Best Forex Trading Platforms – Beginners Guide

Forex trading is opted for by many traders and choosing the best Forex trading platform can be a little hectic and time consuming when you have thousands of brokers available in the market. It is really difficult to find a Forex trading platform that is suitable for you and fits your financial goals perfectly. It requires ample time to analyze and look at the key metrics like fees, commissions, currency pairs, regulations for each and every platform. Therefore to save your energy and time we have listed down all the best Forex trading platforms in this article. Stick with us until the very end to know which platform is gonna work the best for you. Before we jump straight into the topic let’s first discuss a few basics of Forex trading.

What is Forex Trading?

Forex, the world’s largest financial market, is the short term for foreign exchange. It plays an important role in the global economy. It is the process of changing one currency into another for a variety of reasons. In Forex Trading, currencies are traded against each other as exchange rate pairs. For example, to trade Euro against the US dollar, the EUR/USD pair is used and it is the most popular trading pair. The principle of Forex Exchange is to gain higher profits by selling at higher prices than they bought. Every day trillions of dollars are exchanged from one currency to another. 

Forex trading is for those who have a big appetite for risks as it is a highly volatile market and it gives investors an opportunity to make a whole lot of money. However, the chance of incurring losses is also high.

Returns on forex or in general depend on various factors such as how many trades a person makes, how much time he dedicates and what strategies he is implying. In this market, even a return of 1% is considered decent as long as a balance remains positive.

Things to Consider while Choosing the Best Forex Trading Platform

Before you choose any forex trading platform it is important to consider a few things that are listed below.


With thousands of brokers around it is very hard to select the one and it is even harder to trust a broker. Therefore, the first and foremost thing you should consider while searching for the best forex trading platform is to check whether the platform is regulated by jurisdiction or not. If the platform is not licensed and regulated by financial authorities then you cannot trust it with your funds. The non-regulated brokers are the scams that dupe away with your money. FCA in the UK, ASIC in Australia, FINRA and SEC in the US, CySEC in Cyprus, MAS in Singapore and IIROC in Canada ensures the platform can be trusted with your money. And, if the broker is licensed by one more regulatory bodies then it is icing on the top. 

All the forex trading platforms that we have mentioned below are regulated.

Forex Pair

When trading forex with a forex trading platform, it is very important to ensure whether the platform offers access to your desired forex pair or not. To your relief, most of the forex trading platforms give access to almost each and every major and minor pair since these pairs are highly in demand because of the largest trading volume they can carry and the Liquidity they offer.

Major Currency pairs 

These are the currency pairs that are the most in-demand in the world and include the US dollar. These are EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, NZD/USD. The most popular of all these is EUR/USD. 

Minor Currency Pairs

Minor currency pairs are those pairs that do not include the US dollar and are less popular than major currency pairs. For example, EUR/CHF and GBP/JPY. 

Exotic Currency pairs

Exotic currency pairs are those pairs that include the currency of an emerging economy of a country. Such as USD/MXN (Mexican Peso). When compared to minor Currency pairs, these are less volatile and charge a higher transaction fee. At present these Currency pairs are less in demand.


While choosing a forex trading broker, it becomes vital to know what are the fees involved with the platform and how the platform charges a fee since the style of charging a fee varies from Platform to platform. Some charge commission, some make money from spreads, some charge leverage fees and some make money by charging inactivity fees, transaction fees, and other kinds of fees.

Trading Tools and Features

Trading is not as easy as it looks, in fact, it is very difficult and for those who are completely new to trading, it can be really a big deal. But with the help of a few amazing tools and features, you can take your trading to the next level. That’s why it is important to check whether your desired platform offers trading tools and features or not. If you looking for best Forex signal providers read our beginners guide on Top 10 Forex Signals Providers with High Success Rate

All the forex trading platforms that we have listed down offers a variety of trading tools and features to make forex trading easy yet highly profitable for you


Leverage is sure a big deal. To be very clear, if you want to gain more then you need to trade more, but what if you have only a minimal amount to spend? That’s exactly where leverage comes in handy. It allows you to spend more even if you don’t have more. Therefore, it is important to check whether the platform allows you to apply leverage and if yes then how much? However, it varies from region to region. As such, the UK and Europe are capped to 1:30. 

Automated Trading

To stay ahead in trading it is important to choose a platform that offers automated tools such as copy trading offered by eToro. This feature allows you to copy ongoing trades of expert traders. Simply put, by this you will be able to mirror the exact position of an expert every time he places a trade.

