The forex market is one of the largest and high potential financial markets in the world, with a trading volume of over $6 trillion. It is also very volatile due to the rapid fluctuations of prices. Therefore, most traders keep an eye on price movements finding an opportunity for trade.
But nowadays, you don’t need to do this because trading platforms or self-activating forex trading software can facilitate setting trading alerts. The automated software permits forex traders to open and close positions when specific conditions are filled.
However, there are varieties of forex trading platforms, but not all of them complete the requirements of the traders. Nonetheless, after research, we have created a list of some of the best trading software given below.
Best Forex Trading Software
1. Interactive Brokers
Interactive brokers or IBKR is a broker that offers full-service for trading in the forex market. The broker is in the top position due to three fundamental reasons. First, it has been recognized globally and has a remarkable history of excellence as a forex trader.
Secondly, IBKR provides bumptious trading technology, including state-of-the-art stock trading and forex platforms. Finally, the trading fees related to the broker are also minimum. It gives clients the chance to magnify returns even when accounts lose money when trading.
The software that interactive brokers offer is very efficient and quick. That is why you can quickly execute from the volatile market. The customer support services are reliable, and you can get educational information and various retail investor accounts to choose from.
Pros
- advanced trading tools for forex traders
- low fees on various currency pairs
- You will find a reliable and responsive customer support team
- Wide range of financial instruments, including CFD trading
Cons
- A little bit difficult to open a retail investor account because of KYC requirements
- Technical indicators for analysis can be hard to understand for beginners.
Price
Forex brokers do not cost a constant fee for forex trades. Instead, they utilize the Bid/Ask spread. A bid is the maximum amount of money a trader is willing to pay for an asset. While the ask is the amount of cash, the owner is willing to accept.
The difference between ask and bid prices is known as the spread, and it is usually the basis of fees among forex brokers.
2. Tradespoon
Tradespoon offers various instruments, including cryptocurrency trading and, of course, FX. You can sign up for your account for free and can get a bundle of information about forex trading. The broker also has some advanced forex software that helps you find a good opportunity.
Your strategy and trading style do not matter because this forex broker has all the tools you need. You can get an intelligent trading guide and a market commentary daily.
Pros
- Provide you a source of information you need
- Wide range of assets to buy
- Reliable customer support
- Trading fees are low
Cons
- The trading tools can be challenging to utilize sometimes
- The platform needs time to use
Price
The tradespoon provides many pricing options depending on the package you want. However, it is a subscription service wherever you get automatic commercialism bots, and stock picks to decide on each month.
3. Zen Trading Strategies
One of the most famous algorithm trading platforms in the world is zen. The platform offers very high-grade trading indicators and strategies to help you trade. Zen aims to magnify your profits and reduce risk exposure. You can get educational stuff to help in your trading.
Pros
- Self-activating trading platform offering the state of the art algo trading
- Educational materials for your understanding
- The customer support team is responsive and dedicated
- High trading success rate due to automated tools
Cons
- Expensive subscription fees
- A complicated platform for beginners due to its automation system
Price
You can make payments on a monthly or annual basis as zen is a subscription service. The monthly fee is about $67, while the yearly charge is $599. You can learn more about the platform by starting a free three weeks trial.
4. Forex.Com
Forex.com is actually built for forex traders. It offers some essential features, including low fees, a vast range of currencies to buy and sell, and an excellent trading platform. For data analysis and giving users alerts on a real-time basis, forex.com has an experts trading team.
If you are looking for an efficient and low-cost broker to keep an eye on the market thoroughly, forex.com could be the best choice.
Pros
- World most recognizable broker
- Great customer support
- Educational materials to help in trading
- Lowest fees
- A demo account for practice
Cons
- The trading leverage is limited for beginners
- Need improvement of educational materials
Price
The pricing depends on the type of account. The first is a Standard account designed for people looking for traditional spread pricing. For bargain hunters, the Commission account has low fees.
And lastly, there is a Direct Market Access Account for high-volume FX trading.
Final Words
Please note that the article focuses on forex and CFD trading platforms best suited for short-term trading with leverage. We are thankful that we delivered you all the information about the best trading software that might be useful for you.
