and opening the NinjaTrader platform is it is very intuitive. You get several independent windows floating at once. Traders can open and close the tools and sub-windows based on their trading strategy and requirements. Also, you can minimize or close the ones you do not need.

On the default layout, you can see the Market Analyzer and SuperDOM windows that act as an interactive price ladder, which displays market depth. With this level II data, Forex traders can get a sense of which way the price will likely move few moments before it does that can aid in the decision process, especially when prices are near key pivot zones. Like cTrader, NinjaTrader users can freely move any particular window to any corner of the screen or move it between two monitors or more.

Furthermore, you can use multiple monitors and save different windows in a single workspace to keep things organized, which helps if you need to keep an eye on multiple assets at the same time. As a premium trading platform designed for professional Forex and commodities traders, NinjaTrader packs an impressive number of technical analysis tools and indicators. For example, while you need to add the Fibonacci tool to the toolbar in MetaTrader, with NinjaTrader, you can simply access it using a keyboard shortcut F8.

Similarly, the various vertical and horizontal lines can be selected with keyboard shortcuts. NinjaTrader comes with a huge number of time-tested and novel technical indicators that you can simply use without having to download or configure before applying on the charts. Also, the indicator window lists all the active indicators and its technical parameters in a centralized fashion, which makes it a breeze to configure charts with your favorite tools — exactly the way you want to.

NinjaTrader also allows users to build their custom indicators or download third party indicators off the Internet and install it. However, the lack of popularity among retail traders means you will have a hard time finding novel technical indicators for free for this platform compared to MetaTrader. There are several ways you can place orders with NinjaTrader. The easiest way is to open the Basic Entry window and it supports Stop and Limit orders, as well as setting a stop loss. Like cTrader, NinjaTrader also supports Stop Limit orders, where you can set a trigger price to create a limit order above or below the stop level.

For Forex traders, NinjaTrader includes an FX Board that shows prices and large Buy and Sell buttons. One of the great things about NinjaTrader is that you can use a single platform to trade multiple accounts.

Once have configured an account group , you can also to send a single order to multiple accounts at once. But keep in mind that if you want to modify any parameters of the trade, stop loss, or take profit levels, you need to modify it on each individual trade placed on each account. NinjaTrader makes it easy to keep track of all your pending orders and open positions from centralized window. Here, you can not only check orders by filtering those based on accounts, but you also have to option to export your orders to CSV or Microsoft Excel format for data analysis using statistical software.

NinjaTrader has a stated privacy policy that clearly state the company will never share, sell, or rent personal information about traders to other individuals or non-affiliated companies.

Furthermore, all user sensitive data, username, and passwords, are encrypted to ensure your account remains safe. Also, like most other advanced trading platforms, NinjaTrader allows encryption of source code for automated systems and indicators in order to ensure that your proprietary trading systems remain protected.

With NinjaTrader 8, it also included support for data obfuscation, which means you can obscure codes and run your automated strategies.

Comparing one trading platform with another is, at best, comparing apples with oranges - if not meatloaf. As we mentioned earlier in the guide, there is no "best trading platform in the world". However, based on the brief review of the four most popular trading platforms in the market, by now, you can certainly see that there are some clear advantages of using one platform over another that can aid in deciding which platform suits your needs.

Let us try to highlight these subtle differences to make it easier for you to pick a trading platform. MetaTrader 4 has all the bells and whistles you will ever need to become a successful Forex trader.

Traders have been using it for over a decade and built trading careers around it. But it is old and MetaTrader 5 brings some nifty features like window docking and additional order types that make life much easier for traders. At the end of the day, the difference between MetaTrader 4 and 5 are not that huge and you should not lose sleep over picking one platform over another. Unless you are into automated trading. And if you are considering automating your trading strategy or already have, MetaTrader 5 would provide you better order execution and stability.

Moreover, MetaQuote has stopped selling the license of MetaTrader 4 to new brokers, which means if you want to future proof your investment in automating a strategy, going with MetaTrader 5 would save you a lot of headache down the line. In contrast, cTrader combines the best of both worlds, manual and automated trading.

It has a vastly improved user interface and the order management system is perhaps the best in the industry. The technical analysis capabilities rival even institutional-grade trading platforms and it is often a mystery how Spotware is giving away it at a price that brokers can offer it for free to their clients!

Nonetheless, a very limited number of Forex brokers offer cTrader and it could be tough to find a broker that offers a similar level of service and pricing in the world of cTrader brokers.

The features of NinjaTrader and cTrader are similar, but NinjaTrader comes with a hefty price tag that most retail Forex traders would feel uncomfortable to pay in the beginning stage of their trading careers. On the other hand, NinjaTrader packs some really intriguing features that make it worth the price for professional and institutional traders who have ample capital to trade with the top tier brokers like Interactive Brokers and Ameritrade.

