5 Best Forex Trading Software in 2023: A Guide to Stop Losing Money

By Wilbert S

January 5, 2023   •   Fact checked by Dumb Little Man

Best Forex Trading Software

Want to jump straight to the answer? The best forex broker for traders is Avatrade

The #1 Forex Trading Course is Asia Forex Mentor

The forex market is one of the biggest financial markets in the world with trade volumes of over $6 trillion. It’s also a very volatile market as well with rapidly changing price action. For this reason, you may find yourself watching your screen all day, tracking price movements, and trying to find an opportunity to trade.

But what if you didn’t have to do this. After all, modern-day trading platforms or automated forex trading software can allow you to set trading alerts. These software solutions will also allow forex traders to open and close positions automatically when certain conditions are met.

Well, there is a huge variety of forex trading platforms these days but not all offer the kind of value all successful traders want. Nonetheless, we did some extensive research and came up with some of the best-automated trading tools for the foreign exchange market. Here is our full list:

Best Forex Trading Software

BrokerBest ForMore Details

Lowest Cost Overall
Read Review


securely through Interactive Broker website

Best Forex Trading Software
Options Traders Beginners
Read Review


securely through Tradespoon website
Best Forex Trading Software
Investors New to Algo
Read Review


securely through Zen Trading website
Best Forex Trading Software
Overall Broker
Read Review


securely through Forex.com website
TD Ameritrade
Beginners


securely through TD Ameritrade website

5 Best Forex Trading Software

#1. Top Overall Online Trading Software: Interactive Brokers

Best Forex Trading Software
Photo: IBKR

Interactive Brokers or IBKR is a full-service broker that offers access to the forex markets. The broker ranks top in the list for three main reasons. First, it has global name recognition and a strong history of excellence as a forex broker. Secondly, IBKR also offers superior trading technology, including state-of-the-art stock trading and forex platforms.

Finally, the trading costs associated with the broker are also very low. This gives users the chance to maximize returns even when accounts lose money when trading. Interactive Broker also offers fast and efficient trading software. This ensures quick trade execution, especially in volatile markets.

You will also get reliable customer support, a series of educational materials, and a wide variety of retail investor accounts to choose from. In a nutshell, the firm has one of the best forex trading platforms and a series of automated trading systems to ensure you have a superb experience when trading currency pairs.

How does it work?

Interactive Brokers offers a wide range of accounts for automated trading. Before you open any of these accounts, make sure you understand the risks of algorithmic trading. For beginner forex traders, you should know accounts lose money when trading CFDs and other instruments so make sure you know what you are doing.

Nonetheless, it takes three steps to start trading currency pairs with the IBKR’s automated trading platform. First, head to the broker’s website and open an account. Provide the required verification documents and wait for at most 24 hours. If everything checks out, you will be approved for an account.

Add a payment method and deposit money. Once the money reflects in your account, you can access the automated trading software offered here and use it to enter the forex market. Besides, you can trade forex all day long since the forex market is open for 24 hours.

Pros

  • Offers some of the most advanced trading tools for forex traders
  • Trading costs are low due to low fees on various currency pairs
  • You get a reliable customer support team to ensure trading forex is efficient
  • Has a wide range of financial instruments including CFD trading

Cons

  • Opening retail investor accounts can be a bit hectic due to a lot of KYC requirements
  • High-frequency trading signals and technical indicators can be hard to understand for beginners

Price

Forex brokers do not charge a fixed fee for forex trades. Instead, they use the Bid/Ask Spread. A Bid is basically the highest amount of money a trader is willing to pay for an asset. The Ask is the highest amount of money the owner of the asset is willing to accept.

The difference between these two prices is called the spread, and it is often the basis of fees among forex brokers. This is the same approach that Interactive Brokers follows. But on the good side, the spreads here are very tight, as narrow as 1.10 PIP.

