Introduction
Trading platforms for forex trading allow the average person to speculate in the markets from the comfort of their home. Without them, this wouldn’t be possible. Just as there are many pairs to analyze, there are tons of trading platforms.
As a novice, the variety of selections can be daunting. Fortunately, we’ll look at the top 5 forex trading platforms for beginners here.
What are forex trading platforms?
Forex platforms are computer programs or charting software allowing you to trade currencies and other instruments (it’s sometimes confused with a broker, but more info about that here).
The platform contains a range of charts for the different markets connected to the broker. While you can use some software without a broker (through a demo or practice account), they are necessary for live trading.
Platforms to trade forex work on desktop, mobile and web versions and need constant internet for users to view live prices, execute positions, etc. Some charting software is free, while others use a freemium model and charge for certain pricing features.
Let’s look at the things you can do on FX platforms in more detail:
- Viewing live prices/analysing: When you’re not trading, you’ll spend a lot of time browsing charts like candlesticks and Heikin Ashi on various instruments.
All forex trading platforms for beginners will have a user-friendly interface where you can easily switch between different markets. Here, you can analyze the charts using tools like indicators and graphical objects that draw support/resistance, chart patterns, etc.
Trading software allows you to create a watchlist, a set of different markets you monitor for potential opportunities in the near future. Additionally, you can make many profiles or templates for each.
- Executing positions: The primary role of top forex platforms is for you to place orders or trades through your broker. After all, we are here to grab those pips and increase our equity curve.
Most charting software allows traders to open a market order (instant execution) and a pending order (an order to be triggered at a future date and price).
There is usually a terminal for these positions where you can see the time of the trade, the lot size, symbol, entry, stop loss/take profit prices, swap and floating P&L. You can also close your orders manually. All of this activity shows up on your account history.
- Account management: Forex trading platforms for beginners allow you to have multiple accounts on one interface. You can easily switch between them when necessary. Most platforms are connected to your broker’s wallet, where you make transfers and withdrawals.
- Extra trading services: These include news from your broker, economic releases, articles, copy trading, access to various stores, and so on.
- Create automated trading systems: Top forex platforms are hubs for developers to build, test and deploy robots to trade the markets without human involvement.
Which are the best forex trading platforms for beginners? (top 5)
With the formalities out of the way, let’s look at the top forex trading platforms for beginners. We will provide an overview of the service and summarise it with a list of pros and cons.
5. NinjaTrader
NinjaTrader is a software developer corporation that offers a charting platform and brokerage service. It is an American company (based in Chicago and Denver) that was established in 2003.
NinjaTrader is among the most advanced FX platforms for charting and data provision. With a broker of the same name, you can trade forex, futures and stocks. For other symbols, you can use NinjaTrader with FOREX.com, FXCM, Interactive Brokers, TD Ameritrade, and OANDA, among other selected brokers.
The software supports algo or automated trading with NinjaScript, its proprietary programming similar to C#.
NinjaTrader is free to use for its standard features. Yet, there are set leasing fees for advanced features like volume profile indicators, ‘Enhanced SuperDOM,’ and market depth. Expect to pay between $225 and $720 for a subscription (or $1099 for a one-time license).
Overall, these are not things you need as a newbie. NinjaTrader’s standard qualities make it among the forex trading platforms for beginners.
Pros:
- Supports numerous markets aside from forex
- Advanced charting features
- Well-established brand
- Hotline available for customer support
Cons:
- Less beginner-friendly than other FX platforms
- Only compatible with a handful of brokers
- No native mobile app available
4. TradingView
In the past decade, TradingView has steadily risen to the ranks of the go-to forex trading platforms for beginners. Yet, at the same time, it has charting sophistication and aesthetics matched only by a few.
TradingView began in September 2011 and is a US-based financial technology company (TradingView Inc.) The platform is a supercharged charting service and a social network for traders to share trading ideas in countless groups.
As one of the supreme FX trading platforms, TradingView is highly optimised for fast browser usage. Alternatively, you can use the software as a desktop or mobile app on Windows, Mac and Linux.
