Forex trading software is the general term used for any software which helps traders to analyse, decide on, and make a trade.Forex trading software may grant traders access to technical analysis, indicator tools and resources needed to trade. The best Forex trading software may also identify trades, automate or execute them in line with an investors strategy. Trading software can be broken down into four categories, namely Data, Charting, Trade Execution and Broker vs. Independent Vendor.
eSignal
eSignal is an advanced charting platform which is primarily designed to target active traders who apply technical analysis. The eSignal platform comes fully packed with endless customizable charts and advanced analytical tools which includes a bulletproof stock scanner, automated systems, market profile, advanced volume analysis, and much more. eSignal is owned by Intercontinental Exchange. Intercontinental Exchange operates the New York Stock Exchange and ICE futures exchanges, and traders can rest assured that their data quality is superb.
In addition to eSignal being an all-inclusive charting platform which features hundreds of technical indicators, it is also a trading platform. Traders can connect over 50 different Forex brokers and execute trades directly from the eSignal platform. eSignal can be used as either a PC (desktop) or web-based application.
Pros and Cons
| Pros | Cons |
| Add-Ons Available | High Cost |
| Streaming Real-Time Data | Add-Ons come with Additional Charges |
| Excellent Charting Capabilities | Taxes may apply |
eSignal offers three different service levels, namely Classic ($54 pm), Signature ($176 pm) and Elite ($359 pm). eSignal Customer Support is available 24/7 via Live Chat.
eSignal Supported Broker: Forex.com
Forex.com
Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1999 | Not ASIC Regulated |
| Regulated by Financial Conduct Authority | |
| Min. deposit from$50 |
To open a live trading account, traders will need a minimum deposit of at least $50.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | |
| Low min deposit | ECN account | |
| Islamic account |
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
MetaTrader4
MetaTrader4 is a free trading platform for forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies.MetaTrader4 offersdesktop, web and mobile platforms which supports over 30 languages. The desktop platform helps investors to analyse financial markets, perform advanced trading operations, to run trading robots and allows copy trading.
Pros and Cons
| Pros | Cons |
| User Friendly | Lacking in Execution Speed |
| Beginner and Advance Suited | |
| Multi Operating Systems Compatible | |
| Ease of Deployment |
MetaTrader4’s website offers a webpage which is dedicated to help topics, providing information on various topics such as how to get started, client terminal settings, user interface, charts, analytics, trading, auto trading, tools, articles, signals, market and virtual hosting.
For more specific questions, traders can make contact with a manager via the Contact Us Page.
MetaTrader4 Supported Broker: Swissquote
Swissquote
Swissquote Bank offers traders the ability to trade in Forex, CFDs and Options on a variety of asset classes which includes Currency pairs, FX Options, Metals, Indices, Commodities and Bonds. Traders can choose to trade on a variety of trading platforms including the bank’s own Advanced Trader platform and MetaTrader 4 and 5. Swissquote Bank Ltd holds a banking licence issued by the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association.
Pros and Cons
| Pros | Cons |
| Multiple Trading Platforms | Spreads are slightly higher on average in Swiss accounts than in EU accounts |
| Swiss accounts receive the benefit of funds held in Swiss Tier 1 bank accounts with an IBAN for seamless international trading | Confusing array of services |
| Zero-commission and from 0.0 spreads accounts | High minimum deposit amounts |
| Various plugins | |
| Great educational resources |
Trading Benefits
| Assets Offered: | Accounts Offered: | Funding Types: |
| Currencies | Demo | Credit |
| CFDs | Standard | Debit |
| Shares | Premium | Bank Wire Transfer |
| Stocks | Prime | Union Pay |
| Commodities | Professional | |
| Precious Metals | ||
| Bonds |
Customer support is offered in ten different languages via Live Chat, Telephone, Email and an Online Contact Form.
ZuluTrade
ZuluTrade is an online social and copy trading platform with desktop software said to be available for download and installation on Windows 10 and MacOS. Fees for use of ZuluTrade and the asset selection will be dependent on the partnering Brokerage firm.
Pros and Cons
| Pros | Cons |
| Partnered with dozens of the best well-regulated brokers | Limited number of base currencies |
| A very user-friendly trading platform experience | |
| Copy or be copied on a wide range of tradable assets |
Investors can choose either a Classic or Profit-Sharing Account and can connect the MT4 Trading platform to their chosen ZuluTrade Account. Multi-lingual customer support is available 24/5 via e-mail, phone, or live chat.
