The platform felt like a perfect and less complicated mix of TradingView and the MetaTraders, offering fast execution speeds, a user-friendly interface, and automated trading capabilities. Most platforms, such as MetaTrader 4 and 5, allow you to manage multiple accounts from different brokers within a single application. I am convinced that cTrader is a decent alternative to MetaTrader 4 & 5, offering 70+ technicals, 11 chart types, and depth of market access.
If you’re worried about user-friendliness, the platform is easy to navigate and comes with a list of recommended traders based on performance and popularity. I found this list very useful even as an expert trader, all the more if you are new to copy trading and want to access the best traders on the platform without exploring it thoroughly. TradingView is my go-to for technical analysis and trading signals for many years now, with its 110+ indicators and drawing tools. This extensive offer gives everything needed to spot trading opportunities accurately and quickly. As a trader who relies heavily on technical analysis, I’ve found that BlackBull Markets offers free TradingView premium subscriptions if I place regular trades.
Based on my testing, the broker’s spreads are fairly competitive, averaging 1.13 pips on EUR/USD with no commission. This puts IG Group in line with CMC Market’s Standard account spreads and below the 1.24 pips industry average. A small quality-of-life feature I liked is that chart settings and technical indicators are automatically applied to each asset you switch to, a feature missing in other platforms like MetaTrader 4.
A powerful platform for Forex and Exchange markets
Yes but you might need to trade using mini or micro lots or with lower leverage which may or may not suit your trading plan. Bullwaves is a multi-asset broker that operates under Equitex Capital Ltd in Seychelles, regulated by the FSA, and has been expanding fast since 2023. Use the MetaTrader 5 web platform without downloading or installing any application. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates.
Launch the MetaTrader 5 web platform right now and start trading immediately!
As for the broker, I selected Pepperstone as best suited for the MetaTrader 4 platform. This is thanks to having low spreads, which I find perfect for various trading styles, from scalping to day trading. I was able to customise the Market Watch only to show the markets I wished to trade and find great trading opportunities. I did this below by hiding all markets except the forex majors, and I feel like this cuts the unimportant details out and allow you to focus on the markets that matter. I opened a Pepperstone RAW trading account to test the MetaTrader 4 platform and see why it’s the most popular.
The limitations of free software may impact your future trading outcomes, so always consider these factors and practice prudent decision-making when choosing a platform. However, I found that Eightcap’s Capitalise AI can be an excellent alternative for automating crypto strategies. The tool allows has allowed me to automate my strategy without coding skills, opening up new opportunities for those who are in a similar situation.
I would like to mention that the depth of market feature in cTrader works fantastic. It’s built right into the order ticket which allowed me to keep an eye on order flow. If I am being honest, I find this implementation much more convenient than MT5’s. It holds a license from the Financial Sector Conduct Authority (FSCA) in South Africa. The company also has a Digital Asset Services Provider license from CNAD in El Salvador and a license from the Financial Services Authority of Seychelles.
Metatrader 5 features
- Before investors start trading with real money, a Pepperstone demo account can be opened with a virtual balance to practice forex trading.
- I also found eToro CopyTrader, the broker’s copy trading platform, to be a standout.
- He has a Masters and Commerce degree and has an active role in the fintech community.
- The platform’s massive community creates a supportive environment for learning, with thousands of shared scripts serving as practical examples.
The two main options are the Standard account, which has no commission and wider spreads, and the Razor account, which provides raw spreads from 0.0 pips with a small commission fee. When choosing a trading platform, consider your ideal trading experience, preferred trading strategy and budget. Look for an online broker with the tools you need to execute your forex trading strategy effectively and at the lowest cost. Forex brokers charge commissions to execute your trades when you use a fixed-spread or low-spread trading account.
Is there a mobile app?
The spread represents the difference between the bid and ask prices for a given currency pair. Spreads are measured in pips, the smallest price movement in the forex market. You get access to 80+ indicators, including MACD, Ichimoku, and Bollinger Bands. However, I did notice there was less choice compared to TradingView’s full 100+ indicators. Firstly, I appreciate that the CopyTrader platform is web-based, making it easier to access and allowing me to load the CopyTrader tool in less than 6 seconds.
U.S. clients also have an IBKR Lite option with commission-free trading on U.S. stocks and ETFs, but with some trade-offs. Both MetaTrader 4 and MetaTrader 5 allow free automated trading with Expert Advisers (EAs). CTrader also allows automated trading with the addition of the cTrader Automate (formerly cAlgo) set of tools. Other brokers with no minimum deposit include BlackBull Markets, FxPro, CMC Markets and OANDA have no minimum deposit requirement. You will however enough funds in your trading account to meet the initial margin requirements to open a trading position. Fusion Markets has the lowest spread of the brokers I tested, with commissions of $2.25 sideways or $.4.50 round-turn.
