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To become proficient in the foreign exchange market (Forex), traders must stay updated with financial developments, despite it being a lucrative field globally. Fortunately, the increasing use of smartphones, desktop apps, and easy access to Forex trading software has made it easier to keep up with market trends.
We have analyzed all relevant factors to help you decide which one of the best forex desktop trading platforms is the right fit for your financial needs. Our overall top choice isPrime XBT, but you can consider other platforms as well since the final choice will depend on your experience level, expertise, current needs, and investment goals.
Best Forex Desktop Trading Platforms
- Prime XBT: Best Forex Desktop Trading Platform for Low Trading Costs
- Lite Forex: Best Forex Desktop Trading Platform for CFDs on Commodities
- JustForex: Best Forex Desktop Trading Platform for Multi Assets
- FXTM: Best Forex Desktop Trading Platform With High Floating Leverage and Fast Execution
- PLUS500: Best Forex Desktop Trading Platform with Option to Trade CFDs
- Avatrade: Best Forex Desktop Trading Platform for Leverage
- Blackbull: Best ECN Trading Environment, With Scalping and Hedging
- Traders Union: Best Forex Desktop Trading Platform for Customer Service
- EagleFx: Best Forex Desktop Trading Platform for Competitive Conditions in Global Markets
1. Prime XBT: Best Forex Desktop Trading Platform for Low Trading Costs
Pros
- The features of PrimeXBT include copy-trading,
- Customer support,
- Fiat purchases,
- Simple registration,
- Low fees, and
- A multi-asset class platform.
Cons
- Currently, there is no provision for a demo account,
- The withdrawal of fiat money is not permitted.
Prime XBT is the top pick on our list of the best Forex desktop trading platforms. The financial institution that specializes in Foreign Currency and CFDs trading. The FCA, a well-known financial authority based in the UK, regulates the company.
Prime XBT was established in 2002 and has gained a reputation for safe trades and transparent financial transactions. Thecompany offers a diverse range of tradable assets, with a focus on CFDs.
Five markets are available: Commodity, Cryptocurrency, ETF, Stock, and Stock Index. However, the ETF market is restricted to a select group of European clients.
Prime XBT competitors are not able to match the 49 foreign currency pairs that are available for trading. In comparison, Prime XBT offers 42 Stock Index CFDs, which is significantly more than the average of 15 other brokerages offer.
The company also leads in the number of cryptocurrency CFDs offered, with a total of 25, compared to other famous organizations, which provide up to 16.
However, the actual ETFs and Equities are only accessible to a limited number of traders in Europe, as they are prohibited in Hungary, Italy, Cyprus, and the United Kingdom.
It is important to note that among the various trading options available, trading in stocks is considered to be more profitable and prestigious.
Prime XBT offers a good selection of ETFs compared to its competitors, with a total of 220 available. Customers of Prime XBT have access to two trading platforms - the well-known MetaTrader 4 and the XTB-created xStation 5.
MetaTrader 4 is a reliable platform that allows for the customization of charts, offers a wide range of trading tools, including signals and indicators, and provides various educational resources.
The MT4 software is widely used and appreciated due to its fast performance and user-friendly interface.
Prime XBT, a software provider, is admired for offering its own software, xStation 5. This software is available in 19 languages and has a professional look, yet is easy to use. It can also be customized without any complicated procedures.
However, the review team has suggested that one area of improvement for xStation 5 is its login security, which currently only has a single login level instead of the safer two-level login mechanism.
xStation 5 offers different order types, including Limit, Stop, Market, and Trailing Stop, that can be used to place orders like on the MT4 platform. Prime XBT also has a category called GTT order time limit, which means "Good 'til Time."
Both platforms have mobile apps for Android and iOS and can be accessed online.
Prime XBT has two fully digital account types, the Standard Account with wider spreads and no commissions and the Pro Account with narrower spreads and charging commissions. Clients in Europe can open Islamic or Swap-Free Accounts.
The brokerage no longer provides Basic Accounts but allows customers to open Corporate Accounts.
To create an account, clients need to submit relevant identification documents. European clients have to undergo a more rigorous process of submitting a video for identity verification.
