Best Forex Trading Platforms | FXScouts (2024)

AvaTrade – Best Risk Management Tools

Best for: Beginners looking to manage their risk

Range of inhouse apps available on iOS and Android

AvaSocial is an award-winning social trading app

Best for:

Beginners looking for risk management tools and those who want to copy expert traders and learn from their strategies.

Why do we like it?

We enjoy its user-friendly proprietary AvatradeGO app, available on both Android and iOS. It has an easy-to-use dashboard with trade management tools, clear charts, and a Market Trends feature to monitor trading trends within the AvaTrade community.

Drawbacks

Web Trader, AvaTrade’s proprietary web-based desktop platform, is not customisable, and traders can’t change the size and position of the tabs. The platform also does not allow traders to set price alerts and notifications.

Summary

AvaTrade’s single retail account (Standard account) features some of the tightest spreads for a commission-free account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD. AvaTradeGO also features the AvaProtect tool, which provides loss protection for a limited time. Other app highlights include a market trend monitor, zoom function and seamless synchronisation with AvaTrade’s webtrader. MT4 and MT5 have a range of indicators and Expert Advisors and provide free access to the integrated Trading Central dashboard for both platforms.

Accepts UK Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 76% of traders lose money with this provider.

Tickmill – Lowest Commission Account

Best for: Traders looking for advanced tools

Supports MT4 and MT5

Low commission trading

Best for:

Expert traders looking for advanced trading tools on the MT4 and MT5 trading platforms.

Why do we like it?

We like that Tickmill offers an Advanced Trader Toolkit, which integrates into the supported platforms, providing advanced trading tools, user-configurable news and information, and trade analysis.

Drawbacks

Tickmill’s MT4 platform is the standard version of MT4, and while numerous upgrades are available, most of them come at a price.

Summary

Tickmill offers a hybrid execution model with both market-making and straight-through processing. It guarantees an average execution time of 0.20 seconds of trades with no-requotes.

Tickmill has some of the lowest trading costs in the industry. Its commission-free Classic Account has a minimum deposit of 100 USD and spreads of 1.6 pips (EUR/USD), which is slightly above the industry average. But its Pro Account, also with a 100 USD minimum deposit, has spreads of 0 pips (EUR/USD) and a commission of 6 USD, which is low.

Accepts UK Clients. Average spread EUR/USD 0.00 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles. 71% of traders lose money with this provider.

Spreadex – Best Spread Betting Platform

Best for: Spread Betting Platform

Fast trade execution on desktop and mobile

CFD trading and spread betting available

Best for:

Spreadex is for traders who are familiar with the TradingView platform or for spread betters looking for an intuitive trading experience on a feature-rich and modern in-house trading platform.

Why do we like Spreadex?

Spreadex offers two trading platforms, a single account with a 1 GBP minimum deposit and spreads of 0.6 pips (EUR/USD). It offers over 3000 financial instruments to trade on and has fast trade execution.

Drawbacks:

Traders who are unfamiliar with using the Spreadex trading platform will be disappointed that they cannot practice on a demo account. However, those using TradingView can start with a paper trading account.

Our Verdict

Spreadex recently added TradingView to its trading platform offering, a great addition considering its ease of use and wide range of built-in charting and trading tools. The proprietary Spreadex platform is easy to set up and use. It offers advanced charting tools, fast and fair execution, advanced orders, and both CFD trading and spread betting.

Spreadex has a simple account structure with a 1 GBP minimum deposit requirement and spreads that start at 0.6 pips (EUR/USD)—one of the lowest in the industry. The only drawback of an otherwise excellent all-around offering is the lack of a demo account on the Spreadex trading platform, but traders can paper trade on TradingView.

Accepts Clients from the UK. Average spread on the EUR/USD is 0.60 pips on trading account with the lowest minimum deposit. Max leverage 30:1. Islamic account not available. Spreadex platform and TradingView supported. Spreadex is regulated by FCA.

XM – Best Broker for Beginners

Best for: Beginners looking for top-class copy trading functionality

Supports MT4 and MT5

Comprehensive education material

Best for:

Beginner traders looking to connect with and copy expert traders.

Why do we like it?

We like that the broker matches MT4 and MT5 with various trading tools, including VPS services and a powerful copy trading platform. These features empower traders to make well-informed trading decisions.

