com for all their trading needs! FX, forex, foreign-exchange market, currency trading — whatever you choose to call it, this high-potential market is unique in more ways than one. As currency values constantly change, traders usually needed to watch these variations in order to hone in on a good trade. That is, until automated forex trading software came along.

While major institutional investors were the 1st to implement and carry out algorithmic trading, the influx of automated forex trading software intended for the personal forex traders is now a rapidly growing market.

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.

Its parent company, MetaQuotes, was a pioneer in the development of forex trading and charting platforms. While it is not itself an actual automated trading software, it boasts the widest selection of trading applications in the world, up to 1, different trading robots. Not sure which is right for you? Several EAs supported on MT4 are offered for rent as well as purchase, so you can try products out for as little as 1 month and up to 1 year. Both MT4 and its younger brother MT5, which focuses more on securities and futures markets , are available through dozens of online forex brokers , but FOREX.

com is our top pick. This trading platform is rich in resources for traders focused on both futures and forex. The platform has a special community of resources available where you can explore indicators and strategies built by 3rd party developers.

These range from automated strategies for order executions, education and training as well as hundreds of indicators, signals and strategies to personalize your platform. If you are just starting out, NinjaTrader also provides unlimited free access to real-time and historical forex market data without a brokerage account.

This makes it an ideal platform for new traders ready to use advanced charts and a free simulator until they are ready to enter the live market. While it cannot yet compete with MT4 and MT5 in terms of size, many traders continue to make the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features , as well as increased access to multiple data feeds. A market replay feature also allows traders to download historical data and simulate trades for further practice.

NinjaTrader does have a wide range of useful educational materials available, including daily training webinars designed to educate new users, hundreds of on-demand training videos, help guides and an informative YouTube channel. The thinkorswim platform operates under the parent company TD Ameritrade , an American veteran in the finance industry, and thinkorswim sits among the top brokers for currency pairs.

If you are interested in trading stocks, options, futures and forex, you can comfortably keep all your trades together under 1 concise account. If its robot can help you accrue lofty profits, it will probably be a small price to pay. Note: thinkorswim is not a platform for beginning traders , regardless of whether you focus on forex or other commodities.

You can tap into a range of mobile trading options, available on all Apple phones, tablets and watches, as well as Android smartphones and tablets. Interactive Brokers offers a similar breadth of currency pairs as thinkorswim, with more than to choose from. While it can be easily used for forex trades, it is also applicable to stocks, futures and more. The company offers a handful of different customizable automated trading systems to support the types of trades you make.

Interactive Brokers offers Android and iOS slimmed-down versions of their desktop software through mobile devices. 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.

For algorithmic trading or any kind of high frequency trading, having a solid, backtested trading strategy, complete with entry and exit signals and a risk management framework, is key to success. Most traders spend years learning the markets and learning how to build trading scripts—and lose a bunch of money in the process—before finding one that works consistently.

Zen Trading does all the leg work for you, so you can simply customize it to the timeframe and assets you trade. 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. However, it does offer several benefits that can make you a better trader. The top reasons for implementing AI into your trading scheme through automated software:.

This is due to the restrictions implemented in the Dodd-Frank Act of , which banned CFD trading a popular form of derivative trading in an effort to protect consumers who had, in the past, lost the vast majority of trades partly due to the fraudulent practices of brokers. While these platforms are available across most other continents, make sure you still practice safe trading under more lenient laws.

Using AI through algorithmic trading is anything but an assurance of good performance. These programs are fallible for many reasons in their own right, otherwise every single trader would use them. Moreover, market conditions can change in an instant. Interest rates could shift, causing a currency to rise or fall dramatically.

Margin calls may be made, requiring you to make a larger initial investment. Exchange rates could also change before a contract matures.

Current events in the issuing country, governmental stability and industrial profitability all play a part in the price of any currency in which you wish to invest. Keep in mind that automated software does not guarantee an infinite amount of successful trades — it just offers you more information with which to interpret the market.

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.

