What is the best Forex Trading Platform?

by LMC
35 replies
Hey Warriors, Looking to invest some dough into Foreign Exchange but don't know what the best trading platform is, and ideas?
#forex #platform #trading
  • Profile picture of the author shmeeko69
    As a futures trader I use IG Index, as I find their platform very
    straightfoward, compared with a couple of others I tried out
    & their spreads on various markets are reasonably tight.

    Best of luck in what you decide.

    Mark
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  • Profile picture of the author legs
    It really depends on what you want. I love to play the commodity currencies (CAD, USD, JPY) so I like to use brokers that offer Crude Oil as part of their instruments. That way, I can use the price direction of crude oil to make some cool trading decisions. Yesterday I made 150 pips Buying CADJPY and Shorting the USDCAD simply by following the upward price movement of Crude from $73 to just below $76.

    So it all depends on what you want. There are issues to consider too, such as slippage, whether the platform software is reliable and doesn't "freeze" during high impact news items, etc.

    Most importantly, you have to be sure a broker doesn't take off with your dough. There are many out there that have a lot of issues.

    I've used FXPro, Avafx and found them ok.
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  • Profile picture of the author dete49
    I have used oanda for years. Never really had any problems and I like their platform.You can also check out openecry they have multiple platforms.
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  • Profile picture of the author FXdarling
    I traded whith some platforms. I found etoro as the best forex trading platform
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    • Profile picture of the author faisalmaximus
      Originally Posted by FXdarling View Post

      I traded whith some platforms. I found etoro as the best forex trading platform
      They offer copying a successful trader, does it work ? I am totally new in Forex, but interested.
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      • Profile picture of the author caliniph
        Oanda and ATC Brokers are highly recommendable.
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        • Profile picture of the author jerryp
          You have to be a little bit careful with Forex platforms. I've seen companies come and go. Oanda might not have the tightest spreads but I do think they are trustworthy. Good luck and be careful trading,

          Jerry
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  • Profile picture of the author FXdarling
    It is important to realize what to look for in the forex platforms. They are very different and offer different tools. Once you know what you need, you will find it.
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  • Profile picture of the author weston2012
    ACM (advanced currency markets) may the best.
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  • Profile picture of the author Martinsee
    Forex trading is so complicated.
    If you purpose to set up, you should have experience with that source code
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  • Profile picture of the author jamtrading
    Originally Posted by LMC View Post

    Hey Warriors, Looking to invest some dough into Foreign Exchange but don't know what the best trading platform is, and ideas?
    alpari is a good platform recommended to me by an expert in the field
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  • Profile picture of the author peglegtrading
    These are not "platforms" these are brokers. I'm guessing as a newbie this is just a thread to pump your affiliates =). The best free platform going is metatrader 4, and now 5. If you want to know the best for retail traders with a decent fee attached every month, you might want to consider ninja trader or multicharts.
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  • Profile picture of the author ScottieDog
    E-Signal is a good stable platform. Ninja is a cheaper "not so stable" platform.

    For Forex though Metatrader is probably the best option.

    Don´t trade Forex though, trade Futures :-)
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    • Profile picture of the author forexidea
      Originally Posted by ScottieDog View Post

      E-Signal is a good stable platform. Ninja is a cheaper "not so stable" platform.

      For Forex though Metatrader is probably the best option.

      Don´t trade Forex though, trade Futures :-)
      trade futures! ok what do You think is more traded, forex or futures? I mean the amount of traders.

      thanks
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    • Profile picture of the author dotdash
      Are you asking what platform or broker is best?

      Depends what you want. Can't really go wrong with MT4 as most brokers have it and it is so widely used by the community. It's like the Wordpress of trading platforms.

      Some brokers have their own bespoke platforms, only other one I've used is Dealbook 360 with GFT which is very very good but I stopped trading with them a while ago as I didn't like the way they handled overnight positions (which they've since stopped doing).

      Really depends what you want to do, if you want to code EAs and stuff I'd still go MT4 due to the wide support and usage.

      For brokers I'g go to Forex Peace Army and read the reviews. Safe bets are Oanda, Alpari - the highly regulated and long established big names.
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  • Profile picture of the author ndtrading
    that depend on what trading style do you trade, if you trading based on elliott wave go with motivewave, if you are trading based on price action go with esignal there platform is not to bad.