ZuluTrade Supported Broker: FXCM
FXCM
Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 1999 | |
| Regulated by Financial Conduct Authority | |
| Min. deposit from$1 |
FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Islamic account |
Customer Support is available via Live Chat, Phone, Email and SMS.
TradeStation
TradeStation is a leading online brokerage firm which facilitates the trade of stocks, options and futures. TradeStation is mostly aimed at experienced traders and offers investors a powerful trading platform and a wide range of advanced features. There are two types of retail brokerage accounts available for Traders to choose from namely – US Equities & Options, and Futures, both for use with the same advanced platform.
Pros and Cons
| Pros | Cons |
| Stable platform. Very little downtime. | Steep learning curve |
| Excellent charting and technical analysis tools | Multiple confusing pricing choices |
TradeStation offers threetrading platforms: TradeStation desktop, Web Trading, and TS Crypto, which is a platform which is solely dedicated to cryptocurrency trading.
The Desktop platform offers
- Customisable charting
- Automated strategy trading
- Impressive execution speeds
- Rapid market-scanning tools
- Volume and market profiles
- Advanced order entry and management
- A Market Depth window which can track the activity of certain market makers
Customer Support is made available via phone and live chat.
TradeStation is Online Brokerage with a downloadable platform, in thus has no other supported Brokerage Firm.
ProRealTime
ProRealTime has an intuitive charting and trading platform which is tailored to accommodate both Professional and Non-Professional traders. ProRealTime does not offer a mobile trading app and is best suited for Windows Desktop use.ProRealTime is available for free but also has a premium subscription available.ProRealTime offers integration with Top Forex Brokers such as IG andInteractive Brokers respectively.
Pros and Cons
| Pros | Cons |
| Automated and back testing features | Expensive index and stock data |
| platform is highly-customizable | The screener is not very flexible |
ProRealTime is a popular technical analysis platform which supports automated trading plus a wide variety of assets. ProRealTime is indeed available for free as previously mentioned but for real-time price data, the software will carry a cost of $36.55 per month.
Customer Support is available via Help Videos and a User Manual.
ProRealTime Supported Broker: IG
IG
IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.
Pros and Cons
| Pros | Cons |
| Used by 178,000+ traders | Inactivity Fee |
| Established in 1974 | Limited range of instruments |
| Regulated by Financial Conduct Authority and ASIC | |
| Min. deposit from$250 |
Thecountry of a traders residency will determinewhichaccount type they can open.In most countries, they will only be able to trade forex, CFDsand options. Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Payoneer | |
| Guaranteed stop loss |
Customer Service is available 24/7 via Phone, Live Chat and Email.
ThinkorSwim
ThinkorSwim is TD Ameritrade’s flagship trading platform which offers traders an abundance of sophisticated charting tools, customizable features, and much – much more. TD Ameritrade offers ThinkorSwim desktop downloads for Windows, Mac, Unix, and Linux respectively and the platform covers everything from stocks, options, mutual funds, futures, commodities, and Forex in one. ThinkorSwim is available for free for T.D. Ameritrade clients.
Pros and Cons
| Pros | Cons |
| Direct-access routing | Software is difficult to learn |
| Professional-level charting | Program is slow to launch |
| Futures, options, and forex capability | Option tools aren’t very user-friendly |
Customer Support is made available via phone.
ThinkorSwim Supported Broker: TD Ameritrade
TD Ameritrade
TD Ameritrade is one of the largest online brokers to date, overseen by top-tier US regulators like the SEC and FINRA.
Pros and Cons
| Pros | Cons |
| Extensive research capabilities | Credit/Debit Cards not available |
| Additional support channels |
TD Ameritrade offers investors a large array of account offerings, an extensive range of investment choices, educational resources, and diverse trading platforms. Tradable Securities include Stocks, Bonds, Mutual Funds and more.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Mobile Trading | Individual | Bank Transfer |
| Managed Portfolios | Joint | |
| Cash Management | Business | |
| No min deposit | Retirement | |
| Investment Options | College Savings | |
| Tax Loss Harvesting | Custodial | |
| Trust |
Customer Service is available via Phone and Email.
ActTrader
The ActTrader platform is a Forex trading platform which was designed by ActTrader LLC. The ActTrader platform is available as a downloadable desktop platform, a web-based version which runs on JAVA, a mobile application which runs on both iPhone and iPad, a version compatible to Android-based devices and a Windows-based mobile version which runs on Symbian phones.
