There are many other Forex trading software out there. Which is the best? In order to determine the best FX trading platform, we need to figure out why traders use these ones.
June 21, 2021, | AtoZ Markets – We compared the best brokers by platform choice and made a guide about the various downloadable versions and which brokers support them.
The trading platform is the software that connects traders with their Forex brokers. The best Forex trading software will not only allow you to trade, but you will also have charting tools, research tools, and options for automated trading or copy trading.
Several brokers offer their proprietary platform and also support the industry standard for customers to download. Most brokers, however, provide customers with only a few download options, which will limit your choice of platform if you choose the broker first.
AvaTrade, founded in 2006 as AvaFX, is an online broker for currencies and CFDs based in Dublin (Ireland). AvaTrade specializes in offering services for Bitcoin, commodities, stocks, government bonds, and equity indices. Since its inception, AvaTrade has grown tremendously, serving more than 200,000 accounts globally. Each month, this broker executes more than 2 million transactions and often exceeds $60 billion in total value. With solid financial support and customer orientation, AvaTrade manages to offer its users a wide variety of services and products. Proof of this is the different trading platforms available on AvaTrade and customer support with multilingual staff, available 24 hours a day, 5 days a week.
AvaTrade takes care of novice traders. To this end, it provides them with a wide range of trading platforms and automated tools, which they can use to improve the profitability of their trading business.
FBS Markets Inc. is a Forex and CFD broker offering its services all over the world. The company was founded in 2009 and since then, the brand has grown in size, capacity, and technology. It offers currency pairs, CFDs, stocks, metals, and cryptocurrencies on its modern platforms. The broker’s website is available in 18 languages.
FBS boasts 12 million traders from over 190 countries. They also claim that around 7,000 trader and partner accounts are opened every day.
FBS uses the hybrid broker model of Straight through processing (STP) and Electronic Communications Network (ECN). There is no dealing desk. The broker states that orders are forwarded directly into the liquidity provider systems at actual market prices, so re-quotes are impossible.
Founded in 2008, Exness is a well-regulated broker with reduced spreads and unlimited leverage in Standard accounts. Exness supports Metatrader4 and Metatrader5 (and Webtrader for both), as well as a variety of mobile trading platforms. Mobile access is 24 hours a day, 7 days a week, an industry standard, and they have high-security encryption to protect customer details. If you are a trader with multiple accounts, you can choose the multi-terminal platform Metatrader4.
With both instant and market execution methods, there are not many flaws to point out at this broker – including its well-publicized sponsorship of Real Madrid.
Exceptionally, customer service is available 24 hours a day, 7 days a week, and most traders will find something they like in the wide variety of account types.
With a wide variety of account types, a good micro account, and more than 80 negotiable currency pairs, IronFX appeals to everyone. A globally recognized Forex broker with award-winning education and market analysis, IronFX also recently launched market execution accounts with ultra-low spreads.
For beginners who want to learn how to trade on the MT4 platform and for experienced traders looking for strong international regulation, IronFX is an excellent choice of broker.
Listed as one of the 100 Best Companies by World Finance Magazine and regulated by the FCA, CySEC, and FSCA, HotForex is not only recognized for its integrity among its peers but also throughout the financial sector.
HotForex offers only the MT5 Forex trading platform, the latest iteration of the industry standard. In addition to the desktop application, HotForex also offers MT5 WebTerminal, a browser-based version of the platform, along with versions for mobile devices.
HotForex provides a section of its website dedicated to detailed market analysis for beginners and professionals, as well as trading tools that include daily market news, business analysis, and prospects. Trading calculators and economic calendars are also available for reference outside the trading platform, and customer support is available 24 hours a day, 5 days a week, at the local toll-free telephone number.
What is Forex trading software?
Briefly, a trading system in the Forex market is used to carry out the buying and selling operations of the currency pairs. These applications are usually available in PC versions (Windows, Mac), and smartphones. Thus, before joining a stockbroker, the investor must determine which is best for him.
At this moment, it is essential to compare the functionalities of the platforms and take into account your commercial preference. This is because each program has characteristics that work well according to the assets, such as the techniques with which it intends to negotiate. Therefore, Forex brokers offer only certain options.
