6 Best Forex Trading Platforms in 2021 - Elliott Wave Forecast
Active traders have good knowledge about the market and its trends. They also have enough hands-on experience to identify which trading strategy suits them, how much exposure to risk they can take and what is the cost they can bear. There are multiple brokerage firms in the market; a list of “Top 8 Best Forex Brokers for Trading in 2021” is shared here.
Many traders prefer to manage their trades themselves. What they require is a comprehensive trading platform, where they can carry out their trades. Every stock trading platform is unique. Deciding which one to use for your trades usually depends on your overall trading experience. The factors which usually contribute towards trading experience include investment options, trading tools, market research information, basic guidance/education, customer support, and ease of use for the trader.
Based on these factors and our market research, we have shortlisted 6 names that are currently offering the best forex trading platforms to traders along with great trading experience.
TD Ameritrade is one of the leading forex trading platforms in the market. It stands out because it offers an incredible trading platform, crisp market research, and very solid customer support and service. Its educative information and reports specially targeted to beginner-level traders along with an easy-to-use website, and a separate mobile app built specifically for everyday investors makes it the top choice for traders. Moreover, it offers its services across multiple countries; US Residents and Non-US residents both can open accounts with them.
TD Ameritrade has no minimum deposit requirement and charges zero commission on trades. TD Ameritrade offers the electronic platform thinkorswim to its traders. It is available on desktop, browser, and mobile. The desktop-based thinkorswim elevates the trader’s experience and makes TD Ameritrade the best choice amongst forex trading platforms. The thinkorswim platform comes with the below features:
TD Ameritrade also provides extensive research to its traders, which include the following:
TD Ameritrade is in the process of merging with Charles Schwab which is expected to create new avenues and horizons for both companies. With this new merger, TD Ameritrade will climb up the ladder amongst its counterparts and is in line to become the top forex trading platform.
Interactive Brokers is an institutional-grade trading platform that offers a variety of advanced trading tools. It offers access to 125 market centers across 31 countries. Interactive Brokers is equipped with the most advanced trading platform (TWS) for both desktop and mobile trading, both. It also offers the largest range of financial products to its customers. Its services are open for both US and Non-US Residents.
Interactive Broker offers minimum activity fees. Despite these charges, Interactive Brokers has been able to maintain its competitiveness in the pricing area amongst forex trading platforms in the market. It has no minimum requirement of its account.
Interactive Brokers provide their trading platform – Trader Workstation. This platform is packed with all the features covering all aspects of trading. Its features include:
Interactive Brokers is also recognized as one of those few forex trading platforms which provide the widest array of third-party research. Their research is very detailed and is a source of valuable information for traders. Their research includes:
E-TRADE is an innovative financial services company offering a full suite of easy-to-use online brokerage, investing and related banking solutions, delivered at a competitive price. Its unique feature is its two unique apps and the Power E-Trade Platform which caters to all types of traders – beginners, active trading, and options trading. Its services are currently limited to US Residents only.
E-Trade charges zero commission on trades but charges $0.65 per options contract.
E-Trade’s powerful trading platform comes packed with many features. It is easy to use, equipped with all the required features and works fast and efficiently. Its features include:
E-Trade provides in-depth market analysis for stocks, ETFs, mutual funds, bonds, and other financial instruments. It provides:
Fidelity is a popular brokerage for a large variety of investment needs. It was founded in 1946. Fidelity is known for its low cost with a focus on educating the traders about investing. It is equipped with high-tech tools which makes Fidelity a great choice for traders. Fidelity provides excellent industry-leading research and an easy-to-use mobile app. These features make Fidelity the preferred choice amongst other forex trading platforms It is currently serving more than 32 million customers and is the top choice for everyday investors. The only limitation is that it is currently only serving US Residents.
Fidelity charges zero commission over trade and is also one of the few trading platforms which charge no additional fee for penny stocks. In addition to it, Fidelity also provides zero expense-ratio mutual funds and comes with no minimum deposit and a zero-expense ratio.
Fidelity’s flagship platform, Active Pro is equipped with all the trading tools, traders need to manage their portfolios. Its features include:
Research is Fidelity’s biggest strength. The website and its content are presented to investors in a manner that makes access easy. The key features of its research include:
Webull started as a research firm and has recently branched out into the forex trading industry. They currently offer stock trades at zero commission on both mobile and desktop. It offers a unique community-driven experience and has a well-designed easy to use trading platform. Their mobile trading app is a hit amongst young investors because of its ease to use. The one thing which limits the success of WeBull is that it is open for only US Residents only
WeBull imposes no minimum account balance requirement upon its customers, nor does it charge any commission on trades.
WeBull provides excellent research and analytics. They provide intuitive stock charts with plenty of technical indicators and tools for customizing charts for trades and analysis. The web and desktop platform of WeBull provides the following features:
The tools WeBull offers its traders are:
This interface gives traders an insight into the market macrostructure–what’s moving the market.
WeBull’s trading platform has limited but very useful technical indicators:
WeBull has its edge over other trading platforms in the market. Its unique features and easy-to-use platform make it one of the preferred forex trading platforms amongst traders.
Robinhood is a free-trading app that lets investors trade stocks, options, exchange-traded funds, and cryptocurrency. It is one of the best forex trading platforms for beginners. The newsletters and podcasts issued by Robinhood are educative and very vital sources of information for beginners. These combined with its easy-to-use mobile app gives Robinhood an edge over other forex trading platforms in the market. The only limitation of Robinhood is that its services are currently open for US Residents only.
Robinhood does not have a minimum account balance requirement nor does it charge any commission fee from its traders.
Robinhood is majorly for those traders who are new to the game. The tools and features it provides to its customers are:
Robinhood’s mobile able is fast and easy to use. It includes the below features:
Robinhood is amongst the best choice for beginner-level traders. Its simple platform and easily understandable research reports are the key features that make it stand out and become a part of one of the best forex trading platforms for beginners.
Finding an accurate trading platform, which suits your trading needs and requirement is very important. It not only helps you achieve your investing targets but also educates you in increasing your portfolio worth. Choosing the right trading platform is not that simple. In this above list, we have carefully scrutinized and selected the best Forex Trading Platforms for you where multiple factors have been analyzed which include: ease of use, variety of tools available, detailed analysis, research reports, and mobile app trading and web platforms. Few trading platforms cater to non-US residents also and offer their services in multiple countries.
These are our top picks for the current year and we are hopeful they will benefit our readers in the best way possible.
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