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Best Forex Trading Software

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FX, forex, foreign-exchange market, currency trading — whatever you choose to call it, this high-potential market is unique in more ways than one.

As currency values constantly change, traders usually needed to watch these variations in order to hone in on a good trade. That is, until automated forex trading software came along. While major institutional investors were the first to implement and carry out algorithmic trading, the influx of automated forex trading software intended for the personal forex traders is now a rapidly growing market.

Best Forex Trading Software:

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 USD (or equivalent)
Pairs Offered
69
1 Minute Review

HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.

HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service. 

Best For
  • Investors who want a customizable fee schedule
  • Traders comfortable using the MetaTrader platform
  • Islamic traders who need swap-free accounts that don’t build interest
Pros
  • Wide range of currency pairs available
  • Excellent selection of educational tools
  • $0 deposit and withdrawal fees
Cons
  • Not currently available to traders based in the U.S.
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

Benefits of Automated Forex Software

It’s no secret that the potential capabilities of artificial intelligence (AI) can, in many ways, far surpass the abilities of humans. And yet, when it comes to forex trading, an expert advisor (EA) or a robot — as algorithmic trading is often referred to — does not beat out the human mind in all cases.

However, it does offer several benefits that can make you a better trader. The top reasons for implementing AI into your trading scheme through automated software:

  • AI operates in real-time, cuts out the lag time for analysis, increases the speed of trade execution and hopefully, increases your profits.
  • AI is unbiased and prevents you from being misled by human emotion or misconceptions. For example, you may subconsciously avoid trading a certain currency pair given a negative past experience even if a good opportunity arises again. Your automated trading software can lend an objective hand and help you avoid human pitfalls.
  • AI programs can multitask much more accurately than humans. Automated forex trading software can manage multiple accounts at the same time, as opposed to conducting singular manual trades without it.
  • AI makes decisions based on historical data and analysis, which can help traders learn from past mistakes. However, good backtesting on the part of your trading robot does not ensure it will perform as well in the future.

The Best Forex Trading Software

While there are dozens of software options, these platforms are among the best that could potentially match your experience and the level of risk you’re willing to take. 

Account Minimum
100 of your selected base currency
Pairs Offered
80+
Minimum Trade Size
$1,000
Spread
0.2 pips – 1.0 pips
Commisions
$0 – Variable starting at $60 per million traded depending on account
Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders

1. FOREX.com

FOREX.com, Benzinga’s top forex broker, tops this list due to its MetaTrader4 platform, education, tools and more. MetaTrader 4 specializes in the forex market and the implementation of automated trading and supports literally thousands of trading robots and technical indicators.

Its parent company, MetaQuotes, was a pioneer in the development of forex trading and charting platforms. While it is not itself an actual automated trading software, it boasts the widest selection of trading applications in the world, up to 1,700 different trading robots.

Not sure which is the right one for you? Several EAs supported on MT4 are offered for rent as well as purchase, so you can try products out for as little as one month and up to one year.

Both MT4 and its younger brother MT5, which focuses more on securities and futures markets, are available through dozens of online forex brokers, but FOREX.com is our top pick. 

Read Benzinga’s full FOREX.com review.

Commissions
$0.09 per micro contract
Account Minimum
$400
Best For
  • Futures Traders
  • Traders looking for 24/7 action
  • Advanced Traders

2. NinjaTrader

This trading platform is rich in resources for traders focused on both futures and forex. NinjaTrader includes 100+ technical indicators out of the box and automated trading options among the most robust in the industry.

The platform has a special community of resources available where you can explore indicators and strategies built by 3rd party developers.

These range from automated strategies for order executions, education and training as well as hundreds of indicators, signals and strategies to personalize your platform. User-developed apps built by the NinjaTrader community of 60,000+ traders are also available for free.

If you are just starting out, NinjaTrader also provides unlimited free access to real-time and historical forex market data without a brokerage account. This makes it an ideal platform for new traders ready to use advanced charts and a free simulator until they are ready to enter the live market.

While it cannot yet compete with MT4 and MT5 in terms of size, many traders continue to make the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features, as well as increased access to multiple data feeds.

market replay feature also allows traders to download historical data and simulate trades for further practice.

NinjaTrader’s more advanced layout and advanced tools do have a learning curve for new traders. NinjaTrader does have a wide range of useful educational materials available, including daily training webinars designed to educate new users, hundreds of on-demand training videos, help guides and an informative YouTube channel.

NinjaTrader always offers free advanced charting, strategy backtesting and trade simulation. In terms of services for payment, NinjaTrader provides several options. Through NinjaTrader Brokerage, you can use a free version of the trading platform, which is included with your account.

