Forex software holds much value in the trading market as they pinpoint lucrative trade. The currency value keeps fluctuating rapidly, and automated forex trading software plays a significant role in keeping an eye on it.
The trading platforms also offer flexible charts, live data, custom views, and the facility for rapid trades execution.
Forex platforms also lock in your profit when needed. With Forex trading software and the right CFD, the chances of a successful trading experience increase.
Below we have prepared a comprehensive list of 10 Best Forex Trading Software for Consistent Profits, which are stable and high-performance trading platforms. These are potentially a good match for your experience and risk tolerance.
Let’s go ahead without further ado!
List Of Best Forex Software For Consistent Profits
There is no doubt that Forex software helps you earn a profit, but only reliable software can support you in reaching the goal of successful forex trading. So you need to be careful while investing in anyone.
Some Forex software is built to offer you trading signals, while others work like a charm.
If you want to take a real advantage, you need to be attentive and understand what is going on in the forex market; this way, you can take the edge of good entry points signaled by the Forex software.
Scroll down to crack out the chosen ten Forex software for consistent profit!
1) AvaTrade: Award-Winning Online Trader
AvaTrade is an excellent leader in algorithmic trading because it also delivers a copy trading platform for stocks, crypto, and commodities management.
Additionally, this software works well with other trading platforms: WebTrader and AvaTradeGO. The other way to access AvaTradeGO is using the MT4 and MT5 platforms.
The welcome bonus was offered for a limited time only. Do you know – AvaTrade is not modulated in the USA; thus, right now, customers are not accepted from the United States. Moreover, no funds are received that originate from the US.
2) NinjaTrader: Best For Active Traders
Ninja Trader is a platform enriched with resources for traders that focuses on Forex and futures. This platform comprises automated trading options and 100+ technical indicators so you can do trade simulation and market analysis.
NinjaTrader offers historical market data and unlimited real-time access without a brokerage account and free of cost.
You can unfold various strategies and indicators because this platform provides resources built by 3rd party developers. This offer makes NinjaTrader an excellent platform for new traders looking for advanced charts.
This platform’s advanced tools and layout deliver a learning curve to new traders. It includes webinars designed to train new users.
It also presents help guides, on-demand training videos, and an informative YouTube channel for the new users so they can use this platform like experts.
3) Interactive Brokers: Best For Access To Foreign Markets
Interactive Brokers’ Scale Trader is used to improve performance in scale trading. It is a fully automated trading algorithm that can be easily used for forex trades. You can also use this platform for stocks, futures, and more.
This platform is excellent for Interactive Brokers accumulating or distributing algorithms. You also get various tailored automated trading systems to support your trading type. Interactive Brokers offers iOS slimmed-down and Android versions.
Since it is an actual brokerage firm, its fees are conducted through commissions – it is midrange for international trades but is more competitive compared to Us trades.
Overall, it is a very useful and reliable signal provider that acts as an experienced trader and offers customized algo strategies.
This platform provides strength to traders so they can deliver far greater:
- Higher profits
- Less risk
- Fully automated
- 100% hands-off trading
4) Zen Trading Strategies – Best For Algo Trading
Zen Trading Strategies is a platform that provides services for all skill-leveled algo traders. The traders who build their own script prefer to use this platform because its prebuilt proven indicators and strategies are perfect for advanced trailers.
This company offers a variety of plans, tiered pricing options, and trials that fit every trading style and budget. The back-tested trading strategy is key to success for high-frequency trading or algorithm trading.
This platform helps risk management by offering a complete entry and exit signals framework. Often the traders take years and years to understand how to build trading scripts, and in this hassle, they lose a stack of money.
Actually, it takes time to find a strategy that works consistently. However, Zen Trading helps investors use professionally developed strategies for successful trading.
Xen trading uses quantitative algorithms for making strategies. Zen Trading manages all your trading work; you can tailor it to the timeframe and trading assets.
5) ForexVPS: Supports All Expert Advisors
ForexVPS provides servers, particularly for trading. Since this Virtual Private Server (VPS) does not come with downtime, it is great for expert advisors of different platforms (MT4 or MT5).
