Best Software and Applications for Forex Trading 2020 – In today’s interconnected world, the foreign exchange market plays an important role in daily business. It is a global, decentralized environment in which financial institutions and businesses can trade currencies.
According to research from the Bank for International Settlements, foreign exchange trading generates an estimated $ 5.3 trillion every day – making it bigger than any other financial market. Often times, it is dominated by bank and large international companies, which work around the clock to trade and convert international currencies.
Forex trading also supports international trading and investment. For example, if an American company wants to import goods from a country in Europe, they will most likely have to complete the transaction in euros. Via forex, these companies can exchange dollars for euros quickly and easily.
Apart from enabling trading between countries, forex trading is a profitable investment opportunity. Every day, companies and investors make billions buying and trading currencies. However, it takes a lot of experience and skill to make profitable forex trading.
That’s where forex trading software comes in, automating these common business practices. Essentially, it hijacks the market for the best currency trading opportunities. And in this article, I have chosen the best forex trading or trading application.
5 Best Software and Applications for Forex Trading
The following is a list of 5 best software and applications that you can choose to carry out activities to reap the benefits of foreign currency trading or what is often referred to as forex trading. Choose and use the best software to get a profit or profit on every trade you make.
1. ForexTime FXTM
Great automated forex trading solution
- Automated forex trading
- Fully regulated
- Used all over the world
When choosing any financial management platform, it is important to look for a trusted provider. Used by traders in more than 180 countries and fully regulated, the FXTM ForexTime software is a safe software for foreign exchange trading. It is positioned as an auto currency broker.
The great thing about this platform is that it is designed for both professionals and beginners. For example, flexible leverage allows you to increase your earning potential, but this is only offered to you based on your knowledge and experience. If you intend to become an expert in this area, you can access a variety of educational resources.
Currently, you can operate with fixed and variable spreads, and when you have finished trading, the company processes withdrawal requests in just a few minutes. You shouldn’t have any problems using the software. All you have to do is register an account, upload verification documents and transfer funds before trading.
What’s more, the software can trade with millisecond execution rates. In another feature, you can get daily comments from the company’s market research team and take advantage of a series of free trading tools to make more informed decisions.
You can use this software on Windows, Mac, iOS and Android devices, and the company states that it covers 100% of your deposit up to $ 1,000.
2. The best forex application – MetaTrader
Popular retail trading application
- Various financial instruments
- Interactive graphics
- Tools and news
MetaTrader is one of the most popular trading applications for retail investors using mobile and desktop devices, and allows to trade stocks, forex, futures and other financial instruments from your mobile or desktop device.
This app supplies a general analysis of the financial markets using a variety of real-time charts that include historical information, to monitor prices and quotes.
You can also easily switch between different financial instruments and SL and TP values on the chart, along with visualization of trading information. Graphics are also interactive, with pinch and zoom options.
There are also a number of analytical instruments included, such as the Gann, Fibonacci and Elliott tools, as well as the latest financial news.
MetaTrader has recently upgraded the application from MetaTrader 4 to MetaTrader 5.
Easy-to-use currency trading application
- Market news and updates
- Support for most stock indices
- Compile data from 20,000+ financial instruments
When it comes to doing profitable forex trading, it is important to get an understanding of the current market. Netdania aims to do just that by providing you with trading ideas and strategies. The app also collects data from more than 20,000 financial instruments and thousands of real-time stocks.
Positioned as a personal trading assistant, Netdania will tell you when you need to enter or exit the market. The app is not only easy to use, it also provides you with the latest market news and updates in the economic calendar, and lets you share strategies with fellow traders. That way, you can learn from other people.
Netdania provides real-time stock indices covering the Dow Jones, S&P 500, Nasdaq 100, TSX, Nikkei 225, ASX200, Hong Kong Hang Seng, Nifty 50, MICEX, EuroSTOXX50, FTSE100, DAX 30, CAC40, IBEX35, MIB40 and SMI20, along with statistics from industries such as oil, gold, silver and platinum.
Because this software is supported by cloud technology, you can easily share and synchronize data across various devices. And to ensure you never miss a potentially profitable trade, you can register to receive push notifications about major economic events. Netdania is available in 18 languages and can be downloaded for free from the App Store and Google Play Store, although there are various in-app purchases.
4. Interceptor Trading
A great choice for forex analysis
- Forex analysis tools
- 160 intelligence indicators
- Free iOS and Android apps
If you are looking for sophisticated forex trading and analysis tools, it is worth checking out Trade Interceptor. Through the software, you can quickly find and track the best currencies and stocks to put your money in. It offers 14 advanced chart types, as well as 160 intelligence indicators and drawing tools.
This software was previously only available on desktops, but is ultimately made for mobile devices. There is trade management functionality with touch screen support, as well as split screen and Quad layer modes so you can keep your eye on multiple markets simultaneously.
Like Netdania, this app is powered by the cloud, allowing you to access analysis tools, trade data and price alerts from any device. It provides streaming quotes for all major forex trades, cryptocurrencies, indices, precious metals and commodities. Plus, you can access professionally curated news covering the Asian, European and American markets.
There are lots of built-in trading tools too, including an economic calendar, data release alerts, a trading simulator, intelligence reports and a risk scanner. It has been authorized and regulated by the FCA in the UK and ASIC in Australia, which helps increase customer confidence. This application is free to download on Android and iOS.
5. TD Ameritrade
One of the largest trading platforms in America
- Great educational material
- Various investment products
- Great for beginners
- It can be troublesome for Forex only
TD Ameritrade is one of the largest and more established trading platforms in America, and offers a variety of investment vehicles for trading, not just forex.
However, where it really excels is through its focus on trying to educate forex traders to help reduce their chances of losing money. It does this through its think tank, which provides introductory material from the Internet
National Futures Association, which regulates futures brokers. Information is presented in a clear and easy to read way, and it really underlines the risks that need to be considered.
So, if you are new to forex trading, you can feel better prepared and easier to manage not only trading but also taking risks with more confidence, rather than rushing to take advantage of the dangerous leverage that can result in losing your money quickly.
But while it’s a big plus for TD Ameritrade, it’s a broad platform that includes a comprehensive range of trading products, stocks, futures and options are no exception. So, if you want to focus solely on forex, you may find platforms clunky at times when compared to specialized forex trading platforms, especially when comparing currency pairs.
Even so, the introductory and supporting material is worth mastering, and if you want to get involved with more than forex trading, you are in an ideal place to expand your investment strategy to other products.
And those are the five best software and applications for forex trading, I hope this article is useful for you and helps you find which software is suitable for your forex trading. Good luck 🙂