What is the best platform for trading Forex?

[Benjamin Schmitz]

[Justin Freeman]

The Forex broker sector has some well-established players who have worked hard to develop reputations as market leaders; but there is also a range of new entrants moving into the space. The extra competition amongst the brokers means that not only is there a wide range of styles of service on offer, but that the platforms are also competing with each other on the terms and conditions they offer traders. Whether you are looking to get into forex trading for the first time or are an established trader already operating on a particular platform, there is always an advantage to be had from seeing what is out there. Traders looking to try out one of the more established platforms might look at AvaTrade or Pepperstone. Whilst being strong in terms of regulatory frameworks they ‘haven’t forgotten the little guy’ and both require minimum deposits of less than US$200. AvaTrade is not available to US citizens but if that restriction doesn’t apply to you then there are a lot of good reasons to test the service. The execution of trades is done through a powerful yet user-friendly platform and as a ‘market maker’ AvaTrade have top-level access to the actual market flow. It’s also a favorite of those looking to set up systematic style trading. It’s generally seen as good practice to start off with a small sized account. That is possible with AvaTrade but do check the Ts&Cs to ensure you don’t fall foul of charges they apply on ‘inactive’ accounts. Pepperstone focus on the forex markets. Offering over 65 currency pairs allows traders to access the market that best suits their strategy. A good all-round forex broker they do particularly well in terms of operational risk. The firm is regulated by the FCA and ASIC and they also hold client funds in a segregated account at Barclays Bank. ForexTime (FXTM) has a more streamlined product range and focusses on providing a core offering and competitive spreads. Increasingly popular among traders and the recipient of industry awards they have developed some unique tools and are definitely worth considering. There are more out there but these three would be a good starting place. It’s definitely worth checking out the special offers and promotions that they are known to run and see which of those catches your eye.