Currency trading is big business. According to the triennial survey conducted by the Bank for International Settlements (or BIS), $4.0 trillion dollars are traded on Forex every day!
If you’ve ever considered learning to trade on the Foreign Exchange Market, now is a great time to start. With the introduction of online trading and Forex software programs, it’s never been easier!
But how do you choose a software program?
First, it helps to know your options.
Forex Trading Platforms: Online trading platforms offer the convenience of dealing with a broker to assist in your trade-making.
Forex Charting Software: If you want to do an in-depth analysis of the market trends over time, this software will do the hard work for you.
Automated/Algorithmic Trading Software: Eliminating the need for frequent check-ups on the market, this software follows a pre-determined set of rules to make trades for you.
Forex Signal Generating Software: If full automation of your trading decisions is a stretch, this software leaves the decision-making in your hands, offering you alerts when certain market changes occur.
Next, it helps to know what’;s most commonly used.
Here are five common Forex Trading Software programs:
- eToroThis is a beginner friendly program, offering both a web-based and a downloadable platform. Personal trading coaches are also available. The minimum deposit required is $50.
- Ava FXThis program allows you to work on multiple platforms, including online and mobile. In getting started, you will receive a free instructional webinar. The minimum deposit is $100.
- Easy ForexEasy Forex offers a personal account manager for all users, whether you work within their online platform or a PC download. Minimum deposit is $200.
- GFC MarketsAvailable for download and online use, GFC also offers a mobile program and a meta-program (which comes with a variety of tools preferred by advanced traders). Minimum deposit is $100.
- ForexYardThis program has various account-types to choose from, including automated trading, and allows use on multiple forums. You minimum deposit is $100.
And finally, you need to decide what’s important to you.
Things to consider when purchasing Forex Trading Software:
- Refund Policy – How much time do you have to decide if this software is right for you? And if it’s not, will they refund the full amount?
- Cost – Is there a one-time fee? A monthly fee?
- Online vs Download – Will you need to have access to your trading information anywhere and everywhere? Or is having the software only on your personal computer your preference?
- Updates, Upgrades, and Fixes – Will you receive free (and regular) software updates? If errors are found in the software program, will you receive the fix for that in a timely fashion?
- Security – Is your software known for keeping your personal information secure?
- Support – Will you have access to software support? When? Is it free?
Now that you’re aware of the platform options, you know the most commonly-used software available, and you’ve considered the features that will meet your needs, you’re ready to choose the best Forex Trading Software for you.
For more help, check out our Forex Comparison tool.
Tyler writes about forex trading online for Forex Trading Finder where you can compare foreign exchange brokers & find the best forex reviews.
- Finding Out More Info About The Forex System And Its Benefits (forextradingsystemcentral.com)