If video submission is impossible, they can scan their passport, driver's license, or ID. Deposits and withdrawals can be made using credit and debit cards without any additional charges.
>> Sign up and begin at Prime XBT
2. Lite Forex: BestForex Desktop Trading Platform for CFDs on Commodities
Pros
- The company offers affordable rates and fees.
- Provides access to a wide range of forex pairs with competitive spreads.
- They also offer exceptional customer service with round-the-clock availability on weekdays.
- Comprehensive resources for trader education and financial information.
Cons
- Their services are only available to traders in 28 countries.
- They do not offer shares trading for companies not listed in the US.
The 3rd pick on our list of the best forex desktop trading platforms is LiteForex. The broker offers trading services for forex and CFDs on various commodities, indices, shares, and cryptocurrencies. The companyprovides its own web platform, mobile app for trading, and the popular MetaTrader desktop platform.
As an NDD (non-dealing desk) and STP (Straight Through Processing) broker, LiteForex routes client orders to liquidity providers.
LiteFinance Global is registered in St. Vincent & the Grenadines, while the European entity is based in Cyprus and regulated by CySEC.
LiteForex has a user-friendly mobile trading platform with built-in tools, including Copy Trading, and provides educational videos on trading and financial management strategies. Clients can also have access to a personal account manager and helpful research.
LiteForex offers a good range of more than 50 FX pairs and over 20 cryptocurrency pairs as trading assets.
Additionally, clients can trade stocks of over 40 large American companies, various commodity CFDs, and major stock indices. These trading instruments are only available on the MetaTrader 4 or 5 platforms, which are the sole trading platforms offered by LiteForex.
This may seem monotonous to some traders, but it ensures a smooth transition for traders accustomed to those platforms. Another advantage of MT4 and MT5 is the wide selection of trading algorithms (Expert Advisors) available as paid and free trading strategies.
LiteForex offers two types of accounts to its clients: ECN (electronic communications network) and Classic. Although the ECN account provides the narrowest spreads, it has commission fees for all transactions. On the other hand, the Classic account has wider spreads but trades are commission-free.
Generally, the ECN model is more suitable for traders with large accounts, while the Classic account is more appropriate for small traders and beginners.
All LiteForex trading accounts can be funded through traditional methods like credit and debit cards, bank wire transfers, and e-wallet services such as Skrill and Neteller. LiteForex accepts several other payment systems as funding methods, including popular cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
LiteForex provides round-the-clock customer support through live chat on their website. Additionally, the company has established exclusive groups and online chats for its community members, allowing traders to connect and assist each other with different concerns. Support is also available by calling a UK-based phone number from Monday to Friday, 9 AM to 9 PM (GMT+2).
In summary, LiteForex is a suitable broker for traders using either MetaTrader 4 or 5. EU-based traders may also consider signing up with the offshore-based branch of LiteForex, which offers high trading leverage. However, compared to other competitors, LiteForex still has relatively high spreads.
>> Sign up and begin at LiteForex
3. JustForex: Best Forex Desktop Trading Platform for Multi Assets
Pros
- The available leverage options range from 1:1 to 1:3000.
- Users are allowed to implement hedging and scalping strategies.
- Useful resources such as technical analysis, news updates, forecasts, and cryptocurrency analysis are also provided.
Cons
- The platform does not permit the use of EAs, and it is not regulated by FCA
JustForex is the 4th broker on our list of the best forex desktop trading platforms. Itoffers a variety of trading options, including Forex, Spread Betting, Social Trading, and Share Dealing.
The availability of these options depends on the user's location and JustForex account. A minimum initial payment of $100 is required, and a demo account is available for users to familiarize themselves with the platform.
JustForex caters to traders of all levels and provides access to more than 60 currency pairs, cryptocurrency pairs, and CFDs based on metals, oil, gas, stock indices, and even agricultural commodities.
JustForex is a broker that provides trading services for bond futures and single stocks of US and European-based companies.
Although it doesn't have the broadest range of cryptocurrency options, it still offers popular options like Bitcoin, Litecoin, and Ethereum, as well as lesser-known options such as EOS and Dash.