Not only is it extremely liquid, it operates around the clock, across the world and trades in volumes larger than all other markets combined.

The forex market is a competitive, open market, as nothing but capital is required to enter. Its flexibility, coupled with the success of countless traders with different levels of expertise, proves that there is more than one way to eat an elephant. However, one of the biggest drawbacks of the forex market has always been its high time consumption. com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.

Learn more about FOREX. My Account. Benzinga Plus. Log In. Our Services. News Earnings. Retail Sales. Insider Trades. Markets Pre-Market. After Hours. Binary Options. CME Group. Global Economics. Penny Stocks. Digital Securities. Ratings Analyst Color. Price Target. Ideas Trade Ideas.

Covey Trade Ideas. Long Ideas. Short Ideas. From The Press. Jim Cramer. Best Penny Stocks. Best Swing Trade Stocks. Best Blue Chip Stocks. Best High-Volume Penny Stocks. Best Small Cap ETFs. Best Stocks to Day Trade. Fintech News. Personal Finance Compare Online Brokers. Stock Brokers. Speaking of convenience, one-click-trading is a pretty useful thing to have.

However, it is not available with every type of Forex currency trading software. Whilst one-click-trading is useful for traders who want to start trades and get the process going with a few clicks of the mouse, It's important to remember that planning and analysis are a vital part of trading. The backtesting capabilities of FX software are some of the most important features for a technical trader - but it's one of the least popular in-built features among retail trading platforms.

Backtesting enables traders to automatically test a trading strategy against historical price action by simply inputting parameters for opening and closing trades. Manual backtesting is of course possible on all platforms that display price history. However, it is an extremely laborious and time-consuming process. Stand alone backtesting software is available online for additional fees. Whether it's worth doing depends on how frequently you will be using algorithmic strategies, since it is only set trading strategies that can be backtested automatically.

The optimisation features of FX trading software works much like backtesting, only it is aimed at adjusting technical indicator parameters according to the historic price action per instrument. This is almost impossible to be completed manually. Goichi Hosoda - the inventor of the Ichimoku Kinko Hyo indicator - took some 30 years to manually recalculate variations of his indicator parameters to identify which ones fit the market best - and he wasn't working alone.

Now think of the technical indicators you know, each has a minimum of two parameters. Some have up to ten - and each can be changed depending on the market and the time interval. Imagine you could take any market at any time interval, apply any technical indicator, and then play with its settings and get the backtesting results instantaneously. Unfortunately, this feature isn't as readily available as the historical testing plugin. The scanner in Forex market software enables traders to set readings for automatic market scans and to locate trading opportunities - for example, every time a SMA crosses a SMA.

Market scanners work nicely when paired up with an alert plugin that notifies the trader when certain market conditions are met. This is as close as a trader can get to automated trading without actually using automated trading software. Locating, signalling and then trading according to the specific technically calculated entry and exit points leaves the trader to make a decision.

However, an automated trading software programme will make that choice for the trader. The ability to add custom indicators is a Forex software feature that allows traders to code their own indicators and add to the vast library of existing ones. Additionally, traders may locate custom indicators created by other traders online, download them, and then use them.

Before we conclude, there are a couple of things to consider when it comes to Forex trading software. The speed of order executions will naturally differ from one trading software package to another - however, the difference is usually a matter of microseconds.

What can really put a lag on order execution speed is network connection. This includes the brokers' server capabilities and similar other out-of-your-control factors, but rarely the trading platform itself.

Another thing to keep in mind is that not all trading platforms perform equally when installed on different operating systems or mobile devices. If mobility is a factor for you - make sure to pay attention to platforms that are well optimised for portable devices. If you feel like you've read enough and are ready to start trading right now, you might want to consider trading with MetaTrader Supreme Edition. This enhanced plugin is the ultimate add-on for your MetaTrader trading platform, as it boosts your trading experience through the addition of excellent tools such as the 'Correlation Matrix' - which provides a comparison of all the major currency pairs, the 'Mini Terminal' - which enables traders to trade with a small window outside of the trading platform, and so many more useful features.

