Best Software for Forex Trading
Best Forex software provider - RoboForex
Top Software for Forex Trading:
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RoboForex offers MT4, MT5, cTrader, R Stock Trader;
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XM offers MT4, MT5;
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IC Markets offers MT4, cTrader;
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Exness offers MT4, MT5, WebTerminal, MultiTerminal, Exness Platforms;
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Interactive Brokers offers advanced charting platform, Web Platform.
Every global currency can be traded on the forex market, making it the largest and most liquid market in the world. It trades 24 hours a day, five days a week.
To trade forex, you need a good forex trading software. Investing in international currency markets requires a trusted forex software solution. Trading contracts for difference (CFDs) or investing in forex may require specific platform, trading tools, or research requirements. By understanding your investment style needs, you can choose the right forex software.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
How to Choose a Forex Trading Software
The choice of software depends primarily on the goals of the trader. So, MT4/MT5 are perfect for active trading and developing Forex bots, but the eToro platform is tailored for copy trading and social trading. Also, the disadvantage of MT4 / MT5 is that they are not intended for direct trading in shares, but only under SFD.
You should also pay attention to the broker, which is a software provider. Often brokers offer the same forex programs, so trading conditions such as spreads, commissions, and the choice of goods for trading play a key role.
Many brokers also offer unique additional trading programs that are add-ons for standard terminals
Best Forex Software providers Compared
| Forex trading software | Minimum deposit | Regulation | |
|---|---|---|---|
RoboForex |
MT4, MT5, cTrader, R Stock Trader, RoboForex Terminals |
$10 |
IFSC |
XM |
MT4, MT5 |
$5 |
CySEC, ASIC, FSC |
IC Markets |
MT4, cTrader |
$200 |
CySEC, FSA, ASIC |
Exness |
MT4, MT5, WebTerminal, MultiTerminal, Exness Platforms |
$10 |
CySEC, FCA, FSA, FSCA |
Interactive Brokers |
Web Platform |
$100 |
SEC, CFTC |
eToro |
eToro platform, CopyTrader |
$10-$200 |
CySec, FCA |
FXTM |
MT4, MT5, Mobile Trading |
$50 |
CySEC, FCA, FSCA, FSC |
Libertex |
Libertex, MT4, MT5 |
$10 |
CySEC |
InstaForex |
WebTrader, MT4, InstaTick Trader |
$1 |
FSC |
Tickmill |
MT4 |
$100 |
FSA |
Best Forex Software Providers Review
RoboForex - Best Choice of Forex Trading Software
RoboForex offers the best selection of trading software, moreover, it has such advantages as a bot constructor, additional indicators for MT4/MT5, calculators, etc. Also, the broker has a commission on the ECN account of only about $ 2 per lot, this is one of the lowest rates.
It's clear that RoboForex is ahead of the competition when it comes to education. A number of resources are offered by the market-maker, including economic calendars and analytics centers. A Civil Liability insurance program for a limit of five million euros is available to RoboForex, which is regulated by the Financial Services Commission (FSC) in Belize. This policy includes market-leading protection against omissions, fraud, errors, negligence, and other risks that could lead to clients' financial losses. RoboForex offers a wide variety of products, account types, and educational resources for its traders.
👍 Pros
•Best choice of forex software
•Forex bot builder
•Extra MT4/MT5 indicators
•Ultra low ECN fees
👎 Cons
•Most assets are CFDs
•Not regulated in UK and US
XM - Best Forex Software With Low Minimum Deposit
Since 2009, the XM broker has operated clients from 196 countries with support staff that speaks 30 languages, and has established itself as one of the most trusted Regulated Broker firms. In addition to its main branch located in Cyprus that is regulated by CySEC, it has offices in Australia, the UK, Belize, Greece, as well as authorized offices in Dubai and the Middle East.
XM offers more than 1 million traders and investors a wide range of trading products and services, as well as advanced trading solutions that are also suitable for beginning traders. Because XM is committed to providing its clients with the best user experience in the industry, the broker has seen such rapid growth and trust.
With XM, an account can be opened regardless of capital or trading experience and webinars and research materials are available to help you discover new markets. Traders from different countries can join and begin a trading career with this platform.
In general, the process of opening a trading account, managing it, making deposits or withdrawals, and trading is straightforward, straightforward, and transparent.