    But you must know that above mention platform are costly so if you are looking for free simple Meta Trader is best choice!

    Hope this helped you...
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    • Profile picture of the author MaximusProphet
      For me Ninja Trader has worked really well... cheap C# programmers all over and overall easy to work with...

      Tip: Which ever market you choose doesn't matter if you know what your doing... Futures/Stocks/Forex... mostly the same with slight differences
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      • Profile picture of the author compaff
        Banned
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        • Profile picture of the author AeroBuilders
          MT4 platform is fine for the Forex newbies but Ninjatrader 7 or Multicharts is the best for the sophisticated trader. I trust running automated systems on Ninjatrader 7 or Multicharts much more than I do on MT4.
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  • Profile picture of the author Newbieee
    Originally Posted by LMC View Post

    Hey Warriors, Looking to invest some dough into Foreign Exchange but don't know what the best trading platform is, and ideas?
    N just to clear some wrong impressions in case you have.


    If you are talking about forex, you gotta put aside at least $5k or $10k.

    Other wise it wont be of any good.

    But of cos you can invest less for the learning curve.


    As for platform, mt4.

    Brokers, go with the big names and you need to know what exactly you are looking for in a broker.
    Whether is social trades, fast execution, allow hedging, etc etc..

    Then look at the different big name brokers to narrow down which is good for you.

    And weigh the pros n cons, because i think there isnt a PERFECT broker.
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    • Profile picture of the author DR0832
      I used Deal book 360 trial just for charting and keep getting a new trial. I use MT4 for trading. I like Oanda however like another person said don't try to start trading with a few hundred or a couple thousand in Forex because your broker will take the other side of your trades and you will definitely lose. I personally trade forex, futures, options and stocks. I really don't care what it is as long as it has volatility because that is all I need to extract profits.
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  • Profile picture of the author Yassine Labouch
    Hi my friend, iam using MT4 and it's okay as a beginner
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  • Profile picture of the author ucables
    Most popular is MT4, data quality is another problem you will see when have some experience.
    personally i like Multicharts, and for futures i used Ninja trader.

    I have some experience and i have the luck to win a world competition where i was positioned 2nd. 2011 - 2012
    World Top Investor Competition

    i used FXCM strategy trader (its a multichart version modified for FXCM) to win this competition as signal indicator, because the competition was for manual trading
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    • Profile picture of the author AeroBuilders
      Originally Posted by ucables View Post

      Most popular is MT4, data quality is another problem you will see when have some experience.
      personally i like Multicharts, and for futures i used Ninja trader.

      I have some experience and i have the luck to win a world competition where i was positioned 2nd. 2011 - 2012
      World Top Investor Competition

      i used FXCM strategy trader (its a multichart version modified for FXCM) to win this competition as signal indicator, because the competition was for manual trading
      I like MC for both discretionary and full auto trading. I like the multiple broker capabilities of both MC and NT7. I run futures automated systems in NT7 but I am getting set up for new full auto system in Forex on MC.

      When I trade in a fund we used XTrader and CQG for a while - I never cared for those platforms.
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      • Profile picture of the author leebelisar
        Newbie trader here. I have a classic account with gdmfx and per its Web site it uses MetaTrader 4. This is the most common Forex trading platform providing features that traders can utilize to automate their trading strategies. These include EA or expert advisor, indicator and customizable chart. But about the live trading, I can't say further. I'm still trying a demo account and I do not trade live yet. I'm still getting more information about Forex trading.
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  • Profile picture of the author Liarspoker
    Are you guys making money with forex trading? I mean is are you ahead on average as a result of your trades?

    I have been investing in the stock market full time for the last 8 years and the main lesson I have learned is to minimise risk. I see forex trading as risky (ie speculative) whilst with stocks I can value the business and compare that to the market cap of the company.

    I have a few approaches laid out in my free 75 page stock market ebook (see my profile) and it's all about minimising risk.

    I'd be interested in hearing about your results.

    Since early 2012 the average gain of shares sold in the portfolio of my subscription newsletter is around 35%.

    These are my results from early 2012. They are very atypical but they do come along once in a while. Slide 2 I think:

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    • Profile picture of the author leebelisar
      Originally Posted by Liarspoker View Post

      Are you guys making money with forex trading? I mean is are you ahead on average as a result of your trades?