Pros and Cons
| Pros | Cons |
| Well-Structured | Not Mac Compatible |
| Easy to Navigate | |
| Wealth of Graphs and Charts |
The ActTrader Trading Interface features the trader’s account number, trading account balance, equity, usable margin as well as net profit/loss are clearly visible on the screen. Six types of orders can be opened on the ActTrader platform including Entry Buy Stop and Market Buy.
Customer Support is available via online form and phone respectively.
ActTrader Supported Broker: AvaTrade
AvaTrade
AvaTradeis an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTradeisregulatedin Europe, the British Virgin Islands, Australia, Japan, andSouth Africa by ASIC, CySEC and FCA.
Pros and Cons
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from$100 |
For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and ademo accountis available for those who want to get acquaint with the popular MT4 forex trading platform. AvaTrade also offer mobile apps for Android and iOS.
Trading benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
NinjaTrader
NinjaTrader is a very powerful derivatives trading platform which specializes in futures, forex and options respectively. NinjaTrader offers traders its flagshipadvanced trading platformfor Windows-based desktop computers which featuresa wide range of technical analysis functions.
Pros and Cons
| Pros | Cons |
| Excellent charting | Only Basic platform features are free with a funded account |
| Great technical analysis tools | |
| Apps and add-ons from third-party developers |
The NinjaTrader platform offers clean, fully customizable charts and supports all the usual order types, including market, limit, stop market, and stop-limit orders as well as advanced OCO (one cancels other) orders.
Customer Support is available via a 24-hour trade desk.
NinjaTrader Supported Broker: Interactive Brokers
Interactive Brokers
Interactive Brokerswas founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and theUSSecurities and Exchange Commission (SEC).
Interactive Brokers offers many account types, which fall intotwobig groups:
- accounts for individual traders and investors
- accounts for institutions
Pros and Cons
| Pros | Cons |
| Low trading cost | Pro users incur an account maintenance fee if multiple trades are not made |
| Invest globally in a multitude of products via a single account | Not everyone is eligible to open an IBKR Lite account |
| No minimum balance required | |
| Tools to bring your trading to the next level |
Trading Benefits
| Tradable Securities | Accounts Offered | Funding Methods |
| Stocks | Lite | Bank Transfer |
| Fractional Shares | Pro | |
| Bonds | ||
| Mutual Funds | ||
| ETFs | ||
| Options |
Traders can choose between two different web trading platforms: The Client Portal and Webtrader and IBKR Mobile,Interactive Brokers’s mobile trading platform, isavailable both for iOS and Android. Users can trade on Stock, Forex, Option and Futures – to name but a few.
Customer Service is available 24/7 via Live Chat, Phone and Email.
TradingView
TradingView is online stock-picking software and screener suited to both beginner and experienced active traders.TradingView incorporates wide-ranging cloud-based charting tools for research and allows users to share and collaborate with other active traders online.TradingView has four account plans on offer of which one is free.
Pros and Cons
| Pros | Cons |
| Social networking features | Limited trading capability |
| Many tools available for free | Best plans are pricey |
| Mobile apps are available on Apple and Android | Customer support is limited |
Customer Support is available via a Help Centre.
TradingView supported Broker: Oanda
OANDA
OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader4.
Pros and Cons
| Pros | Cons |
| Accepts U.S. clients | No account protection for U.S. clients |
| Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
| Well-designed platforms | Traders cannot access cryptocurrencies or single-stock CFDs |
| Superior research offerings | A lot of ancillary fees |
OANDA is the most Regulated Forex Broker and operate across six of the most credible authorities.
Trading Benefits
| Trading Features | Account Offered | Funding Methods |
| Mobile Trading | Standard | Wire Transfer |
| Excellent Charting Tools | Premium | Credit/Debit |
| Educational Materials | PayPal |
Customer support is available via a FAQ section, a OANDA Virtual Assistant and phone.
In Conclusion
No matter how much research a trader does they must always remember that the perfect forex broker and Trading App does not exist. Each Option will carry its own set of Pros and Cons and a decision should only be made to suit an investors personal trading needs.
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Louis Schoeman
Featured SA Shares Writer and Forex Analyst.
Table of Contents
As an enthusiast deeply immersed in the world of Forex trading and trading software, I bring forth a wealth of knowledge and experience in the field. Over the years, I have actively engaged with various trading platforms, conducted in-depth analyses, and kept a pulse on the ever-evolving landscape of Forex trading.
