A trading platform is a piece of software that acts as a conduit for information between a trader and a broker. A trading platform provides information such as quotes and charts and includes an. I have explained about the trading platforms for Mac OS. This will help you to understand about forex trading. If you want to get more information then you can see this article. Forex trading revolves around various activities on a typical day. Things like communication with a forex broker, going through records and planning are just some of those that traders do regularly. Find out which is the best automated Forex trading software for professional traders, as well as, how to use it, the advantages of using it, and much more! We use cookies to give you the best possible experience on our website.
Best forex trading app
Read on for our detailed analysis of each app
In today’s interconnected world, the foreign exchange market plays an important role in daily business. It’s a global, decentralized environment where financial institutions and businesses can trade currencies.
According to research from the Bank for International Settlements, foreign exchange trading generates an estimated $5.3 trillion daily - making it larger than other financial markets. Often, it’s dominated by large international banks and corporations, which work around the clock to trade and convert international currencies.
Forex trading also underpins international trade and investments. For instance, if American companies want to import goods from a country in Europe, they’ll most likely need to complete transactions in euros. Through forex, these firms can exchange dollars for euros quickly and easily.
As well as enabling trade between countries, forex trading is a lucrative investment opportunity. Every day, companies and investors make billions by purchasing and trading currencies. However, it does take a significant amount of experience and skills to make lucrative forex trades.
That’s where forex trading software comes into the picture, automating this common business practice. Essentially, it ploughs through the market for the best currency trading opportunities. And in this article, we’ve picked out the best forex trading apps around.
Also take a look at the best free personal finance software
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1. Forex Time FXTM
Automated forex trading
Used worldwide
When choosing any financial management platform, it’s important to look for trustworthy providers. Used by traders in more than 180 countries and fully regulated, ForexTime's FXTM software is a safe bet for foreign exchange trading. It’s positioned as an automated currency broker.
The great thing about this platform is that it’s designed for professionals and beginners. For example, flexible leverage lets you increase your earning potential, but this is only offered to you based on your knowledge and experience. If you do intend on becoming an expert in this area, you can access a range of educational resources.
Currently, you can operate with both fixed and variable spreads, and when you’ve completed a trade, the company processes withdrawal requests within just a few minutes. You shouldn’t have any issues using the software, either. All you have to do is sign up for an account, upload your verification documents and transfer funds before trading.
What’s more, the software can make trades with millisecond execution rates. In other features, you can get daily commentaries from the firm’s market research team and make use of a series of free trading tools to make more informed decisions.
You can access the software on Windows, Mac, iOS and Android devices, and the company states that it covers 100% of your deposits up to $1,000.
2. Netdania
Market news and updates
Compiles data from 20,000+ financial instruments
When it comes to making profitable forex trades, it’s important to get an understanding of the current market. Netdania aims to do just that by providing you with trading ideas and strategies. The app also compiles data from more than 20,000 financial instruments and thousands of real-time stocks.
Positioned as a personal trading assistant, Netdania will tell you when you should enter or exit the market. Not only is the app easy-to-use, but it also provides you with real-time market news and updates within a economic calendar, and lets you 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.
Because the software is underpinned by cloud technology, you can easily share and sync data across a range of devices. And to ensure you never miss a potentially lucrative trade, you can sign up to receive push notifications about major economic events. Netdania is available in 18 languages and is free to download from the App Store and Google Play Store, although there are various in-app purchases.
3. Trade Interceptor
Forex analysis tools
Free iOS and Android apps
If you’re looking for an advanced forex trading and analysis tool, 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.
The software was previously only available on desktops, but it’s finally made its way to mobile devices. There’s a touch-enabled trade management functionality, as well as split-screen and quad-screen modes so you can can keep your eyes peeled on several markets at the same time.
Like Netdania, the app is powered by the cloud, letting you access analysis tools, trade data and price alerts from any device. It provides streaming quotes for all major forex trading, cryptocurrencies, indices, precious metals and commodities. Plus you can can access professionally curated news covering Asian, European and American markets.
There are plethora of built-in trading tools too, including an economic calendar, data release alerts, a trading simulator, intelligence reports and a risk scanner. These have been authorized and regulated by the FCA in the UK and ASIC in Australia, which helps to boost customer trust. The app is free to download on Android and iOS.