BrokerBest ForMore Details


Lowest Cost Online Stock Platform
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securely through Interactive Brokers website

#2. Best for Options Traders Beginners: Tradespoon

Best Forex Trading Software
Photo: Tradespoon

Tradespoon is also an all-inclusive broker that offers a wide range of instruments including cryptocurrency trading and of course FX. Signing up for an account here is free and you get a huge library of investment content to help you when you trade FX.

This forex broker also has a series of trading signals and some advanced forex software that help users find good opportunities in the market. It doesn’t matter what your trading style is or your overall trading strategy, this forex broker has all the tools you need. You also get free market commentary on a daily basis, smart trading guides, and dedicated customer support to help you navigate the investment world with ease.

How does it work?

Trading forex starts with a trading account. Tradespoon offers one of the easiest ways to open an account. First, head to their website and sign up. Do not worry, sign up is free of charge here. As you would expect of any traditional brokerage, some verification documents will be required too. Upload them and wait for 24 hours.

Once your account is approved, it’s time to access the free trading vault. Here, you get all the info you need to begin automated trading strategies in the forex market. Remember retail investor accounts lose money for folks who do not know what they are doing. learning before trading is therefore crucial.

Once you have learned and you are confident enough you don’t have the risk of losing money rapidly, deposit some cash, and start trading. Tradespoon does not have minimum deposits so it’s a nice place for beginners and active traders.

Pros

  • Offers a series of robust learning resources that should help you trade forex
  • All-inclusive broker with a wide range of assets to buy
  • State of the art trading platform for quick execution and portfolio management
  • Dedicated customer support team ready to assist
  • Low trading fees and tight spreads on currency pairs

Cons

  • The live trading tools can be hard to use sometimes
  • The platform requires a bit of time to get used to

Price

Tradespoon offers several pricing options depending on the package you want. It is a subscription service though where you get automated trading bots and stock picks to choose from every month. The basic package costs around $125 a month. The advanced elite trading package on the other hand goes as high as $417 per month.

BrokerBest ForMore Details
Best Forex Trading Software


Options Traders Beginners
Read Review


securely through Tradespoon website

#3. Best for Investors New to Algo: Zen Trading Strategies

Best Forex Trading Software
Photo: Zen Trading

Zen Trading Strategies is one of the most popular algorithmic trading platforms in the world. The forex platform delivers premium-grade trading indicators and strategies to help you earn returns with very minimal effort.

The firm has developed a good track record of great trading performance as well. The aim is to help you maximize your profits while reducing exposure to risks as much as possible. You will also get a series of robust educational materials to help you get started on your trading journey. And if you are new to algo trading, do not worry. This forex broker will help you get a hand on it.

How does it work?

It is important to note that Zen Trading Strategies is not a forex broker per se. It is basically a trading bot or platform that provides algorithm trading using technical indicators, historical data, and other relevant indicators. In essence, it is a platform designed to help folks reduce possible losses when they trade forex.

Remember the risk of losing money rapidly in leveraged trading accounts tends to be high. Zen takes away the guesswork and helps you make informed trades based on actionable data. To take advantage of the trading platform, sign up for an account at any time. Choose the subscription package you want and start trading. It’s just that simple.

Pros

  • Automated trading platform that providers state of the art algo trading
  • Comes with a wide variety of educational materials to help you get started with algo trading
  • Dedicated customer support team
  • Amazing history of trading successes with its automated tools

Cons

  • The monthly subscription fees can be quite expensive and do not include trading fees
  • The automated trading platforms look a bit complicated for a beginner

Price

Zen is a subscription service. You can pay either a monthly fee or an annual rate. For those who would like to pay per month, the fee is about $67. The annual fee however allows you to save big with a rate of $599. This translates to roughly $50 a month.

There is also a three-week free trial that can help you learn more about the platform and how you can use it to optimize your strategies. Once you are happy with everything, go for the paid version.