Note that the best software for investing in Forex is extremely easy to use, intuitive, and has great resources for performing fundamental and technical analysis. Other aspects involve real-time quotes and the possibility to create your own charts in a very versatile way. With that in mind, take into account the following topics:
Features of the best Forex trading software
Interface for building charts and technical analysis: Charts are an excellent tool for tracking quotes and allow quick changes to be made when needed. As for the technical analysis resources, these include several indicators such as the movement of prices and patterns that are repeated in the graph to carry out the verification.
Real-time information and news: This data is essential for the trader to make his decisions. Based on recent news, it becomes easier to know how to position yourself in the negotiations. So stay tuned if the platform contains this feature, notice its functionality and remember to always be in line with your method when investing.
Execution of commercial orders: It is essential that the program brings good executions of purchase and sale orders, pending, stop and limit. That way, you will be able to trade in a more complete way. Also note how to manage Stop Loss, your loss limit, and also the Target Point or Take Profit.
How to access these systems
Well, now you know how to choose the best software to invest in Forex, but how to get them to work? You need to open a demo account with your broker. With it, you will have an access number to start working on the platform throughout your registration.
Once this is done, you will be able to test the system’s functionalities in practice, but, in a test version as if it were in the real market. This is definitely the best way to prove the efficiency of the selected software. It is also possible to trade and apply your strategies with robots in the demo account – as long as the program supports this installation.
Many professional traders use MetaTrader4 which offers real-time charts and the demo account to trade with virtual money. Everything 100% free. In addition, MT4 was created for the Forex and robots market.
Now, finally, the icing on the cake:
Find the best Forex trading software
For 14 years, Forex has grown dramatically. In 2004, the volume of online brokers increased a lot, and the arrival of MT4 transformed trading. This is because it brought to the market an extremely easy to understand and handle system. It is not for nothing that most brokers work with it, as it is enough to be connected to the internet to trade.
The software also has versions for IOS and Android, it is free and does not take up much memory. That is, download yours and operate from any corner of the planet. And with MetaTrader 4 you can still work with a range of strategies in the Forex market. Not to mention the enormous advantage of being able to use EAs (investor robots).
Check out more features:
- Developed especially for Forex;
- Friendly interface;
- Various order executions;
- Numerous analysis and indicator functions;
- Online hosting by VPS;
- Web and mobile trading;
- Support for signals and robots;
- Updated news alert.
MT4 and MT5 are different in the following aspect: while the first is exclusively for trading in the Forex market, the second is for multiple markets. Therefore, MetaTrader 5, in addition to Forex, makes it possible to trade stocks, futures, and CFDs. And for that reason, it is on this list of the best software to invest in Forex.
The successor to MT4 does not lose anything in its functionality, since it is quite efficient, easy, and intuitive to use in the same way. Have the MT5 and analyze the charts, execute the orders and coordinate your risk appetite without difficulties. Another positive point is its extreme flexibility to operate in several modes of execution at the same time.
- Developed for the Forex, equities, futures, and CFDs markets;
- Friendly interface;
- Flexibility in execution;
- Technical analysis tools and professional indicators;
- Facilitators for conducting fundamental analysis;
- Online hosting by VPS;
- Web and mobile trading;
- Support for signals and robots.
Like MT5, cTrader is a multi-asset trading platform, allowing traders to trade Forex, as well as other CFDs. It also has excellent graphics tools and a very intuitive user interface. It was first launched with FxPro.
One of the best features of cTrader is the fully customizable layout. You can choose a graphics-only or standard layout, which includes trading news and analysis. Even the graphics are customizable, allowing you to display different graphics side by side or switch between them. Much of cTrader appears and works similarly to MetaTrader 4, so it would be an easy transition if you were used to the latter.
If you tend to trade with a particular set of currencies, the platform also allows you to create a “favorites” window, allowing you to have easy access to your most traded currency pairs. Here you can see quotes immediately when starting the application, so you can trade quickly. In addition, cTrader brings a package with more than 30 indicators and technical objects, allowing even more customization.
The cTrader platform is best for intermediate and experienced traders – those used to MetaTrader may find it more comfortable to use and also have a cleaner layout. CTrader is very popular and you will find many helpful comments and tutorials online, including on the App Store and Google Play, if you plan to use your phone to trade.
