Do you know the best software for forex trading? If you don’t know, it would be better if you read the following article.
In today’s interconnected world, the foreign exchange market plays an important role in day-to-day business. It is a global and decentralized environment where financial institutions and businesses can trade currencies.
According to research from the Bank for International Settlements, foreign exchange trading generates about $5.3 trillion every day – making it more than any other financial market. Often, it is dominated by large international banks and companies, who work around the clock to trade and convert international currencies.
Forex trading also supports international trading and investment. For example, if an American company wants to import goods from a country in Europe, they will most likely have to complete the transaction in euros. Through forex, these companies can exchange dollars for euros quickly and easily.
Apart from allowing trading between countries, Forex trading is a lucrative investment opportunity. Every day, companies and investors make billions by buying and trading currencies. However, it takes a lot of experience and skill to trade forex profitably.
That’s where Forex Trading software comes in, automating this common business practice. Basically, it hijacks the market for the best currency trading opportunities. And in this article, I have selected the best forex trading or trading apps.
Best Software for Forex Trading
The following is a list of the 5 best software and applications that you can choose to carry out activities to profit from trading foreign currencies or what is often referred to as forex trading. Choose and use the best software to get profit or profit in every trade you make.
1. ForexTime FXTM
Great automated forex trading solution
- Automated forex trading
- Fully regulated
- Used all over the world
When choosing any financial management platform, it is important to look for a trusted provider. Used by traders in over 180 countries and fully regulated, the FXTM ForexTime software is a secure software for foreign exchange trading. It is positioned as an automated currency broker.
The great thing about this platform is that it is designed for both professionals and beginners. For example, flexible leverage allows you to increase your earning potential, but this is only offered to you based on your knowledge and experience. If you intend to become an expert in this field, you can access a wide range of educational resources.
Currently, you can operate with both fixed and variable spreads, and when you have completed a trade, the company processes a withdrawal request in just a few minutes. You should have no problem using the software. All you have to do is register an account, upload verification documents and transfer funds before trading.
What’s more, the software can execute trades with an execution rate of milliseconds. In another feature, you can get daily comments from the company’s market research team and take advantage of a range of free trading tools to make more informed decisions.
You can use this software on Windows, Mac, iOS and Android devices, and the company states that it covers 100% of your deposit up to $1,000.
Popular retail trading app
- Various financial instruments
- Interactive graphics
- Tools and news
MetaTrader is one of the most popular trading applications for retail investors using mobile and desktop devices, and it allows you to trade stocks, forex, futures and other financial instruments from your mobile or desktop devices.
The app supplies a general analysis of the financial markets using various real-time charts that include historical information, to monitor prices and offers.
You can also easily switch between different financial instruments as well as SL and TP values on the chart, along with visualization of trading information. The graphics are also interactive, with pinch and zoom options.
There are also a number of analytical instruments included, such as the Gann, Fibonacci and Elliott tools, as well as the latest financial news.
MetaTrader recently upgraded the application from MetaTrader 4 to MetaTrader 5.
Easy-to-use currency trading app
- Market news and updates
- Support for most stock indices
- Compile data from 20,000+ financial instruments
When looking to run profitable forex trades, it is important to gain an understanding of the current market. Netdania aims to do just that by providing you with trading ideas and strategies. The app also collects data from more than 20,000 financial instruments and thousands of real-time stocks.
Positioned as a personal trading assistant, Netdania will let you know when you should enter or exit the market. This application is not only easy to use, but also provides you with the latest market news and updates in the economic calendar, and allows you to share strategies with fellow traders. That way, you can learn from others.
Netdania provides real-time stock indices covering the Dow Jones, S&P 500, Nasdaq 100, TSX, Nikkei 225, ASX200, Hong Kong Hang Seng, Nifty 50, MICEX, EuroSTOXX50, FTSE100, DAX 30, CAC40, IBEX35, MIB40 and SMI20, along with statistics from industries such as oil, gold, silver and platinum.
Since this software is powered by cloud technology, you can easily share and sync data across multiple devices. And to make sure you never miss a potentially profitable trade, you can sign up to receive push notifications about major economic events. Netdania is available in 18 languages and can be downloaded for free from the App Store and Google Play Store, although there are various in-app purchases.
4. Interceptor Trading
Good choice for forex analysis
- Forex analysis tools
- 160 intelligence indicators
- Free iOS and Android apps
If you’re looking for advanced forex trading and analysis tools, it’s worth checking out Trade Interceptor. Through the software, you can quickly find and track the best currencies and stocks to put your money in. It offers 14 advanced chart types, as well as 160 intelligence indicators and drawing tools.
This software was previously only available on the desktop, but was eventually made for mobile devices. There is trading management functionality with touchscreen support, as well as split screen and Quad layer modes so you can keep tabs on multiple markets at the same time.
Like Netdania, this app is powered by the cloud, allowing you to access analytics tools, trade data, and price alerts from any device. It provides streaming quotes for all major forex trades, cryptocurrencies, indices, precious metals and commodities. Plus, you can access professionally curated news covering the Asian, European and American markets.
There are plenty of built-in trading tools as well, including an economic calendar, data release alerts, trading simulator, intelligence reports and risk scanner. It is authorized and regulated by the FCA in the UK and ASIC in Australia, which helps increase customer confidence. This app is free to download on Android and iOS.
5. TD Ameritrade
One of America’s largest trading platforms
- Good educational material
- Various investment products
- Good for beginners
- Can be troublesome if only for Forex
TD Ameritrade is one of the largest and more established trading platforms in America, and offers a variety of investment vehicles for trading, not just forex.
However, where it really excels is through its focus on trying to educate forex traders to help reduce their chances of losing money. It does this through its think tank, which provides introductory material from the Internet
National Futures Association, which regulates futures brokers. The information is presented in a clear and easy-to-read manner, and it really underlines the risks that need to be considered.
So if you are new to forex trading, you can feel better prepared and easier to manage not only trading but also taking risks with more confidence, rather than rushing to take advantage of dangerous leverages that can result in losing your money quickly.
But while that’s a big plus for TD Ameritrade, it’s a broad platform that includes a comprehensive range of trading products, including stocks, futures and options. So, if you want to focus solely on forex, you may find the platform sometimes clunky when compared to specialized forex trading platforms, especially when comparing currency pairs.
Still, the introductory and supporting material is worth mastering, and if you want to get involved with more than forex trading, you’re in an ideal place to expand your investment strategy to other products.
And those are the five best software and applications for forex trading, hopefully this article is useful for you and helps you find which software is suitable for your forex trading. Good luck