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What Is the Best Forex Trading Software? 

Forex trading software is an algorithmic trading software that spots discrepancies in foreign exchange. As technology advances, this evolved trading software might be a perfect fit for your lifestyle or investment needs. In this article we go over the best forex trading softwares to help you narrow down what the best software option is for you. 

Quicklook: Best Forex Trading Software Options

Table of Contents

6 Best Forex Trading Softwares 

We are going to tell you about some of our favorite forex trading software systems so you can find the best system suited for you. We will analyze the softwares based on standout features, benefits, disadvantages, pricing, and pairs offered.


Best for: Automated forex trading software

This software system has overall been viewed as the best automated forex trading software due to its unique features. MetaQuotes, which is the parent company of FOREX.com was one of the first companies to expand on forex platforms. This software is best for MetaTrader 4 users and forex traders of all levels.

Standout Features

  • MetaTrader4 platform
  • 1.7k different trading robots
  • More than 80 pairs offered

Benefits: This software is user friendly making it a great option for beginner forex traders

Disadvantages: Minimum trade size is $1,000

Pricing: $100 account minimum

Commission/Fees: $5 fee on every 100k traded

Pairs Offered: more than 80+ pairs

Interactive Brokers 

Best for: A customizable and automated experience

This option is best for trades who wish to have a customizable automated experience. Additionally, this system is not exclusive to forex trading – it also can trade other securities such as stocks

Standout Features: Large range of securities to choose from and customizable automated trading systems

Benefits: Traders have more control over how the automated trading system is choosing these trades

Disadvantages: Mainly for active traders

Pricing: Initial minimum of $2

Commission/Fees: This is dependent on whether you choose IBKR Lite or IBKR Pro:

  • IBKR Lite has no commission fees
  • IBKR Pro has a commission fee of 1/10 of percentage in point (PIP)

Pairs Offered: Not specified

Zen Trading Strategies 

Best for: Swing traders and traders of all levels

This option is best for swing traders who vary in skill level with forex trading. It has a variety of options for traders who may not be confident in their trading abilities yet. This option comes with free trials and tiered pricing options making it easily accessible. 

Standout Features

  • Subscription service
  • Custom tradingview script strategies
  • 400+ traders using their strategy indicators


  • 8+ fully automated indicators
  • Trading consulting services
  • 5+ strategies to test trading ideas with

Disadvantages: Only compatible with TradingView


  • Free 7-day trial
  • $67 per month
  • Or $599 per year

Commission/Fees: No commision fees or deposit minimums

Pairs Offered: Not specified


Best for: Futures and advanced traders

This software is best suited for futures or advanced traders. Additionally, it is a great option for those who wish to have the software running 24/7 and ready to take any action. Their platform also includes a plethora of investor resources.

Standout Features

  • Allows investor to replay historical data
  • 100+ technical indicators out of the box
  • Unlimited free access to forex market data without having a brokerage account


  • Investor resources
  • 100+ training videos
  • Free advanced charting backtesting and trade simulation

Disadvantages: Not at the same level as competing systems such as MT4 or MT5


  • Free for standard access
  • With additional features, the program is $720 a year, however with lifetime purchase it is $1,099

Commission/Fees: This is dependent on the plan option and the currency being traded: 

  • The range goes from .35% to 1.29% on the free option
  • Lease option the range is .25% to .99%
  • Lifetime, the range is .09% to .59%

Pairs Offered: More than 40+ pairs offered


Best for: No commission fees!

This option is best suited for investors who wish to have no commission fees. Additionally, it gives a multitude of options in other securities such as stocks, futures, and future options. 

Standout Features

  • $0 commission fees 
  • 3 free available trading platforms 

Benefits: Gives investors the flexibility to invest in other securities than just forex


  • The minimum deposit is quite pricey 
  • Not mainly specialized in forex trading

Pricing: Minimum deposit of $2,000

Commission/Fees: $0 commission fees – however for each order over 10,000 shares a $0.005 will be charged per share over 10,000. 

Pairs Offered: More than 40+ pair options

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TD Ameritrade: Thinkorswim

Best for: Algorithmic traders

Similar to Interactive Brokers, TD Ameritrade’s Thinkorswim, is a great option for those who like algorithmic trading. Thinkorswim’s automated trading features have an excellent reputation and may be a better algorithmic trading software for newer traders in comparison to Interactive Brokers’ complex software.