- Safe and seamless, MetaTrader runs smoothly on any device and is supported by all the major operational systems.
- This platform is known for its user-friendly interface and simplicity, making it ideal for beginners.
- It offers user-friendly platform, fast execution speeds, and a brilliant mobile app for traders who want to trade on the go.
- It feels like using perfect mix of TradingView and MetaTrader 4 — charting tools are excellent and trade automation is allowed right on the platform.
- I asked our analyst Ross to test the average execution speed of BlackBull Markets and compare them with 14 other brokers.
IFC Markets Review
For me, adding the “Copy to Order” feature is a nice touch, allowing traders to act on the signal quickly. One thing that impressed me is that 60+ special pattern indicators scan the markets for different chart & candlestick formations and highlight them on your chart. It will even give you entry levels and take profit targets if you hover over them, which is an excellent feature for risk warning. Speaking of ECN brokers, I consider IC Markets as a solid choice for MetaTrader 5 due to having low average spreads. I found that the web platform can be used to find traders available to copy and allocate funds to each trader. Once invested in a trader, the MetaTrader 4 (or MT5) platform will automatically mirror the trades, and you will profit when they profit and lose when they do.
Does Interactive Brokers charge commissions?
When selecting a platform, prioritize those with deep support for your primary trading markets rather than those offering superficial coverage across many asset classes. Deep integration includes detailed historical data, specialized indicators, and direct broker connections that improve execution quality. While most forex trading software is free to use, some platforms charge a monthly or annual fee to use their software. They have a free version with limited trading functionality and three further subscription tiers that offer different functionality. I found AvaTrade a standout choice for those interested in social trading, mainly with MT4 and MT5 platforms. Their collaboration with third-party services ZuluTrade and DupliTrade, along with their proprietary AvaSocial platform, offers successful traders a robust selection of social and copy trading options.
These tools include a wide range of technical indicators, graphical objects, timeframes, and EAs (Expert Advisors) for automated trading. MT4 is also a secure and reliable platform with flexibility for desktop, web trading and mobile trading. MetaTrader 4 is the most beginner-friendly trading software as it provides a simplified user experience. It also has fast execution speeds to minimize slippage, excellent mobile functionality, and many advanced trading tools like the ability to add Expert Advisors (EAs). AvaTrade is founded in Dublin, Ireland, in 2006 offering multiple social trading platforms, including ZuluTrade, DupliTrade, and AvaSocial. Personally, I wanted to try ZuluTrade because it allows finding and mirror other traders, copying their profitable (and losing) trades.
MQL languages provide deep market access but with steeper learning requirements. Your existing programming knowledge should influence platform selection, as transferable skills reduce the time investment needed to build effective strategies. With spreads, variable spread brokers with ZuluTrade may charge wider spreads during volatile times or when there is less liquidity. I found AvaTrade performing exceptionally in this, providing fixed spreads that do not widen (or narrow) based on market volatility. After testing the broker, I found that the average fixed spreads for EUR/USD are only at 0.90 pips, lower than other low-cost brokers such as eToro and Eightcap. In addition, you can forward the test by “simulating” the strategy on a demo account to see the strategy perform in real time.
Overall, I’ve found BlackBull Markets to be a great choice, especially if you’re a technical trader like me who values both powerful analysis tools and quick order execution. MT5 also comes with more timeframe options, including 10-minute charts, which offer greater flexibility whether you are scalping, day trading, swing trading, free forex software or investing long-term. For their Standard accounts, they operate on a spread-only model with no commissions on forex. However, their RAW Spread account charges a commission per lot in exchange for much tighter spreads.
The depth you can use to filter copy traders is better than eToro’s overall, allowing to narrow the selection based on risk management, trading style, and how many follow them. However, in my opinion, this tool can be overwhelming for a new trader with the wealth of choices, and eToro’s platform is easier to use. In my tests, the average spread on EUR/USD was 1.00 pip, which beats the industry average and similar platforms like ZuluTrade.
These two categories show detailed statistics on each trader, and helps to vet them thoroughly before selection. I was impressed to learn that BlackBull has some of the fastest execution speeds out there. The broker’s limit order speed of 72ms means that pending orders, stop losses, and take profits are executed lightning-fast. Monitor markets in real-time, staying up to date with economic events and data. However, they also offer premium and professional accounts with higher minimums of $10,000 and $50,000, respectively.