👍 Pros
•Exceptional reputation
•The company has a no-requotes, no-slippages policy
•11 base account currencies
•$5 is the minimum deposit
•Deposit bonuses of $30 (not available in the EU)
•A total of 56 currency pairs are available
•Spreads starting at 0 pips
👎 Cons
•Focused primarily on forex
•Trading not available in the United States
•There are no forex options available
•Only CFDs are available (no real stocks)
IC Markets - Low Fee MetaTrader 4 Forex Broker
In addition to a good reputation, IC Markets offers a wide range of platforms, including MT4, MT5, and cTrader, and offers free education and 24-hour customer service. Various instruments are available as well as spread basis and raw spread accounts.
With IC Markets, traders can access liquidity from over 50 banks and dark pools across 60 forex pairs and trade at true spreads from 0.0 pips. No dealing desk at IC Markets means you do not have to worry about price manipulation, which is ideal for high-volume traders, scalpers, EAs and robots.
Traders' orders are delivered to the market at speeds and with low latency through fiber optics.
👍 Pros
•Trading forex and CFDs with this broker is safe (average-risk) since it is regulated in one tier-1 and one tier-2 jurisdiction.
•Low average spreads across all account types and competitive pricing.
•The IC Markets MetaTrader platform is enhanced by third-party research and trading tool plugins.Top MetaTrader broker in 2023.
👎 Cons
•The quality of its educational content and scope of market research trail the best forex brokers.
•An app for proprietary trading is not available.
Exness - Best Forex Software for Maximum Leverage
By April of 2023, Exness had hundreds of thousands of active clients and trillions in trading volume. The broker offers clients a wide range of assets, from forex to energies. Every trader will find an account type that suits their needs at the award-winning broker.
Traders with some experience in the industry should use Exness, as there are few "how-to" resources available to beginners. Beginners can still join Exness, but they'll have to learn their basics somewhere else. Its variety of account types and MetaTrader suite will appeal to advanced and intermediate traders.
The instant withdrawal feature is one of Exness's greatest strengths. It takes this broker just seconds to process a withdrawal. Withdrawals can be made anytime, even on weekends, without any manual processing required.
👍 Pros
•Spreads at competitive prices
•The MetaTrader Suite is available
•A swap-free/Islamic account is available
•Max leverage
👎 Cons
•Bonuses and promotions are not available
•Clients from the USA are not permitted
Interactive Brokers - Best for Access to Foreign Markets
The most comprehensive investment platform is Interactive Brokers (IBKR). From a single integrated account, clients can trade stocks, options, futures, forex, cryptocurrencies, bonds, and funds in 135 markets. Investors who are interested in socially responsible investing (SRI) may find the Impact Dashboard and app helpful. With Trader Workstation (TWS), you can access technical and fundamental trading tools and deep research for professional and sophisticated traders and investors.
With its breadth of assets, research reports, global market access, tools, calculators, and educational materials, Interactive Brokers is unmatched.
👍 Pros
•The widest range of investment assets available
•Commissions and margins are low
•Exceptional order execution
•A wide range of technical and fundamental trading tools are available
•A global trading and investment platform
👎 Cons
•Clients of IBKR Lite are not able to use SmartRouter
•Investors with less experience and less activity may find it intimidating
eToro - Best Forex Software for Copy Trading
It gained fame through its social investing platform, an innovative tool that allows users to copy other investors' trades.
Since it was founded in 2007, eToro has had more than 20 million users across 140 countries - and the U.S. is now on the list. U.S. customers will now be able to invest in stocks and ETFs through the company starting in 2023. Before, U.S. customers could trade only cryptocurrencies on the eToro platform, even though the company operated multi-asset brokerages in other countries.
You can practice trading with play money with an eToro account that also comes with a $100,000 virtual trading account.
👍 Pros
•Provides access to more than 30 cryptocurrencies.
•Investments can be made with a low minimum deposit.
•The ability to match the moves of popular traders through social investing.
👎 Cons
•Availability of service varies by location
FXTM - Best Forex Software With Advanced Trading Platforms With Low Spreads
FXTM, or ForexTime Limited, is one of the world's most popular forex and CFD brokers. In addition to providing traders with a wide range of trading instruments and educational resources, FXTM offers fund protection, free demo accounts, and account management.
Live webinars, local seminars, videos and tutorials are among the excellent educational resources offered by FXTM for new traders. Additionally, you will have free access to one of the best tools available for learning forex trading - a demo account. FXTM's extensive learning resources are ideal for new traders.
Many traders benefit from FXTM's support of MetaTrader 4 and 5 (MT4&5) platforms, which gives them an easy-to-use and sophisticated trading interface (it also offers mobile apps). FXTM also offers PAMM and managed accounts, which set it apart from many of its competitors. If you want to make money in the forex market without trading the market yourself, these accounts are a viable option.
It offers tight dealing spreads for experienced and high-volume traders, as well as direct access to the market via the electronic communications network (ECN). For ECN accounts, small commissions are charged on top of tight market dealing spreads.
