Best Forex Software For Trading And Analysis
- Forex trading platform is a very important tool for Forex trading
- The trading software gives you access to the trading market
- Trading platforms can be used for opening and closing positions as well as for charting and analysis
- Among the best software to trade Forex are MT4, MT5, cTrader, Traderspoon, and NinjaTrader
Top 5 Best Software For Forex Trading
Forex trading software is a platform that gives traders access to the trading market. Through the Forex trading software, you are able to open and close positions, do charting, research, as well as technical and fundamental analysis.
There are many trading platforms available in the market and all of them are very different from each other. While some of these platforms only offer traders the ability to open and close positions, others offer them multiple opportunities, such as charting and analyzing the market.
Trading platforms in the Forex market is a very important thing. While trading Forex, you will be spending most of your time using the trading platform. Because of this, it is very important to use the one that fits your needs best.
While there are numerous Forex trading platforms around the world, not all of them are equally good. There are certain things that traders should focus on while choosing a trading platform, such as the available trading assets on the platform, the number of indicators offered, the popularity in the market, and many others.
Out of the countless options, we have decided to cover the five best Forex trading platforms that you can use.
Most of the trading platforms that we are going to talk about below have a long history of offering traders services like no other. These trading platforms have proved to be an amazing choice for traders of different expertise. We are going to review the following trading platforms below:
- MetaTrader 4
- MetaTrader 5
So, let’s talk about what each of these trading platforms has to offer to traders and what makes them better than the others.
MetaTrader 4 is one of the most popular Forex trading platforms available in the market. Created many years ago, in 2005, this Forex trading platform has become popular around the world very quickly.
MetaTrader 4 for many is the best Forex trading software for a number of reasons. Because of the services that this platform offers, it has forever changed the way people trade Forex. MetaTrader 4 is very user-friendly and easy to use, which makes it a perfect trading platform for traders of all backgrounds.
The design of the trading platform is very simple even traders with the least experience can use the platform without much struggle. However, although the trading platform is very easy to use, there still are numerous things that traders should know before they start trading.
There are dozens of tools and trading indicators designed to make trading easier. By understanding how the Forex trading indicators of MT4 work, you can become a much better Forex trader.
There are over 35 built-in indicators of MetaTrader 4, but you can download even more from different sources. The coding language of the trading platform is MQL4 and everyone with enough expertise and knowledge of coding can create indicators of their own.
There are many people who sell indicators online and there also are many others available as free downloads. Over the years, MetaTrader 4 has become very popular among traders around the world and there are hundreds of trading indicators available for this platform online.
MT4 also offers traders several charting solutions, including charts like Candlestick, line, bar, Heiken Ashi, and many others. The charts can be customized according to your needs. You can also set timeframes according to the trading strategy that you are using. All-in-all, MetaTrader 4 is a very easily customizable trading platform, which makes it very popular among traders.
Another trading platform that was created by MetaQuotes, the same software company that developed MT4, is MetaTrader 5. This trading platform was released in 2010 and is very similar to the MetaTrader 4.
The design of both of these trading platforms is very similar and just like MT4, MetaTrader 5 is also very user-friendly. This trading platform can be used for trading as well as research and analysis in the market. Known as one of the best free Forex technical analysis software, MetaTrader 5 is used by millions of traders around the world.
While MetaTrader 4 was created specifically for Forex trading, MT5 offers traders access to many other trading assets other than currency pairs. Because of the wide range of available trading assets, there are different types of traders using MetaTrader 5.
MetaTrader 5 is a very well-developed trading platform that is able to perform really well. Among the trading assets available on MT5 you can find stocks, CFDs, commodities, Forex, and many others. The language of the trading platform is called MQL5, which is a lot more sophisticated and easy to use than the language used on MT4, MQL4.
This Forex analysis software is known for offering traders a rich catalogue of technical indicators and tools that are excellent for technical analysis. It also offers traders automated trading thanks to expert advisors and signals.
The trading platform directly connects traders to multiple markets, which makes trading with this platform a very diverse experience. Among the most popular trading indicators available at MetaTrader 5 you can find EMAs, Volume indicators, MACD, Pivot points, Bollinger Bands, Renko indicators, and many others. There are over 100 price charts available and 21 timeframes giving traders the ability to do very precise research.
All of the things that we have discussed above make MetaTrader 5 one of the best Forex trading platforms online, offering traders of all expertise amazing trading services and opportunities.
One of the best-known free Forex trading software in the market is cTrader. There are certain things that make this platform stand out from others. cTrader was designed specifically for ECN brokers and offers traders amazing services.
Over the years, it has become a very popular platform and has been used by leading ECN brokers around the world. Much like MT4 and MT5, this trading platform is also capable of fulfilling trading as well as charting and researching. The visual of the trading platform is very modern and attractive.
