If you’re thinking about becoming a currency trader, you’re probably wondering: What’s the best currency trading platform available?
Well, there’s a couple of great ones around, and your choice will probably depend on your specific needs, location, and knowledge of trading. In this article, we’ll talk about some of the best trading platforms in 2020 to help you make the best possible decision!
So, without further ado, let’s get to it!
1. IG group
IG has been on the scene for a long time. They’ve developed a secure, advanced currency trading platform that has access to over 16 000 different currency markets.
It has a plethora of useful features including top-notch educational materials, which makes it one of the best platforms around. They also offer competitive prices and amazing customer support. No matter if you’re a newbie or a pro at trading, you’ll certainly find success at the IG. There’s a minimum deposit required that’s different based on the country’s currency and location.
The platform is easy to use, and you can always try it out with a useful demo before you make your decision.
If you’re looking for a low-cost trading platform, then NinjaTrader might be a perfect fit for you. The minimum deposit on this platform is 50USD, and it also offers advanced tools like graphs, automation of trading strategies, and trading simulations. Still, if you want to open an account on NinjaTrader, you’ll need to subscribe to one of their memberships.
Also, it’s important to notice that NinjaTrader is specifically a trading platform, so if you want to gain access to market data, you’ll need to do it through a third-party provider like Google Finance.
3. CMC Markets
If you’re a beginner trader then you should definitely check the CMC’s trading platform. They offer one of the best educational programs that fit the needs of both active and new traders. The platform is incredibly easy to use, and no minimum deposit is required to open an account. They have an award-winning mobile application, and their customer service is top-notch.
Most importantly, CMC is a secure and regulated trading platform. With their advanced encryption technology, you won’t have to worry about getting your data stolen.
All in all, CMC is a low-cost trading option that even has a free demo version you can use to get a better sense of the platform.
4. TD Ameritrade
TD Ameritrade is a fantastic option when it comes to currency trading in the U.S. It’s unfortunately limited only to traders inside of the country. Still, it’s a platform definitely worth mentioning!
It has incredibly competitive pricing, a wide range of educational materials, and it’s generally easy to use. It offers a free demo version and it doesn’t require a minimum deposit. All of this makes it a great place to start your trading journey!
Of course, this is just a basic overview. You can visit here to find complete and detailed reviews of all forex-trading platforms.
Saxo Bank’s currency trading platform is perfect for active traders. So, while it’s not an optimal solution for a beginner, you should still keep it in mind for future use. It’s equipped with thousands of extremely advanced researching and trading tools, making it stand out from all the other platforms. Even though it has such a wide range of options and features, it has an intuitive interface and simple navigation. It’s extremely secure, but it’s also super expensive to join.
The minimum deposit is 10,000 USD, but it’s completely worth the price. Once you try it, you’ll never want to change platforms!
6. Interactive Brokers
Interactive Brokers is another powerful platform for currency trading. They offer great pricing, and the platform is super secure. Your data is protected by two-step authentication and optional encryption. It’s fairly customizable, and it has a simplistic but effective interface.
Still, it’s important to know that their customer support is not the best. Many of their customers are dissatisfied with long waits on calls, so it could be frustrating, especially for beginners. Nevertheless, it offers competitive prices and a simple, yet effective user interface.
Overall, the Interactive Brokers’ currency trading platform is a decent pick. It has numerous features that make it one of the top trading platforms in 2020.
Oanda is currently one of the most popular trading platforms on the web, and it’s not hard to see why. It has an extremely powerful interface, some great pricing, and customer support in more than just the English language. It’s completely safe to use as it’s regulated by multiple agencies around the globe.
They also offer a completely functional demo version, so you can always test it before you make the decision to join. Still, there are reports of their customer service being a bit on the slower side, so if this is a concern for you, then you might want to consider other platforms instead.
8. London Capital Group (LCG)
We can go over this list without mentioning LCG. It doesn’t have a required minimum deposit, and setting up an account on their platform is incredibly easy. They offer fast, reliable customer service and you can never go into the negative with them.
One of the best things about LCG is one of a kind mobile application. It’s incredibly fast and convenient, and in the world where everyone uses their phones for everything, it’s also a huge advantage.
The only drawback of using LCG for your trading needs is that it doesn’t offer automated strategy options. Still, with all of its other features, it is one of the best trading platforms on the market.
The bottom line
When it comes to choosing the “right” trading platform, if you go for any of the mentioned ones, you won’t go wrong. Still, it’s important to check if it aligns with your personal style, preferences, budget, and long-term goals.
All in all, you should look for platforms with intuitive design, competitive prices, and high-quality customer service.