Forex EAs 

Another amazing way to trade online is to opt for EA which is also referred to as Automated robots. These robots place trades on your behalf and do not bother you to do any task. These robots work on pre-programmed algorithms. This automated way of trading is ideal for those who are not experts in forex trading or for those who have zero to no experience in forex trading but are still willing to do it. To use EAs make sure you are signing up with only those brokers who support MT4. And, to your relief you don’t have to go on searching for the one that supports the MT4 as almost all the Platforms that we have listed below supports the MT4.


You should ensure that you never miss out on alerts. Therefore, sign up with those brokers only who directly send these alerts on your mobile devices. With fundamentals and technical events knowledge beforehand you can surely change your trading game for yourself. 

Demo Account 

Before you choose any platform you should check whether it offers a demo account or not. This feature allows you to practice forex trading as long as you want without paying any fee or risking anything. The demo account provides an exact copy of live trading so that you can gain the confidence that is required in live trading. However, a few platforms put limits on how long you can use the demo account feature.

Customer Support

While choosing a platform, make sure it offers well responsive customer support. Because you never know when something goes wrong or troubles you so it is better to have someone to assist you during your journey. All the below mentioned Platforms offer customer support. However, the mode of contact may vary as some offer live chat, phone call and email options while some only offer an email option. 

Payment Methods 

For the convenience of the traders, almost every forex trading platform that we have listed below offers a huge selection of payment methods to make withdrawals and deposits simple for its users.

However, some of the Platforms accept payments only through bank transfers or debit/credit. Therefore, it is important to ensure that the same method is supported in your country. 

Don’t Rush 

This is something very important, if you don’t have knowledge of what you are doing then it is better to quit it and first learn it because it is better to have little in your pocket instead of having nothing. Therefore, if you have never experienced forex trading, then it is better to give it a rest and start with paper trading or with the smallest possible Investment instead of rushing it. Because of the reason you have no experience, losing money at the start is natural. That’s why it is advised to start with making a small investment with small-caps forex pairs because they are cheap yet highly profitable. 

Best Forex Trading Platforms in 2021

Below is the list of our top-ranked forex trading platforms:

#1 eToro – word’s best forex trading platform in 2021

eToro logo-Best forex trading platform in 2021

eToro is the world’s best forex trading platform in 2021 that offers markets for all the major asset classes. This platform is always at the top of our lists of best brokerage platforms as it is packed with all the amazing qualities on which we measure the best brokerage platform. In terms of regulation, this trading platform is regulated by the FCA, CySEC and ASIC. However, the very first reason that attracts thousands of traders towards it is that it offers a variety of assets and doesn’t charge any commissions. Except you will be required to pay a 0.5% fee on all your deposits and $5 on each and every withdrawal. For forex traders, eToro gives access to more than 50 forex pairs including major, minor and a few exotic currencies. The platform also allows users to apply the leverage of 1:30 on majors and 1:20 on minors and on exotics. And, this platform makes its money through spreads. 

For beginners, eToro provides the copy trading feature. This feature allows you to copy ongoing trades of expert traders. The minimum size of a copy is $1 so you should make sure you have sufficient funds in your account to be sure to copy all the trades by the trader you are copying. You can also use the Copy Portfolio feature, which allows you to diversify your investment portfolio.

Unlike other platforms, account creation on this platform is not time-consuming. It takes only a few minutes to create an account on eToro. Once you have done creating your trading account, you are then required to fund it to start your trading journey. For the convenience of its trader’s, it accepts various payment methods for making a deposit such as Debit/Credit Card, Bank Account, e-Wallet e.t.c. The platform also offers a mobile tading application for the convenience of its customers.

  • Regulated by the FCA, CySEC, ASIC
  • Not suitable for experienced traders
  • Allow you to buy stocks without paying a commission
  • Offers 2,400+ stocks and 250 + ETFs listed on 17 international markets
  • Allow you to buy cryptocurrencies, commodities, and Forex
  • Offers a variety of payment modes to fund account
  • Offers Copy Trading and Copy Portfolio
  • Beginner-friendly
  • #2 Forex. Com – Best forex trading patform in 2021 for US residents

    If you are a US resident then this platform is the best for you. This trading platform is no less than our best-ranked eToro and is specially designed for US residents as they are not allowed to trade via eToro. As the name suggests, this platform is specialised in forex trading and gives access to more than 80 currency pairs including majors, minors, and exotics which is pretty amazing. This platform offers two different accounts on the basis of the experience a trader holds. For example, those who are not well experienced can opt for an account that offers Commission free positions and those who are experts can opt for the STP Pro account.