To conclude, it is important to once again remind oneself that there is plenty of free Forex trading software out there that has already been tested, benchmarked, and traded with. The platform is not the sole factor that gives a trader their competitive edge - it is merely a tool to help them on their way. With every trader possessing their own trading style and capabilities, functionality, and user convenience are relative factors.

So what works for some, may not work as well for others. When looking for the 'the best' Forex software, it is important to ensure that research software is free. Check what features are included, and what additional features you have to pay for. Work out what is important in your strategy - depending on your needs you may find it's actually more cost effective to get paid software. If you are a technical trader, it is also important to research the size of the technical indicator library, and then check whether it can be enriched by adding custom indicators.

Make sure that the software you use is compatible with your device and operating system. Check whether the platform is Windows or OS - it could even be a browser-based Forex market trading software package that is completely online, with no installation required.

Are all kinds of orders available? Market price entries go without saying, but how about pending orders like buy stops and sell stops, or limit orders? Take-profit and stop-loss orders must also be available by default, whilst a trailing stop would be a useful feature to have too. Make sure to check how much historical data is available on each platform. Your needs will again depend on the type of trader you want to be. For a scalper, this will not be as relevant as it is for long-term investors.

Does the platform allow backtesting, indicator optimisation, and is it capable of sending alerts? Last but not least, you should find the trading interface easy to use and pleasing to look at.

There will of course be a certain level of adjustment available, but make sure you can change what you need to make it meet your individual needs. As your trading platform is your primary tool, you can't afford to use something you don't like.

What's more, you shouldn't have to - there is plenty to choose from when looking for the best software for currency trading. Click the banner below to receive your FREE MetaTrader Supreme Edition download, and start trading today! About Admirals Admirals is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5.

Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time.

Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks. Help center Contact us. Start Trading. Trading Tools MetaTrader Supreme Edition StereoTrader Top! Virtual Private Server Parallels for MAC. Markets Forex Commodities Indices Stocks ETFs Bonds. Best conditions All trading offers Promo Contract Specifications Margin Requirements Volatility Protection Cashback Welcome Bonus New Premium Program New.

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Benzinga readers love FOREX. com for all their trading needs! FX, forex, foreign-exchange market, currency trading — whatever you choose to call it, this high-potential market is unique in more ways than one.

As currency values constantly change, traders usually needed to watch these variations in order to hone in on a good trade. That is, until automated forex trading software came along.

While major institutional investors were the 1st to implement and carry out algorithmic trading, the influx of automated forex trading software intended for the personal forex traders is now a rapidly growing market. 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. Its parent company, MetaQuotes, was a pioneer in the development of forex trading and charting platforms. While it is not itself an actual automated trading software, it boasts the widest selection of trading applications in the world, up to 1, different trading robots.

Not sure which is right for you? Several EAs supported on MT4 are offered for rent as well as purchase, so you can try products out for as little as 1 month and up to 1 year. Both MT4 and its younger brother MT5, which focuses more on securities and futures markets , are available through dozens of online forex brokers , but FOREX.

com is our top pick. This trading platform is rich in resources for traders focused on both futures and forex. The platform has a special community of resources available where you can explore indicators and strategies built by 3rd party developers. These range from automated strategies for order executions, education and training as well as hundreds of indicators, signals and strategies to personalize your platform.

If you are just starting out, NinjaTrader also provides unlimited free access to real-time and historical forex market data without a brokerage account. This makes it an ideal platform for new traders ready to use advanced charts and a free simulator until they are ready to enter the live market.

While it cannot yet compete with MT4 and MT5 in terms of size, many traders continue to make the leap from MT4 to NinjaTrader for its high-quality charting and increased customization features , as well as increased access to multiple data feeds.

A market replay feature also allows traders to download historical data and simulate trades for further practice. NinjaTrader does have a wide range of useful educational materials available, including daily training webinars designed to educate new users, hundreds of on-demand training videos, help guides and an informative YouTube channel.