For efficient working, you need to keep EA on all the time. If the internet connection goes off or you encounter any error in the internet connection, the chances of losing money and opportunity rise.
ForexVPS offers ultra-low latency with no resource sharing, and a 100% uptime is guaranteed. You can access various data centers across the world through a Remote Desktop, but for this, you need an internet connection.
The ForexVPS also features a checker to help test your broker’s latency. This powerful server can help you in multiple ways as it offers extreme Intel chips to chomp complex trading algorithms, and via its Up to 256GB of RAM, it can handle anything.
It can harness 100% of the resources and help you be first in the market through its super-fast 1ms trading execution time. In addition, it is a powerful x64 platform!
6) TMGM Trading Software: Cutting-Edge Platform
To fulfill traders’ needs, TMGM offers a wide range of products. The most well-known MT4 is available through PC, Web, and Mobile versions.
Over 100 trading assets, such as Commodities, currencies, foreign, and Indices, can be accessed through this platform.
IRESS is also included as it is its inbuilt platform that allows traders to trade in the counties that includes the United States, The United Kingdom, Australia, China, and Singapore.
7) MetaTrader 4 Trading Software
MetaTrader 4 allows traders to analyze financial markets, trade Forex, and build Expert Advisors. The three key features of this software include Trading Signals, Market, and Mobile Trading.
Traders with different skill levels can easily access the platform as it is a blend of an automated trading system, algorithmic trading, advanced technical analysis, and mobile trading.
MetaTrader 4 Signals and Markets includes additional trading services. You can easily purchase Technical indicators and Expert Advisors.
8) Thinkorswim: Best For Day Traders
If you are interested in trying out algorithmic trading, Thinkorsim is a great option for you as it helps you choose between dozens or even hundreds of intimidators. Interactive Brokers and TD Ameritrade have won a strong reputation for in-house trading features.
This platform works under TD Ameritrade, which is a parent company. For currency pairs, Thinkorswim stands among the top brokers.
If you are keen on trading stocks, options, futures, and Forex, you can easily keep all your trades under one concise account.
Thinkorswim is an automated and customized trading platform that has received a lot of appreciating reviews from the trading market.
Note: Whether you focus on commodities or Forex, Thinkorswim is not a suitable software for the beginning.
9) FOREX.com: Best Overall
FOREX.com is a top forex broker of Benzinga’s tops due to its MetaTrader4 platform. MetaTrader 4 is great in the implementation of automated trading in the forex market as it literally supports trading indicators and thousands of trading robots.
MetaQuotes is a parent company as it is a pioneer in developing the charting platform and forex trading.
As it is not an actual automated trading software itself, it brags the world’s widest selection of trading applications, up to 1,700 different trading robots.
Other software, both MT4, and MT5, focus more on futures markets and securities. These are available through tons of online forex brokers; still, FOREX.com stands at the top.
10) Swissquote – Trusted Broker, Best Banking Services
Swissquote is an exceptional and innovative platform that can amazingly multiply your trading potential.
This intuitive software is a multi-asset platform for every trader. The goal to design the eTrading platform was to help you achieve your investment objectives by using the simplest possible manner.
Swissquote helps you to boost your trading potential and sharpen your knowledge so you can reach greater financial heights. Swissquote, being a terrific platform offers vast multi-asset and quality research.
Swissquote is a safe and reliable platform that presents the MetaTrader platform suite. Moreover, it also offers a Newsroom section and daily market analysis videos.
Its Advanced Trader platform provides you with a smoother experience by upgrading to HTML5. Moreover, its latest platform also helps you view TradingView charts.
Benefits of Automated Forex Software
It is evident that artificial intelligence (AI) surpasses human abilities, and when it comes to forex trading, the Forex software offers several benefits to make you a great trader.
The following are top logics that will motivate you to implement AI into your trading scheme by using automated software:
- AI increases the trade execution speed and cuts out the lag time for analysis. Moreover, it increases the profit ratio.
- The software enhances your success. It instantly notes a price gap and processes a purchase or sale on your behalf.
- Automated software is unbiased, protecting you from being misled by humans, misconceptions, or emotions. Eventually, automated trading software prevents you from human pitfalls and supports you in reaching your trading goals.