All cryptocurrency trades are in US dollars. JustForex has chosen to stick with the popular and reliable trading platforms MetaTrader 4 and MetaTrader 5, which are available in desktop, web, and mobile versions for Apple iOS and Android devices.
This means that traders can easily switch to JustForex without adjusting to an entirely new platform.
JustForex provides clients with three account types based on the amount they wish to deposit and the assets they desire to trade.
The Standard Cent account is ideal for beginners and those who want to try forex trading with minimal capital, as it necessitates a small deposit of only USD 1 and has no commission charges. It is also available on the MT4 platform.
The Standard account, which is accessible on both MT4 and MT5, is similar to the Standard Cent account but with larger lot sizes.
The ECN account is popular among experienced traders as it has very tight spreads and charges a small commission fee on each trade.
JustForex offers a unique feature where all of their accounts have a high level of leverage, except the Standard Cent account, which goes up to 1:3,000.
However, it is important to note that beginners should be cautious when using such a high level of leverage, as it can result in the loss of an entire trading account if a trade unexpectedly goes wrong.
Customer support is available 24/7 for English speakers via phone, email, and live chat, but there are also dedicated support lines for Malaysia and Indonesia with limited hours.
JustForex offers an additional customer support service through various messaging platforms like Telegram, WhatsApp, Facebook Messenger, and Line.
Therefore, JustForex can be a choice for aggressive traders seeking maximum leverage. The leverage provided by JustForex is up to 1:3,000, which means that even a small price change can significantly impact the profits or losses.
Hence, traders should be extremely cautious while trading. Nonetheless, experienced and disciplined traders can test their skills with JustForex.
>> Sign up and begin at JustForex
4. FXTM: Best Forex Desktop Trading Platform With High Floating Leverage and Fast Execution
Pros
- The broker offers a diverse selection of trading accounts.
- Ample training resources.
- Automated programs can be utilized for trading.
- Minimum deposit is set at $10.
- The most commonly used trading platforms are MT4 and MT5.
Cons
- The broker only provides copy trading as an investment option.
- Closed on weekends.
FXTM is the 5th broker on our list of the best forex desktop trading platforms. It has been a reliable partner for the Traders Union for several years, consistently meeting its obligations and providing optimal trading conditions.
The broker offers a range of trading accounts to cater to both novice and professional traders, and investors can choose managers based on their risk levels. FXTM works with newcomers and experienced traders looking to create their own trading strategies, and the company has a good record with no major complaints.
The FXTM support team is responsive and answers all traders' inquiries promptly. Traders can conveniently evaluate the broker's capabilities through the site's interface, and its trading conditions are ideal for active trading and investment opportunities.
Despite having multiple advantages that make it competitive, the broker cannot secure a leading position in the Traders Union rating due to certain issues, such as delayed withdrawals and limited investment programs.
ForexTime is a dependable and established broker favored by Traders Union clients. It offers transparent trading terms, expert support, and the chance to begin forex trading with minimal investments.
In addition, FXTM provides the FXTM Invest service, which enables investors to earn passive income by investing in the strategies of experienced traders, whether novice or professional. The broker collaborates with users who engage in both active and passive trading.
The company offers a transaction copying service to help individuals receive income without requiring them to be expert trader. The brokerage firm evaluates its managers based on their profitability, risk profile, and trading strategy.
Any trader with an account with FXTM can become a partner by using their unique referral link to attract new clients to the broker. If all the requirements are met, the partner will receive a financial reward for the trading activity of each referred client.
ForexTime is dedicated to creating favorable trading conditions and has set a minimum deposit of $10 for beginners on a cent account.
Trading in micro-lots is possible for all account types, with leverage ranging from 1:3 to 1:2000, depending on the account and trading assets. Stop-outs range from 20% to 50%.
The Advantage account has a spread starting at 0.0 pips, while the Micro and Advantage Plus accounts have spreads starting at 1.5 pips. Each account type has access to Forex instruments and metals.
