Having the right CFD & Forex trading software will help ensure you have the best trading experience. Trading tools include trading platforms, charting and technical analysis tools, back-testing, automation with forex robots, and back-testing. Below We present our best tools for each category.
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Forex Brokers offers different software trading tools that can help with your trading success. Here are our top tools
With the regulated broker’s extensive range of trading platforms, social-copy trading features and charting tools, Pepperstone offers the best software overall. In addition to a solid product software range, Pepperstone offers tight spreads, low commissions and fast execution which will help you make the most of the broker’s software products. Pepperstone clients are offered three of the world’s most popular third-party trading platforms, being MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.
When trading CFDs and forex with Pepperstone, traders can choose between a Standard Account, Razor Account and Swap-Free Account Type. Standard account types offer a simple fee structure, with no additional commission fees charged on top of the spread. Standard accounts are available with MT4 or MT5.
As a Razor Account holder, traders gain access to tighter spreads while paying flat-rate commission fees that vary between each trading platform, with MT4, MT5 and cTrader available.
Lastly, Swap-Free accounts are designed for Islamic traders who require an account type that complies with Sharia Law.
While standard accounts may suit beginner traders wanting a simple fee structure, Razor accounts give traders access to ultra-tight ECN-style spreads and are an excellent choice for day traders, scalpers, algorithmic, professional traders and active traders. Compared to other top forex brokers, Pepperstone provides some of the lowest spreads available to retail investor accounts, with spreads as low as 0.1 pips on major currency pairs. To achieve an ECN-like trading environment, orders are executed with no dealing desk (NDD) and straight-through-processing (STP). NDD and STP execution allow Pepperstone to connect traders with top-tier liquidity providers and some of the best prices available on the currency markets.
To keep your spreads tight and avoid artificially changing prices set by liquidity markets, Pepperstone charges Razor account holders a commission fee rather than wider spreads. Commission costs are:
MetaTrader 5 Razor Account Commission Fees
MetaTrader 4 Razor Account Commission Fees
cTrader Razor Account Commission Fees
Commission costs compare well against other brokers. If you are trading many lots, commission fees, much like spreads, can add up.
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Standard account types are an excellent choice for those new to currency trading, as traders can avoid complicated commission fee calculations and easily calculate potential profits and losses. While spreads are wider by at least 1 pip for each currency pair when compared to a Razor account, traders incur no additional commission fees on top of the spreads.
Pepperstone accounts gain access to the same software features, with the only difference between account types being spreads and commission fees. Features provided to both Standard and Razor account types include:
An Islamic account is available with no swap fees (also known as overnight financing fees or holding fees). Available with both Standard and Razor account pricing, Islamic accounts are designed to be compliant with Sharia law, where interest-based swap fees are not permitted. Rather, Islamic account holders pay flat rate swap fees that vary between currency pairs. To sign up for a swap-free account, traders are required to contact Pepperstone’s customer support team (proof of faith may be needed).
Pepperstone offers fast execution speed of orders in less than ~30ms*. Quick execution with no delays is ideal for forex day trading, expert advisors and scalping as the chances of slippage due to execution lag are greatly reduced. The chart below shows the average speed of order executions, along with other forex brokers.
Fast market orders increase your chance of orders being filled at your requested size and price when the broker receives them. This means you are less likely to need to deal with partial fills, re-quotes or slippage. Pepperstone offers fast execution of limit orders with details of the results shown below.
Fast execution ensures help ensure that your buy-limit or sell-limit will transact when your price point is triggered. Limits are useful because it means you don’t need to constantly monitor the process as it is automated.
Pepperstone offers the most popular forex trading platform on the market, MetaTrader 4. When using MT4, traders gain access to advanced charting tools, algorithmic trading (expert advisors) plus a large marketplace and trading community. Main MT4 features include:
MT4 is available as a desktop trading platform compatible with Mac and Windows computers, a mobile app for Android and iOS devices, or a web trader platform accessible via any browser.
MetaTrader 5 the latest release from MetaQuotes with many improvements over MT4. MT5 is designed to offer a new experience with faster processing times and like MT4, MT5 is available as a desktop trading platform, trading apps or as a web trader platform. MT5 allows hedged positions for both account types with a wider offering of pending order types than MT4. Exceptional features on MT5 provide a new trading experience with advanced tools and optimised trading. Users can easily customise their workspace while using the MQL5 programming language to automate trading with EAs. Key features and benefits of MetaTrader 5:
If you are using MetaTrader 4 or 5, then you will get free access to Autochartist (automatic market scanning software) as well as Pepperstone’s Smart Trader Tools. Smart Trader Tools are an add-on package available to download, consisting of 28 Expert Advisors and technical indicators to assist customers with developing automated and complex trading strategies.
cTrader platform offers advanced trading capabilities with fast entry, execution, and coding customization. Pepperstone offers cTrader supplied with educational content and analysis tools to help traders for better decisions opportunities within foreign exchange markets, while the platforms advanced risk management features protect traders from negative balances. Created by Spotware, cTrader is suited for both beginner and advanced traders and one of the popular platforms available to trade forex.
