Find The Best Forex Trading Software In 2022
Having access to the markets through a reliable trading platform is crucial to the success of forex traders. It’s not enough just having a good strategy, you need all of the order types, chart tools, risk management features and metrics that a good trading platform provides, to get the most from your trading. We have compiled a very simple yet comprehensive list of the worlds leading forex trading software.
TradingView is the worlds most popular forex trading software. The platform is completely cloud based and comes with industry leading charting tools to help analyse the forex markets. TradingView also pairs with a handful of the most popular brokers, allowing you to take trades on the platform alongside analysing. I have personally used TradingView for years and could not trade without it now!
2. MetaTrader 4
MetaTrader 4 is the most widely known forex trading software in the world and is used by millions of traders daily. The software is free to download for Windows or Mac and allows traders to execute trades directly with their broker. The charting tools are fairly limited, but execution tools are spectacular. Many traders use a combination of TradingView for analysis and MetaTrader 4 for trading!
cTrader is without a doubt the most advanced forex trading software for retail traders. The platform offers a range of charting tools, risk management add-ons and is the hub for algorithmic trading! You can only use cTrader if your trading broker supports it, so I would advise using a broker like IC Markets that pairs with the cTrader software.
4. MetaTrader 5
MetaTrader 5 is the updated version of the MT4 trading platform. Although MetaTrader 5 still has a huge amount more charting features, trading tools and user friendliness compared with its predecessor, MT4 still comes out on top in terms of popularity! MetaTrader 5 is a must have for retail traders around the world!
5. Ninja Trader
Ninja Trader is a hugely popular, if not the most popular, futures trading platform in the world. Some traders use the software to trade forex and spot currencies too. The functionality of Ninja Trader is out of this world however, I think it’s overkill and too complex for the majority of hobby forex traders just trading with price action. Nonetheless, a great forex trading software!
6. Oanda Trader
Oanda has it’s very own trading platform for forex traders that has taken the online community by storm over the last few years. The platform is the perfect blend between MetaTrader 4 and Tradingview. The only downside is that you need to be using Oanda as your broker to be using the software – which is the only reason I’m not using it myself!
eToro is one of the most popular brokers and platforms in the world for traders. eToro has a cloud based platform used for trading all kinds of instruments from ETFs to forex! The platform looks great and is extremely user friendly, I have never experienced any issues with it in over a year of use. However, you do have to be an eToro user in order to use the platform, ruling out all other brokerages.