Traders can use the MT4 and MT5 trading terminals and the broker's mobile trading software, FXTM Trader. Transactions on the Micro account are executed instantly, while other account types are subject to market execution.
5. PLUS500: Best Forex Desktop Trading Platform with Option to Trade CFDs
Pros
- The platform grants access to a wide range of over 2,800 CFDs.
- Characterized by its user-friendly and efficient nature.
- It is regulated by the FCA in the United Kingdom.
- Offers guaranteed stop-loss orders as well as strong risk management tools.
Cons
- U.S. clients are not accepted.
- Additionally, the trading platform cannot be integrated with other trading tools or platforms.
The Plus500 brand is the 6th broker on our list of the best forex desktop trading platforms. The company is respected worldwide for providing a user-friendly trading platform to online traders. Along with the Plus500 Invest platform, traders can also access share trading and a range of CFDs through the Plus500 CFD platform.
However, while the simplified trading platform is ideal for beginners, experienced traders may want more due to the lack of educational content and limited market research options.
The proprietary platform called WebTrader is stable, easy to use, and can be accessed from various devices and systems, including Windows PCs, web browsers, smartphones, and tablets.
Plus500's WebTrader has a user-friendly interface that enables users to easily create watchlists, analyze charts, and monitor trades. It offers a variety of technical indicators that can be applied to different time frames, from tick charts to weekly charts.
However, unlike other picks of our best forex desktop trading platforms, Plus500 does not provide the popular MetaTrader 4 (MT4) platform, which would offer more customization options for clients.
The most attractive aspect of Plus500's WebTrader and other platform versions is their ease of use and familiar layout for experienced traders.
Clients can select from over 2,000 instruments, analyze their choices on a customizable technical analysis chart, and execute trades within a few clicks, all within the same window.
Plus500 is a self-contained platform that doesn't allow the integration of third-party analytical and automation tools, which may disappoint advanced traders.
Nevertheless, the mobile application offers all the desktop version features, including access to the product catalog, account information, conditional orders, and dynamic charts with technical indicators that can be expanded to full-screen mode.
Deposits and withdrawals can also be made directly within the app. However, some traders may be worried about the lack of enhanced security measures since the app provides direct access to funded accounts. Additionally, the MT4 mobile app, which offers greater functionality and a more familiar interface for experienced traders, is unavailable.
Plus500 has a Multiple Charts View feature, allowing users to view up to nine different charts at once. Although Plus500's website doesn't provide complete information about location and language, the company now offers live chat in addition to WhatsApp chat and email support available around the clock.
However, the absence of a phone number, even for sales inquiries, is a notable omission. To contact Plus500, prospective and current clients must use the chat or email ticketing system, which is accessible 24/7.
Plus500 offers resources such as a Trading Academy that includes an eBook, video traders guide, and FAQs to help novice and experienced traders. They also provide risk management resources and market news.
While they offer only one legally required document called "Key Information Document" (KID), it explains the basics of each available instrument.
>> Sign up and begin at PLUS500
6. Avatrade: Best Forex Desktop Trading Platform for Leverage
Pros
- The account opening process is quick and simple, with no complications.
- Deposits and withdrawals are free of charge,
- There are helpful research tools available.
Cons
- There are high fees for inactivity
- The platform only offers CFDs, forex, and cryptocurrencies.
AvaTrade is the 7th broker on our list of the best forex desktop trading platforms. It ispresent in various continents and is regulated in countries like Ireland, Australia, South Africa, Japan, United Arab Emirates, and the British Virgin Islands. However, it lacks regulation in countries like the UK or the US.
AvaTrade accepts clients from most countries except Iran, Belgium, and the United States. The AvaTrade account can be funded through credit/debit cards or wire transfers, and a minimum deposit of 100 € (or equivalent local currency) is required.
The currency of the AvaTrade account depends on the user’s location and can be in euros, US and Australian dollars, or British pound sterling.
The platform also provides a demo account, limited to 21 days, but the support team can extend this period upon request. The demo account has a virtual balance of $/£/€100K, which enables users to test the platform without risking their own money.