Drawbacks

Although XM has a user-friendly in-house mobile app, it only offers desktop and web trading on the MT4 and MT5 trading platforms.

Summary

XM was established in 2009, has a high trust rating, and is regulated by some of the world’s most trusted financial authorities. Furthermore, its beginner-friendly trading app allows traders to open and close positions on the move. All of XM’s accounts have a minimum deposit of just 5 USD, making them highly accessible, especially to beginners. Spreads start at 1.6 pips on the EUR/USD on its two commission-free accounts. However, on its Zero Account, spreads come down to 0 pips in exchange for a commission of 7 USD (round turn).

Accepts UK Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the FSC. 75.33% of traders lose money with this provider.

Pepperstone – Best Range of Trading Platforms

Best for: Traders looking for fast execution on a range of platforms

Offers MT4, MT5, cTrader, TradingView, and an in-house trading platform

Spreads starting from 0.24 pips

Best for:

Traders looking for lightning-fast execution and advanced functionality that are familiar with MT4, MT5, cTrader, and TradingView.

Why do we like it?

Pepperstone’s platform offer is one of the few reasons we recommend it. All supported platforms include automated trading, strategy backtesting, customisable charting, and a range of indicators, which integrate with Autochartist, one of the broker’s free trading tools.

Drawbacks

The commission structure of Pepperstone’s accounts change based on the trading platform a trader selects, which could be a disadvantage for those familiar with a specific trading platform.

Summary

Pepperstone offers some of the lowest trading fees in the industry, and there is no required minimum deposit to open an account. The commission-free Standard Account offers spreads of 0.84 pips (EUR/USD), while the Razor Account has a spread of 0.24 pips (EUR/USD) in exchange for a low commission of 7 USD per lot.

The broker also offers market execution on all its accounts, with orders fulfilled in less than 0.1s, which is fast for the industry.

Accepts UK Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA. 75.6% of traders lose money with this provider.

XTB – Best Proprietary CFD Trading Platform

Best for: Traders looking for a user-friendly trading experience

Fully featured proprietary platform

Over 100 Forex pairs to trade

Best for:

Beginners looking for an intuitive, powerful, and fast, trading platform with sentiment data displayed on the platform.

Why do we like it?

One of XTB’s selling points is the award-winning xStation 5 trading platform, which offers powerful charting tools, one-click trading, and real-time performance statistics so that traders can identify areas for improvement.

Drawbacks

XTB only offers the xStation 5, which means that traders familiar with third-party platforms such as MT4, MT5, cTrader, or TradingView may be put off.

Summary

XTB is a well-regulated broker that was established in 2002. It offers a similar range of instruments as other brokers but a wider range of Forex pairs (over 100). The broker guarantees to execute between 95% and 97% of clients’ transactions at the best price possible. Lastly, XTB’s trading costs are low compared to other brokers, with spreads that start at 0.35 pips (EUR/USD) and that average at 0.7 pips on its commission-free account with no minimum deposit requirements.

Accepts UK Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, DFSA, FCA and the IFSC. 77% of traders lose money with this provider.

IC Markets – Best Customer Support

Best for: Platform-specific traders

Supports MT4, MT5, cTrader and TradingView

Spreads from 0.0 pips

Best for:

Traders who like to use a specific platform will appreciate that IC Markets offers MT4, MT5, cTrader, and now TradingView for daily trading. This makes it easier to migrate from another broker while keeping all your data.

Why do we like it?

We enjoy that IC Markets provides an array of trading tools for each platform, including VPS services, Trading Central, and various copy trading services. These tools aid traders in making informed decisions.

Drawbacks

All accounts require a minimum deposit of 200 GBP, which can seem high for new traders.

Summary

Founded in 2007, IC Markets is a reputable Australian broker with a high trust rating. It stands out for its competitive pricing structure, offering lower trading costs than most other brokers. The Raw Spread Account is particularly cost-effective, featuring average spreads of 0.10 pips (EUR/USD) for a low commission of 6 USD (round turn) per lot. The broker’s average execution speed is under 40ms once the order is received, which ensures traders can effectively capitalise on market movements. It also has 24/7 customer support, a great benefit for traders who want to set up on the weekend.