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As an IC Markets customer, traders can choose from a Raw Spread account, Standard Account and cTrader Account. Each account type charges different spreads and commissions and is available on specific trading platforms. When trading forex, traders can leverage positions by 500:1, regardless of account type.
Data taken from broker website. Accurate as at 04/06/2021
Compare All ECN-Style Spreads >>
IC Market offers over 236 financial instruments available to trade with low spreads and commissions:
Raw Account and Standard Account holders gain free access to the MetaTrader 4 trading platform and its extensive range of advanced trading tools.
As well as the built-in charting and trading tools, MT4 users can download IC Markets Advanced Trading Tools. 20 different risk management, trade execution and analysis tools are available to enhance an MT4 users trading experience.
The MetaTrader 5 platform is the latest MetaTrader software with certain improvements from its predecessor. Like MT4, traders can enjoy trading with no dealing desk, no prices requote, or any manipulation price on the IC Market trading platform. Improvements to the MetaTrader 5 platform include:
cTrader is a platform known for its high-speed execution of orders with the trading platform providing a unique design and smooth user interface experience. cTrader has no restrictions on trading with some of the best trading conditions for scalping and high-frequency trading. Only available through an IC Markets cTrader account type.
AutoTrade is available to use for all IC Market clients with a next-generation copy trading system by Myfxbook. AutoTrade allows you to copy trades from any system directly into your MetaTrader 4 account. Myfxbook AutoTrade is available only for live trading with full control of your account and no hidden fees.
ZuluTrade is an ideal solution for traders who cannot commit time to build their own strategies. ZuluTrade clients can follow trading from 100,000 Zulu traders from 192 countries. The advanced copy trading platform offers features such as:
NinjaTrader is an advanced trading platform with sophisticated analytical and automated charting capabilities. The software platform offers pre-loaded chart styles with hundreds of technical indicators, with a collection of artful drawing tools for charts.
When using NinjaTrader, FXCM customers can load multiple time-frames and markets on a single chart, designed to not miss any market patterns. Traders can configure hundreds of indicators quickly and easily making for an efficient trading environment.
The NinjaTrader platform provides a range of trading tools for suiting all levels of experience from beginner to advanced, with no auto trading programming knowledge required.
Algorithmic strategies can be written using the C# programming language, while Automated Trade Management (ATM) strategies allow users to automate order and risk management. Multiple ATM strategies are available for use in risk management or automated trade execution and traders can fully customise trailing stops quickly in fractions of a second. To assess and optimise automated trading strategies, you can utilise NinjaTraders backtesting suite.
Another tool to save time spent analysing markets looking for trading opportunities is the brokers Market Analyser tool that traders can program to scan different financial markets, with advanced alerts notifying traders of market movements.
eToro is an established and popular social trading network with traders from over 140 different countries. Within the social trading network, eToro users can copy the trades of ‘Popular Investors’, with more than offers 2,000 financial instruments offered by eToro across asset classes such as Forex, Crypto, Stocks, and more.
eToro’s proprietary platform provides an easy-to-use experience with a clean design and user interface. The social trading platform connects traders together by sharing ideas, trading decisions, and strategies on a news feed.
With eToro’s CopyTrader system, users can start trading by copying and executing the trading strategies of seasoned investors, known as Popular Investors. It is easy to find popular investors to follow and copy, with users able to view their trading history and success, risk profile and location.
As well as copying individual popular investors, eToro customers can utilise the brokers CopyPortfolio feature where traders can invest in bundles of financial instruments. Two types of portfolios are available:
While City Index promotes platforms such as AT Pro and cTrader to experienced, active traders, the broker’s proprietary web trader and mobile apps are easy-to-use and an excellent choice for beginner traders. When trading with City Index, customers gain access to thousands of financial instruments, ranging from forex markets to Cryptocurrency markets.
The City Index web trader platform is powered by HTML5 technology and offers a user-friendly, yet customisable workspace for those new to trading.
