Top 10 Best Forex Trading Software That Every FX Trader Must Know

By Steven Hatzakis Wednesday, January 10, 2018
There are best Forex trading software that can be your ultimate tool to support and compete your trading work. Let’s take a look at the top 10.

Introduction

Ever since the invention of computers and the revolution of computation, many works had been made to allow computers to make the decisions for humans.
Not only trading software provides you with timely reports on the condition of the market no matter where you are to keep you most up to date with the situation, but some of them can also make recommendations based on what they have analyzed.

Today we have top 10 best Forex trading software that you can choose in-between the line to make your job much easier.

Top 10 Best Forex Trading Software

MetaTrader 4 (MT4)

MT4 is arguably the best Forex trading software out there at this moment. This not only can be deduced by its popularity with traders, but some large brokers also prefer it over alternative platforms.
Part of the reason why it is so popular is, unlike many alternatives out there, MT4 can be used free of charge. Furthermore, the quality that it offers is complete – it is armed with everything that you will ever need as a trader, from real-time tracking to auto trading. Having MT4 as part of your toolkit can dramatically reduce your workload (although it will not do all of the jobs for you), it is a huge step up from having to manage and analyze everything by yourself.

Currenex

Currenex is an FX trading software based its modus operandi on the principle of an ECN (Electronic Communication Network). This makes it easier for traders and brokerages constrained previously by geography to connect and conduct transactions directly without having to go through a middleman. Despite having no official exchange overseeing the transaction, ECNs are still under surveillance by authorities such as the US Securities and Exchange Commission, as ECNs are still mandated to register themselves as broker-dealers.
With a multitude of features that you would probably enjoy finding more about, Currenex can connect you to an expansive network that composes of some 70 major banks and hundreds of individual traders and brokerages.

ActTrader

This tool is armed with sophisticated algorithms designed to follow Forex signals from the moment that they sparked, all the way to a complete candlestick.
While all of the works involved as part of the job of being a trader can be difficult, ActTrader can simplify all of it down to a mere click of a button. You only need to navigate a user-friendly and push a couple of buttons before a trade is executed.

Furthermore, you can customize your workspace. The program is designed to observe the market in real time and report the conditions back to you in the form of comprehensive charts for you to base your decisions on.

Ctrader

This Cyprus-made program is a fine mix between a professional trading software and an ordinary, retail Forex trading one. This will be a fine addition to the arsenal of an intermediate level trader as it consists of not only the basic tools a beginner would need but also is packed with more sophisticated and professional features for more advanced traders.
For add-on software, they must be coded specifically for the platform in a proprietary language (cAlgo).

FORTEX 6

Working on the same principal as the Currenex ECN, however, the FORTEX 6 platform is much more versatile since it based its activities on the cloud. By regulating transmissions and transfer communication entirely on the net, you would be saved from a myriad of fees such as licensing, maintenance, upgrade costs.
And since the platform is optimised to work online in the first place, it is designed to provide as fast experience as possible – complete with low latency trading, and millisecond difference in real-time market observation.

You can also access the platform through any devices that are capable of accessing the Internet, giving it a universality that not a lot of platforms can compare themselves to.

CurrencyXchanger

While all software above all seem only to handle a portion of your work being the analyzation of market signals and movements, CurrencyXchanger will take control of your activities and organize it so that you don’t have to.
It is a full-fledge management software. Your daily transactions are logged and kept track of for you to have a quicker and more general look at your performance at the end of the trading day or the month. Records such as gains, losses, a list of customers that you have made contacts with will also be thoroughly written down by the program.

It also provides you with an additional layer of security against internal or external thieves.

Merkelon

Merkelon is just considered a normal trading platform out there as it doesn’t include a certain feature that made it stand out among all others: the ability to access the cryptocurrency market. All of the platforms in the past only include coverage for straitlaced currency pairs. Merkelon will give you the much-needed key into the raging market that is in very high demand at the moment.

TheBooks

TheBooks works in pretty much the same fashion as CurrencyXchanger, but besides the normal features that a trade management software ought to have, it is also capable of conducting risk management for you. Its real-time tracking module also allows it to keep track of your position in real time, analyze your standing, client, and margin.

All the information you will ever need will be right at your fingertips.

OANDA

OANDA is infamous for its platform, and as one of the leading authorities among dozens of Forex trading platforms out there, having it as part of your toolkit will help you greatly in achieving success.
It is important to note that OANDA is entirely an ‘Improve Upon’ version of the MT4 platform. OANDA at its core holds the MT4 framework, but with a few twists and dozens of new features that the vanilla version does not make it instantaneously a hit among traders.

PepperStone

Remember just a couple of minutes ago when we talked about management? If you were to scroll up and just skim everything, although they have all helped with the managing process, none of them do any real management whatsoever.
This is where PepperStone comes in – and it can be considered to be your virtual trade assistant living right inside of your computer.

PepperStone is part of the MetaTrader market (Native to MetaTrader only), and in this special market, you can rent or buy out robots (or ‘Expert Advisors’). They’re not only advisors in the sense that they will recommend you in the best trades and market opportunities, but if they allow them, they can even handle trades in your name straight away.

This is part of the reason MetaTrader is so popular in the first place – the availability of 1,700 robots and 2,100 technical indicators to help with enhancing your trade efficiency is a huge plus over other platforms.

And of course, PepperStone is among one of the best robot out there that you can use through MetaTrader. Its complexity with the ability to analyze, handle and execute the trade. Although it does have shortfalls just like humans do, for a lot of people, it can do a much better job at reading subtle hints in the trend and the signals more than even they do. And for the professionals, the availability of yet another source of intelligence, this time, much more well-constructed and reliable will increase your chance of succeeding in the market likelier.

Conclusion

Computers have changed our lives into easier versions of their former selves, and this also held true for traders. Not having any of these software will cost you huge advantages over your competitors, and as a trader, these advantages will mean either leading the pack or falling behind.
Have you picked up your best Forex trading software? Let’s us know by leaving your comment below! Thank you!