BrokerBest ForMore Details


Investors New to Algo
Read Review


securely through Zen Trading website

#4. Best Overall Broker: Forex.com

Best Forex Trading Software
Photo: Forex.com

Forex.com is by far the best forex trading platform simply because of the fact that it is actually built for forex traders. The broker also offers a few other features including a wide range of currencies to buy and sell, superior trading platforms, and some of the lowest fees in the market.

Forex.com also has a lot of experience in the Forex market and has built a strong reputation as one of the most dependable brokerages in the world. Additionally, the firm is available globally, giving folks from different countries opportunities to open an account and start trading.

Forex.com also has a team of trading experts and automated trading tools that analyze data and give users alerts on a real-time basis. If you are looking for an efficient low-cost broker fully focused on the forex market, then Forex.com is your best bet.

How does it work?

It takes about 3 simple steps to start trading forex with Forex.com. The first thing to do is to of course open an account. As part of its regulatory requirements, the broker will need your personal details and details about your trading experience. This will determine if indeed you get an account and the parameters involved in the account, including things like applicable leverage.

If your account is approved, then you should go ahead and make a deposit. Forex brokers accept different deposit methods and Forex.com is not any different. You can deposit using wire transfers, credit cards, ACH, and others. It takes about 3 business days at most for the deposit to reflect. Once that happens, log in to your account, pick the trading platform you wish to use, and start trading.

Pros

  • One of the most recognizable forex brokers in the world right now
  • Offers a smooth and interactive trading experience for both beginner and advanced traders
  • Excellent customer support and educational materials to help you navigate through the platform
  • Some of the lowest trading fees out there
  • You also get a demo account to hone your forex trading skills before jumping with real money

Cons

  • Limited trading leverage, especially for non-experienced traders
  • Educational materials provided need to improve a bit

Price

The pricing on Forex.com is based on the type of account you have. As of now, there are three main account types. The first one of the Standard Account, which is the most basic of the three. The account is designed for people looking for traditional spread pricing.

The second option is the Commission Account. This one is perfect for bargain hunters looking for the lowest possible trading fees. It offers ultra-tight spreads and fixed low commissions for every trade. And finally, there is the Direct Market Access Account. This one is for high-volume FX trading.

The fees payable here are very low, especially when considered as a percentage of the total trade volume. But this account works for large institutional investors. Nonetheless, regardless of the account type you choose, you can rest assured knowing the total fees charged by this broker are typically lower compared to the industry average.

BrokerBest ForMore Details
Best Forex Trading Software


Overall Broker
Read Review


securely through Forex.com website

#5. Best for Beginners: TD Ameritrade

Best Forex Trading Software
Photo: TD Ameritrade

TD Ameritrade is a US-based regulated broker that offers access to a huge variety of markets, including forex. The brokerage is often seen as one of the main pioneers of automated trading and has built a series of advanced trading technologies over the years. For tech-driven traders who love superior trade technology or tools, TD Ameritrade will not disappoint.

The broker also offers a multi-platform approach where you can use desktop or mobile trading apps on the go. TD Ameritrade is also one of the few firms right now that offers commission-free trading but only on select stocks. You also get personalized educational materials to help you get started in your forex investing journey, a dedicated customer support team, and a huge range of financial instruments to trade.

How does it work?

TD Ameritrade is a general-purpose brokerage firm so it has a lot of services designed for different people. This is actually reflected in the account types available here. In fact, the broker offers more than ten different accounts. In case you are just an average trader, you can pick the basic individual account and get started.

But other traders, especially those involved in large volume forex investing, or those who want to make retirement investments, can choose other different accounts. TD Ameritrade will also help you pick the right account in case you are not sure.

Once you decide which account you want, head to the main website and open it. After that, select a deposit method and fund your account. You will now have access to the powerful trading platforms available at TD Ameritrade and a gateway to the global forex market.

