The Top Five Best Forex Day Trading Platforms
Day trading on the Forex markets is a growing industry with countless traders throughout the world conducting trillions of dollars in trades every day. Thanks to high-speed Internet and access to platforms via mobile devices, this method of trading has become exceedingly popular during the past few years to the retail trading community. With the increasing popularity of retail day trading, there has been an explosion of brokers entering the market attempting to capitalise on the growing industry. Before you start trading it is important to consider the quality of the brokers and a definite must before making any kind of deposit with a broker is to ensure they are regulated by a trusted regulatory body like the Financial Conduct Authority in the UK – this is why we have only included regulated brokers in this list. Apart from regulation there are some sure-fire signs of a quality electronic broker. Most experts note that these metrics include:
- Access to real-time news feeds.
- Concise and accurate trading data.
- The ability to choose from a wide spectrum of currency pairs.
- An intuitive and clear trading platform.
- Superior levels of customer service.
Now that we can appreciate the basic factors to take into account, it is prudent to briefly examine what many believe the be the five most efficient and reliable trading platforms on the market today.
ETX Capital was founded in 2002 and since this time, it has been considered one of the most reliable trading platforms available. One benefit in regards to a position is that no additional commissions are charged; these are directly included within the spread. Thus, traders will have a much more accurate representation of their expected profits. The electronic trading windows offered include MetaTrader 4 and Currenex. All traders can therefore enjoy a second-to-none sense of functionality that is perfect for the fast-paced nature of the Forex market. A demon account is available for those who wish to experience ETX Capital before committing to a paid membership. Some other advantages encompass (but are not limited to):
- Chart trading.
- Automated trading.
- Mobile alerts.
- A compatibility with iOS and Android operating systems.
- Institutional accounts.
- Maximum leverages of 1:400.
- $20 no deposit bonus.
A minimum spread of only 0.7 pips on all euro-dollar transactions is another benefit not to be missed. ETX Capital is definitely the top trading platform available today.
Read our full review of ETX Capital here to see all the pros & cons of trading with ETX Capital.
Plus500 was founded in 2008 and is currently based out of London. Amenable leverages of up to 200:1 are available for currency pairs and a minimum deposit of only €100 euros allows this portal to be excellent for those who wish to trade in the forex markets on a tight budget. Plus500 also offers a number of risk management features such as:
- Guaranteed limit orders.
- Guaranteed fills.
- Guaranteed stop-loss positions.
- Trailing stops.
These are all ideal for the investor who wishes to hedge his or her exposure in regards to a volatile marketplace. Customer service representatives are available 24 hours a day and a demonstration account is possible before a trader commits to a live position.
Read our full review of Plus500 to see all the pros & cons of trading with Plus500.
This firm was founded in 2006 and it currently offers trading software for personal computers as well as mobile devices (iOS and Android operating systems). Floating spreads as low as 0.9 pips can help to maximise profits (although these spreads are based on inter-bank market prices and will therefore vary). There are currently more than 60 different currency pairs to choose from and 400:1 leverages are not uncommon. AvaTrade provides MetaTrader 4 software to all of its clients and this intuitive system is preferred by many professional traders. Some other benefits include:
- Hedging and scalping capabilities.
- Zero commissions (fees are based upon the spread).
- Demonstration accounts.
- Live news feeds.
- Market commentaries.
- Automated trading.
AvaTrade is also known for its knowledgeable customer support representatives and the ability to address concerns in well over a dozen languages.
Read our in-depth AvaTrade review here for more information on trading with AvaTrade.
ZuluTrade is thought to be one of the most “open” platforms due to low entry-level deposits (the equivalent of €250 euros) and its highly intuitive user interface. Besides offering streamlined trading platforms, ZuluTrade has created a propriety social signals portal known as Tradewall. This is a streaming page which illustrates all of the latest opened and closed positions. Those who have been searching for a centralised social trading system will be pleased with this addition. More than 50 affiliated brokers support the ZuluTrade system and unlike some other brokers, United States residents can access the software. Low spreads and the ability to access the historical trades of other investors (for up to 52 weeks) are two other features offered.
EasyForex rounds out our list of top five Forex brokers for day trading enthusiasts. EasyForex is located in Limassol and has been operating since 2003. A minimum deposit of only $25 dollars allows this broker to be another excellent choice for those who do not have a great deal of money to invest. Fixed spreads even during times of high Forex volatility is an attractive feature for risk-averse investors. Expert analysts provide real-time support in no less than 13 languages. Mobile-based platforms can be accessed alongside standard PC portals and the popular MetaTrader 4 system is available with all of these options. Some of the other benefits found through EasyForex are:
- Streaming news feeds.
- Automatic trading algorithms.
- Intuitive trading signals.
- Email and mobile alerts.
- Trading stops.
- Guaranteed stop-loss and limit orders.
- One-click execution (a massive advantage for day traders).
Maximum leverages of 400:1 is available for day traders who wish to maximise their profit margins (of course, such leverages is not without risk and increase the potential losses as well). Fixed spreads will likewise enable any trader to be well aware of their costs as well as their predicted gains should a pair move in the right direction.
These five Forex platforms are perfectly suited for both retail and professional traders alike. As mentioned in the beginning of this article, features such as intuitive software and up-to-the-minute data streams can make all of the difference in the world between a failed position and a successful trade. As these portals are able to accommodate the needs of the smartphone user, they are of even more value to those who wish to execute trades while out and about. As always, with trading it is important to remember that your capital is at risk.
See our comparison of day trading brokers for more information.