Best Forex Trading Software

BEST FOREX TRADING SOFTWARE

FX, forex, foreign-exchange market, currency trading — whatever you choose to call it, this high-potential market is unique in more ways than 1.

Best Forex Trading Software:

Benefits of Automated Forex Software

It’s no secret that the potential capabilities of artificial intelligence (AI) can, in many ways, far surpass the abilities of humans. And yet, when it comes to forex trading, an expert advisor (EA) or a robot — as algorithmic trading is often referred to — does not beat out the human mind in all cases.

  • Automated forex trading software improves your success rate if you trade using spreads. The software can instantly note a price gap and execute a sale or purchase on your behalf.
  • AI is unbiased and prevents you from being misled by human emotion or misconceptions. For example, you may subconsciously avoid trading a certain currency pair given a negative past experience even if a good opportunity arises again. Your automated trading software can lend an objective hand and help you avoid human pitfalls.
  • AI programs can multitask much more accurately than humans. Automated forex trading software can manage multiple accounts at the same time, as opposed to conducting singular manual trades without it.
  • AI makes decisions based on historical data and analysis, which can help traders learn from past mistakes. However, good backtesting on the part of your trading robot does not ensure it will perform as well in the future.
  • You may not have time to research current events and historical data if you do not use automated software. The time saved by using an AI program allows you to attend to other tasks, further ensuring your success.

The Best Forex Trading Software

While there are dozens of software options, these platforms are among the best that could potentially match your experience and the level of risk you’re willing to take.

1. FOREX.com

FOREX.com, Benzinga’s top forex broker, tops this list due to its MetaTrader4 platform, education, tools and more. MetaTrader 4 specializes in the forex market and the implementation of automated trading and supports literally thousands of trading robots and technical indicators.

2. NinjaTrader

This trading platform is rich in resources for traders focused on both futures and forex. NinjaTrader includes 100+ technical indicators out of the box and automated trading options among the most robust in the industry.

3. thinkorswim

If you know you’re interested in trying out algorithmic trading but the idea of choosing between dozens or even hundreds intimidates you, both TD Ameritrade and Interactive Brokers have garnered a strong reputation for in-house automatic trading features.

4. Interactive Brokers

Interactive Brokers offers a similar breadth of currency pairs as thinkorswim, with more than 100 to choose from. Interactive Brokers’ Scale Trader is a fully automated trading algorithm used for enhancing performance in scale trading on the Interactive Brokers platform. While it can be easily used for forex trades, it is also applicable to stocks, futures and more.

5. Tradespoon

Tradespoon is the definition of what it means to trade smarter. Tradespoon makes it easy for its clientele to immerse in profitable trading opportunities by combining one-on-one education through tutoring and online resources.

6. MT4 Professional

MT4 Professional lets you see the entire market sit­u­ation at a glance for any symbol and timeframe with your ­custom rules, based on any standard or custom indica­tors. No programming skills required on your part.

7. Zen Trading Strategies

From proven, prebuilt strategies and indicators to professional consulting for advanced traders who build their own trading scripts, Zen Trading Strategies offers services for algo traders of all skill levels. With free trials, tiered pricing options, and a wide variety of plans, this company aims to offer something that fits every budget and every trading style.

Risks Involved with Forex Trading

It’s possible you’ve already read raving reviews about other well-known robot-supported trading platforms like XTB, eToro, FXCM or Trading Station — none of which accept U.S. clients.

Get the Best Forex Trading Software

No matter how much research you do, remember that the perfect forex trading robot simply does not exist. Humans excel at following economic conditions and current events which could influence currency prices, and robots are far better at discovering positive trends and trading signals. The best trader will use a combination for the best executions.

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