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Best Forex Screeners

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If you’ve ever traded actively in any market, you probably know how important getting in on the best trades can be to your bottom line. A forex screener helps you find viable trades in the forex market. If you trade forex and want to learn more about forex screeners, read on.  

What You Want in a Forex Screener

A forex screener basically scans the entire forex market to find trades based on a set of parameters. A default set of parameters for trade setups generally comes with the screener software that you can customize depending on the screener you choose to use.

A good forex screener will let you monitor the market for multiple currency pairs simultaneously. By default, most screeners display all current information on each currency pair, including its current exchange rate, the daily high and low for that pair, the daily change, and a buy or sell recommendation according to the software’s screening algorithm. 

Additionally, a good screener should include a comprehensive set of technical indicators to select from, as well as the option to customize the parameters of those indicators for trade setup alerts.  

Best Forex Screeners

The best forex screeners for your needs depend in large on your level of trading experience. For example, an inexperienced trader would not have the background to customize their indicators like a more seasoned trader, so they may not require the ability to do that in the forex screener they select.  Benzinga’s picks for the top forex screeners in 5 key categories appear below.

1. Best Overall: TradingView.com

TradingView is a research platform for traders that offers screeners free forex, stock and cryptocurrency markets. TradingView’s online forex screener lets you scan all major and minor currency pairs at a glance. You can also customize the screener with dozens of different filters and indicators to program alerts according to your trading plan and preferences. 

TradingView offers the most comprehensive forex screener for traders at all experience levels. A widget of its forex screener is also available for the cTrader trading platform. Several online brokers, such as FOREX.com, Oanda and FXCM link directly to the TradingView website and allow you to trade directly from the TradingView research platform.

Screenshot of TradingView.com’s forex screener. Source: TradingView.com  

2. Best for MetaTrader 4 Users: Multi Forex Scanner

You can download this custom indicator from the MQL5.com website. It was written by Carlos Oliveira for the popular MetaTrader 4 (MT4) trading platform by MetaQuotes, which is available for download free of charge.

The indicator displays a list of currency pairs, cryptocurrencies and spot metals in the forex platforms’ Market Watch window. The main advantage of this free custom indicator consists of having the ability to automatically execute transactions based on trading opportunities the screener identifies using an expert advisor (EA) written for MT4 that codifies your trading plan. 

Multi Forex Scanner for the MetaTrader 4 platform. Source: MQL5.com 
Commissions
Spreads vary
Account Minimum
50 units of base currency

3. Best for Forex Beginners: FXCM

Forex beginners can take advantage of FXCM’s basic forex screener that also lets you screen several other markets based on the contract for differences (CFDs) the broker offers that includes gold, silver, stock indices and oil. Nevertheless, the UK-based broker does not accept U.S.-based clients due to strict U.S. regulations. 

The FXCM screener allows you to input up to 5 currency pairs or CFDs. You can also select from 3 popular time frames of 15 minutes, 1 hour and 1 day to review a choice of 7 technical indicators that include:

  • 200 period exponential moving average (EMA)
  • 30 period EMA
  • Moving Average Convergence Divergence (MACD) indicator
  • Relative Strength Index (RSI)
  • Stochastics Oscillator
  • Commodity Channel Index (CCI)
  • FXCM Speculative Sentiment Index (SSI)

The screener then scans the market and provides a list of the 5 strongest trading signals you can take advantage of. The interface for the FXCM screener is intuitive and perfect for novice forex traders, although its options seem rather limited for more experienced operators. 

FXCM forex and CFD market screener. Source: FXCM

4. Best for Advanced Traders: MarketInOut

MarketInOut has one of the most comprehensive screener packages on the market, although the software service doesn’t come cheap since membership subscriptions cost $149 for 6 months, $229 for 1 year and $339 for 2 years. 

In addition to forex and cryptocurrencies, the MarketInOut software screens U.S. stocks and exchange-traded funds (ETFs) on the New York (NYSE), Amex (AMX) and NASDAQ stock exchanges. It also screens listings on international stock exchanges like the London (LSE), Toronto (TSX), Hong Kong (HKSE), Singapore (SGX), Australian (ASX) and Indian (NSE) stock exchanges.  

MarketInOut’s forex screener supports the most common and advanced technical indicators. It also lets you set trading alarms for forex currency pairs based on observables like trading activity, market performance, oscillators, trend indicators, volatility and more — or any combination of those factors. 

Advanced traders who wish to use the Ichimoku cloud and other sophisticated technical indicators in their trading plans would probably find MarketInOut a good fit for their forex screener. In addition to using its default parameters, you also have the option of customizing parameters the screener uses to conform to your trading plan. 

Screenshot of MarketInOut.com’s forex screener setup page. Source: MarketInOut.com  
Commissions
$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available
Account Minimum
$0

5. Best for Professional Forex Traders: Interactive Brokers

With one of the most sophisticated trading platforms in the business, Interactive Brokers deliberately caters to the highest level of professional trader and accepts U.S.-based clients. Interactive Brokers has a $10,000 minimum deposit requirement and it charges clients inactivity fees for idle accounts. 

The main advantage of using Interactive is its presence in virtually every major world financial market. Also, its brokerage and margin fees are among the most competitive in the business, which large professional traders will find attractive. If your level of expertise and trading capital don’t meet the broker’s minimum requirements, you might want to choose a different broker. 

Interactive’s Trader WorkStation (TWS) market scanners offers a comprehensive set of market indicators and lets you access screeners for a wide variety of world markets that include 23 currencies and their associated pairs. This range gives forex traders plenty of choices. 

Interactive Brokers FXTrader screenshot. Source: Interactive Brokers

Best Forex Brokers

If you use the MetaTrader 4 trading platform with any of the top online forex brokers, then a decent low cost option is to simply download the Multi-Forex scanner indicator free of charge from Mql5.com that you can then use with your existing broker. Third-party market screening software like MarketInOut use its own proprietary algorithms to give you trade setups, but it charges a substantial periodic membership fee for that service.   

Online brokers like Interactive Brokers and FXCM offer their own forex screeners. Other brokers like FOREX.com and Oanda will accept U.S. clients and link directly to the TradingView research platform that offers a very comprehensive forex screener. 

You can check out Benzinga’s in-depth FOREX.com Review for more information about that top forex broker, as well as the table below for a detailed broker comparison. 

Account Minimum
100 of your selected base currency
Pairs Offered
80+
Get started securely through FOREX.com’s website
Account Minimum
100 of your selected base currency
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. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

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)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Commissions
$10 value per pip
Account Minimum
$0
Get started securely through IG Group’s website
Commissions
$10 value per pip
Account Minimum
$0
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
Account Minimum
$50 USD
Pairs Offered
47
Get started securely through eToro’s website
Account Minimum
$50 USD
Pairs Offered
47
1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum
$100 USD (or equivalent)
Pairs Offered
69
Get started securely through HYCM’s website
Account Minimum
100 EURO
Pairs Offered
50+
Get started securely through AvaTrade’s website
Account Minimum
100 EURO
Pairs Offered
50+
1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Should I Use a Screener?

An experienced forex trader that operates in multiple currency pairs, as well as a novice looking for good setups, could benefit considerably from using a forex screener. Although, you may find that the current choices for forex screeners limited, TradingView, one of the best options, can be integrated with accounts at a number of brokers, including FOREX.com. 

The MetaTrader Mql5 option for MetaTrader users can be integrated with other EAs, which is ideal if you want to incorporate the screener’s results into your automated forex strategy. The MarketInOut and Interactive Brokers options would probably make a good fit for well-capitalized traders, fund managers and other professionals operating in multiple markets.  

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