TradingView also boasts some of the broadest support of non-forex instruments. Over 90 stock/futures exchanges and +40 crypto exchanges are connected on the platform (over 10 forex brokers are also supported).
It is a much better platform to follow other markets on one interface more easily than MT4 or MT5.
TradingView comes in a free (with ads) and paid platform. The subscription ranges from $12.95 (roughly $130 a year) to $59.95 monthly (or approximately $479 yearly). These plans offer extra indicators, more historical data, multi time-frame analysis, bar replay, etc.
You can get 30-40% yearly discounts from TradingView and affiliated websites.
Pros:
- Has the most aesthetically-pleasing charting
- Works on your browser, desktop and mobile phone
- Allows trading of multiple markets with tens of brokers
- Social media functionality
- Most accessible advanced features
Cons:
- Doesn’t support automated trading
- Free version has many limitations (and ads)
3. cTrader
cTrader is a charting platform launched in 2011 by Spotware Systems, a Cyprus-based software developer) available on various operating systems. It is MT4’s closest competitor and certainly among the leading forex trading platforms for beginners.
One advantage over MT4 is that you access level 2 or market depth data with cTrader. Here, you can see real-time orders from the platform’s connected brokers (around 10).
This feature is beneficial for short-term speculators like scalpers and day traders. Unlike NinjaTrader or TradingView, you can access all of cTrader’s features free with a supported broker.
You can create robots on cTrader (cBots) using c# and your own trading applications (with cTrader Open API). Finally, cTrader has integrated copy trading with cTrader Copy.
Pros:
- Provides easier access to level 2 data with certain brokers
- Free to use
- Sleeker than MT4
- Supports the creation of robots and copy trading
- Mobile app available
Cons:
- Limited number of brokers supported
2. MetaTrader 5 (MT5)
MetaTrader 5, or MT5, is the successor to MT4, a charting platform released by MetaQuotes in 2010. It is similar in many ways to MT4, making the two the most user-friendly forex trading platforms for beginners.
The main reason for the release of MT5 was to have more instruments like bonds, options, stocks and futures. MT5 also beefed up the speed, number of order types, number of order types and a few other bells and whistles.
It also introduced a new programming language (MQL5) for creating robots or expert advisors. MT5 is available on MT5 on the Windows, Linux, Huawei and Android operating systems. It also runs on Mac through third-party software like PlayOnMac.
Although MT5 is an improvement, MT5 is still more widely known.
Pros:
- Popular charting software in forex and other markets
- Available on multiple operating systems
- Well-known software for creating robots
- Highly user-friendly
- Supports market depth with certain brokers
- Copy and automated trading available
- Free to use
Cons:
- Not as many supported brokers compared to MT4
- Less advanced features compared to other platforms
1. MetaTrader 4
It comes as no surprise that MT4 is #1 on our list of forex trading platforms. MetaTrader 4 is usually the first trading software beginners use when learning about forex. The platform first made its way into the public space in 2005.
It came just before the boom of online FX trading from the mid-2000s. MT4 remains MetaQuotes’ most successful software and the most well-known in the industry. There is nothing special about MT4, aside from first-mover advantage.
However, it’s definitely up there among the most user-friendly forex trading platforms for beginners. The software doesn’t have the bells and whistles of cTrader and TradingView but is enough to get the job done.
MT4 is available with nine out of ten brokers in forex, another reason for its widespread use. It’s also a popular platform for robot developers and sellers. Like MT5, you can use MT4 on multiple operating systems.
Pros:
- Very user-friendly and popular
- Used by over 90% of forex brokers
- Runs well on old computers
- Copy and automated trading available
- Free to use
Cons:
- Less responsive and advanced than the other platforms
Conclusion
One simple tip for newbies is you shouldn’t worry too much about the software. What’s more crucial is having a proven strategy that manages risks and makes money in the long run. Of course, the charting platform you use influences how you make your decisions.
But when starting out, MT4 or MT5 are good options that aren’t too daunting. Then, once you have more experience, you can consider software like TradingView and NinjaTrader.
This list of 5 best forex trading platforms for beginners should be enough to get you going.
