Best Forex Trading Platform for Beginners: A Comprehensive Review
The world of forex trading can be quite intimidating, especially for the new entrants. But with the availability of an increasing number of forex trading platforms, beginners have a good chance of getting onboard and gaining some experience in the dynamic world of forex trading.
In this review article, we will take you through a comprehensive evaluation of the best forex trading platforms for beginners. We will consider a range of factors, including trading tools and features, user-friendliness, educational resources, customer support, and security.
So, without further ado, let's dive in:
Trading Tools and Features
Trading tools and features are some of the most critical considerations when selecting a trading platform for beginners. A platform with adequate charting tools, technical indicators, and other features that simplify the trading process can make all the difference.
- MetaTrader 4:
MetaTrader 4 is one of the most popular trading platforms among beginners and experienced traders alike. The platform is equipped with numerous trading features, including customizable charts, automated trading tools, and advanced order management. Additionally, the platform has a wide range of technical indicators, charting tools, and timeframes to assist in market analysis.
One of the limitations of the MetaTrader 4 platform is that it has a limited number of available assets to trade. The platform also does not allow for copy trading, where you can copy the trades of seasoned traders directly.
- cTrader:
cTrader is a trading platform that provides a user-friendly interface while also offering advanced trading functionality. The platform offers trading analytics, advanced order types, and margin-call-o-meter tools. Besides, cTrader similarly allows for extensive charting options, timeframes, and technical indicators to provide efficient market analysis.
cTrader additionally offers copy trading, allowing beginners to learn from expert traders and gain insights into market trends and behavior. The primary downside is the limited number of brokers offering the cTrader platform.
- TradingView:
TradingView is a versatile trading platform that offers traders an integrated trading experience. The platform provides real-time market data, charting tools, and technical indicators. All, Tradingview is easy to navigate and offers access to a wide range of assets, including forex, cryptocurrencies, stocks, indices, and commodities.
Like MetaTrader 4, Tradingview does not directly allow traders to buy or sell assets from the platform but operates more like a research platform.
User-friendliness
Platforms that are easy to navigate and execute trades are crucial for beginners. The appropriate platform should have a user-friendly and intuitive interface, allowing novice traders to execute trades with ease.
- eToro:
eToro is a popular platform that offers an attractive, easy-to-use interface. The platform is intuitive, allowing traders to execute trades with ease. Additionally, the platform offers copy trading features, making it an excellent choice for beginners looking to learn and earn simultaneously.
eToro has a comprehensive educational section with free webinars, video tutorials, and other resources that help new traders learn the ropes and develop their trading strategies.
- Forex.com:
Forex.com is a platform that is renowned for its user-friendliness. The platform offers a customizable workspace, allowing traders to comfortably organize features to suit their preferences. The platform also offers a broad range of asset classes, making it convenient for beginners to identify their preferred trading markets.
Forex.com offers a demo account, enabling beginners to test the platform before they start trading with real money.
- Plus500:
Plus500 is a user-friendly platform that provides numerous useful features and tools. The platform has a straightforward navigation system, making it easy for new traders to find whatever they need. Besides, Plus500 offers a variety of features such as charting tools, technical indicators, and a wide range of assets to trade.
One limitation of Plus500 is that it does not allow traders to build and test trading strategies.
Educational Resources
Trading platforms that offer extensive learning resources are beneficial for beginners. Educational resources such as webinars, video tutorials, eBooks, and other training materials enable new traders to learn the fundamentals of forex trading with ease.
- IG:
IG is a popular trading platform with one of the most extensive educational resource centers. The platform offers webinars, video tutorials, and articles on various aspects of forex trading, ensuring new entrants have all the knowledge required to navigate the forex market. Furthermore, IG provides trading signals compatible with MetaTrader 4, making it easier for beginners to build and test trading strategies.
- TD Ameritrade:
TD Ameritrade offers detailed educational resources suited for beginner traders. The platform hosts a dedicated forex learning center providing extensive trading educative materials in the form of articles, videos, and webinars. Additionally, TD Ameritrade provides access to high-quality research and analysis tools, including third-party research reports and analytical tools.
- Pepperstone:
Pepperstone provides a range of learning resources and tools for novice traders. The platform offers webinars, video tutorials, and a broad range of training materials designed to help beginners understand the forex market's fundamental concepts. Additionally, Pepperstone provides an extensive trading academy with a lot of educational materials.
Customer Support
Reliable customer support is crucial for novice traders as they require guidance and support to clarify their queries. Trading platforms that provide multiple customer support channels are preferable for beginners.
- Admiral Markets:
Admiral Markets offers responsive customer support, available via live chat, phone call, or email. The platform's customer support is available 24/7 and provides tradable insights, news, and analysis to guide traders. Additionally, Admiral Markets provides educational resources such as trading webinars, eBooks, and video tutorials.
- AvaTrade:
AvaTrade offers 24/7 customer support to its traders via phone call, live chat, or email. The platform also provides valuable educational resources, including eBooks, video tutorials, and webinars. Furthermore, AvaTrade provides its traders with access to market analysis tools and trading signals to assist with trading strategies.
- XM:
XM offers fast and efficient customer support for its users, available 24/5 through various channels like live chat, phone call, or email. The platform also provides extensive educational materials and resources, including trading webinars, trading signals, market news and analysis, and various other material designed to support their trading efforts.
Security
Security is a vital consideration for any forex trader. Trading platforms that provide secure payment gateways, two-factor authentication, and other robust security measures are preferable.
- Fortrade:
Fortrade is a regulated and secure platform that offers multiple layers of security to ensure user protection. The platform provides two-step authentication processes along with a variety of deposit and withdrawal methods. Besides, the platform offers negative balance protection, ensuring traders are protected against losses exceeding their balance.
- XTB:
XTB is a reliable and secure platform that offers traders top-tier security measures, including two-factor authentication. The platform provides secure payment gateways, ensuring traders' financial information is kept safe. Additionally, investors on XTB are covered in the event of the firm's insolvency by the Financial Services Compensation Scheme.
- FXTM:
FXTM is a reputable and reliable forex trading platform that offers traders robust security measures. The platform provides two-factor authentication, secure payment gateways, and client fund segregation. FXTM is also regulated by various top tier regulatory bodies worldwide, providing a further layer of security for traders.
Conclusion
In conclusion, selecting the best forex trading platform can be a daunting task for beginners. However, by considering the factors discussed in this article, new traders can obtain valuable insights into the best platforms suited to their needs.
Although the platforms discussed in this article do not represent an exhaustive list, they are some of the best in the market. By weighing up the trading tools and features, user-friendliness, educational resources, customer support, and security measures, traders are sure to find an excellent platform to meet their needs. Trading platforms like eToro, Forex.com, and Admiral Markets offer the features sought-after by beginners, and traders should consider these when selecting a forex trading platform.