Forex Trading Software In 2023

We were impressed with Pepperstone’s lightning-fast limit order execution speeds and competitive spreads, which make a genuine difference in a market where every millisecond counts. The range of software features available for MetaTrader 4 is comprehensive and user-friendly. It’s no surprise that Pepperstone bagged the Investment Trends award in 2022 for client satisfaction and trading experience, cementing its reputation as a leader in the field.

When testing the best MT4 brokers, Pepperstone topped our list due to having some of the fastest execution speeds on the platform. Pepperstone also offers competitive spreads and a great overall MT4 platform experience. As such, we gave Pepperstone a high score of 90/100. Pepperstone offers a number of benefits, including:

• Competitive MT4 spreads
• Fast MT4 execution speeds
• Easiest MT4 account opening
• Top range of MT4 tools and add-ons

Pepperstone has the Fastest Limit Order Execution Speeds

We tested the top 20 brokers that offer MT4 and found Pepperstone had the fastest Limit Order Execution Speeds in 2023. Our chief of technology research,Ross Collins, conducted this and found that Pepperstone’s average limit order speed was 77ms, which is very fast.A faster execution speed helps reduce slippage caused by market volatility.

Overall, we ranked Pepperstone third, just behind BlackBull Markets and Fusion Markets, when testing both market order and limit order execution speeds.

Easiest Account Opening

Pepperstone also has the easiest account opening of any broker we tested, which is why we scored it a perfect 15 out of 15. There are four easy steps to open an account: creating a profile, adding your personal details, passing an appropriateness test, and final verification.

After the first two steps, you’ll be asked 10 simple questions to determine your trading experience, and then you’ll be approved for an account in minutes. We particularly liked the dedicated account manager assigned to us, who was very helpful.

Accounts MT4 with Standard and Razor

Pepperstone offers two retail investor accounts: a no-commission Standard account and a commission-based Raw account.

You can view the highlights of each account in the graphic below. We found Pepperstone’s standard account spreads to be among the lowest for a no-commission account, starting at 0.6 pips. Pepperstone also offers competitive commissions and 0 pip spreads if you choose to use cTrader and TradingView.

Pepperstone’s MT4 Tools and Platform Add-ons

Pepperstone’s range of MT4 tools and add-ons rank it very highly in our eyes. In addition to the standard charting tools, Trading Signals, and EAs (Expert Advisors), Pepperstone offers a range of automated and copy trading platforms you can integrate with MetaTrader 4. These tools include:

• Capitalise.ai (automate your trading ‘code free’)
• Myfxbook Autotrade (top algorithmic trading tool)
• DupliTrade (popular copy trading platform)

Pepperstone also has a great range of additional standalone trading platforms, including MetaTrader 5, cTrader, and TradingView. MetaTrader 5 is an advanced upgrade of MT4, cTrader is top for depth of market features, and TradingView is a powerful charting platform.

We rate brokers for the number of platforms they have and other features, such as social trading and automation. As such, we give Pepperstone a score of 90 out of 100.

Our Verdict on Pepperstone

We have regularly chosen Pepperstone as the best MT4 forex broker due to its fast limit order speeds, low spreads, and great range of software features. Traders around the world seem to agree with us, as Pepperstone won the Investment Trends award in 2022 for customer satisfaction and trading experience.

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We liked IC Markets for its exceptionally low spreads, which can make a real difference to your bottom line. Additionally, the extensive range of tradeable markets means there’s something for every type of trader. The selection of platforms and trading tools that genuinely enhance the trading experience is what really rounds out the offering. For these reasons, we have no hesitation in naming IC Markets as a top pick for those after low spreads and a broad product offering on MT5.

We’ve been trading on MetaTrader 5, a multi-asset platform developed by MetaQuotes Software, which came out in 2010 as an advanced successor to MetaTrader 4. Since its inception, MT5 has become quite popular in the trading community thanks to its enriched features and capabilities.

This platform has several improvements over its predecessor, MetaTrader 4, such as more robust trading and charting tools and the capacity to trade in a larger variety of financial markets.

After thoroughly examining multiple forex brokers offering MT5, we’ve found that IC Markets excels in product range and overall trading costs. Their no-commission spreads are the most competitive we’ve seen, based on our 2023 analysis. For these reasons, we’ve rated IC Markets at 85/100 in the categories of products and trading fees.

Here are our top highlights of IC Markets:

• Lowest no-commission spreads
• Competitive trading costs
• Top MT5 product range
• Great range of MT5 platform features

Best Spreads With No Commission Based on Our Testing

Based on our extensive testing, IC Markets has the best spreads with no commissions. When comparing the top 20 brokers, our own Ross Collins tested the average standard account spreads in 2023, which found IC Markets had the lowest spreads overall.

