7 Best Software Platforms You Need for Successful Trading in Forex
Forex software platforms are the backbone of any successful trader’s strategy. Yes, you can trade forex with no software. But a good forex trading platform will make it easier to manage your trades. You can also monitor market movements and execute trades quickly and efficiently.
There are various software platforms, each with its features and benefits. When choosing a forum, you should consider the type of trader you are and the available time. Also, consider the size of your investment.
Here are some of the best forex trading software platforms available today.
The Top Software Platforms Forex Traders Need
The platforms we’ll discuss work best with a Telegram to MT4 trade copier, allowing you to set up software that automatically copies trades. So you’ll never have to worry about missing out on a profitable opportunity again.
Below are the best software platforms for forex traders:
#1: Pepperstone
First on our list of the best forex trading software platforms is Pepperstone. This platform has many features that make it stand out from the crowd. For example, it offers tight spreads and low commissions.
This means that you can trade with less risk and more profit. The platform also offers various currency pairs, including majors and minors.
Pepperstone also lets you set up alerts for when your trades reach certain levels. The platform also provides real-time updates and charts to stay on top of market trends.
#2: IC Markets
Do you want to trade with the best MetaTrader 4 platform? Then you should try IC Markets. This platform offers many features, including one-click trading and advanced technical analysis tools.
It also has an intuitive interface that makes it easy for beginners to learn how to trade forex online. Plus, it offers raw and standard accounts. The Raw version is designed for advanced traders. It provides access to all the features and tools available on the platform.
The Standard account is more suitable for beginners. That’s because it doesn’t come with all the bells and whistles. However, you get a basic charting package and access to one-click trading.
#3: FXCM
Does the sound of automated forex trading excite you? Then you’ll be pleased to know that FXCM offers a fully automated forex trading account. This allows you to set up your trading strategy and let the system do all the hard work for you.
All you need to do is check often to ensure everything is running smoothly. The platform also has customizable hotkeys. This lets you control your trades without taking your hands off the keyboard.
FXCM offers two types of automated trading accounts: one-click and expert. The one-click version is suitable for beginners. The expert account allows more experienced traders to customize their strategies.
#4: eToro
Social trading has become a popular way to start in the financial markets. eToro offers a social trading platform. It lets you follow other traders and learn from their trades. It’s a great way to understand how the market works and find new strategies you can use yourself.
The company has also introduced CopyTrader. This allows you to copy other traders’ strategies automatically. This is a great way to start trading without learning the ins and outs of technical analysis.
#5: City Index
Beginner forex traders should look at City Index. It offers an app that’s easy to use and a wide range of services and educational materials. For example, the company has several currency pairs available on its platform. It also allows traders to practice with virtual money before they make actual trades.
The web trader uses HTML5 technology to make it easy for users to navigate the site and find what they need. City Index also has a mobile app that’s free to download.
#6: ThinkMarkets
If you’re not an expert advisor, ThinkMarkets might not be for you. This company is geared toward more experienced traders.
ThinkMarkets offers backtesting tools. The feature allows users to review past trades and decide which ones they want to replicate. The company also offers a live trading platform with over 100 currency pairs.
ThinkMarkets’ mobile app is easy to use and includes price alerts and charting tools. It also gives news updates that can help traders stay on top of the market while away from their desktops.
#7: FxPro
Traders who love the cTrader platforms will feel at home with FxPro’s offering. The company’s advanced platform lets traders trade over 70 currency pairs. You can also access advanced risk management tools and multiple account types.
FxPro provides real-time market data. This can help you decide when to buy or sell currencies.
Conclusion
The above forex software platforms are some of the best available today. They offer innovative features and easy-to-use interfaces. The various tools can help you manage your investments more effectively. They also have excellent customer service teams.