    STP Pro accounts allow you to trade from just 0.1 pips and a commission of $60 per $1 million traded. For the convenience of its users, it also offers its own mobile application and it also supports MT4 so you can also benefit from EAs. 


    • Offers forex trading application
    • Access to over 80 currency pairs
    • Offers major, minors and exotic currency pairs 
    • Offers CFDs also 
    • Regulated by US licenses FINRA and SEC 
    • Provides alerts 


    • KYC process is a bit complicated

    #3 FXCM– Best forex trading platform in 2021 for low deposits

    This trading platform is the best forex trading platform in 2021 for beginners as it allows you to start forex trading by making a minimum deposit of $50 commissions free but sadly the deposit is much higher for Europeans that is $360. But the good part is that it offers a variety of forex trading pairs and allows you to apply the leverage of up to 1:400. Moreover, the platform also offers full support for MT4 and ZuluTrade and newbies can also benefit from FXCM Trading Station.


    • FCA regulated 
    • Offers a variety of currency pairs 
    • Offers MT4, ZuluTrade and FXCM 
    • Supports EAs and forex robots 
    • Commission-free platform 
    • Offers other investment assets also 


    • Higher deposit for European clients

    #4 Capital.Com 

    Capital. Com is another best online broker that is available in the UK. It is regulated by FCA CySEC and NBRB. The platform has received many accolades recently including, the best Online Trading platform 2020, Most Innovative broker Europe 2020, Most Transparent Broker 2020, and Service Provider Europe 2020. This platform charges no commission, no hidden fees, and AI-powered trading. 


    • No commission or hidden fees
    • Regulated by FCA CySEC and NBRB 
    • Provides high-quality online courses 
    • Provides trending financing news 
    • Highly secure 
    • Offers hedging to mitigate risk 
    • Use the latest encryption technology


    • Only offers CFD trading
    • Offers limited leverage for shares

    #5 IG– Best Forex Trading Platform in 2021 for leverage

    IG logo- best forex trading platform in 2021

    IG is also the best forex trading platform in 2021 allows you to apply leverage. That means you don’t have to worry about investing more even if you don’t have huge sums in your pocket. It is regulated by FCA, which means you don’t have to worry about the safety and security of your funds. The platform gives you access to over 12,000 assets and allows you to apply the leverage of up to 1:200 on forex pairs like EUR/USD, EUR/GBP, EUR/GBP, EUR/JPY, and USD/JPY. That means with an account balance of just $300, you could potentially trade with $60,000. What attracts the traders most to this platform is that it gives access to over 80 currency pairs. 

    This trading platform is highly suitable for those who are looking forward to trading forex but don’t have enough money. 

    The account creation on this trading platform is also super easy. However, you do need to pay an entry-level fee of £8. But the good thing is that if you trade regularly then this entry-level fee will be reduced to £3. Once created an account you will be required to make a minimum deposit of $250 on this platform to initiate trading. This minimum deposit isn’t the fee of this platform but the working capital that is needed by the investors to start investing journey.


    • Well reputed UK Broker 
    • Offers more than 12,000 traditional assets
    • Offers leverage and short selling
    • Offers spread betting and CFD products
    • Offers educational tools 
    • Offers more than 80 pairs 
    • MT4 is supported 


    • $15 commission on US stocks 
    • $250 minimum deposit amount

    #6 CMC Market– One of the best Forex Trading platform in 2021

    This popular stockbroker allows traders to go long or short on thousands of international markets.  This broker offers various trading instruments to diversify your portfolio including, Forex Pairs, Indices trading, Cryptocurrencies, Commodities trading, Shares and ETFs, and Treasuries. For forex traders, this platform offers access to more than 330 pairs including each and every major and minor pair that we have in the market. This UK stock broker offers two types of accounts one for beginners and one for experienced traders, and both of these brokers charge no minimum deposit. If you are the kind of investor that is willing to trade forex then this platform is highly recommended as pay are transferred into spreads that start at 0.7 pups on USD/JPY and EUR/USD. Furthermore, you can trade Forex via MT4 this trading platform. 