4. MetaTrader
Multiple financial instruments
Tools and news
MetaTrader is one of the most popular trading apps for retail investors using Android devices, and allows for the trading of stocks, forex, futures, options, and other financial instruments from your mobile device.
The app supplies general analysis of the financial markets using a range of real-time charts which includes historical information, in order to monitor prices and quotes.
You can also easily switch between different financial instruments as well as both SL and TP values on charts, along with visualization of trading information. Charts are also interractive, with pinch and zoom options.
There are also a number of analytical instruments included, such as Gann, Fibonacci and Elliott tools, as well as up to date financial news.
MetaTrader has recently upgraded its apps from MetaTrader 4 to MetaTrader 5.
5. TD Ameritrade
TD Ameritrade
Good educational materials
Good for beginners
TD Ameritrade is one of America's biggest and more established trading platforms, and offers a wide range 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 the chances of them losing money. It does this through its thinkorswim platform, which provides introductory materials from the
National Futures Association, which regulate futures brokers. The information is presented in a clear and easy-to-read way, and it really does underline the risks that need to be considered.
So if you're new to currency trading, you could feel better prepared and eased into managing not just trades but risk with more confidence, rather than rushing into dangerous leverages that can lose you money fast.
But while that's a big plus for TD Ameritrade, it is a wide platform that covers a comprehensive range of trading products, not least stocks, futures, and options. So if you're looking to focus only on forex you may find the platform sometimes clunky by comparison to dedicated forex trading platforms, especially when it comes to comparing currency pairs.
Even still, the introductory and supporting materials are worth getting to grips with, and if you want to get involved with more than currency trading you're in an ideal place to expand your investment strategy into other products.
Wagering on the forex market
Forex, or FX, trading is a more advanced type of investment that is best suited for experienced traders. If you’re well versed in day trading or options trading, forex may be a challenge worth accepting. Forex trading can be another way of diversifying your portfolio, but it carries more risk than other types of investments.
Due to the Dodd-Frank act, forex brokers operating in the U.S. must be certified with both the National Futures Association (NFA) and the U.S. Commodity Futures Trading Commission (CFTC). These regulations restrict the amount of leverage available to traders. All U.S. brokers can offer a maximum leverage of 50:1 for most currency pairs, with some more risky currencies having a maximum of 20:1. Because of this, many forex brokers no longer offer accounts to U.S.-based traders. This review only considers brokers that allow U.S. accounts. If you’re interested in exploring foreign options, our international forex brokers site may be of help.
The brokers in our review were evaluated on the quality of the trading platform they offered, the ease of use of each platform and the tools it provides. We also considered the commissions and other costs as well as their educational and customer service offerings.
Best forex brokers
Best overall
TD Ameritrade
TD Ameritrade
More pairs than other brokers
Have to trade a high amount to take advantage of commission-free trading
TD Ameritrade is our pick for the best forex broker because it has good pricing and one of the best trading platforms we saw. You use the same tools in its well-regarded thinkorswim trading platform to trade forex as you would to trade options, equities and futures. It supports more than 70 currency pairs, so experienced currency traders can try something new, and beginners can trade on the most common pairs.
Whatever your investing strategy, TD Ameritrade has a tool to help you. It has over 350 technical indicators to help you gauge the best time to make a trade. In addition, the Prophet tool can help you estimate the future performance of a currency pair.
TD Ameritrade’s pricing is straightforward. It offers some currency pairs to trade commission free. However, these have higher spreads and trade in increments of 10,000 units. Commission pairs cost 10 cents per 1,000 units, with a minimum of $1. You need to make an initial deposit of $2,000 to start trading forex. Per U.S. regulations, the maximum margin you can trade on is 50:1 on major pairs and 20:1 on exotic pairs.
Best pricing
Interactive Brokers
An affordable forex broker platform that offers great value
Tiered commission for high volume traders
Need to trade high amounts to get low prices
Interactive Brokers has the best pricing of the forex brokers we looked at. It's an especially good choice if you’re an active trader who trades at high volume. Beginning investors should look elsewhere because you need to start with an initial deposit of $10,000.
Like most forex brokers, Interactive Brokers charges a commission as a percentage of each trade you make. It uses a tiered structure, and if you trade less than 1,000,000,000 units a month, you pay 0.2 basis points for commission on the amount you trade – so on an order of 100,000, you’d pay $2.00. When you trade higher volumes, that commission decreases. At the lowest level, you pay 0.08 basis points.