If you’d like additional features, you can lease the program for 3 months at $225, 6 months at $425 or 1 year for $720.

You can also purchase a lifetime lease for $1,099 and receive free software upgrades for life. U.S. customers trading through NinjaTrader Brokerage can choose to trade through Forex.com and Oanda.

Read Benzinga’s NinjaTrader review.

Commissions
$0 $6.95 for OTC Stocks
Account Minimum
$0
Best For
  • Novice investors
  • Retirement savers
  • Day traders

3. thinkorswim

If you know you’re interested in trying out algorithmic trading but the idea of choosing between dozens or even hundreds intimidates you, both TD Ameritrade and Interactive Brokers have garnered a strong reputation for in-house automatic trading features.

The thinkorswim platform operates under the parent company TD Ameritrade, an American veteran in the finance industry, and thinkorswim sits among the top brokers for currency pairs.

If you are interested in trading stocks, options, futures and forex, you can comfortably keep all your trades together under 1 concise account.

Most importantly, thinkorswim’s customizable and automated trading platform has received significant positive reviews from the trading market. You do have to sign up to use the platform’s newsletters. If its robot can help you accrue lofty profits, it will probably be a small price to pay.

Note: thinkorswim is not a platform for beginning traders, regardless of whether you focus on forex or other commodities.

You can tap into a range of mobile trading options, available on all Apple phones, tablets and watches, as well as Android smartphones and tablets.

Read Benzinga’s full TD Ameritrade review.

Commissions
$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available
Account Minimum
$0
Best For
  • Access to foreign markets
  • Detailed mobile app that makes trading simple
  • Wide range of available account types and tradable assets

4. Interactive Brokers

Interactive Brokers offers a similar breadth of currency pairs as thinkorswim, with more than 100 to choose from. Interactive Brokers’ Scale Trader is a fully automated trading algorithm used for enhancing performance in scale trading on the Interactive Brokers platform. While it can be easily used for forex trades, it is also applicable to stocks, futures and more.

This is also true of Interactive Brokers’ accumulate/distribute algorithm. The company offers a handful of different customizable automated trading systems to support the types of trades you make.

As an actual brokerage firm, Interactive Brokers’ fees are carried out through commissions for trades, which are midrange for international trades, while their prices are more competitive than the average for U.S. trades.

Interactive Brokers offers Android and iOS slimmed-down versions of their desktop software through mobile devices.

Read Benzinga’s full Interactive Brokers review.

Best For
  • Advanced and intermediate traders looking for a screening tool for profitable trades
  • Beginning traders who want to learn more about options trading
  • Traders looking for one-on-one coaching services

5. Tradespoon

Tradespoon is the definition of what it means to trade smarter. Tradespoon makes it easy for its clientele to immerse in profitable trading opportunities by combining one-on-one education through tutoring and online resources. 

Tradespoon provides a platform for all traders to stay-up-to-date with stock prices through its accurate software, where traders will receive top stock intelligence, which helps to reveal exclusive opportunities. 

Not to mention, the video trading vault lets you learn while you trade, so you never miss a beat. 

Read Benzinga’s full Tradespoon review.

Risks Involved with Forex Trading

It’s possible you’ve already read raving reviews about other well-known robot-supported trading platforms like XTB, eToro, FXCM or Trading Station — none of which accept U.S. clients.

This is due to the restrictions implemented in the Dodd-Frank Act of 2016, which banned CFD trading (a popular form of derivative trading) in an effort to protect consumers who had, in the past, lost the vast majority of trades partly due to the fraudulent practices of brokers.

While these platforms are available across most other continents, make sure you still practice safe trading under more lenient laws.  

Using AI through algorithmic trading is anything but an assurance of good performance. These programs are fallible for many reasons in their own right, otherwise every single trader would use them.

Keep in mind that automated software does not guarantee an infinite amount of successful trades — it just offers you more information with which to interpret the market.

Get the Best Forex Trading Software

No matter how much research you do, remember that the perfect forex trading robot simply does not exist. Humans excel at following economic conditions and current events which could influence currency prices, and robots are far better at discovering positive trends and trading signals. The best trader will use a combination for the best executions.

What are the biggest benefits to trading forex?

1
What are the biggest benefits to trading forex?
asked
1

Not only is it extremely liquid, it operates around the clock, across the world and trades in volumes larger than all other markets combined. The forex market is a competitive, open market, as nothing but capital is required to enter.

Its flexibility, coupled with the success of countless traders with different levels of expertise, proves that there is more than one way to eat an elephant. However, one of the biggest drawbacks of the forex market has always been its high time consumption.

answered

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