AvaTrade, being a CFD broker, doesn't allow the trading of actual stocks. It also doesn't provide the facility to buy ETFs or other investment funds but only permits trading in the form of CFD derivatives.
However, trading in Forex is available with AvaTrade, with a choice of around fifty currency pairs, including popular ones like EUR/GBP, GBP/USD, EUR/USD, EUR/JPY, and EUR/AUD. CFDs are available for stocks, cryptocurrencies, major indices, commodities, European and Japanese bonds, and ETFs (with around 700 CFDs in various markets, including British, European, and American markets).
While direct purchases of cryptocurrencies aren't possible, AvaTrade does offer the option to trade in cryptocurrency CFDs (with 14 CFDs on Bitcoin, Ethereum, etc.).
AvaTrade is often deemed the best Forex trading platform because it enables trading in several Forex options, offering market orders, limit orders, stop-loss orders, and take-profit orders. It should be noted though, that the execution of orders is not guaranteed, especially during volatile market conditions.
The leverage levels available for trading differ among countries and instruments. In the UK, leverages can range from 2:1 for crypto CFDs to 30:1 for Forex CFDs. Unlike other CFD traders such as eToro, AvaTrade does not allow for the reduction of leverage for trades.
AvaTrade, like most trading platforms, generates revenue by charging a spread between the bid and ask prices. The spread varies depending on the type of CFD being traded, with stocks having higher spreads than ETFs.
If there are open positions at the end of the day (10 PM GMT), a small interest fee will be charged by AvaTrade. AvaTrade offers a basic online broker for browser-based trading and compatibility with third-party applications such as MetaTrader 4 and MetaTrader 5.
AvaTrade also offers trading apps for Android and iOS devices that have a high rating on both the Google Play Store and Apple App Store.
>> Sign up and begin at AvaTrade
7. Blackbull: Best ECN Trading Environment, With Scalping and Hedging
Pros
- The company is under the supervision of the FMA.
- Does not impose any mandatory minimum deposit requirement.
- It offers tight spreads for traders, both professional and retail.
Cons
- Its trading tools are somewhat limited.
- Its international services are available through an SVG entity.
BlackBull Markets is the 8th broker on our list of the best forex desktop trading platforms. The broker specializes in Forex, CFDs, Commodities, Fibre Optic Communications, and Fintech solutions.
As a true electronic communication network (ECN) and no-dealing desk broker, it offers professional services like daily market condition updates, analysis, and personal account managers to clients worldwide.
BlackBull Markets provides several account types, including ECN Standard, ECN Prime, ECN Institutional, Islamic, Swap-Free, and Risk-Free Demo account options.
Clients can open a professional live trading account with a minimum deposit of $1 USD. The Active Trader Account offers benefits like segregated customer accounts, advanced reporting, VPS hosting services, and custom solutions.
All account types allow for hedging, scalping, and automated trading via Expert Advisors. Additionally, BlackBull Markets offers Islamic swap-free trading options on two trades.
Clients in non-Islamic countries who create applicable trading accounts with BlackBull Markets are automatically granted Extended Swap-free status.
As a beginner, one can avail of a free demo trading account that is fully risk-free and expires after 30 days. This demo account is funded virtually and can be used to practice forex trading.
The company is one of the best forex mobile trading platforms because it gives clients the opportunity to invest and trade in various classes of assets, such as CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
The world-renowned MetaTrader 4 is provided by BlackBull Markets and can be downloaded on preferred platforms such as MetaTrader 4 Mac, MetaTrader 4 iPhone, MetaTrader 4 Android, and MetaTrader 4 iPad/Tablet.
At BlackBull Markets, clients can choose from various options including over 64 currency pairs, indices from major markets, precious metals like gold and silver, and commodities such as energy, gas, and oil.
The company's main focus is on offering the lowest possible cost for forex traders and providing flexible leverage of up to 500:1. The forex market is open 24/7, allowing clients to find the best trading conditions for their strategy.
Clients can also access new markets and expand their portfolio through BlackBull Markets' range of Index CFDs offering ultra-low latency trading. Additionally, BlackBull Markets offers access to diverse commodities across all its platforms.