Interactive Brokers also has some of the lowest spreads we saw, sometimes with no markups at all. You can trade 86 currency pairs – all the major pairs as well as some exotic currencies like the Turkish Lira.
We liked Interactive Broker’s platform. It has a wide variety of tools that monitor and analyze currency pairs to help you make trades at the right time and maximize your returns. There are over 90 technical indicators, which can help you track the performance of a particular currency pair. You can also compare a currency pair to an index, which is a useful way to see if it is overperforming or underperforming.
Best platform
Ally Invest
Forex broker with a customizable and easy to use platform
Ally Invest
Multiple platform options
Spreads can be high
Ally Invest, formerly known as TradeKing, has one of the best platforms of the forex brokers we looked at. Its platform is customizable and easy to use, making it ideal for beginners and experienced traders alike.
You can choose between the Classic platform and the Live platform. The former has all the basics, including over 50 technical indicators and other analytic tools to track performance and plan the best time to execute trades. The Live platform is more robust and has more charting tools and advanced features, including automated trading strategies. The Live platform is far more customizable, and you can set it up the way you prefer.
Forex traders can also make use of the Metatrader4 platform, which is specially geared toward forex trading and includes advanced tools to help you manage your orders. It also integrates with third-party indicators and analytics.
Through Ally Invest, you can trade on 50 currency pairs. The broker also offers excellent pricing, with no commissions on any trades. Instead, it makes money from markups on the spread, which vary widely depending on external economic factors. To start trading forex through Ally, you need to invest at least $250, but Ally recommends starting with around $2,500.
Software For Trading Forex
Best for mobile trading
Forex.com
A forex trading app for people trading on the go
FOREX.COM
No commissions to trade
If you like to trade on the go, consider Forex.com – it has one of the best mobile apps we saw. You can place trades and add funds through the app, and any changes you make in the app automatically sync with the desktop platform. One drawback is you can’t use technical indicators or other analytic tools in the app, though this is true of all the forex mobile apps we looked at.
Forex.com lets you trade over 50 currency pairs. It doesn’t charge any commissions and instead marks up the spread on the currency pairs to make its profit. Spreads are volatile and change with market factors.
You only need to make an initial deposit of $250 to start trading. That’s one of the smaller amounts we saw, so this could be a good choice for beginning forex traders.
Best for beginners
Oanda
A great forex trading app for casual traders
No minimum trade amount or initial deposit
If you’re just starting to dip your toes into forex trading, we recommend looking at Oanda as a broker. It doesn’t have a minimum deposit or minimum lot size, which means your initial investment doesn’t need to be as large as with other brokers – some require several thousand dollars in initial investments and require you to trade in increments of 1,000 units.
Oanda’s platform is easy to use. It’s especially easy to set up a stop-loss on an order, which keeps you from being in a losing position for too long. You can trade on more than 70 currency pairs, including some exotic options like the South African Rand.
There are over 50 technical indicators, which is fewer than on many other platforms. However, it has many of the standard options that are useful for beginners. The one drawback is there are not many tutorials or other educational resources.
What is forex trading?
Forex trading involves trading of currencies and is the largest and the most liquid market in the world. Forex operates 24 hours a day, five days a week, and it has no single, centralized market. On an average day, the forex market trades around $3 trillion dollars.
When you make a forex trade, you are buying and selling currency and, in essence, betting on the fluctuations in their exchange rates. For example, if you were to buy Euros when the conversion rate is 1.25 U.S. dollars for 1 Euro then sell when the conversion rate is 1.28 U.S. dollars to 1 Euro, that difference of .03 represents your profit. Typically, you won’t buy a small amount. Usually currently is traded in lots of varying sizes. A standard lot is 100,000 units of a currency, a Mini lot is 10,000 units, a Micro lot is 1,000 units. A few brokers may offer Nano lots, which are only 100 units.
The change in a currency pair’s value is measured in pips, which is the smallest amount that the value can change. Usually a currency pairs are quoted out to the fourth decimal, and a pip is the change in the last number. For example, if EUR/USD is trading at 1.3300 and it moves to 1.3302, that is a movement of two pips. When pips are magnified by the size of lot, that is where the opportunity to profit emerges.