- AI programs are more multitaskers than human beings as they can handle multiple accounts simultaneously. So, your various accounts can be handled instead of managing one manual account.
- The decisions of this automated software are based on historical data and analysis so that traders can learn from past mistakes.
- Automated Forex software makes it easy for you to research historical data and current events, which is very difficult to do manually. This software also saves your time, and in this time, you can perform other critical tasks.
Frequently Asked Questions
Here are some answers to the frequently asked questions about the Forex software – how they work, how they help make a profit, and much more. You can drill down to crack the answers!
Which Broker Is The Best For Forex?
In the 2022 annual review, IG takes first place; therefore, it is considered the best forex broker. IG is a broker that can be regulated in the US and Switzerland.
It features 100 currency pairs and the ability to trade forex options and CFDs – traders get plenty of options. Choosing IG as one of the most trusted brokers among a dozen global licenses won’t be wrong.
What Does A Forex Broker Do?
A forex broker is a licensed company by a national regulator. It allows you to sell or buy foreign currencies using the phone or an online trading platform.
A Forex broker offers a non-deliverable spot contract, underlying currency, or derivative. It is crucial to pick properly regulated brokers to minimize the scam risk.
Do I Need A Broker For Forex?
Yes, of course, you need a forex broker to trade Forex. You should open your account and deposit sufficient collateral to place orders and buy or sell Forex.
The job of a forex broker is executing your orders — either by sending your orders to another market or acting as your trade’s principal or agent.
Remember that your broker should be trustworthy, properly licensed, and regulated exactly in the country where you live or in a major financial center.
You need to focus on different factors while determining a broker’s reliability, such as ensuring the operation time, adequacy of financial operating capital, and whether it is a license holder or not. The license ensured the company’s compliance with local laws.
Which Is The Greatest Forex Broker Globally?
According to the compiled data by Finance Magnates, IC Markets is the greatest forex broker. In the third quarter of 2021, the trading volume came to over $774 billion in forex trading.
Note: Depending on the used period, the greatest broker varies. The biggest brokers have the largest client ratio, most assets under management, and the highest market capitalization. While gauging the broker size, these factors are considered important.
What Are The Top 10 Forex Brokers?
According to Forex and CFD trading volume data, the top 10 brokers by Forex during the 2021 third quarter are:
- IC Markets
- Saxo Bank
- CMC Markets
- GAIN Capital
The collected data excluded Japan as it has abnormally high trading volumes from Japanese brokers.
Which Forex Broker Has The Best Platform?
CMC Market offers a Next Generation platform with a massive choice of nearly 10,000 tradable tools. CMC MArket delivers a fantastic user experience, advanced tools, an excellent mobile app, and comprehensive market research.
Hands down to the Next Generation platform that being a market leader impress every trader, even the pickiest.
This new Dynamic Trading broker helps you place multiple trades at once. It is a nice innovation developed by CMC Markets.
Is $100 Enough For Forex?
Yes, this amount can be enough for forex trade and testing trading strategies. As $100 is not a lot of money, there won’t be a great risk of losing money. Trading a small amount lets you identify a new investment methodology.
This way, new traders learn forex trading by trial and error. Trading such a small amount will not only hamper your bottom line, but it would be an excellent way of learning the risks.
Which Forex Broker Offers The Most CFDs?
IG is a forex trader that offers the most tradeable CFDs in the industry. Contracts for difference enable traders to figure out the forex pair, market index, price of a stock, or commodity that will go up or down without taking the underlying asset’s ownership.
Which Forex Broker Offers The Most Currency Pairs?
CMC Markets offers the most tradable currency pairs, nearly 10,000 CFDs with 158 pairs. This can be quoted both ways (i.e., USD/EUR or EUR/USD) to 316 pairs.
There are several different automatic Forex trading software options in the market; each software owns a different set of benefits and disadvantages. Many commercial companies have developed platforms that many companies use.
There is no way to speculate which platforms are outstanding since it is based on the individual user’s opinion.
However, in terms of popular platforms, there have been prominent trends used by both beginners and veterans.
Some of the most reputable and popular platforms are cTrader, NinjaTrader, MetaTrader 4, Metatrader 5, and more.