In this article, I share 6 of the best platforms to trade Forex. This includes 6 different trading software that I use, from the UK to trade Forex that are affordable and useful!

6 Best Platforms to Trade FOREX

Please note: this article may contain affiliate links.

FOREX Trading Platforms

Mindfully Trading

I will share six fantastic, low-cost platforms that I use to trade Forex. I created this in response to multiple requests from my audience. Full video of this article is found at the bottom of the page.

METATRADER 4 is a fantastic platform for trade execution and trade management. They have great technical analysis tools. Beginners should use METATRADER 4 because they can do chart analysis, they have a range of drawing tools to enable them to have everything they need to trade and keep their costs low right from the start.

It’s simple to connect METATRADER 4 to multiple brokers.

The broker I previously used, and that I talk about in the video was Oanda, but now I have moved over to using a broker called Vantage who are much better. They have tight spreads, are well regulated and have lower commissions. I really recommend Vantage if your trading forex from the UK!

You can link METATRADER 4 to many different brokers, usually listed on their websites. You can use METATRADER 4 from your desktop or download the app on your mobile device or tablet. So you can keep track of your trades or even trade while out and about. METATRADER 4 is a fantastic platform to use because it has an excellent interface, is easy to use, and is free, which is perfect for a beginner trader. That’s why I put it first in my forex trading software.

[ Edit, there has now been an updated version METATRADER 5 that is very similar just with enhanced features. ]

Moving on to TradingView for the second platform. This list is not in any particular order. But, for me, the top two are pretty much the basis for trading Forex. That’s why I use TradingView, even though METATRADER 4 can do technical analysis on charts. TradingView is my favorite because it has so many features.

The drawing and technical analysis tools are sophisticated yet user-friendly.

They let you run various analyses on your charts and save the results. So you can go back later.

There is also the option to use different timeframes. They have all the charts you will need.

Not only do they allow you to view historical data, but they also allow you to backtest and review previous trades.

TradingView has many excellent features. Traders can use them to save ideas from losses, share them with others, and connect with traders worldwide. I use the pro membership, but TradingView also offers a free trial. I’ll put a link down below if you want to learn more. TradingView is my favourite among other charting software. It is also the cheapest, but it does not lose any features. It’s a great tool.

Forex Factory is a fantastic free resource for checking economic news; it provides an instrumental breakdown of the reports that are expected each day. It allows you to see a week in advance using the Calendar tool, and provides lots of detailed information.

How can certain news affect a currency?

The Forex Factory makes it very quick and straightforward to see what is going on and how it may affect your trading. And, as a bonus, it’s an entirely free resource that you can access directly from the internet.

There are various online calculators and plugins that you can integrate with METATRADER 4 to help you determine your position size. Still, I prefer to use the lot size calculated by myFXbook. It’s completely free and straightforward to use. All I have to do in the morning is open myFXbook and a lot size calculator on a new tab. I have it on one of the screens behind me, ready for when I need to calculate my position size. It helps me gauge my risk on a trade before I execute and get into my trades.

A trading journal can take many forms. Alternatively, you can download various useful notebook apps to your phone or tablet and take them with you wherever you go. I enjoy using TraderVue. I like it because it’s a trading journal. I can use their unique calendar tool to create a journal entry for every day of the week and track how I’m feeling. I can make things bold or use bullet points. Now I can stop writing notes. And I have a note entry for every trading day. But they also allow me to create unique notes. So you can use that tool to conduct a monthly review. Plus, it’s completely free. That way, I don’t have to own many different books that get in the form and collect dust. And, aside from TraderVue, they aren’t required. I like Evernote because I can paste images into it. I want to take screenshots of my charts before and after each trade to see where I entered, where I stopped, where I aimed, and what the result was. So these two pieces of software help me journal and grow as a trader.

Finally, I use Microsoft Excel to track my trades, a widely used program. This site also has daily and weekly trading logs. So I know you can use myFXbook to upload trades directly from your broker, keeping a detailed record of your trading data. It’s also free, which is excellent. Easy to do. In my opinion, it is better for my growth as a trader to manually enter in my trading log because it solidifies what I’ve done correctly and incorrectly. It is part of the reviewing process to join my trading log manually. That’s why I love Excel. It’s so easy to use. For example, I’ve created a downloadable version of the Excel spreadsheets that I use as part of my trading log. A monthly page, a daily log, a weekly log, and a monthly page are all included; please click on the link below if you’d like to download a copy of any of these.

So those are the six trading platforms I use to trade Forex, but I’m going to share one more with you. Incorporating more social interaction into your trading day can be beneficial. So, let us begin and learn more about Forex Signals. Forex Signals has been a leading community for forex traders since 2012, with thousands of members. They have four professional traders in their trading room who trade the forex markets with you every day. Their daily live stream sessions span the various forex market times, giving you access to both a live session for trade signals as well as previous streams. In addition, to live trading streams, you can access the Trading Academy, where you can learn more about different profitable trading strategies and how to use them. There are also some helpful trading tools to help you manage your risk, which is essential for successful trading, and tools to help you find various winning trade setups. Have you ever noticed how trading can be a lonely experience? While Forex Signals provides a live chat area where you can chat with other traders and mentors 24 hours a day, seven days a week, this trading community can be highly beneficial in sharing knowledge and experiences, whether you are a beginner or an advanced trader.

Depending on the membership plan you choose, you can also get private mentorship for that extra learning (there are three different plans). If you want to learn more, there are many positive Trustpilot reviews. You can also begin a free trial to put Forex Signals to the test. If you decide to join Forex Signals, please remember to use my promo code to receive a 20% discount. I’ll put a link to it in the description below so you can learn more about forexsignals.com. So, those are the six Forex trading platforms I use. As I previously stated, I find these platforms to be handy, and the majority of them are free or very inexpensive, which is especially beneficial for a novice trader. If you want to learn more about any platforms or software I’ve mentioned today, I’ve included links to their respective websites below.