IC Markets’ no-commission spreads were ultra-competitive at 1.03 pips on average, with an average spread cost of USD $9.63. Ross’ testing only compared accounts that offered zero commissions using a combination of no dealing desk (NDD) and market maker brokers.

IC Markets’ Trading Accounts

IC Markets offers 3 account types, split by trading platform. You can choose either the MetaTrader Standard account, Raw Spread account, or the cTrader Raw Spread account.

In addition to IC Markets’ low Standard Account spreads mentioned above, we also like IC Markets’ competitive commissions using cTrader and the MetaTrader platforms (especially if dominated in USD).

We appreciate the wide variety of trading products available through IC Markets, allowing traders to leverage what MT5 has to offer fully. This is why we gave IC Markets a score of 8/10 for Trading Products and a score of 9/10 for Trading Experience (which includes cost).

Trading Platforms

While IC Markets’ MT5 platform offers low spreads and a great range of trading products, the broker offers other solid trading platforms, including:

• MT4 (top forex trading platform)
• cTrader (great for depth of market)
• Myfxbook (MT4 auto trading plugin)
• Autochartist (MT4 auto trading plugin)
• MetaTrader Signals (Copy over 2000 trading strategies)

We took to BlackBull Markets for our TradingView software experience, and good reason. During our tests, this New Zealand-based broker consistently delivered some of the quickest spreads in the game. They also offer one of the best FX demo accounts we’ve had the pleasure to use, making it an ideal option for traders who want to hone their skills before diving in. If you’re keen on TradingView, BlackBull Markets is a top-notch choice.

Introduction to TradingView

TradingView is a popular trading platform offering advanced charting tools, social trading features, and real-time news and data access. One of the most significant advantages we like about TradingView is its highly customisable and user-friendly interface. The platform is easy to navigate, and traders can access a variety of tools and features with just a few clicks.

TradingView is also a top charting platform with various chart types, including line, bar, and candlestick charts and a range of technical indicators. Additionally, TradingView offers a variety of drawing tools, such as trend lines, Fibonacci retracements, and support and resistance levels for further technical analysis.

Having said this, TradingView’s disadvantages include limited fundamental economic data, basic auto-trading features compared to other platforms, and the fact that not all brokers offer the platform.

BlackBull Markets is a top New-Zealand broker that offers our favourite TradingView software experience. This is because BlackBull Markets offers the fastest spreads and one of the best forex demo accounts based on our testing. Overall, we like BlackBull Markets because of its:

• Fastest execution speeds overall
• Forex leverage of 1:500
• Top TradingView broker
• Great demo account experience

BlackBull Markets had the Fastest Execution Speeds from our Testing

As mentioned, we did several execution speed tests comparing our top 20 brokers based on limit and market orders. BlackBull Markets came out on top, with the fastest spreads when combining market and limit orders.

Based on Ross Collins’ test results, BlackBull Markets had an average limit order speed of 72 ms and an average market order speed of 90 ms. This put BlackBull Markets at number 1 for limit orders and number 2 for market orders, putting it at number 1 overall.

Location Independent Testing

Given these results, we gave BlackBull Markets a score of 8/10 for trading experience, which covers speed.

Trading Accounts

BlackBull Markets offers three accounts, although we recommend only 2 for most traders. These two are the Standard (no-commission) and the Prime (commission-based) accounts.

We would only recommend BlackBull Markets’ Institutional account for expert or professional traders with lots of experience and capital up their sleeves.

While BlackBull Markets has a solid range of markets, we note that you won’t have access to the broker’s 23,000 stocks if you are an Australian, U.S., Canadian, Irish, Hong Kong, or Singapore resident.

Trading Platforms

Other than TradingView, BlackBull Markets offers a decent range of trading platforms, including MT4 and MT5. While the NZ broker offers its own BlackBull Share Trading App, this is only available in selected countries.

You can also integrate two top algorithmic and copy trading platforms, Myfxbook and ZuluTrade, with both MT4 and MT5.

Our Verdict on BlackBull Markets

Overall, we see BlackBull Markets as the best TradingView broker with the fastest execution speeds and the best demo account experience.

We were quite pleased with our experience using GO Markets, mainly its low commissions, making it our top pick for cTrader forex trading. In our analysis, this broker consistently offered the lowest commissions for a No Dealing Desk, ECN-style setup, which is a massive win for any trader. They also bring a broad selection of platforms to suit various trading styles. If you’re into equities, you’ll be chuffed to know they offer access to more than 2,500 ASX stocks, all with competitive spreads.

