Best Free Forex Charts

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or CedarFX.

Foreign exchange is a concept as old as money itself. Ever since civilizations replaced barter with money and engaged in foreign trade, exchanging money became a necessity.

Yet, where there is a necessity, there exists an opportunity. This fact laid the foundations of speculative foreign exchange (forex) trading. Taking on speculative positions that a certain currency will rise or fall against another one is based on fundamental or technical analysis.

Forex charts play a crucial role in technical analysis. In the past, they used to be drawn by hand but nowadays you can access plenty of free charting options. Read on to learn about the best free forex charts and how to use them. 

Why use a Forex Chart?

Forex charts are visual representations of historical price movements. Using a forex chart relies on analyzing the patterns to find periods where history is likely to repeat itself. This goes back to 18th century Japan when savvy traders used patterns to predict prices of rice.

Pattern recognition relies on the fact that price presents the current consensus among market participants (buyers and sellers). This consensus oscillates between fear and greed with the periodical influence of news.

There are 3 main styles of forex charts:

  • Line chart: The simplest, most basic form of the chart. It connects the closing prices of the selected time period and provides little other info. While limited, a line chart is handy when it comes to assessing the trend — as it makes spotting the cues like higher highs and higher lows.
  • Bar chart: A chart that shows both high and lows. It has 3 visual cues embedded in a single line. One vertical line shows the size of the move within a period, a small point on the left shows the opening level and a small point on the right indicates the closing level.
  • Candlestick chart: An improved version of the bar chart, it has 2 main elements — body and shadows. The body of the candlestick shows the range between the opening and closing prices. The size of the body shows the size of the move within a certain period. Meanwhile, a candlestick can have an upper shadow, a lower shadow, both or neither. Shadows give cues on price retracements and future price movements.
  • Heiken-Ashi chart: The Heiken-Ashi chart is an improved candlestick that uses averages to track trends. Because the candlesticks on a Heiken-Ashi chart are more uniform, you can easily track the performance of any asset instead of reading between the lines to find upward and downward trends.
  • Renko chart: Renko charts post bricks when the price of a currency pair moves a certain amount. You can follow the bricks, knowing how much the price is shifting from one brick to another. This is an easy way to track trends and also internalize how much the pairing is changing without doing any extra math.
  • Point and figure chart: Point and figure charts use Xs and Os to measure the change in price of a currency pairing over long periods of time. By adding only Xs and Os, you can track 1-year, 5-year and 10-year trends or more on a small chart. These final 3 (Heiken-Ashi, Renko or Point and Figure) are the best forex charts for reducing risk and clarifying market data.

Pattern recognition and exploitation are the basic premises behind the best forex charts. Due to their efficiency, Japanese candlestick patterns rose in popularity in recent decades. Great reading on the topic is “Encyclopedia of Chart Patterns” by Thomas N. Bulkowski.

Benzinga’s Best Free Forex Charts

Take a look at the 3 recomendations today.

Best For
Charts

TradingView

TradingView is a cloud-based charting platform that connects a network of 15 million professional and amateur traders and investors.

The platform features over 200,000 trading ideas per month with thousands of custom scripts and indicators. If you’re planning to trade directly from the platform, you will have to connect it to one of the supported brokerages.

TradingView also offers a free mobile app, so you can access the market data from anywhere.

The basic account offers a majority of the platform functions — worldwide market data coverage, smart drawing tools, customizable chart types and even strategy backtesting.

Premium plans start at $14.95 per month and offer perks like server-side alerts, data export and custom time intervals.

Best For
Advanced Futures Trading

NinjaTrader

NinjaTrader is an online brokerage known for its futures trading services that are among the most popular on the market.It also offers forex market charts. 

Contrary to its cloud-based services, NinjaTrader has a state-of-art standalone platform. But, it requires installation, and since it offers plenty of functionalities, it can be an overwhelming experience for new traders.

NinjaTrader’s platform is free to use with all funded brokerage accounts ($400 for futures or $50 for forex) and offers chart feeds, market analysis as well as backtesting capabilities.

