Nowadays, forex traders and brokers primarily communicate through online forex trading platforms.
A good forex platform should provide market analysis, forex news updates, quick executions, free demo, and forex trading app.
All online forex brokers have a different trading platform to meet the needs of their clients. The big question is finding the best trading platform that suits your trading strategy.
Let us look at the best currency trading platforms in 2020.
List of online trading platforms
Identifying the best trading platform or forex software is difficult because of varied opinions on trading features and platforms.
There are numerous forex trading platforms, but we shall have a glimpse at a few of them:
The Meta Trader 4 (MT4) trading platform
MT4 is the widely used forex software worldwide. Approximately more than 90% of forex brokers operate on the MT4 forex platform.
Traders and forex brokers worldwide prefer the simplicity and efficiency of the MT4 platform against the rest.
The meta trader 4 forex software created by MetaQuotes company has evolved over the years to a fully customized platform that is easily understood by forex trading beginners.
Also, it has a robust platform features, different timeframes, and multiple charting options.
You will also love the technical and fundamental market analysis at the MT4 forex trading platform.
Nevertheless, you will be thrilled by the strategy testing option through the backtesting tool in a live market environment.
Besides, forex traders can easily set up a brokerage firm on the Meta Trader 4 forex platform.
To crown it, MT4 provides a multi-accounts terminal that allows different accounts on a single platform.
Another advantage of this innovative platform is the availability of a downloadable Forex trading app for both mobile and desktop forex trading platforms.
However, you might be disappointed a little by the Meta Trader 4 because of its poor user interface despite its extensive usage and popularity.
ECN Meta Trader trading platform
The ECN Meta Trader platform was developed to eliminate the interference of forex brokers in forex trading platforms, particularly in the MT4.
Electronic communications network (ECN) connects investors to interbank forex markets while providing high-speed trade executions and accurate price feeds
As a trader, you might prefer ECN because of the better trading conditions and non-interference from your broker.
Besides, it involves tightest spreads, faster execution speed, and exact market price feeds. At the ECN MT4 platform, you can never miss essential information on market depths and existing market orders.
However, this superfast forex platform is not without drawbacks. It is very susceptible to market volatility, which may result in price slippage.
And most of all, ECN has trade commission and other forex trading restrictions. Besides, this platform requires a massive amount of capital, which is a hindrance to beginners.
The Meta Trader 5 (MT5)
This platform was released in 2010 by MetaQuotes company as a successor to the popular MT4. MT5 has revolutionary features and few trading limitations.
Still, surprisingly it has never achieved the popularity of its successful predecessor.
You will like some of the advantages found in the MetaTrader 5 forex trading platform.
Notably, it has more than 80 technical, analytical tools, an array of charting options, and various timeframes selections to suit your preferences.
Besides, you will be overjoyed to access other assets such as shares, commodities, and indices.
The MT5 also has 8 different types of orders, trading flexibility, and an in-built economic calendar.
Must Read: A Guide to Forex Orders Types with examples
And the new strategy testing tool on both historical and live market data will pull you away from the MT4 forex trading platform.
On the downside, MT5 does not allow hedging on the same currency and forbids multiple positions on a single currency pair.
NinjaTrader
Ninja trader LLC company developed the Ninja Trader forex software that has become a darling of many investment companies globally.
Available in both Pro and Lite version, the Ninja trader platform has advanced trading and analytical features.
The Pro ninja Trader platform features advanced market sentiments analysis and unlimited trading capabilities at a $50 monthly fee, while the lite version is available for analysis only.
cTrader
cTrader developed by software systems ltd is both an online CFD and forex trading platform.
Many traders trust the cTrader forex software for transparency and fairness, voted for the best forex trading platforms in 2018.
You will love the numerous benefits on this platform.
First of all, the cTrader forex platform comes with attractive features like traders’ performance analysis, copy trading, and manual.
With manual trading, you will access quick entry and executions, advanced charting, technical analysis, and many orders.
Its flexible and straightforward copy trading services for equity and account copying is quite impressive.
In addition, it features advanced technical analysis and strategy promotional tools, all at flexible fees.
The advantage of automated trading robots and custom programming clearly distinguishes cTrader from other forex trading platforms.
With cTrader, you can comfortably trade anywhere on your computer or mobile device on a user-friendly interface.
eSignal
The eSignal forex trading platform has fully customized features that are suitable for professional forex traders.
In addition to the standard trading features, the eSignal is programmable for a customized trading strategy and market analysis.
However, eSignal is not among the free forex trading platforms, but traders have access to it on a monthly or yearly subscription fees.
ProRealTime
The ProRealTime forex trading platform provides technical analysis.
Make full use of the customized programmable market analysis and trading strategies at the ProRealTime forex trading platform.
However, many will be disappointed as the ProRealTime trading platform is highly expensive than other forex trading platforms.
You will be required to buy the forex software and also pay access fees for real-time market information.
Others Platforms
Many other forex trading platforms not mentioned on the list are quite common.
They include CQG Qtrader, utip, ATAS, multicharts, tradestation, thinkworm, mirror trader, JForex, and Zulu trader, among many others.
Besides the online forex software, some forex brokers have also developed their own customized trading platform that is shared with their clients.
Conclusion 
There is a myriad of attributes to consider while choosing the best online forex trading platforms.
Undisputedly, the MT4 and MT5 lead the pack for the best trading platform in 2020.
Their performances in the currency trading platforms have never disappointed for a long time.