Introduction to cTrader

cTrader is an advanced trading platform launched in 2011 by Spotware Systems Ltd. The platform is widely known for its superior execution speed, advanced interface, and advanced charting tools.

We like cTrader for its clean and intuitive user interface, advanced charting tools, particularly cAlgo for automated trading, and depth of market features, which not all trading platforms offer.

With the cheapest commissions for an NDD, ECN-style broker, GO Markets is our top cTrader forex broker. GO Markets offers you a number of benefits, which include:

• Lowest commissions we’ve found
• Over 2500 ASX stocks
• Competitive spreads
• Top cTrader broker

GO Markets has Low Commissions from our Analysis

When comparing with several top ECN-style forex brokers, we found GO Markets offers the lowest commissions. GO Markets charges a low AUD $6 per trade, round-turn (or USD $5). The average broker charges a $7 round-turn, from our analysis.

Trading Accounts

As highlighted below, GO Markets offers two account types: a Standard (commission-free) and a GO Plus account (commission-based).

While GO Markets offers relatively competitive spreads already, having among the cheapest commissions further lowers your trading costs.

This is why we gave Go Markets a score of 8/10 for trading costs.

Trading Platforms

While GO Markets is our top cTrader broker, the broker specialises in the MetaTrader platforms. You can trade MT4 and MT5, and they also offer Genesis, a MetaTrader enhancement. We particularly like Genesis due to its sophisticated order management system and market sentiment tools.

GO Markets also has an extensive range of trading platforms and add-ons, which we’ve listed below:

• MT4 (with Genesis upgrade)
• MT5 (with Genesis upgrade)
• GO Markets Share Trading App
• GO Webtrader and GO Mobile (optimised for MT4/MT5)
• Autochartist
• Myfxbook
• Trading Central
• ShareSmart

Our Final Verdict on GO Markets

Overall, GO Markets has the lowest commissions of any broker we’ve found that offers cTrader. Competitive spreads and a wide range of platforms add to GO Markets’ appeal as a forex broker.

When it comes to social trading, eToro indeed leads the pack. With over 25 million members globally, this broker has built a community where traders can genuinely benefit from each other’s expertise. We especially liked their top-notch proprietary platforms, loaded with powerful trading tools to give you an edge. The copy trading features are the real standout, allowing you to mimic the strategies of successful traders. For these reasons, we’re confident in naming eToro as our top social trading broker.

We’ve spent considerable time trading with eToro, a distinct broker renowned for its proprietary software focusing on copy and social trading. The platforms offered by eToro include:

• eToro Trading Platform
• eToro Trading Mobile App
• CopyTrader (for individual traders)
• Smart Portfolios (for fund/portfolio managers)

All of these platforms are multi-asset, boasting over 3000 instruments. They are intuitively designed and come with an array of social trading features and advanced trading tools. One feature that caught our eye is ProCharts, a professional-grade charting tool unique to eToro.

CopyTrader and Smart Portfolios are unique social trading platforms only eToro offers. CopyTrader enables you to see what real people are trading in real time, find and follow investors you like, and copy their investing activity. Smart Portfolios offers innovative, long-term investment portfolios you can copy, each with its unique investment strategy curated by eToro analysts.

With over 25 million users worldwide, eToro is not only our pick but THE top broker with the best forex social trading platforms. eToro backs this up by offering excellent proprietary platforms with great trading tools and copy trading features.

Where eToro stands out is the following features:

• Biggest social trading community
• 4 unique proprietary trading platforms
• Great social trading features
• Over 3000 products to trade

Trading Accounts

eToro is a market maker, so it only offers a commission-free account. Based on our analysis, we found eToro’s spreads were on par with the industry average, although there are competitive no-commission brokers out there.

We found eToro’s demo account came with a pleasant $100,000 of virtual funds you could trade with to practise with before opening a live account.

Our Verdict on eToro

eToro delivers on its reputation as a leader in social trading with four unique proprietary platforms. Don’t just rely on our experience; more than 25 million users globally agree that eToro offers the best social trading platforms in the industry.

We found Eightcap a solid choice, especially if you’re keen on automated crypto trading. This broker differentiates itself by offering Capitalise.ai integration, which is top-notch for setting up your automated crypto strategies. Their extensive range of cryptocurrency products adds value to their platform.

Introduction to Capitalise.ai

Capitalise.ai is a trading platform that specialises in automated trading, created in 2015. The platform has gained traction among traders for its beginner-friendly yet powerful user interface. What we appreciate about Capitalise.ai is its unique feature that allows traders like us to create and tailor trading strategies without knowing a line of code.