No matter what level of expertise you possess, FXTM offers excellent forex brokerage services regardless of how long you have been trading.
👍 Pros
•A wide range of trading instruments are available
•Seminars and webinars offered online
•Managed accounts, PAMM, and copy trading
👎 Cons
•Trades with traders based in the United States are not accepted
•For social trading, it does not support Myfxbook or ZuluTrade
•Trading in futures or options is not permitted
Libertex - Best Offering for Both Beginner and Professional Forex Traders
The Libertex online trading platform operates under the Indication Investments Ltd umbrella. Various online trade brokerages are handled by this service provider as part of the Libertex Group. Since 1997, Libertex has operated under the brand name. However, Libertex has grown to serve more than 2 million clients worldwide in the past decade. A total of 11 countries are currently supported by Libertex.
Cyprus Securities and Exchange Commission monitors and regulates Libertex trading services. Besides being based in Cyprus, Indication Investments Ltd. also has its headquarters there. Therefore, the entire corporate entity is governed by the Cyprus Securities and Exchange Commission.
As a regulated company, Libertex has been in business for a long time. This company has been in the finance brokerage industry for more than 30 years. With its market-making capabilities, it offers an unparalleled trading experience. Low commissions and lucrative spreads make this platform a popular choice.
👍 Pros
•Libertex broker offers easy order placement features.
•With its user-friendly interface, the platform makes it easy to earn money.
•A user can also switch between a demo account and a real account easily.
•It is quite useful for traders to have access to the Libertex services because they provide a lot of technical analysis.
•Signals from trading are highly accurate.
•A number of user reviews highlight how the web platform reduces the risk associated with leveraging live quotes of CFDs.
👎 Cons
•CTrader is not supported by the broker platform.
•There are some deposit and withdrawal methods that charge high fees.
•Education on trading can be improved.
InstaForex - Forex Software With Extensive Forex and CFD Offering
You can execute trading assisted by the major counteragents offering direct market access with InstaForex, a solution from the best developers in the world. A Cyprus-based company, InstaForex was founded in 2007 and serves clients worldwide. There are currently more than 7 million professional traders using InstaForex, an astounding number.
With cutting-edge technology and a wide selection of Forex trading products, InstaForex is a trusted broker. With InstaForex, you can easily trade currencies, and the broker offers low-cost deposit options, professional education, and analysis capabilities.
👍 Pros
•There are more than 300 instruments to choose from
•Platforms with intuitive interfaces
•There are many options for funding your account
•Accounts without commissions
•For those who qualify, a free VPS will be provided
•Beginner-friendly educational materials
•A good range of additional trading tools is available
👎 Cons
•Clients from certain countries are not accepted
•For EU clients, leverage is restricted
•Trading Central or Autochartist are not available
•Limited individual stock instruments
Tickmill - Best for Active and VIP Forex Traders
Founded in 2014, Tickmill is an international brokerage and trading platform for CFDs and forex. Several financial authorities, including the Financial Conduct Authority FCA of the UK, regulate the Tickmill online platform. In order to provide its customers with the lowest spreads and the lowest risks, Tickmill partners with top-tier liquidity providers.
Tickmill's broker forum is distinguished from other brokers by its low commission fees. Users benefit from low commission fees regardless of their trading strategy. With Tickmill, users are able to keep trades open for a long time without compromising profitability by reducing swap rates.
Tickmill's trading systems are regulated by one one-tier regulator and two two-tier regulators, and traders can use MetaTrader 4 to trade multiple assets. The company has received a number of notable awards for the excellence of its services and for its highly competitive pricing.
In addition to currency pairs, Tickmill offers clients the possibility of trading in CFDs, bonds, precious metals, and indices, among others. Trading in global forex, stocks, CFDs, and cryptocurrencies is available at Tickmill for investors around the world. In addition to copy trading, demo account trading, and social trading, Tickmill also offers demo account trading.
What Are the Most Popular Trading Platforms?
Through the research of TU analysts, traders can learn from the success of their colleagues and choose the right platform for themselves. In addition to providing an overview of the most popular software for trading in the Forex market, the research examined which trading platforms successful traders use.
TU analysts interviewed 2,100 traders trading through Forex brokers affiliated with Traders Union in order to obtain a fair and credible answer to the question of the study. With this survey, TU experts collected unbiased data based on the opinions of successful traders, enabling them to determine which trading platform is the best.
