Best Forex Trading Platform For Beginners

Best Forex Trading Platform For Beginners

Best Forex Trading Platform For Beginners Broker Comparison Table
Trading Platforms
Online BrokerReal Account Minimum DepositTrading Platforms
$50
Minimum Deposit
MT4, Web Trader, Advanced Trading Platform
Trading Platforms
$100
Minimum Deposit
Web Trader & Dowloaded Platform
Trading Platforms
$200
Minimum Deposit
Web Trader
Trading Platform
$100
Minimum Deposit
MT4, ETX TraderPro
Trading Platforms
$100
Minimum Deposit
MT4, MT5, Web Trader
Trading Platforms
$10
Minimum Deposit
Web Trader & Downloaded Platform
Trading Platforms
None
Minimum Deposit
MT4, Web Trader, AT Pro
Trading Platforms
$100
Minimum Deposit
MT4, JForex
Trading Platforms
$200
Minimum Deposit
MT4, MT5, cTrader
Trading Platforms
$100
Minimum Deposit
MT4, ParagonEx
Trading Platforms
$5MT4, MT5
None
Minimum Deposit
MT4, MT5, Trade Interceptor
Trading Platforms
$300
Minimum Deposit
Saturn Platform
Trading Platform

Forex Trading Platforms For Beginners

Arguably the best Forex trading platform for beginners is a web trader, especially one which is designed to have a clear simplified interface. This is because an online trading platform is a tool and like any tool needs experience to use properly. So for a complete beginner, getting to grips with the platform as well as Forex trading can be problematic, thus the clearer the platform is the more approachable it may be.

However there is also no real reason that any trading platform provided by retail Forex brokers cannot be used by a beginner, as they have basic similarities. Even advanced platforms designed for ECN trading can be used by the beginner, perhaps leaving the more advanced feature until they have garnered more experience.

However as with any trading platform, testing it and learning how to use it on a demo account is a wise idea, especially for a beginner. For any trader, working out how to place an order or change a stop-loss or close an order, or any action on any platform while trading live can be a recipe for unnecessary trading errors.

The brokers is the table provide web traders with clear platform layouts, but some brokers which offer platforms such as MT4, MT5, cTrader and JForex as web traders are also included. Web traders of primarily downloaded platforms may not contain all the features of the downloaded platform, thus in effect they can provide a simplified trading experience as well as potentially an introduction to the main downloaded platform (depending on how alike the platforms are).

The tools included on the platform may be helpful for the beginner. Some advanced platform have a relatively large number of technical indicators. But does a beginner need many, as they will need to get to grips with an indicator to use it as effectively as it can be used. Indicators do not predict the market, but they can potentially be a guide as many traders and computer programs are likely using them to trade Forex. But an indicator needs to be well understood to use. Again, a demo account can be useful to practice trading with indicators.

Other tools which may be valuable depending on the broker are crowd trading and social trading. Crowd trading shows the aggregate behavior of other traders, while social trading shows the trades and ideas of traders. So the trader can inform their trading with the actions or ideas of other traders. Social trading can also introduce the trader to automated trading, with copy trading. In copy trading the trades of other trader are copied in the trader's account. As with any trading automation, because a trader or a strategy has performed well in the past does not mean they will do so in them future. Thus for a beginner, social trading may be useful as an additional way to try and understand trading and the markets.

Some brokers attach a Forex demo account to the live account, so the trader can switch between them whenever they want (as long as the real account exist, the demo accounts exists, it does not expire). Other brokers will let the trader open a demo account before and after opening a real Forex trading account.

Best Forex Trading Platform For Beginners

The pick of these brokers is UFX's ParagonEx platform. UFX is a long established Forex broker, which also offers a range of other markets to trade. ParagonEx is a user friendly, clearly designed platform which offers a crowd trading news feed. Crowd trading offers all traders, including beginners the capacity to use information about the actions of other traders to market news (for example how traders are reacting to a news event). The combination of a user friendly platform with a range of charting tools and crowd trading information (not to mention a news feed) may be of interest to beginner traders, who seek to learn how to trade Forex and draw on information of the actions of the crowd of other traders.

However the ParagonEx platform also allows the trader to switch from demo to real account whenever they want. Thus the trader can spend time learning how to trade Forex on a demo account, try out a live account when the time is right, then switch back to the practice account to take a break or test out ideas. When the trader feels confident, they may also use the MetaTrader 5 (MT5) platform, which supports a wide range of Forex styles including automated trading. The trader may test out the ParagonEx platform on a free demo via the link below.

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