We also found it convenient that Capitalise.ai easily integrates with established platforms such as MT4. On top of that, the platform offers robust backtesting tools and boasts high-quality customer support, corroborated by numerous TrustPilot reviews.

Having said this, the platform can be buggy at times, from the feedback we’ve received, so Capitalise.ai’s reliability and stability can be an issue.

We think Eightcap stands out for its combination of automation via Capitalise.ai, one of the best automated trading platforms, and cryptocurrency range, which is amongst the best in the world. You can even use Capitalise to automate Crypto trading.  Key talking points of Eightcap include:

• No-commission trading
• Over 250 cryptocurrencies
• Automation with Capitalise.ai
• Diverse range of trading platforms

Trading Accounts

Like most brokers on this list, Eightcap offers two accounts: a Standard account with no commissions and a commission-based Raw account.

Eightcap offers an unmatched selection of cryptocurrencies with zero commissions and competitive spreads.

Trading Platforms

Eightcap offers a solid and diverse range of platforms, particularly its specialty platforms that give it an edge over other brokers. These platforms include:

• MT4
• MT5
• TradingView (Top charting platform)
• Capitalise.ai (automation with MT4/MT5)
• Cryptocrusher (crypto specialty platform)

While Eightcap’s MetaTrader offering, with charts powered by TradingView, is solid, it’s with Capitalise.ai that the broker really stands out. We loved the fact that you can automate your trading and integrate with MT4, which is particularly useful for Eightcap’s huge crypto range.

Our Verdict on Eightcap

All things considered, we find Eightcap to be a reliable choice despite its average spreads and execution speeds. It takes the cake for us as the top broker for automated trading when paired with Capitalise.ai and MT4. Moreover, Eightcap offers the most extensive range available if you’re into cryptocurrencies.

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We found AvaTrade a standout choice for those interested in social trading, mainly with MT4 and MT5 platforms. Their collaboration with third-party services like ZuluTrade and DupliTrade, along with their proprietary AvaSocial platform, offers traders a robust selection of social trading options. This sets them apart, especially considering that eToro only offers its social trading platform. AvaTrade’s approach allows you to choose the platform that suits you best for copy trading.

Introduction to ZuluTrade

We’ve been intrigued by ZuluTrade as one of the premier social trading platforms available today. It connects traders to a global community and allows you to copy real-time trades from successful traders.

What we especially like about ZuluTrade is that it enables you to adopt trading strategies without any prior trading experience and additional fees—just the usual commissions and spreads. However, it’s crucial to be cautious, as there’s always the risk of following strategies that may not yield the desired results.

AvaTrade caught our attention because it integrates social trading into its offerings well. While eToro has proprietary social trading software, AvaTrade provides top-notch third-party social trading platforms compatible with MT4 and MT5, like ZuluTrade and DupliTrade, along with its own AvaSocial. This is why we rated AvaTrade as having some of the best copy trading platforms in the industry. Key highlights of AvaTrade include:

• Excellent proprietary platforms
• Top social trading platforms
• Diverse range of tradeable instruments
• Commission-free trading available

Trading Accounts

AvaTrade offers a single type of trading account, either branded as a Standard or Retail account, depending on your geographical location. Being a market maker like eToro, AvaTrade provides a no-commission account, with spreads beginning at 0.9 pips.

As such, we found spreads will be slightly wider than a typical ECN-style broker, so we recommend AvaTrade for beginners just starting out.

We would be remiss not to mention AvaTrade’s diverse product range, which includes 44 options and 59 ETFs to diversify your portfolio with. You can also trade a decent range of currency pairs, stocks, indices, commodities, and cryptos.

Trading Platforms

AvaTrade stands out with a diverse range of platforms, both top third-party platforms and its own excellent proprietary platforms, as follows:

• MT4
• MT5
• AvaTrade GO
• AvaOptions
• AvaSocial
• DupliTrade (social trading)
• ZuluTrade (social trading)

We found AvaTrade’s social trading options to be particularly strong. Besides its in-house AvaSocial platform, it also features DupliTrade and ZuluTrade, among the industry’s leading social trading platforms.

ZuluTrade stood out for us because it directly integrates with MT4 and MT5 through an API, allowing you to follow more than 10,000 ZuluTrade signal providers. The straightforward 3-step sign-up process further adds to the appeal, placing ZuluTrade and AvaTrade high on our list of preferred brokers for copy trading.

Our Verdict on AvaTrade

Overall, AvaTrade stands out for its trading software first and foremost. From MT4 and MT5 to its proprietary platforms and three high-calibre social trading platforms—particularly ZuluTrade—AvaTrade is a well-rounded broker. It also adds an options platform into the mix, making it an excellent choice for traders of all experience levels.

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