- Developed for the Forex and CFD markets;
- Friendly interface;
- Advanced features;
- Speed in execution;
- Customizable graphics;
- Robust infrastructure.
NinjaTrader offers advanced charts, including the ability to switch and customize the platform as well. Trade with Forex, stocks, futures, and currencies. It is also possible to configure alerts based on predefined conditions, perform focused analyzes in real-time, and, thus, discover new opportunities.
All of this with applications created exclusively for the tool. There are more than 80 metrics that you can use to assess your business performance. Other analytical data, such as news, for example, can be purchased separately. But, in general, it is an excellent program and is among the best software to invest in Forex for sure.
- Developed for the Forex markets, stocks, futures, and currencies;
- Advanced and customizable graphics;
- Commercial simulations and strategy tests;
- Friendly interface;
- Robust infrastructure.
A trading platform that allows you to make money both by investing in other traders and trading on your own. The terminal has an accessible interface. The official website provides a detailed guide for beginners. There are also instructions for attaching a trading account to the platform.
Zulu-Trade is ideal for passive earnings in the financial markets by distributing capital among successful traders. A demo mode is provided that displays the true capabilities of the platform without embellishment. It is also worth noting an effective system for monitoring the earnings statistics of managing traders. For independent trading, I personally found the terminal inconvenient and limited.
- You can download a spreadsheet of all the simulated trades.
- ZuluTrade is free to join, as you just need to pay the spread on trades.
- Allows investors to copy other investors’ portfolios,
- Provide an alert if a margin call occurred and even allows you to download a spreadsheet of all the simulated trades.
Other Forex trading software for technical analysis
The MarketMilk software was designed by BabyPips for new traders who have recently approached the world of trading. The application is a market analyzer that transforms complex data into an easy-to-understand visual experience.
Real-time data is transformed into colorful and intuitive graphics, decorated with cute emojis.
The software is specific for forex trading and provides information on what is happening in forex at that moment, provides information on the most traded currency pairs in real-time, but also which ones are the most sold. The software also provides information on the volatility of the pairs over time, both on a daily and weekly basis.
The eSignal platform is comprehensive in many respects, it caters to all markets and includes equities and bonds, derivatives, and forex signals.
The platform, therefore, provides news from the markets, fundamental metrics, charts with numerous customization possibilities. Technical indicators are available, with backtesting and alert functions.
The name of the platform fully justifies its essence. The functionality is very similar to that previously discussed by Zulu-Trade.
The key task of the platform is to monitor the transactions of successful traders. The possibility of automatic and semi-automatic trading is provided. The investor himself decides which deals to follow.
It is not recommended for beginners to use the Mirror Trader features. In the early stages, it is more important to devote time to independent trading, and the transactions of other trading participants are too distracting, and there are no guarantees of success.
MetaStock is a suite of products developed specifically for real-time trading, it provides professional-grade charts and data analysis tools for intraday trading. With these tools, the trader makes decisions and executes transactions in real-time based on the most up-to-date data.
In short, MetaStock is for those who have to make very fast decisions.
The platform provides a complementary and separate service through which it publishes news, data and statistics, and essential comments on market trends.
And, don’t forget a very important detail …
After knowing the best software to invest in Forex, it is natural that the following question also arises: with so many resources like these, why do some traders get along so well and others do so badly? In addition to the right tools, the answer involves acquired knowledge, discipline, persistence, and, of course, risk management: a very important detail that should not be forgotten …
You can be at the professional level of the game, equipped with the best systems on the market, but to be the ace you crave, you need the right tool for your personality. And excellent risk control. That is, it is not enough to know the answer, it is necessary to execute it accurately. However, in order to master the programs with regard to the allocation of capital, it is essential to have a method.
A method that can be as intuitive and simple to use as the best software to invest in Forex. Another aggravating factor that can occur is that any investment, in which one does not have the necessary knowledge, can be highly risky. For this reason, it is important to learn about the entire operation of the market with commitment and dedication.
There are many other Forex trading software out there, especially for more advanced traders, but this article covers most of the most popular choices. For whichever one you choose, remember that it is just a tool to connect you to the market and your success or failure will depend entirely on your trading options. That said, make sure these choices are conscious, thoughtful, and decisive.