TU's analytical team discovered that traders are most likely to use the following trading platforms after analyzing open sources:
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NinjaTrader
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ZuluTrade
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MetaTrader 4 and 5
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cTrader
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MultiCharts
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eToro
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Libertex
Below are the responses of the respondents to the question “What is the best trading platform?”:
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15% respondents stated they used NinjaTrader;
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8% use ZuluTrade;
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47% use MetaTrader 4 and 5;
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10% responded they trade on cTrader;
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2% use MultiCharts;
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6% of the surveyed traders prefer to use eToro;
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5% use Libertex;
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7% of respondents said they used a different trading platform.
Benefits of Automated Forex Software
Here are a few benefits we’ve stocked up for you:
24/5 Trading
Forex trading is available 24 hours a day, five days a week, and across multiple time zones. These systems enable automatic trading, allowing trades to be executed on your behalf.
Eliminates Emotional Trading
Emotions can be the deadliest adversary of a trader. Forex trading software works on preset rules and algorithms that are free of emotional effects. It closely sticks to your chosen strategy, carrying out trades with precision and discipline.
Optimization and Backtesting
It is critical to thoroughly evaluate trading methods before putting actual money at risk. Backtesting is a useful feature of forex trading software. This means you may test your plan against previous market data to see how effective it is.
Better execution
Automated trades are placed and executed faster than manual trades. Software also improves accuracy and minimizes errors in placing and managing orders.
Diversification
Software can monitor hundreds of currency pairs simultaneously and take advantage of more opportunities.
Access to Complex Strategies
Access to complex trading strategies is another major benefit of using specialized trading software:
Software can execute complex strategies involving multiple technical indicators, trend analysis, pattern recognition etc. These would be very difficult to implement manually.
Automated software can perform complex quantitative and statistical analysis in real-time to identify trading opportunities.
Software can handle intricate money management and automate precise position sizing, risk management, and capital allocation strategies difficult for most traders to implement.
Automated systems enable high-frequency trading strategies that involve numerous transactions in extremely short periods. No trader could match this speed manually.
Implementation of advanced risk controls - software allows traders to incorporate sophisticated measures for limiting potential losses and drawdowns.
So in summary, Forex trading automation provides access to incredibly complex strategies employing advanced technologies and quantitative techniques that would simply not be feasible for the average trader to undertake manually. This expands the horizons and possibilities for profitable trading.
Risks of Using Software for Forex Trading and How to Avoid Them?
There are inherent risks that traders need to be aware of while trading:
Technical Glitches and Errors
While trading software might be extremely dependable, technological faults and failures do happen. To reduce this danger, it is critical to use reliable software providers and to keep the program up to date.
False Promises and Scams
The Forex industry is not immune to false promises and scams. It's important to do your homework and find reliable vendors when choosing forex trading software.
Market Conditions Change
The volatility and liquidity of the forex market can change quickly due to its dynamic nature. While some automated software is adaptable, it is still important to monitor market conditions and modify trading tactics as necessary.
Lack of Human Judgment
Forex trading software lacks the intuition and judgement of a human trader while using sophisticated algorithms. There are times when human judgement and insight are vital. Finding the right mix between automation and manual involvement is crucial.
Summary
In the forex market, there are no one-size-fits-all solutions. To find the best forex trading software, it is important that it checks all the boxes listed above. In order to provide traders with access to advanced platforms, one must access software with a variety of applications.
Investing in forex depends, in one way or another, on the software's efficiency. Trading software helps forex traders develop a robust mindset by optimizing their available time. Not only does it improve their abilities as traders, but it also enhances their earning capabilities.
FAQs
Can you make money copying on eToro?
Yes. You can make money by copying other traders on eToro, whether you're a beginner or a professional. eToro, for instance, allows you to copy up to 100 trades simultaneously. There is also a relatively low minimum deposit (USD 50) for eToro, making it fairly accessible.
What is the best trading platform for Forex?
In terms of forex trading platforms, MetaTrader 4 (MT4) by MetaQuotes Software is among the best. It offers an extensive number of technical tools, three different chart types, nine different time frames, automated trading (Expert Advisors EAs), and much more. In addition to providing access to more markets and technical indicators, the upgraded MetaTrader 5 (MT5) is designed to replace the MT4 platform.
What is a forex trading software?
Software that automates forex trading analyzes currency price charts and market activity over a variety of timeframes. Using the software, you can locate potentially profitable currency pair trades based on spread discrepancies, price trends, and news that may impact the market.
Can you get rich forex trading?
In some cases, foreign exchange trading can be quite lucrative. The average retail trader, however, may find forex trading to be difficult and the process to start earning money may be slower than they would like. A patient trader with signficiant determination will be more likely to succeed.
Methodology for compiling our ratings of Forex brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.