Forex Trading Software Reviews

Which is the best forex trading software in the market? With hundreds of forex brokers offering their services online, choosing the right broker is a task that is no less difficult than creating a successful strategy sometimes. The average trader is unlikely to have enough time check all of the various features of the forex software packages offered by the brokers and even if he had time, it is not possible to fully evaluate and appreciate the complex features of a good trading platform with a cursory examination. We would like to expedite this process for you by providing these forex trading software reviews from the markets most legitimate and reputable brokers.

Forex Club

Forex Club offers two types of trading software, and two types of accounts to go with them. Here we’ll review both of those packages for you:

Classic FX

The Classic FX platform implements the Rumus 2 software, which is the more advanced and sophisticated of the two choices offered by FXClub.com. This platform was designed for active and professional traders and account managers. Although easier to use than the majority of other forex trading programs. Rumus 2 is a powerful and multi-faceted application whose advantages can be exploited best by those who have a good understanding of the risks involved in currency trading and leverage.

One of the most exciting features of the Rumus 2 forex trading program is its open source code. This feature offers unprecedented customizing and fine-tuning options to professional traders who are interested in optimizing the performance of the trading software. To facilitate this feature, Rumus 2 has a modular structure granting the trader the ability to modify one section without compromising the functioning of the software. Even without customizing, Rumus 2 is feature-rich with a user-friendly interface that supports all the popular templates.

The platform offers more than 50 indicators and oscillators that include almost all of the most popular and common technical tools used by technicians. Audible market alerts and the ability to trade directly from the charts facilitates the swift and timely execution of orders without delays. Another very interesting feature of the platform is the ability to fit several time-frames in a single chart, allowing the trader much greater insight and predictive power in evaluating the price action.

The forex charting software also facilitates the implementation of back testing capabilities on intraday and end-of-day time-frames, allowing the trader the power to verify his methodology in light of past price action.

The Rumus 2 platform is compatible with Linux, FreeBSD and all Windows operating systems. Installing the software requires 7 MB of hard disk space. A broadband internet connection is a necessity.

ExpressFX

The ExpressFX forex trading software is tailor-made for active traders and beginners who would like a gentler experience as they begin their careers. In order to facilitate such an experience, the ExpressFX platform charges a straightforward commission on each trade instead of eroding the account by widening the bid-ask spread, as it is the case with most other trading platforms.

Another interesting feature of the ExpressFX forex trade software is the ability to downsize, upsize or reverse a position without closing it. Thus, when you’re unhappy with the risk that you had taken while opening the position but you still believe that the trade is feasible on a longer-term, reduced leverage basis, you can close a portion of the position without closing it altogether. Very beneficial to beginners and it will also save the seasoned traders from the occasional headache too.

Read Forex Club's full broker review

eToro

Arguably, eToro’s forex trading program is the most innovative and interesting one in the entire industry. Aiming to combine an interface that resembles a computer game with all the standard tools of technical analysis and news flow from various providers, the eToro forex trade program is a candidate to be the best forex software for the beginners of currency trading.

In representing the price action of the USD/JPY pair, for example, the Forex Trend arena of the platform will pit a large sumo wrestler against Uncle Sam in their traditional attire. These two characters and their Australian, or British equivalents will also run a marathon on the forex marathon screen, if that option is chosen. The purpose of this relaxing setup is to reduce the emotional burden associated with a beginner’s career: the less worried and scared you are, the easier it will be to close a position that must be closed or to hold on to a trade that should be kept open. Instead of looking at the various charts and graphs continuously and becoming nervous while deriving little benefit, the eToro forex trade software provides the traders a fun-laden experience that will emphasize the joyful aspect of trading.

And all these interesting aspects of the platform do not prevent it from featuring a packed forex charting software that can meet much of the expectations of traders with its simple but comprehensive offer.