    CMC - best forex trading platform in 2021

    On this platform, you get access to more than 115 indicators, tools to analyze profitable stocks. The platform is easy to use and is very transparent. The only drawback to this platform is that its funding process is very slow, it takes two to three days to fund your account. To make deposits the Platform offers only bank transfers and debit/Credit cards options and charges a fee of 3% and 2.3% respectively.


    • Allow convenient trading on margin 
    • Offers risk-free demo account 
    • Doesn’t require a deposit 
    • Easy trading platform 
    • Offers 24/7 customer support 
    • Regulated platform 
    • Offers more than 300 forex pairs 
    • Offers a variety of CFD markets 
    • Do not charge commissions
    • Tight spreads


    • Slow funding process 
    • Charges on funding account

    #7 VantageFX – Best Commission free forex trading platform in 2021

    Another forex trading platform that has blown our minds is VantageFX. The platform is gaining popularity all over the globe. The fact that it provides access to various assets and a Leverage of up to 500:1 on major forex pairs without paying huge fee-making traders going crazy behind this platform. This forex trading platform offers other asset classes also including cryptocurrencies trading , commodities, stocks and indices. The platform offers competitively low spreads and zero commission. Hence, it works best for both experienced and non-experienced traders. For the convenience of its users, this platform offers its own mobile application. 

    This trading platform is regulated by the FCA and ASIC so you don’t have to worry about the safety of your funds and it also supports MetaTrader4 and MetaTrader5. Social traders like ZuluTrade, Myfxbook and Duplitrade.


    • Offers more than 40 forex pairs 
    • Offers a leverage of up to 1:500 
    • Superfast trading 
    • Offers minimum deposit $200 
    • Do not charge a commission 
    • Supports social trading Myfxbook


    • Offer CFD trading only

    How to start Forex Trading in 2021

    Here we are taking eToro as an example as this platform is commission-free, regulated and popularly known to be the best forex trading platform in 2021

    Step1: Create an account 

    etoro step 1- create an account

    The very first step to start forex trading is to create an account on its official website. To do so, you are required to fill in a registration form that you can easily find on its official website. In this registration form, you will be required to enter a few of your details such as your name, email, phone number and also required to set a strong password. After entering all of your required details make sure to accept terms and conditions. 

    eToro will ask you to verify your identity by uploading some of your documents, don’t worry as your documents are truly safe on this platform.

    Step 2: Fund Your Account

    Now eToro will ask you to make a minimum required deposit to fund your Forex trading account. You can do so by choosing a payment method that suits you the best. The payment methods eToro offers are Credit/Debit Cards, PayPal, Skrill, Nettler and Bank transfers. 

    Step 3: Search for the currency pair 

    Once that you have successfully funded your account you can now search for your desired forex currency to start trading. For example, if you are looking to trade the USD/EUR. Simply enter ‘USDEUR’ into the search box and click on the popped up results.

    Step 4: Place a Trade

    Now to place trades you first need to set buy and sell orders. If you predict the increase in price value you will place a buy order and If you predict the price value will fall you will place a sell order. After placing it enter the desired amount you want to stake on this forex trade and then apply the leverage if you want it. To mitigate the risk of loss you can also set stop loss and take profit orders and then finally select on Open Trade.


    We have provided you with a list of regulated and reputable brokers. All of the above-mentioned trading brokers are amazing and popularly known for forex trading and also provides other assets to diversify your trading game. However, the best forex trading platform in 2021 in our view is eToro and Forex. com for US residents.  

    The account creation on eToro is very easy and doesn’t require much of your time. This platform is amazing for beginners.


    1. What is forex trading?

    Forex trading is the changing of one currency into another for a variety of reasons.

    1. What is the best forex trading platform in 2021 for me? 

    No doubt eToro is the best forex trading platform. However, what works the best for you depends on your financial goals. You can choose any platform from the above-mentioned list as all of these platforms are the best forex trading platforms available in the market.

    1. How to measure the safety of a best forex trading platform in 2021? 

    It is very important to know whether the platform is safe or not. To measure it check whether your chosen broker is regulated by the regulatory authorities or not. All the above-mentioned Platforms are regulated. Hence, can be trusted with your funds.

    1. How do forex trading platforms make money? 

    Every platform has its own strategy to make money. Some make money by charging a leverage fee, some by spreads, some by charging deposit and Withdrawal fees.

    1. Is forex trading risky? 

    Yes, forex trading is risky. There is nothing that isn’t risky in this financial sector. Therefore, before you dive into forex trading ask yourself whether or not you are ready to take risks.