The forex market is a global marketplace where traders exchange national currencies based on fluctuations in their market prices to make profits. The forex market is one of the largest financial markets with over 6 trillion US dollars in trading volume per day. The national currencies are traded in pairs that are quoted against each other at an exchange rate. 

Forex Trading

Forex trading is the act of buying and selling currency pairs based on the speculations made by the traders. Traders conduct technical and fundamental analyses to make price predictions to make profits. 

Forex cannot be traded directly, therefore, a mediator is required. This mediator is known as a broker who gives traders access to the forex market and allows them to make trades. 

Role of Forex Brokers

In forex trading, there are many buyers and sellers (traders) of currencies. To find the right buyer and seller, a facilitator is required to trigger the mechanism of buying and selling. These buyers and sellers can be a thousand miles away from each other and a platform that matches their interest is needed, this is where the forex broker enters. Apart from bringing the right buyer and seller together they also give traders access to liquidity providers. 

Forex brokers offer trading platforms to allow traders to buy and sell currency pairs . This software can be downloaded onto the computer and can be used online to make trades. 

Forex Trading Platforms

A forex trading platform is a software that is used to place a trade. Traders can open, close and manage their trading position on a trading platform online through an online forex broker. Many trading platforms are used by traders depending on their trading requirements. Some of the trading platforms are MetaTrader4, MetaTrader5, cTrader, and ActTrader. Amongst these trading platforms, MetaTrader 4 and MetaTrader5 are the most commonly used trading platforms. They are most popular among traders of all levels. 

MetaTrader4

MetaTrader4 is one of the most popular trading platforms which was developed by MetaQuotes in 2005. Even though MetaTrader4 is mostly associated with forex, it can be used to trade other financial markets too like; indices, cryptocurrencies, commodities, and CFDs. 

The platform is highly customizable and can be used by traders following a specific trading strategy. MetaTrader4 can be used to automate the trading that uses an algorithm that opens and closes the trades on behalf of the traders by the pre-set parameters. 

 Features of MetaTrader4:

  • Easy to Use: The advanced and easy-to-use interface makes MetaTrader4 suitable for both beginners and experienced traders. The features in the platform are easy to understand and implement, making the execution of the trade easy. 
  • Technical Analysis: MetaTrader4 platform has in-built technical indicators to facilitate the placing of the trades. It also allows traders to create customized indicators according to their trading needs. These indicators help traders to identify trends, and set- up the trade as the price moves. 
  • Security and Convenience: This is one of the most important features of MetaTrader4. MetaTrader4 has a high level of security and is encrypted which ensures security and safety. Forex brokers cannot access the trading accounts of their clients and the communication between the trader and broker is encrypted. 
  • Large Community: MetaTrader4 has a large community that helps the platform to develop and grow. This community is responsible for creating automated trading bots or software, offering forex market signals, and also customizing the platform for their clients as per their personal trading needs.

MetaTrader5

MetaTrader5 is a sophisticated trading platform that was created by MetaQuotes in 2009. It is a multi-asset trading platform that allows trading an array of financial markets apart from the forex market. The platform offers advanced trading tools that assist in both technical and fundamental analysis. MetaTrader5 can be used for automated trading through trading robots and trading signals. 

Features of MetaTrader5:

  • Strong trading system – MetaTrader5 offers a strong market depth feature with a tick chart, and supports all types of trade execution and trading orders. The platform also offers one-click trading that allows traders to trade forex with just one click.
  • Technical analysis – A complete arsenal of technical tools allows traders to be thorough with the price analysis and future market anticipations. The platform offers up to 100 charts and enables traders to monitor all their trading assets. MetaTrader5 offers 21 time-frames that can vary from one minute to one month. The platform offers 38 in-built technical indicators and also allows traders to customize their indicators as per their needs.
  • Graphic objects – 44 graphical objects can be used for determining the chart patterns. 
  • Real volume data – Unlike MetaTrader4, MetaTrader5 allows traders to see real-time volume data like lot size. The platform offers tick volume data that shows the number of price changes on particular candlestick charts.
  • Fundamental analysis – MetaTrader5 offers fundamental tools like an economic calendar and financial tools that are used for conducting fundamental analysis. 