At BlackBull Markets, traders can use flexible leverage and minimum trade sizes to trade precious metals like gold and silver, which are popular during times of market uncertainty. The platform also offers low-cost pricing, flexible leverage, and fast execution speeds for trading natural gas and oil products.
The Standard Account has a minimum round-trip cost of 0.8 pips for Forex currency pairs without commission. In comparison, the Prime Account has a minimum round-trip cost of 0.1 pips plus 0.6 pips commission for trading the EUR/USD, and account holders will always pay at least 0.7 pips.
BlackBull Markets offers the Institutional Account with commission rates that can be negotiated down to zero, providing an attractive option for those with a minimum of US $20,000 in funds. In addition, there are no account inactivity fees.
Deposits can be made in USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, and ZAR, and are processed instantly, except Bank Wire, which takes one to three days. Customers can use the same methods for withdrawals, but Credit Card, Skrill, FasaPay, Neteller, or UnionPay withdrawals are limited to the amount deposited via that method.
>> Sign up and begin at BlackBull
8. Traders Union: Best Forex Desktop Trading Platform for Customer Service
Pros
- The platform offers educational resources suitable for both new and experienced traders.
- It has customer support in 17 different languages.
- Additionally, it provides 24/7 customer service through email, live chat, and phone.
- The website is user-friendly and includes helpful guides and tools for novice traders.
Cons
- It currently does not offer a demo account.
Traders Union is the 9th broker on our list of the best forex desktop trading platforms. The company offers a valuable resource that offers a wealth of information to traders and investors. The content is specially curated by expert financial analysts to cater to different audiences, including both novice and experienced traders.
The Traders Union team frequently researches relevant topics, updates existing information, creates broker profiles and provides details on the trading conditions of over 600 brokerage companies.
Each broker profile also includes feedback from real traders, which enables users to gain insights into the advantages and disadvantages of a particular company. Additionally, the Traders Union provides legal support to all its registered members who have used a broker through its referral link.
The TU legal team offers a free resolution of disputes between clients and brokerage companies.
The analysts at Traders Union are responsible for creating ratings of brokers which traders can refer to when selecting a financial market to trade in, such as Forex, stock markets, and binary options markets.
Traders Union also provides ratings of digital banks, cryptocurrency exchanges, and payment systems. To ensure fairness and impartiality, the TU experts assess not only companies' trading conditions but also their dependability, customer service, technical support, and other factors.
They also analyze feedback provided by brokers' clients on the TU website and use various criteria to evaluate companies every month and update the ratings accordingly.
>> Sign up and begin at Traders Union
9. EagleFX: Best Forex Desktop Trading Platform for Competitive Conditions in Global Markets
Pros
- The trader is allowed to use the demo account for an indefinite period of time without any restrictions.
- The broker provides various options for getting in touch with their support team.
- The absence of non-trading fees can be observed.
- EagleFX presents a multi-level affiliate plan.
- The trading platform employed by EagleFX is MetaTrader 4.
Cons
- Has limitations based on countries.
EagleFX is the last broker on our list of the best Forex desktop trading platforms. Established in 2019, EagleFX is a broker based in the Dominican Republic specializing in ECN and STP trading. It is widely recognized for its competitive trading conditions and access to multiple financial markets.
The broker only requires a minimum deposit of $10, an attractive option for beginner traders. The low deposit amount makes EagleFX a preferred choice for many traders.
Brokers can provide either multiple accounts with different features for traders at varying levels of expertise or a single account suitable for everyone.
EagleFX provides traders of all levels the opportunity to open a demo account, which novice traders can use to gain experience. The broker offers the MetaTrader 4 platform, which is both popular and award-winning, and is known for its advanced features and ease of use.
EagleFX charges $6 per lot round turn for commissions, while price spreads are influenced by market forces, volatility, liquidity, and trading sessions. Deposits and withdrawals are also important considerations when selecting a broker, and EagleFX offers a range of options for both.
>> Sign up and begin at EagleFX
How We Chose the Best Forex Desktop Trading Platforms of 2023
When selecting the best stock trading platforms to recommend, we considered several factors. Our top picks are those that offer:
- Online Access - Our top picks are those that offer seamless online access to investing through user-friendly platforms and multiple account management options.