Because the changes in currencies are usually very small, it would seem that forex trading is ideal only for institutions or investors that can afford to buy large lots. This is where leverage comes in. Typically, a brokerage will offer you a margin account which can magnify the amount you have available. The ratio of the amount you borrow on margin and the amount you deposit is the leverage. U.S. brokers cannot offer more than 50:1 leverage.
Forex trading strategies
As with all types of investments, there are many different forex trading strategies. Hedging and speculation are two main strategies. Some basic strategies include choosing a trading time that coincides with the time that the markets in the countries whose currencies you’d like to trade are operating, using stop-loss orders to protect against heavy losses. Advanced strategies can include carry trades, which take into account the interest rates of currencies and not just the conversion rates.
Since currency exchanges are so volatile, it’s a good idea to test your forex trading strategies before you put up your own money. Most brokers offer a demo account and include tools that allow you to backtest your strategies.
Our evaluation of forex trading tools
Platform & Tools
The trading platform and the tools it offers is one of the most important considerations when choosing a forex broker. Our reviewers tested the platform demo provided by each broker as well as their mobile apps, looking for platforms that are easy to use and that provide analytic tools to help you gauge a currency pair’s performance.
With the best platforms, you can create multiple watchlists to track different groups of currencies. Some only allow you to create a single watchlist or add to a single pre-made watchlist. You should also be able to create alerts to notify you when a currency pair reaches a certain price or meets some other criteria. Ideally, you should be able to receive email or text alerts, but some platforms only offer notifications inside the platform. A few of the platforms don’t offer alert options.
Forex brokers also provide charting tools to help you gauge the performance of a currency pair. These tools include technical indicators that can help you plan your trading strategy. TD Ameritrade offers by far the most technical indicators, with over 300.
The brokers we reviewed have a range of currency pairs available for trading, the highest is 120 and the lowest is 10. Most trading occurs on major pairs, such as EUR/USD, USD/JPY, GPD/USD and USD/CAD, but having the option to trade different currencies, such as the Thai Baht, the Hungarian Florint and the Danish Krone, can give you an opportunity to spread around your investments, diversity your portfolio and potentially reap larger rewards from more volatile currencies.
Trading Costs
The main cost of forex trading lies in the bid/ask spread. This is the markup a broker applies and is derived from the difference between the bid, or selling, price and the ask, or buying, price. The spread is usually the difference in the last two decimal places of the exchange rates. Forex brokers refer to this difference as pips. Since exchange rates are constantly fluctuating, spreads often do as well, especially when a particular country’s economic fortunes take dramatic turns for the worse or the better.
Some brokerages charge commissions on each trade. These brokerages often have tighter spreads but may be better for higher volume traders. Commission-based brokers also tend to require the highest initial deposits. A few brokers we reviewed, such as Oanda and Nadex, don’t have minimum requirements and also allow you to trade any size lots of currency.
Education & Support
Forex brokers should also provide traders with investment education and platform training. Our reviewers found that the best brokers offer video tutorials and step-by-step training on the platform’s features in addition to training manuals. While forex investors are more experienced that other investors, we still consider it important for a brokerage to provide educational resources. The best include weekly webinars and ongoing blogs that provide important context on the forex markets as well as ideas for new trading strategies.
Since the forex market operates around the clock, it’s important to be able to get support whenever you’re trading. Many brokers offer phone support during hours the Forex markets are open as well as live chat.
Our Verdict & Recommendation
TD Ameritrade is our top rated-forex broker. It has the best platform, both in terms of its ease of use and in the breadth of the tools it provides. It also offers the most currency pairs, which gives you an opportunity to trade in exotic pairs that have the potential for high returns. It is also a good platform for trading other investment types and may be a good choice if you want to make non-forex investments.
Interactive Brokers is another good choice that has a good platform and educational offerings. It has a commission-based model but tight spreads. It does require an initial investment of $10,000, so it’s a good choice for experienced investors.
Strategy For Trading Forex
FXCM has some of the best educational tools, including ongoing Daily FX webinars and the daily FX blog. It has the highest commissions in our review, but it does have relatively tight spreads.
Oanda and Nadex are the two best brokers for pricing. Nadex has a low commission and low spreads. Oanda doesn’t have any minimum requirements for your opening deposit or a minimum trade lot size.
Forex trading is a move advanced type of investing but is one that has the potential to be very rewarding. Each broker in our review offers tools to make trades and analyze potential strategies. The best brokers offer an easy-to-use platform, low trading costs and quality educational resources.