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MGForex

The latest version of the DealStationFX forex trade program from MGForex combines the advantages of stability, multi-currency flexiTrading and wireless trading features of the older version with some new features that have revolutionized the online retail forex market.

In order to expedite the trading process and to ensure that traders can exploit emerging opportunities quickly, the DealStationFX platform facilitates the placement of orders directly from the charts and it also enables the opening of multiple charts in the same windowed interface. With this flexible approach, you can monitor the price action of multiple currency pairs at the same time which is a great advantage when you’re trying to identify a coordinated movement in a number of pairs for profit. Also, the DealStationFX forex trading software enables the placement of trailing stop orders, adding a whole new strategic dimension to money management. Finally, to speed up the trading process even further and to reduce the time lost on micromanagement, the forex trading program of MGForex enables the setting up of pre-defined templates with defaulted trading quantities and leverage ratios for the trader’s most frequently traded currency pairs.

An economic calendar, news and analysis supplied by the financial news provider partner of MGForex, Forexnews.com and various other fundamental analysis plugins ensure that the data to be evaluated is not limited to the technical aspect of the price action, but a multi-dimensional picture is obtained through different kinds of market analysis.

The forex trading program is highly customizable with different color schemes, language options, sound and window locations possible in accordance with the trader’s choices. Customer support is excellent; apart from the usual options available from other brokers, the Deal Station forex trade software implements a built-in email function which facilitates correspondence with support staff with attached screenshots of charts and orders taken directly from inside the platform.

Finally, the software is highly compatible with Mac, Windows, and Linux operating systems, at both high and low resolutions.

Read MGForex's full broker review

Easy Forex

The forex trade software of Easy Forex is simple but powerful, implementing powerful charting tools and clear displays which ensure that the trader can manage the risks of trading without being lost among the countless options available to him. No-slippage, no-hidden costs, no downloads and 24 hours a day, seven days a week access to your account are the strong points of the trading platform.

The unparalleled FREEZE feature of the forex trading program allows the trader to freeze the quote for a few seconds, ensuring that the rate you see quoted on the screen is the rate that you will have executed for your trade, regardless of market developments. Although this feature is only available during regular market hours, it is powerful enough to set Easy Forex apart from competitors on its own merit alone.

By using this platform, you’ll gain access to 24-hour live streaming quotes even on weekends, except for a short time on Sunday. You can generate a detailed report on all transactions performed using your account at the click of a button, safe in the knowledge that no one but you can access and trade with your account.

Finally, the already low and competitive spreads offered on the basic account packages are for traders who trade on an irregular basis with small sums only. For active traders who are willing to risk larger sums the firm offers special packages custom-made for the needs of each client. In order to negotiate the spread, all you need to do is call the customer support service.

Read Easy Forex's full broker review

ForexYard

WinTrader, the forex trading software offered by ForexYard is an easy to use, straightforward program that facilitates a straightforward approach to trading. The platform is user-friendly, with extensive documentation available at the website providing support to beginning traders, along with explanations and step-by-step guidance implemented on the software interface.

The charting toolbox includes the Average True Range, Bollinger Bands, Linear Regression, MACD, Momentum, Moving Average, Parabolic SAR, RSI, Standard Deviation and Stochastic indicators. While the total number of indicators at 10, is somewhat smaller than some other forex trading programs, they are numerous enough to satisfy the needs of most traders. Standard deviation and linear regression are a nice and rare addition to the usual technical toolbox of charting software.

The platform also offers a news service provided by Dow Jones, along with forecasts and commentary from various sources.

The WinTrader platform offers all the necessities for a successful trading experience and eliminates most of the infrequently used curiosities that come with the forex trade software of other brokers. Apart from market and limit buy, sell and stop loss orders, the WinTrader forex trading program offers a trailing stop option.

This is a relatively minimalist offer that aims to reduce the complexities associated with the retail forex trading programs. For a calm environment where the trader can concentrate on his calculations and analysis, the WinTrader platform is one of the best choices.

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