One of the imperative things traders need to consider, when commencing their journey in Forex, is the trading software platform. Here you will find out Best Forex Trading Softwares for Beginners. Along with the tips for choosing the right platform.
Trading platform is electronic software required in order to trade currencies in the foreign exchange (Forex). It also serves as a conduit for information between a broker and a trader. Another name for a Forex trading platform is the Currency Trading Platform, software enabling traders to analyze the FX market, seize low-risk opportunities as well as execute trades. In this article, you will find out best Forex trading software for beginners.
Trading Software Overview
A trading platform enables you to access various features. It provides information such as live Forex quotes & charts, including an interface where traders can enter orders that brokers would execute. Trading software can either be locally or web based. When the trading platform is locally based it implies the software is installed on the trader’s computer. It can be used with Windows, Linux or Mac systems. It can also be installed in mobiles. Depending on a broker you could be offered different options.
Alternatively, the trading software can be web based. The advantage of using web-based trading platforms is that you can access it from any computer with internet access. In most cases, trading software is available free of charge. However, traders can sometimes buy platforms with a higher functionality.
Best Forex Trading Softwares for Beginners
Nowadays, there are different kinds of software available in the market. The majority of Forex brokers offer standard platforms. Yet, some provide proprietary trading software.
In addition, most brokers provide a demo version of their platform in order for you to practice before funding a live account. Hence, make sure you check platforms of different brokers to identify best Forex trading software. Here is the list of best Forex trading software for beginners.
MetaTrader 4 (MT4) Vs. MT5
MetaTrader 4 is the most frequently used trading platform, with the majority of brokers providing it as a trading platform. You can use it free of charge. It is very user-friendly and has many features, with the best auto trading capabilities. Hence, MetaTrader can closely watch the market for you and automatically handle all the trades.
MetaTrader 5 is the successor of MetaTrader 4, being released in 2010. At first, it was used for demo trading because of the beta testing. Although some Forex brokers are now offering MT5, traders still prefer to use MT4 platform.
Moving forward, Currenex trading platform is an ECN platform. It offers executable streaming prices (ESP™), benchmark trading, request for streams (RFS), and algorithmic trading. It also offers prime brokerage functionality with fully integrated straight through processing (STP). The platform connects more than 70 global banks to a superior electronic trading network. This platform is mainly used by high volume traders having more than $20,000 of trading capital.
Another trading software that you can consider is ActTrader. The platform is user-friendly, offering one-click execution and trading from charts. It also provides automated trading and customized workspace by using tabs and removable windows. ActCharts are represented by important real-time charts, with analytics fully integrated into the platform. You can also place trade orders from the charts. Additionally, you can hedge your positions via ActTrader.
Apart from trading software specified above, there are other forex trading software platforms present on the market, including cTrader, Apex Trader, eSignal, Multi Charts, and Forex Trader Pro.
Things to Look at When Choosing a Platform
Here are some aspects for you to consider when selecting Forex trading software. Firstly, check whether it is free of charge. If not, what additional features it provides. Then, look at the technical indicators that are available in the charting component and if you can execute trades from the charts.
Also, pay attention to the order interface and types of orders that are available. Furthermore, verify if the historical data is available through the software and if the platform enables backtesting of strategies. In addition, look at the graphical user interface (GUI). In particular, if it is pleasant to look at and if it allows you to observe a lot of information at once.
Which trading software do you prefer to use? Let us know in the comments section below.