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Best Forex Screeners

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Contributor, Benzinga

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

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.

In the market for a stellar forex screener? Take a look at our list of the best forex screeners to find 1 now.

Best Forex Screeners:

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.

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. 

3. Best for Advanced Traders: MT4 Professional

MT4 Professional is a great options for advanced traders. The platform lets you see the entire market sit­u­ation at a glance for any symbol and timeframe with your ­custom rules, based on any standard or custom indica­tors. No programming skills required on your part.

MT4Pro­fes­sional is inte­grated inside MT4. You won’t need to manage an external program, but the MT4Pro­fes­sional panel will be auto­mat­i­cally added to your MT4 without any further actions needed from you. You can scan hundreds of symbols and timeframes using your custom rules, and open all charts with different timeframes and templates for a selected symbol.

Up to 100 indicators are scanned per second, and you have unlimited scanner conditions and flexibility. The real-time MT4 snapshots and trade status on your phone mean you’re always in the know. But don’t worry, security is a top priority: the cloud-based platform means you never need to worry about lost data.

4. 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. 

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
Pairs Offered
80+
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)
Best For
Forex Execution
Overall Rating
Get started securely through IG Group’s website
Best For
Forex Execution
N/A
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
55
get started securely through CedarFX’s website
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
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 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.  

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.

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