 5 Best Forex Brokers That Offer MetaTrader4 and MetaTrader5 Trading Platforms

  1. AAAFx 

AAAFx is one of the leading forex brokers headquartered in Greece, and is regulated by the Hellenic Capital Market Commission (HCMC). The broker offers a great range of financial assets for traders to trade such as forex, indices, stocks, commodities, and cryptocurrencies. They offer three trading platforms – MetaTrader4, MetaTrader5, and ActTrader. These platforms can be accessed on any of the trading accounts offered by the broker – ECN, ECN Plus, and ECN Zulu (copy-trading platform).

Features of AAAFx

Commission: $1.98 per $100K RT

Spreads: 0.1 pips onwards

Minimum Deposit: $10

Leverage: 500:1

Trading Instruments: forex, indices, stocks, commodities, cryptocurrencies. 

Trading Platforms offered – MetaTrader4, MetaTrader5 and ActTrader
Click here to read the full AAAFX Review.

  1. Fxview

Fxview is a regulated forex broker offering a wide range of financial assets for trading forex, stock, commodity, indices, and cryptocurrency. They offer excellent trading conditions, including low spreads and commission.
The broker offers three trading platforms – MetaTrader4, MetaTrader5, and ActTrader. They offer a True ECN account that has a high execution speed and tight spreads. 


Features of Fxview

Commission: $2 per $100K RT

Spreads: 0.1 pips onwards

Minimum Deposit: $50 for EU citizens and $200 for global 

Leverage: 500:1

Trading Instruments: forex, indices, stocks, commodities, cryptocurrencies.

Trading Platforms offered – MetaTrader4, MetaTrader5 and ActTrader
Click here to read the full Fxview Review.

  1. Pepperstone

Pepperstone is one of the trustworthy forex brokers that is regulated by FCA, BaFin, and ASIC. The platform offers more than 70 financial assets from 6 financial markets – forex, shares, ETFs, indices, commodities, and cryptocurrencies.

Pepperstone offers three types of trading platforms – MetaTrader4, MetaTrader5, and cTrader. Any of the trading platforms can be used by the traders through their trading accounts – Razor 0.0 and Standard account.

Features of Pepperstone

Commission: No commissions (standard account), AUD 7 per 100K RT (Razor 0.0)

Spreads: 0.2 pips onwards

Minimum Deposit: $200 

Leverage: 1:500

Trading Instruments: forex, indices, stocks, commodities, cryptocurrencies.

Trading Platforms offered – MetaTrader4, MetaTrader5 and cTrader 

  1. FXTM

FXTM is one of the most popular brokers that is regulated by the Financial Service Commission (FSC). The broker gives access to the trader to trade a wide range of assets – forex, stocks, commodities, and indices. They offer complete MetaTrader suite trading platforms – MetaTrader4 and MetaTrader5. These platforms can be accessed by all three trading accounts offered by them – a micro trading account, an advanced trading account, and an advanced plus account.

Features of FXTM

Commission: Average of $0.4- $2 per $100K RT based on volume

Spreads: 0.2 pips onwards

Minimum Deposit: $ 10

Leverage: 1:2000

Trading Instruments: forex, indices, stocks, and commodities.

Trading Platforms offered – MetaTrader4 and MetaTrader5

  1. FxPro

FxPro is one of the oldest forex brokers operating since 2006 in the market and is regulated by multiple regulatory bodies.They offer four trading platforms – FxPro trading platform, MetaTrader4, MetaTrader5, and cTrader. These trading platforms can be accessed by traders through their trading accounts.

The Trading Accounts Offered by the Broker Are

  • MT4 account with floating spreads and instant execution
  • MT4 account with fixed spreads and instant execution
  • MT4 account with floating spreads and market execution
  • cTrader account with floating spreads and market execution
  • MT5 account with floating spreads and market execution 

Features of FxPro

Commission: 

Zero Commission – for FxPro MT4 market and FxPro MT5 account

Zero Commission – for FxPro cTrader account

Zero Commission – for FxPro MT4 instant (fixed spreads and FxPro MT4 (floating spreads)

Spreads: 0.3 pips onwards

Minimum Deposit: $100

Leverage: 1:200

Trading Instruments: forex, indices, stocks, commodities, cryptocurrencies.

Trading Platforms offered – FxPro trading platform, MetaTrader4, MetaTrader5, and cTrader

Both MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms are popular among traders. However, if you are new to the market MT4 is a great choice as it covers all the basic trading needs and is simple to understand and use. MT5 is a good choice for traders with experience as the platform is highly advanced. However, the choice of platform ultimately depends on the trading requirements of the trader.

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