- Low Trading Fees -We prioritized platforms with low or no trading fees.
- Access to Investment Research and Tools - Those that provide investors with access to investment research, educational content, and various investment tools.
- Smart Automation Technology - Additionally, we gave higher rankings to platforms that utilize smart automation technology and offer automated investing tools.
>> Sign up and begin at Prime XBT
How To Choose Best Forex Desktop Trading Platforms
When selecting an online trading platform, it is important to take into account numerous factors that match your investment experience, trading requirements, and financial objectives
Consider Your Investment Experience and Needs
Your trading experience or lack thereof, plays a significant role in selecting the right platform. Beginner traders should opt for platforms that provide fundamental educational resources, responsive customer support, and allow paper trading to be practiced before actual trading.
Advanced traders may find platforms that enable specific trade types and offer more intricate analytical tools, such as customizable charting, beneficial. Those who prefer a hands-free approach may consider starting with a robo-advisor that manages a diversified portfolio of stock and bond investments on their behalf.
Choose a Brokerage Account for Your Financial Goal(s)
Before embarking on an investment journey, it is crucial to ask oneself the reason for doing so. Is it to secure a retirement account or to potentially earn profits over time?
While brokerage accounts are similar across brokers, having a clear answer to this question can aid in selecting an appropriate account and platform that aligns with one's financial objectives.
For those aiming to save for retirement or their children's college education, it is advisable to opt for a broker that provides the relevant account type, such as a traditional IRA, Roth IRA, or 529 College Savings account.
On the other hand, if the primary goal is to invest in meme stocks and disrupt the system, the platform should allow for such freedom too.
Compare Account Fees and Charges
Although most online trading platforms do not charge a commission for trading securities such as stocks, ETFs, and options, it is important to be aware of other fees and charges that may apply, including account maintenance fees, options contract fees, margin rates, and monthly memberships.
These fees can vary greatly depending on the platform, so comparing pricing between stockbrokers and ensuring that their fee structure is suitable for your needs is important.
It is also important to consider fixed monthly subscriptions or account maintenance fees, as they can significantly reduce your potential returns, especially if you invest small amounts of money.
Additionally, the expense ratio, which is the percentage of your investment that pays annual fees, should be considered. If your expense ratio is higher than your returns, you are spending more than you are receiving.
>> Sign up and begin at Prime XBT
Look for a Variety of Assets
Different trading platforms offer varying investment products, with some only providing popular options like stocks, ETFs, crypto, and options, while others have a broader range of assets such as futures, mutual funds, and international stocks.
It's important to have access to several investment vehicles to diversify your portfolio and lower risk. Nonetheless, it's crucial to select a platform that offers investment options that align with your investment strategy rather than one with the most investment options.
Check Brokers’ Background
It is important for online trading platforms and brokers to be formally registered with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). These regulatory bodies are responsible for overseeing brokerage firms and ensuring that they follow fiduciary regulations.
To ensure greater safety and security, it is also recommended that the brokerage is insured by the Securities Investor Protection Corporation (SIPC), which is similar to the Federal Deposit Insurance Corporation (FDIC) and provides protection to investors against losses of up to $500,000 in case the brokerage becomes insolvent.
To check a broker's background information and registration, search tools like the SEC's Investment Adviser Public Disclosure and FINRA's BrokerCheck can be used.
Figure Out Deposit and Withdrawal Methods
When selecting a broker, reviewing the available options for funding your brokerage account is crucial. While many trading platforms allow linking a checking or savings account for funding, some provide alternative methods such as debit or credit card payments and digital wallets.
It's also essential to understand the withdrawal process and the duration it takes for the funds to arrive. It usually takes one to three business days, but it could take more time in some situations. This can give you an idea of how quickly you can access your money if necessary.
Moreover, it's vital to consider whether the platform provides immediate access to your money after depositing it or if you must wait for the deposit to process before placing an order.