The platform also features Ecosystem, a 3rd-party developer community that offers thousands of 3rd-party apps and add-on tools that you can integrate. In case you are C# proficient, you can build your own add-ons.

Along with the developer community, the NinjaTrader platform offers plenty of educational materials, on-demand training videos and an informative YouTube channel.

StockCharts

StockCharts is a web-based charting platform. It provides free charting tools, available without registration.

Although somewhat archaic from a design standpoint, this is a functional platform that provides services that are otherwise hard to find — like point-and-figure, seasonality or dynamic yield curve charts. Advanced investors who are familiar with the sector rotation will benefit from the relative strength and momentum charts.

When it comes to forex charting, StockCharts offers a CandleGlance feature that allows you to see up to 12 mini-charts side by side — allowing for a quick market overview at once. One of the latest additions is StockChartsACP, an advanced platform that allows dynamic charting, indicator customization, server alerts and both free and paid plug-ins.

StockCharts is free to use, with premium options that offer the benefits like historical data, multichart layouts and direct trading starting at $14.95 per month.

Benzinga’s Best Forex Brokers

Trading forex is impossible without relying on a reputable broker. Check out our comparison of forex brokers that might help you start trading on the currency markets today.

get started securely through CedarFX’s website
Disclosure: CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.
Account Minimum
$50 USD
Pairs Offered
55
1 Minute Review

Billing itself as the world’s 1st eco-friendly broker, CedarFX makes it easy to trade and give back to the planet. You can choose a 0% Commission Account or an Eco Account — or open multiple accounts to meet all your needs. 

CedarFX offers access to a wide range of tradable securities, including stocks, futures, major and exotic forex pairs, cryptocurrencies and more. Though CedarFX could introduce a few additional educational resources, the broker remains a unique option for traders invested in giving back.

Best For
  • Forex investors
  • Investors interested in 0% commission or eco conscious trading
  • Investors looking for 24/7 customer service
Pros
  • Allows users to offset their carbon footprint
  • 0% commission investing
  • Offers demo account access
  • 24/7 customer service available through live chat
  • Eco Account Option (10 trees planted for each lot traded)
  • Fast deposits/withdrawls with Bitcoin
Cons
  • Limited number of educational resources for new investors
get started securely through IG Markets’s website
Account Minimum
$250
Pairs Offered
87
1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.  

Best For
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
Pros
  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
Cons
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile
get started securely through FOREX.com’s website
Account Minimum
$100
Pairs Offered
80+
1 Minute Review

FOREX.com is a one-stop shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)

It’s a Game of Patterns and Patience

Regardless of whether you are a beginner, intermediate or an advanced investor — today even the free forex charting services will meet your needs.

The basic premise behind using charts to predict price movement comes from the inherent ability to look for patterns. Over the millennia, human brains evolved to recognize and exploit patterns, and that drove the rise of this civilization.

Yet, the brain still retained its primitive parts responsible for traumatic responses. When faced with market-induced anxiety, this response can be a significant risk to any traders’ performance.

Regardless of the pattern-spotting abilities, only the traders that manage to enforce self-discipline will become consistently successful.

Frequently Asked Questions

Q

Can you get rich by trading forex?

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Can you get rich by trading forex?
asked
A
1

While getting rich by trading forex is not impossible, it is very hard to achieve. An old 90-90-90 rule says that 90% of traders lose 90% of their capital within 90 days. This is because trading requires patience, planning and significant self-control.

Even so, getting rich is not impossible — it is just improbable. When you spot individuals making claims about fortunes made on forex (and other markets), be ready to question their motives.

answered
Q

Which chart is best for forex?

1
Which chart is best for forex?
asked
A
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There are 3 main chart styles in forex: line chart, bar chart and candlestick chart.

While it depends on personal preference the most used type in forex are candlestick charts. They originate from 18th century Japan where they were developed by Munehisa Homma, a Japanese rice trader. Eventually, they were brought to the Western world by Steve Nison who wrote the book “Japanese Candlestick Charting Techniques.

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Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.