Accepts UK Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

IG – Largest Range of Trading Instruments

Best for: Traders with a wide portfolio

Proprietary web trader and mobile app

Offers access to over 17,000 instruments

Best for:

Traders looking to diversify their portfolios. IG provides access to its award-winning web trader platform and mobile app, but also to the popular MT4, the L2 Dealer, and ProRealTime, which host over 17,000 instruments together.

Why do we like it?

IG was founded in 1974 and is renowned for its safe and secure trading environment, competitive trading fees, and an extensive array of trading instruments and platforms.

Drawbacks

IG does not charge a withdrawal fee, but the minimum withdrawal amount is 200 USD. Additionally, IG charges deposit fees for payments via credit cards. This is unnecessary and not common among other brokers.

Summary

IG’s platforms are supplemented with an array of trading tools that can assist traders in formulating and executing their strategies. As one of the largest CFD brokers globally, IG is known for its reliable and strict order execution, ensuring that traders get the best prices possible. IG offers two low-cost standard trading accounts with no minimum deposit requirements, making them accessible for traders at all levels. You can choose to trade on either the MT4 platform, in which case spreads will average at 0.75 pips on the EUR/USD, or on the IG platform, where spreads average at 0.86 pips on the EUR/USD.

Accepts UK Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

FxPro – Fastest Trade Execution

Best for: Traders looking for fast execution

Offers MT4, MT5, cTrader

Proprietary web trader and mobile app

Best for:

Traders seeking fast execution on the MT4, MT5, and cTrader platforms.

Why do we like it?

We like that FxPro offers an impressive selection of trading platforms, ensuring that all types of traders can find a platform that suits their needs. Additionally, the FxPro mobile trading app has been lauded for its user-friendly interface and accessibility.

Drawbacks

It is worth noting that the educational resources and market analysis tools provided by FxPro are somewhat limited when compared to other brokers.

Summary

FxPro is recognised for its fast order execution, with most client orders being filled in under 13 milliseconds. This swift execution ensures traders can capitalise on market movements promptly and efficiently. This makes this broker an attractive choice for those who value speed and accuracy in their trading activities.

FxPro offers a wide range of account types with reasonable minimum deposits, making it suitable for a variety of traders. Both the MT4 and MT5 accounts offer commission-free trading, while the cTrader account has a commission but tighter spreads—down to 0.3 pips on the EUR/USD.

Accepts UK Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB. 71.58% of traders lose money with this provider.

FP Markets – Best Trading Tools

Best for: Traders that prefer third-party tools

IRESS platform supported

Autochartist and VPS supported

Best for:

Experienced traders that value enhanced trading platform functionality and top-class trading tools.

Why do we like it?

FP Markets offers support for MT4, MT5, cTrader, TradingView and the IRESS platform alongside a vast range of trading tools, including Autochartist, a Trader’s Toolbox, VPS services, and copy trading services.

Drawbacks

The three commission-based IRESS Accounts (available through the ASIC-regulated entity) have very high minimum deposits: 1000 GBP for the Standard Account and up to 50,000 GBP for the Premier Account.

Summary

FP Markets offers fast execution on its MT4 and MT5 platforms and DMA execution on its IRESS platform. DMA trading means less intervention between the trader and the underlying market and, therefore, no re-quotes. FP’s Toolbox includes customisable news and data feeds, live sentiment and correlation tracking, tick charts, session maps, sophisticated alarms and messaging and advanced risk management tools.

FP Markets offers a Standard and Raw account on the MetaTrader platforms, both with a minimum deposit of 100 USD. Spreads start at 1 pip (EUR/USD) on the Standard Account, which is the industry average, and 0.1 pips (EUR/USD) on the Raw Account in exchange for a commission of 6 USD.

Accepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, and cTrader trading platforms available. FP Markets is regulated by CySEC and ASIC.

Features

MetaTrader 4

MetaTrader 5

cTrader

TradingView

Timeframes

9

21

26

Unlimited – customised timeframes

Chart Types

Line, Bar, candlesticks

Line, Bar, candlesticks

Bar, Candlesticks, Line +4 more

Bar, Candlesticks, Line +9 more

EA Trading

Indicators

31

38

55

100+

Pending Order Types

4

6

4

6

Depth of Market

Integrated Economic Calendar

Available as a widget

One Click Trading

Trailing Stop

(But from the terminal side)

(But from the terminal side)

Sentiment Display

Coding Language

MQL4

MQL5

C#

Pine Script

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.