However, this is not a platform well fit for beginners. Thinkorswim also supports trading securities other than forex so it is a great option for keeping all of your investments under one roof!

Standout Features

  • Accredited customizable and automated trading platform 
  • There is a mobile app for traders that includes advanced trading tools and investor resources, similar to the desktop version


  • Ultimate trading technology with an user friendly interface
  • Offers 348 technical indicators and 77 indicator-based strategies
  • Editor feature allows users to make custom candlestick patterns
  • The thinkScript is a tool exclusive to Thinkorswim that allows users to tweak or create new technical indicators 


  • Does not support MT4 software, however they have comparable features
  • Forex trading is only offered in the U.S. through Thinkorswim

Pricing: No minimum balance required!

Commission/Fees: Based on the bid/ask spreads of the traded currencies

Pairs Offered: 70+ pairs

What Is Forex Trading?

Foreign exchange (Forex) trading is the process of profiting on currency price changes. In short, these traders try to speculate which currency will increase or decrease in value. 

It is similar to trading other securities, like stocks, but instead a forex trader would be buying or selling currencies. 

What Does Forex Trading Software Do?

This algorithmic trading system scans market activity and currency price trends. By doing this, the system is able to identify key factors that lead to price discrepancies and opportunities to profit off of these price movements.

However, traders would have to put in their specific parameters into the software system so it can more accurately analyze what the forex trader is specifically looking for.

Forex Broker Vs. Forex Trading Software

There are many benefits of forex trading softwares that having a forex broker would not be able to provide. For example, this trading system works at a speed that is humanly impossible. 

Additionally, the system takes out human emotions in these transactions, basing their trades on solely information rather than human instinct. 

What Makes a Good Forex Trading Software?

Prior to downloading a forex trading software, you need to look out for some key factors that make up a good trading system. Here are six factors you should look out for to dictate if your chosen forex trading software aligns with your investment needs. 

Analytical Tools

The analytical tools are the heart of the forex trading software system. Since this is algorithmic trading, as the trader you are reliant on the speed of the trade executions that the forex software can spot. 

Another key aspect you should look at when looking at forex trading softwares is how much historical data the software tends to take in.

Dynamic Software Application 

How dynamic the system is, is an important factor when it comes to choosing the right forex trading software. How many trading robots does the software use? What resources does the software take in? What is the success rate of the software’s trades? 

These are all questions that you should be asking yourself before choosing an application.

Costs or Fees 

Typically, there are two types of fees that are attached to the software trading system. One is the minimum initial investment and the other is the commission percentage. 

For example, for every $1,000 invested, the trading software takes a percentage of that investment. It is important to be aware of these fees and what the minimum investment and commission percentage is.

Pairs Offered

Currency pairs are two currencies paired together in the forex marketplace to trade against each other. In short, these currencies are being bet against each other. 

For example, if you bet the Euro would increase in value against the U.S. Dollar the pair would be EUR/USD. Alternatively, if you were betting the USD would exceed the EUR it would be USD/EUR. 

When looking at forex trading softwares be aware of what pairs are offered and their variety. Having a limited amount of pairings additionally limits your options of gaining profit. 

User Experience

No one wants to use a system that is difficult to use or understand. Observe who is using your preferred software and what level of forex trading it attracts. 

Additionally, observe if the reviews state how user friendly the system is. There will most likely be a learning curve with any forex trading software you use, however some softwares are simpler to navigate than others. 

Is Forex Trading Software Right for You?

Forex trading can be overwhelming to those who are not familiar with currency exchange trading. Forex trading software can eliminate this barrier by showing you what indicators can lead to profitable opportunities. 

Beginners should look for forex trading systems that come with low commission fees and a vast amount of resources. Additionally, a financial advisor can help direct you which forex trading software would be most compatible with your investment needs. Learn more about getting a financial advisor here. 

Frequently Asked Questions

Which Forex Trading Platform is Best for Beginners?

Forex.com is the most reputable forex trading software for beginners. This system was designed for forex traders of all levels and gives a vast amount of resources for them to use. 

Is Forex Trading Illegal?

No, forex trading is not illegal.

Is Trading Forex Really Worth It?

Forex trading is a complex form of trading. To be successful, one would need to be an expert in the field and have a vast amount of resources. By using a forex trading software, this knowledge barrier is eliminated.