Pros

  • Offers a powerful trading platform with advanced trading features
  • You get a wide range of accounts to open depending on your needs
  • Low trading fees in forex and other assets
  • All-inclusive broker with a wide variety of trading instruments
  • Personalized educational materials for beginners

Cons

  • The superior trading platforms here can be a bit intimidating for new users
  • The KYC requirements are very strict
  • Only available in a small number of countries

Price

Although TD Ameritrade offers commission-free trading on several US-based stocks, ETFs, and options, when it comes to forex trading you will pay some fees. Well, the broker, just like many other in the forex world, uses the spread as the basis for the fees.

The good news is that TD Ameritrade offers very tight spreads, something that should lower trade fees quite significantly. You do not also pay platform fees, data fees, or account opening fees. There are also no trade minimums.

BrokerBest ForMore Details
TD Ameritrade


Beginners
Read Review


securely through TD Ameritrade website

How we rank the Best Forex Trading Software?

Our research on the best forex brokers out there looked at a wide range of parameters. However, we felt that there were three main ones that matter to forex traders. The first thing we looked at is the trading fee charged by each broker. This is a very crucial determinant in choosing a broker and as such, firms that charged the lowest fees were ranked higher in this review.

Our team also looked at the nature of the automated trading platforms. How effective are they? What kind of reviews do they have from previous users? And perhaps most importantly, are they easy to use? There were also considerations about general security. Firms that had better more advanced security measures got a better-weighted ranking.

In addition to these three factors, the team also looked at the nature of customer support, availability of brokerage services for global traders, and of course, the kind of educational content offered to new traders looking to invest in forex markets.

How to choose the Best Forex Trading Software?

Before you choose a forex broker, it is important to remember that retail investor accounts lose money in the forex market. You must therefore understand the risk involved, educate yourself about trading, and learn how to manage your capital well. Nonetheless, if you are confident enough to start trading, then picking a broker shouldn’t be that hard.

The first thing you have to consider is whether indeed the brokerage accepts applications from your country. The financial industry is highly regulated these days and as such, most brokers will have limited reach. Check the trading fees as well. Forex brokers that offer the tightest spreads will typically have lower fees and as such, they should be top on your agenda. Also, ensure the broker you have chosen doesn’t have account minimums, platform fees, or any other hidden charges.

You may also want to consider the reputation of the brokerage within the forex community. After all, if other active traders are happy with a given brokerage, then chances are you will too. Other factors to look for include ease of account opening, funding options, account verification requirements, and overall customer support.

Choose Asia Forex Mentor for Your Forex and Stocks Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.

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Conclusion: Best Forex Trading Software

There are a lot of forex brokerages out there. However, Interactive Brokers is a popular pick among traders in the forex market and it’s not hard to see. First of all, this broker is built with beginners in mind and besides, it offers state of art trading technology for fast execution and 100% efficiency.

Interactive Brokers has also built a reputation for low fees, excellent customer support, and ease of account opening. Users here are also able to choose different account types as well. Whether you are looking for a basic individual trading account or an advanced institutional account, the brokerage has everything you need.

The only downside with Interactive Brokers is the fact that the educational materials offered are not as detailed as we hoped. It may also take time to get your account approved. But other than that, it is one of the best and solid forex brokers out there.

Best Forex Trading Software FAQs

Are Forex Trading Software Safe and Legit?

Well, it actually depends on the software you are using. Reputable algorithmic trading software with a history of success in trading strategy are always recommended. They will work safely for beginner forex traders and advanced experts who have experience.

What is Trading Platform?

A trading platform is a software that provides a series of forex trading tools. The platform provides trade automation, price alerts, and so much more. These platforms are also designed for folks who want to try their hand in algorithmic trading.

Does Trading Software really work?

Again, it actually depends on which software you are using. Although we know a lot of trading software solutions that deliver a lot of success for traders, the market is also flooded with fake bots that simply want to scam you. Take your time and assess your options carefully before you make your move.

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Wilbert S

Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.

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