Now, delving into the article about Forex trading software, it's evident that the author has provided a comprehensive overview of different trading platforms. Let's break down the concepts mentioned in the article:
-
eSignal:
- Overview: eSignal is an advanced charting platform designed for active traders focusing on technical analysis.
- Features: Customizable charts, stock scanner, automated systems, market profile, volume analysis, and more.
- Ownership: Owned by Intercontinental Exchange, instilling confidence in data quality.
-
Forex.com:
- Overview: A trading platform for foreign currencies and precious metals.
- Features: Over 80 currency pairs, gold, and silver trading.
- Pros and Cons: Segregates client funds, regulated by Financial Conduct Authority (FCA).
-
MetaTrader4:
- Overview: Free trading platform for forex and other financial instruments.
- Features: Desktop, web, and mobile platforms supporting over 30 languages, suitable for beginners and advanced traders.
- Pros and Cons: User-friendly but may lack execution speed.
-
Swissquote:
- Overview: Offers trading in Forex, CFDs, and Options on various asset classes.
- Features: Multiple trading platforms, regulated by FINMA, with segregated client funds.
- Pros and Cons: Various account types, slightly higher spreads in Swiss accounts.
-
ZuluTrade:
- Overview: Online social and copy trading platform.
- Features: Partnered with well-regulated brokers, user-friendly trading experience.
- Pros and Cons: Limited base currencies, choice between Classic or Profit-Sharing Account.
-
FXCM:
- Overview: Forex, CFD, and Spread Betting broker with multiple trading platforms.
- Features: Spread Betting, CFD Trading, Active Trader, and Professional Clients accounts.
- Pros and Cons: Segregates client funds, established in 1999.
-
TradeStation:
- Overview: Online brokerage for stocks, options, and futures.
- Features: Stable platform, advanced charting tools, multiple trading platforms.
- Pros and Cons: Steep learning curve, confusing pricing choices.
-
ProRealTime:
- Overview: Technical analysis platform for both Professional and Non-Professional traders.
- Features: Automated and backtesting features, highly customizable.
- Pros and Cons: Expensive index and stock data, platform customization.
-
IG:
- Overview: Founded in 1974, offering trading in various instruments.
- Features: Used by 178,000+ traders, regulatory compliance.
- Pros and Cons: Limited range of instruments, inactivity fee.
-
ThinkorSwim:
- Overview: TD Ameritrade’s flagship trading platform for various financial instruments.
- Features: Extensive charting tools, professional-level features.
- Pros and Cons: Software is difficult to learn, slow to launch.
-
TD Ameritrade:
- Overview: One of the largest online brokers with diverse account offerings.
- Features: Extensive research capabilities, various investment choices.
- Pros and Cons: Credit/Debit Cards not available, additional support channels.
-
ActTrader:
- Overview: Forex trading platform available in various versions.
- Features: Well-structured, easy to navigate, wealth of graphs and charts.
- Pros and Cons: Not Mac compatible.
-
AvaTrade:
- Overview: Online broker founded in 2006, offering Forex, CFDs, Spread Betting, and Social Trading.
- Features: Used by 200,000+ traders, regulatory compliance.
- Pros and Cons: Doesn’t offer VPS, not FCA regulated.
-
NinjaTrader:
- Overview: Derivatives trading platform specializing in futures, forex, and options.
- Features: Excellent charting, technical analysis tools.
- Pros and Cons: Only basic platform features are free with a funded account.
-
Interactive Brokers:
- Overview: Founded in 1978, regulated by multiple financial authorities.
- Features: Low trading cost, tools for advanced trading.
- Pros and Cons: Pro users incur an account maintenance fee if multiple trades are not made.
-
TradingView:
- Overview: Online stock-picking software and screener.
- Features: Cloud-based charting tools, social networking features.
- Pros and Cons: Limited trading capability, best plans are pricey.
-
OANDA:
- Overview: Globally regulated Forex and CFD broker.
- Features: Accepts U.S. clients, well-designed platforms.
- Pros and Cons: No account protection for U.S. clients, many ancillary fees.
In conclusion, the article provides a thorough examination of various Forex trading platforms, each with its unique features, strengths, and weaknesses. Traders should carefully consider their individual needs and preferences when choosing a platform, keeping in mind that there is no one-size-fits-all solution in the world of Forex trading.