The thinkorswim platform operates under the parent company TD Ameritrade , an American veteran in the finance industry, and thinkorswim sits among the top brokers for currency pairs. If you are interested in trading stocks, options, futures and forex, you can comfortably keep all your trades together under 1 concise account. If its robot can help you accrue lofty profits, it will probably be a small price to pay. Note: thinkorswim is not a platform for beginning traders , regardless of whether you focus on forex or other commodities.

You can tap into a range of mobile trading options, available on all Apple phones, tablets and watches, as well as Android smartphones and tablets. Interactive Brokers offers a similar breadth of currency pairs as thinkorswim, with more than to choose from. While it can be easily used for forex trades, it is also applicable to stocks, futures and more. The company offers a handful of different customizable automated trading systems to support the types of trades you make.

Interactive Brokers offers Android and iOS slimmed-down versions of their desktop software through mobile devices. 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. For algorithmic trading or any kind of high frequency trading, having a solid, backtested trading strategy, complete with entry and exit signals and a risk management framework, is key to success.

Most traders spend years learning the markets and learning how to build trading scripts—and lose a bunch of money in the process—before finding one that works consistently.

Zen Trading does all the leg work for you, so you can simply customize it to the timeframe and assets you trade. 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. However, it does offer several benefits that can make you a better trader.

The top reasons for implementing AI into your trading scheme through automated software:. This is due to the restrictions implemented in the Dodd-Frank Act of , which banned CFD trading a popular form of derivative trading in an effort to protect consumers who had, in the past, lost the vast majority of trades partly due to the fraudulent practices of brokers.

While these platforms are available across most other continents, make sure you still practice safe trading under more lenient laws. Using AI through algorithmic trading is anything but an assurance of good performance. These programs are fallible for many reasons in their own right, otherwise every single trader would use them. Moreover, market conditions can change in an instant. Interest rates could shift, causing a currency to rise or fall dramatically. Margin calls may be made, requiring you to make a larger initial investment.

Exchange rates could also change before a contract matures. Current events in the issuing country, governmental stability and industrial profitability all play a part in the price of any currency in which you wish to invest. Keep in mind that automated software does not guarantee an infinite amount of successful trades — it just offers you more information with which to interpret the market.

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. Not only is it extremely liquid, it operates around the clock, across the world and trades in volumes larger than all other markets combined. The forex market is a competitive, open market, as nothing but capital is required to enter.

Its flexibility, coupled with the success of countless traders with different levels of expertise, proves that there is more than one way to eat an elephant. However, one of the biggest drawbacks of the forex market has always been its high time consumption.

com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.

Learn more about FOREX. My Account. Benzinga Plus. Log In. Our Services. News Earnings. Retail Sales. Insider Trades. Markets Pre-Market. After Hours. Binary Options. CME Group. Global Economics. Penny Stocks. Digital Securities. Ratings Analyst Color. Price Target. Ideas Trade Ideas. Covey Trade Ideas. Long Ideas. Short Ideas. From The Press. Jim Cramer. Best Penny Stocks. Best Swing Trade Stocks. Best Blue Chip Stocks. Best High-Volume Penny Stocks.

Best Small Cap ETFs. Best Stocks to Day Trade. Fintech News. Personal Finance Compare Online Brokers. Stock Brokers. Forex Brokers. Futures Brokers. Crypto Brokers. Options Brokers. ETF Brokers. Mutual Fund Brokers. Index Fund Brokers. Bond Brokers. Short Selling Brokers. Stock Apps.

Hire a professional programmer to build an EA, and then to test it on your trading platform to ensure its effectiveness. Compared to other top forex brokers, Pepperstone provides some of the lowest spreads available to retail investor accounts, with spreads as low as 0. This is unlike some feeds outside the Forex industry that only send updates once every 24 hours. This software is best for MetaTrader 4 users and forex traders of all levels. They have some of the most competitive spreads on a range of CFD products including forex, commodities, cryptocurrencies, and more. Forex Brokers.

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