The platform is user-friendly, feature-packed and highly customisable. AvaTradeAct allows traders to place a full range of orders, stops and limits, and utilise comprehensive analytical tools , trade alerts and automated trading routines. QuantConnect is suited to traders who work in the development industry or is comfortable with writing and editing code. It provides a comprehensive integrated developing environment IDE designed by algo traders for algo traders and the platform is built on the Lean Algorithmic Trading Engine , an open-source cloud-based trading platform designed in C.

Interactive Brokers offers a similar range of currency pairs as Thinkorswim which was mentioned earlier, with more than to choose from. The platform can be easily used by forex trades but it is also applicable to stocks, futures and much more. Interactive Brokers offers users a handful of different customizable automated trading systems to support the particular type of trades made.

The eSignal trading platform is best suited to advanced traders , with fully customisable features. Aside from the standard features expected, users can also create their own trading strategies or market screeners through the coding language. The ProRealTime trading platform is a technical analysis software web-based platform which is backed up on the company's cloud network. The platform itself offers traders a wide range of advanced charting and analytical tools, as well as the ability to create customised market scanners and trading strategies using their ProRealCode language.

There are lots of other niche trading platforms , especially designed for more advanced traders , but whatever a trader decides to choose, they must remember that a trading platform is their only tool to connect with the Forex market and that their success or failure will depend entirely on their trading choices.

Traders must make sure that their choices are educated, low-risk and decisive. The software trading platforms may be an online, web-based portal, mobile app, a standalone downloadable program, or any combination of the three and may provide tools for research in addition to tools for order processing.

A trading platform will provide traders with tools for executing buy and sell orders in the Forex markets. Some Forex brokers may offer traders a proprietary trading platform for order processing and research, but most provide order access through integrated trading and research programs. By far, the most popular of these is MetaTrader 4 MT4 , which will be discussed in this review.

Many Brokerage firms will also offer traders a wide array of currency trading platform solutions for both retail and institutional clients. Price and trade data source: JSE Ltd All other statistics calculated by Profile Data. All data is delayed by at least 15 minutes. Telephone number: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.

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Here are the top forex brokers to consider. Competitive Pricing, Top-Notch Tools, a Quality Mobile App, and Access to Cryptocurrency. Founded in toward the end of the dot-com bubble , Forex. com became one of the pioneers in the online currency trading space. The company quickly grew to be a leading online broker, a status it continues to hold today. The company designed its trading platform to cater to both institutional and retail investor accounts, of which it has more than , to date.

The company is one of the pioneers in the space and has led the way in innovation throughout its growth, leading to trading tools and functionality that are second to none. Low Minimum Deposit, Low Spreads, and Low Commissions; Among the Best Charting Tools on the Market.

Interactive Brokers was founded in , and they do far more than offer forex trading. With a pedigree in the investing and trading world, it only makes sense that currency traders are piling into the trading platform like crazy. With a strong history on Wall Street, originally working as a broker for products traditionally found on major stock exchanges , Interactive Brokers made a name for itself in the world of finance.

As forex trading became more popular, the company dove in headfirst, becoming a leader in that space as well. Investors who choose to use Interactive Brokers have access to traditional stocks, exchange-traded funds ETFs , and mutual funds , while gaining access to forex, CFDs, and cryptocurrency all in the same place.

Moreover, with some of the lowest spreads and lowest commissions on the market, the firm has become a favorite among some of the most active traders in various asset classes. All the High-End Technical Tools You Need to Be Successful in the Forex Space. TD Ameritrade is another well-known stockbroker on Wall Street. Founded in , TD Ameritrade has decades of history serving the investing community.

Like Interactive Brokers, as currency trading became more of a hot topic, the company jumped in, seeing an opportunity to add new services to its portfolio. Today, TD Ameritrade is one of the top forex brokers on the market. TD Ameritrade is one of the most highly respected brokers on Wall Street and in the currency market today.

A Highly Technical Trading Platform With Among the Best Market Research Available, Intuitive Charting, and Access to MetaTrader4.

CMC Markets is yet another highly reputable brokerage firm that got its start decades ago as a stockbroker. Based in the United Kingdom, CMC Markets is a name known around the world. The company offers online stock trading, forex, CFDs, cryptocurrency, and spread betting.

Cash is the most in-demand asset in the world. As a result, liquidity in global currencies is relatively high. With constant trades going back and forth, currency values rise and fall throughout the day. By trading currency pairs, like euros and U.

The idea is to buy low and sell high, making a profit on the spread between the low price and the high price. Through the use of margins , these traders buy and sell large amounts of currency, greatly expanding their potential for gains through their forex trading activities.