The trading platform is very easy to use and feels very modern and new. The charting tools offered by the trading platform are very easy to grasp. cTrader offers numerous types of charts to traders, which you can use in multi-chart, single-chart, as well as in free-chart modes.
The charts of the trading platform are very easily customizable, you can set the colors of the charts as well as the whole trading platform according to your preferences.
cTrader was created over a decade ago, in 2010 by a software company called SpotWare, and has become one of the most-used trading platforms around the world. There are numerous versions of the trading platform offered to traders around the world.
It can be used on different types of devices, including Windows PCs, as well as on Mac OS. There also is a mobile version available of the trading platform for both iOS and Android devices.
There also is a browser-based version of the trading platform available for traders around the world. Thanks to the web-based platform, you do not have to download anything and can trade Forex directly from your browser.
All of the things that we have discussed above make MetaTrader 4 one of the best Forex trading programs available online. There are many Forex brokers who are using this trading platform.
Among many Forex trading platforms online, one that stands out for a number of reasons from the crowd is Tradespoon. The platform was created for the purpose of research and it uses artificial intelligence and machine learning to find the best trading opportunities.
The trading platform was created by Vlad Karpel and has been constantly updating and improving over the years of its existence. Although it does not offer any actual trading capabilities, it is still a great place for analyzing the market and understanding the possible price movements of numerous assets.
For offering amazing charting solutions, it is known as one of the best Forex chart analysis software. You analyze price movements across numerous markets, such as stocks, ETFs, Forex, as well as crypto, and many others. Among the numerous services provided by the software, you get seasonal charts, weekly and daily predictions on the possible price movements, portfolio analysis tools, and dozens of other indicators.
Although you can sign up for free at Tradespoon, there is a monthly subscription plan that is a little pricey. There are three major plans available, Stock Forecast, Tools, and Premium. The stock Forecast costs $127 per month and comes with numerous advantages such as a special screener, portfolio manager, profit calculator, and many others. For the Tools plan, the annual fee is $147, while the most expensive, Premium package costs $197 monthly.
Although it is a bit expensive, there still are many people who are using this charting solution around the world. In most cases, traders are using this software in conjunction with other trading platforms.
These traders are analyzing the market using Tradespoon and are trading Forex using other platforms, such as MetaTrader 4, MetaTrader 5, cTrader, or others.
Founded in 2003, NinjaTrader is one of the best software for Forex analysis as well as for trading. This trading platform offers traders free services such as charting, market analysis, as well as trading.
In addition to the free features, the platform also offers traders subscription-based premium features, such as advanced order types, automated trading, and so on.
This trading platform can be a perfect choice for traders of all backgrounds, but especially for those who want to trade Forex and do analysis and research at the same place. This trading platform offers traders high-level charting solutions, real-time analytical data, customizable indicators, and thousands of tools created by third-party developers.
There are numerous assets that you can access thanks to the NinjaTrader, including Forex, CFDs, and futures markets. Because of such diverse offerings, NinjaTrader is used by traders of all backgrounds.
The design of the trading platform is very modern and good-looking and is very easy to navigate. Because of this, NinjaTrader is very attractive for experienced as well as beginner traders.
This trading platform is known to be one of the pioneers in the market and has played a huge role in the development of the Forex trading market.
What Did We Learn From This Forex Trading Software Article?
There is numerous free Forex chart analysis software available in the market, each of them offering traders different types of services.
Some of the software only offers traders charting solutions, while others offer you trading as well as charting.
One of the best Forex trading software is MetaTrader 4, which was created back in 2005. Another very well-known platform is MT5, created in 2010.
Other very popular trading platforms in the market include cTrader, Traderspoon, and NinjaTrader.
Trading platforms can also be used for charting and analyzing the market for making better predictions about the future price movements in the market.
Common Questions on Best Forex Trading Programs
What is the best software for Forex trading?
There are numerous Forex trading platforms available in the market. Some of the best Forex trading platforms include MetaTrader 4, MetaTrader 5, cTrader, and many others. Choosing the best Forex trading platform is very personal, and while someone might prefer one, others might like another one more.
What is the best Forex charting software?
For charting solutions, one of the best platforms is Tradespoon. It offers traders numerous charting solutions. You can also use MT4, MT5, cTrader, and NinjaTrader for charting. All of these platforms offer numerous chart types and trading indicators.
Which is the best software for technical analysis?
When it comes to technical analysis, MetaTrader 5 and MetaTrader 4 are both very good. They offer numerous technical indicators to traders. A great thing about these platforms is there are numerous custom technical indicators available for these platforms, which means that you can find something that works for you best.