      I have been investing in the stock market full time for the last 8 years and the main lesson I have learned is to minimise risk. I see forex trading as risky (ie speculative) whilst with stocks I can value the business and compare that to the market cap of the company.

      I have a few approaches laid out in my free 75 page stock market ebook (see my profile) and it's all about minimising risk.

      I'd be interested in hearing about your results.

      Since early 2012 the average gain of shares sold in the portfolio of my subscription newsletter is around 35%.

      These are my results from early 2012. They are very atypical but they do come along once in a while. Slide 2 I think:

      Value investing Warren Buffett style - YouTube
      Risk is part of any form of investments and Forex trading is not an exemption. But with the right risk management program, I know that a trader will be successful. To do this, one should have sufficient knowledge about Forex trading and the market as well.
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  • Profile picture of the author rrayne20009
    open a demo with Gdmfx and test their platform.They provide tight spreads,fast execution and all trade transaction are STP.
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    • Profile picture of the author leebelisar
      Originally Posted by rrayne20009 View Post

      open a demo with Gdmfx and test their platform.They provide tight spreads,fast execution and all trade transaction are STP.
      I've been trying the demo account. The execution is really that fast. This is maybe because gdmfx has a state of the trading server, per the Web site. Hope to do live trading next month.
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  • Profile picture of the author drr
    MT4 is by far the most popular platform. As for brokers, the cheapest will tend to be ones that offer the tightest spreads - if you're scalping, consider someone like ICM or Pepperstone as they have razor thin spreads (you pay a commission per trade but it works out cheaper than paying wide spreads).

    Also, make sure you go with a regulated broker, and one that allows scalping and hedging. And a wise word from an old dog - start out really small and make your mistakes with piddley amounts of capital - good luck
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    • Profile picture of the author leebelisar
      Originally Posted by drr View Post

      MT4 is by far the most popular platform. As for brokers, the cheapest will tend to be ones that offer the tightest spreads - if you're scalping, consider someone like ICM or Pepperstone as they have razor thin spreads (you pay a commission per trade but it works out cheaper than paying wide spreads).

      Also, make sure you go with a regulated broker, and one that allows scalping and hedging. And a wise word from an old dog - start out really small and make your mistakes with piddley amounts of capital - good luck
      MT4 is the standard trading platform, I think. I've read that most brokers uses this platform. Also, I just want to give this an emphasis "And a wise word from an old dog - start out really small and make your mistakes with piddley amounts of capital," this is such a good word very useful to new trader like me. Thanks for sharing. It is well noted and will always be keep in mind when I go to live trading.
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    • Profile picture of the author rrayne20009
      Originally Posted by drr View Post

      MT4 is by far the most popular platform. As for brokers, the cheapest will tend to be ones that offer the tightest spreads - if you're scalping, consider someone like ICM or Pepperstone as they have razor thin spreads (you pay a commission per trade but it works out cheaper than paying wide spreads).

      Also, make sure you go with a regulated broker, and one that allows scalping and hedging. And a wise word from an old dog - start out really small and make your mistakes with piddley amounts of capital - good luck
      Yes your right MT4 is the most popular because of its user-friendly features and for brokers,choose regulated ones and those who provides tight spreads and fast execution.You should also consider GDMFX as it provides all of those mentioned.
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      • Profile picture of the author leebelisar
        Originally Posted by rrayne20009 View Post

        Yes your right MT4 is the most popular because of its user-friendly features and for brokers,choose regulated ones and those who provides tight spreads and fast execution.You should also consider GDMFX as it provides all of those mentioned.
        One of the Forex brokers that employ MetaTrader 4, also called as MT4, is gdmfx. Per my research, this software actually enhances your trading opportunities allowing you to trade faster by the use of EA. This also allows you do automated trading and helps you to monitor the monitor second by second.
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  • Profile picture of the author stevemorse
    Sure MIG Capital. I'm happy.

    We work for many years.
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  • Profile picture of the author aliahmadikram
    the hinge on upon what exchanging style do you exchange, provided that you exchanging dependent upon elliott wave run with motivewave, provided that you are exchanging dependent upon value activity run with esignal there stage is not to terrible.

    In any case you should realize that above notice stage are expensive so assuming that you are searching free of charge straightforward Meta Trader is best decision!
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