Not all brokers are created equal. After all, these are private companies that have the ability to set their own pricing, provide their own unique features, and create their own platforms with the tools that they see fit for forex traders. Here are the top forex brokers to consider. Competitive Pricing, Top-Notch Tools, a Quality Mobile App, and Access to Cryptocurrency. Founded in toward the end of the dot-com bubble , Forex. com became one of the pioneers in the online currency trading space.

The company quickly grew to be a leading online broker, a status it continues to hold today. The company designed its trading platform to cater to both institutional and retail investor accounts, of which it has more than , to date.

The company is one of the pioneers in the space and has led the way in innovation throughout its growth, leading to trading tools and functionality that are second to none. Low Minimum Deposit, Low Spreads, and Low Commissions; Among the Best Charting Tools on the Market. Interactive Brokers was founded in , and they do far more than offer forex trading. With a pedigree in the investing and trading world, it only makes sense that currency traders are piling into the trading platform like crazy.

With a strong history on Wall Street, originally working as a broker for products traditionally found on major stock exchanges , Interactive Brokers made a name for itself in the world of finance. As forex trading became more popular, the company dove in headfirst, becoming a leader in that space as well. Investors who choose to use Interactive Brokers have access to traditional stocks, exchange-traded funds ETFs , and mutual funds , while gaining access to forex, CFDs, and cryptocurrency all in the same place.

Moreover, with some of the lowest spreads and lowest commissions on the market, the firm has become a favorite among some of the most active traders in various asset classes. All the High-End Technical Tools You Need to Be Successful in the Forex Space. TD Ameritrade is another well-known stockbroker on Wall Street. Founded in , TD Ameritrade has decades of history serving the investing community.

Like Interactive Brokers, as currency trading became more of a hot topic, the company jumped in, seeing an opportunity to add new services to its portfolio. Today, TD Ameritrade is one of the top forex brokers on the market.

TD Ameritrade is one of the most highly respected brokers on Wall Street and in the currency market today. A Highly Technical Trading Platform With Among the Best Market Research Available, Intuitive Charting, and Access to MetaTrader4.

CMC Markets is yet another highly reputable brokerage firm that got its start decades ago as a stockbroker. Based in the United Kingdom, CMC Markets is a name known around the world. The company offers online stock trading, forex, CFDs, cryptocurrency, and spread betting. Here are the key benefits members of CMC Markets enjoy:. A Long History of Providing Quality Financial Services Across the Board.

Ally Invest, a subsidiary of Ally Financial, is a company with a strong history of serving customers with compelling financial products since the early s. In , Ally Financial founded Ally Invest to give investors all the tools they need to be successful in the stock market.

Since then, the company has grown to be one of the top investing and trading platforms online. Some of the perks investors enjoy when working with Ally Invest include:.

Ally Invest has earned its position as a member of the cream of the crop in forex, the stock market, and finance in general. Through more than years of service to the financial community, the company has been an innovator in the provision of compelling financial services in the United States.

Trading forex is a different process than investing in stock and, according to The Balance , many forex traders lose money, especially new traders. Much of this lack of success can be attributed to a lack of understanding of how the forex market works.

Some of the most important factors you should consider before diving into the market include:. If you plan on trying your hand in the space, one of the most important moves you will make is choosing the right brokerage to work with. Your broker should have top-of-the-line charting, research, and trading tools, come with regulatory oversight, and have a successful record of service to the financial industry.

The brokers listed here fit that bill to a T. Skip to content Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers. com receives compensation.

This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.

Bank, and Barclaycard, among others. Invest Money 5 Best Forex Brokers and Trading Platforms of By Joshua Rodriguez. FEATURED PROMOTION. Table of contents. You own shares of Apple, Amazon, Tesla. Why not Banksy or Andy Warhol?

Get Priority Access. Invest Money. Twitter Facebook Pinterest LinkedIn Email. Joshua Rodriguez. Joshua Rodriguez has worked in the finance and investing industry for more than a decade.

In , he decided he was ready to break free from the 9 to 5 rat race. Today, Joshua enjoys sharing his experience and expertise with up and comers to help enrich the financial lives of the masses rather than fuel the ongoing economic divide.

See what Joshua is up to by following his Twitter or contact him through his website, CNA Finance. Related topics. See more questions. Invest Money What is forex trading?

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Guaranteed stop-loss orders are also available, allowing you to set a maximum potential loss for trades. An ideal broker for US-based traders hoping to manage a comprehensive portfolio, TD Ameritrade offers access to a wide range of trading products and markets. Skip to content Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers. This was using demo accounts of similar brokers who offer a MetaTrader 4 no dealing desk NDD setup. The cookie is used to store the user consent for the cookies in the category "Performance". Forex No Deposit Bonus.

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