Best Forex Trading Platform For Beginners

Best Forex Trading Platform For Beginners

Best Forex Trading Platform For Beginners Broker Comparison Table
Online BrokerReal Account Minimum DepositTrading Platforms
$50MT4, MT4 Web Trader, Web Trader, Advanced Platform
$100Web Trader & Dowloaded Platform
$100MT4, ETX TraderPro Web Trader
$100Web Trader
$10Web Trader & Downloaded Platform
NoneMT4, Web Trader, Advantage Web Trader, AT Pro Web Trader
$200Web Trader
$100JForex, JForex Web 3
$200MT4, MT4 Web Trader, cTrader, cTrader WebTrader
$100ParagonEx Web Trader
$5MT4, MT4 Web Trader, MT5, MT5 Web Trader
$20MT4, MT4 Web Trader, Sirix Web Trader
NoneMT4, MT4 Web Trader, Trade Interceptor Web Trader
$300Saturn Web Trader

Best Forex Trading Platform 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 platform 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.

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