Evaluate Security and Customer Support Options
When selecting an online platform, it is crucial to ensure that it provides extra security measures such as biometric access or two-factor authentication. For added protection, some mobile apps allow users to set passcodes that are used to restrict access to their accounts.
Additionally, it is important to check if the platform has experienced any data breaches in the recent past to assess the reliability of its security system.
Moreover, make sure to choose platforms that offer multiple customer support options, including a help center with frequently asked questions, in case of any issues. While not all platforms may have phone support, most offer assistance via email or chat, and some even have social media pages for customer outreach.
>> Sign up and begin at Prime XBT
Try the Trading Platform
It is recommended to test out different trading platforms that catch your attention as they all have unique interfaces and tools.
Most platforms provide the option to create a free account without any mandatory deposits. By creating an account, you can assess the platform's distinct characteristics, order placement process, and research tools to determine if it aligns with your requirements and is user-friendly.
Best Forex Desktop Trading Platforms - FAQs
What Is a Forex Trading Platform?
The software enables traders to trade and exchange assets globally and interact with trading partners from any location worldwide. Additionally, traders can practice and improve their trading abilities through a demo account in a virtual market.
How Do Forex Trading Platforms Work?
The physical equipment for forex trading comprises multiple software components, such as MT4, which is organized in the following manner:
Client Terminal — end-user part. The software traders utilize is obtained from the broker's website, installed on their devices, and utilized to control transactions such as setting pending orders, opening, and closing orders, and activating advisors. The server is an automated software package component responsible for managing client orders, processing them, and forwarding them to the external market. It is a fundamental part of the Data Center and is hosted on the broker's servers.
Administrator - software for remote management of the server part. Brokers can handle databases, financial instruments, and platform configurations with this function. Traders need to assess the user-facing aspect of the terminal, which includes aspects such as the trading platform's capabilities, the speed at which orders are executed, and the absence of any glitches or technical issues.
Who Are Forex Brokers?
To participate in the forex market, traders need the assistance of a forex broker who acts as a middleman between them and the market. These brokers can be banks, financial institutions, or retail companies providing forex trading services to their clients.
It can be challenging to select the right forex broker, and traders must consider various factors such as regulation, retail investor account types, customer support, spreads, and trading tools before deciding.
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What Are the Best Forex Desktop Trading Platforms for Beginners?
The majority of beginners do not need to utilize every feature available. As a result, the essential key factors include:
- The trading terminal should have a user-friendly interface with clear graphs and a range of color choices to avoid eye strain. It should allow for quick and easy tracking of key information. It's crucial to distribute the workload evenly at the beginning of your work to get used to the interface over time.
- To effectively navigate a platform, it is crucial to have a comprehensive understanding of its primary tools and determine the most efficient sequence of steps.
- Functionality overloading is not present.
What Platform Do Professional Traders Use?
As noted in our Saxo review and CMC Markets review, platforms may offer convenient features, resources, and key advantages, but the competence of a trader is not typically influenced by the platform they use. Traders utilize a terminal which is:
- The broker provides it as per their trading terms and conditions,
- It is most suitable for a specific market.
- It is well-suited for the trader's needs and tasks
- User-friendly and practical.
Can I Start FX Trading Without a Broker?
In theory, it is possible to trade by purchasing currency from a bank and later selling it when the exchange rate fluctuates.
However, to fully participate in trading across international markets and over-the-counter exchanges, an intermediary in the form of a broker is necessary. It is not enough to simply buy and sell currency on one's own.
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Final Thoughts: Best Forex Desktop Trading Platforms
One of the benefits of online trading platforms is their ability to allow people to trade securities from anywhere in the world, except for countries with restrictions on online or general trading.
Whether you're interested in the best trading platform for Malaysia, the Philippines, or any other location, all you have to do is sign up with a broker, download a free Forex desktop trading platform, and start trading.
The selection process to determine, which is the best forex trading platform for your investment goals can be overwhelming for both beginners and advanced traders.
This is why we’ve examined all relevant factors and have determinedPrime XBT to be the top choice, a platform often praised in reviews and frequently ranked as the top forex desktop trading platform due to its proven track record.
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