To minimise the high risk of forex trading, customers can utilise the web trader platforms trading and risk management tools. Real-time calculators keep you updated on margin requirements, while order types allow you to predefine order entry and exit prices. Order types available to City Index clients include:
Mobile trading apps are available for iOS and Android devices. Both versions of the City Index mobile app allow users to trade efficiently on the go and across multiple devices. To help smartphone traders stay up to date with financial markets, the mobile app offers a watchlist feature along with real-time Reuters news and an economic calendar.
iOS and Android apps allow traders to perform technical analysis from their devices. With multiple timeframes, chart styles and over 60 technical indicators, analysis is user-friendly from your mobile phone. As with the web trader platform, a range of basic and advanced order types are available to manage risk, including GSLOs.
ThinkMarkets is the best broker for backtesting and Expert Advisors. The broker offers both MT4 and MT5, with EA backtesting abilities varying between the two MetaQuotes trading platforms. Unlike some brokers, ThinkMarkets enforces no restrictions on Expert Advisors, forex robots and indicators running at the same time, with easy integration of EAs in to the trading platforms. While EAs are available on both MT4 and MT5, MetaTrader 5 is the recommended platform for algorithmic trading strategies and backtesting.
Backtesting algorithmic trading strategies on the MetaTrader platforms allow traders to test and optimise their EAs against historical data. As a ThinkMarkets customer, traders can develop or download Expert Advisors and custom technical indicators for the financial assets:
View ThinkMarkets Review >>Visit ThinkMarkets >>
FxPro offers the cTrader which is a powerful forex trading platform with a friendly design. To access the trading software, the web platform provides scalpers quick trade execution within a modern, sleek interface. When analysing markets and trading opportunities, cTrader users can stay up to date with financial events via an economic calendar, while using the advanced charting tools to conduct technical analysis. Additionally, the cTrader platform is known for its features and tools as:
cTrader charting tools include multiple timeframes at different intervals with advanced layouts. Traders are available to choose from more than 50 templates and customize your trading workspace depending on your personal trading preferences. In regards to market access, more than 260 CFD instruments are available with customers able to trade Forex, Indice, Energy and Metal asset classes.
Axi (formerly Axitrader) offers access to multiple trading platforms designed to provide a seamless trading experience. Popular platforms as MetaTrader 4 and MetaTrader 5 provide users with sophisticated analysis tools to unlock unlimited trading possibilities. To ensure trading strategies are carried out efficiently, order execution speeds are fast on over 150 financial instruments.
Axi offers free access to social-copy trading tools as Myfxbook AutoTrade. Myfxbook AutoTrade allows you to track the performance of top traders and copy their trading strategies, with access to past historical data to study market movements and improve your trading performance.
To automate market analysis, Autochartist can automatically seek out trading opportunities through real-time market scanning software, alerting traders via notifications. Additionally, algorithmic trading features such as Expert Advisors and technical indicators can easily be integrated into MetaTrader platforms. To access Axi’s wide range of technical analysis and charting tools, MT4 and MT5 can be downloaded as a desktop platform or tablet and mobile apps.
View Axi Review >>Visit Axi >>
Yes, forex trading is one of the fastest ways to get rich, but at the same time, it’s also the fastest way to lose all your money if you’re an inexperienced trader. Trading forex successfully comes down to having a proven edge in the market, the discipline to follow your trading plan and sound risk management strategies.
If you’re a beginner trader check our Top 10 Features To Consider When Choosing A Forex Broker.
Yes, beginner traders and professional traders can make money on eToro by copying other traders. At copy trading platforms such as eToro, one can copy up to 100 trades simultaneously. eToro minimum deposit is also extremely low (USD 50) making it fairly accessible.
If you want to learn more about eToro social trading network check our full eToro Review.
MetaTrader 4 (MT4) by MetaQuotes Software is one of the best forex trading platforms. Released in 2005, the MT4 platform includes a generous number of technical tools, 3 different chart types, 9 different time frames, automated trading (Expert Advisors EAs) and so much more. The upgraded MetaTrader 5 (MT5) seeks to replace the MT4 platform by providing access to more markets, depth of market and more technical indicators.
When comparing the top broker’s spreads, fees and trading platform software, Pepperstone is one of the best forex brokers overall with the best forex platforms offerings. As well as a choice of account types (Standard vs Razor), trading platforms (MT4, MT5 and cTrader) and social-copy trading tools, customers can download additional software add-ons to gain access to additional technical indicators and expert advisors. Before investors start trading with real money, a Pepperstone demo account can be opened with a virtual balance provided to practise forex trading.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.