As of 2020, the Forex Scam Investigator (i.e., our team of 28 financial trading experts) has reviewed over 20 online foreign exchange trading software (both desktop and apps). This is your ultimate guide on picking a forex trading platform you can actually earn profit with.
Almost 7 of the 20 forex trading software we’ve reviewed are either being audited or permanently terminated thanks to our research. We pledge not to stop until those scammy forex software
developers are sanctioned and put to justice.
However, the good news is that there are four legitimate forex platforms you can earn substantial profits with on a monthly basis. And for your convenience, we’ve reviewed them.
All the forex software providers listed below are licensed and regulated. Moreover, the trading method in each of them is foolproof – so no financial experience is needed in order to cash-in trading earnings.
IMPORTANT TIP: It is still necessary to make sure the regulated forex software you selected is licensed in your country.
So first things first, How to Choose the Best Forex Trading Software:
To get the most out of forex trading, and secure profits regularly, you must master the interface you’re using and trust the technology (trading conditions, robots, auto trading algorithms, charting packages, and signal services).
Before you start trading foreign exchange – get answers to these five questions:
- Is the forex software licensed and regulated?
- Is the forex software platform user friendly?
- What are the spreads on the financial assets you’re trading? The lower the spread – the more profitable your trade is?
- Are there any complaints online about this software (don’t worry, we took care of this for you)?
- Who is the technology house behind the forex software? Do they seem reliable?
Now that we’ve established this checklist, let’s go over the leading legit (and profit-generating) forex software for 2020:
The Best Forex Trading Software for 2020
Our forex investigators are nitpickers. So we’ve divided the four best trading software into categories. Let’s start with the best of the best:
1. Best overall: MetaTrader
The MetaTrader4 (MT4) and MetaTrader5 (MT5) are, hands-down, the world’s most popular forex trading platforms. Millions of people trust MetaTrader and enjoy its user-friendly interface and direct access to a variety of assets, indicators, expert advisors, and signals.
With both web-based and mobile versions, the MetaTrader series was developed by Cyprus-based Metaquotes Inc. It was developed as a turnkey solution, enabling online brokers to seamlessly adapt the software to their own brands. In fact, there is virtually no major retail forex broker that does not offer this software to its traders.
2. Best for day Traders: ActTrader
ActTrader is a JAVA based forex trading platform developed by ActForex. This means that traders can easily log in from any internet-connected computer that runs with JAVA.
Apart from being the preferred choice for day traders, ActTrader also caters to banks, hedge funds, and introducing brokers. So you can rest assured that it’s a legit, safe, and profitable forex trading software.
Key benefits of ActTrader:
- Placing an order is simple and the response time is super quick
- The interface is customizable for your individual needs
- A variety of graphs and charts help you with your trading decisions
- You can easily keep track of all your activities
When you’re day trading – being time efficient is key. Thanks to ActTrader, you can trade as fast as the markets move, giving you plenty of time to make informed trading decisions.
3. Best for auto trading: Fortex 6
The Fortex 6 forex software is an ECN platform. An ECN (Electronic Communication Network) trading platform is a computerized system that matches BUY and SELL market orders automatically. Fortex 6 connects traders to brokerages, empowering them to trade directly without going through a middleman.
The Fortex 6 is powered by the Algo X engine, advanced real-time market data, and low-latency DMA liquidity. This combination is what attracts traders who seek an edge in algorithmic auto trading.
But even if you choose to trade manually, Fortex 6 offers sophisticated order types like market, limit, fill-or-kill, immediate-or-cancel, all-or-none, stop loss, take profit, threshold, trailing stops, conditional, and volume-weighted average pricing (VWAP) – all in a single interface.
Best for Beginners: cTrader
If you’re taking your first steps in the global financial markets, cTrader is the perfect introductory tool for you. One of the reasons is that It is probably the only platform that offers manual, copy, and auto trading, as well as provides you with your trading performance analytics – all in one platform.
Another reason you should start trading with this forex software is that it is 100% transparent, protecting you from brokers’ manipulations. cTrader boasts in a global community of traders who can assist you and guide you on the company’s online forums.
The Shaming Corner – A List of the Scammy Forex Software
Thanks to our team of Forex Scam Investigators – these trading software providers will never swindle another unfortunate victim ever again:
Currenex – A platform that should be terminated simply because It has a price maker feature that can accept or reject trades. This feature is called ‘Last Look,’ and it has the ability to falsify prices and distort liquidity. That’s highly unethical in our book. We are very surprised the regulatory entities have allowed this feature to operate and are working relentlessly to amend this error.
TradingView – Not entirely a scammy forex software, but rather a stingy one. This platform forces you to pay a premium fee for basic stuff, like, for example, accessing a screen with multiple charts. Another downfall is that you cannot trust the drawings you made on your chart is actually saved. We found that if you close your browser too fast, you might lose all your recent analysis work. That’s a real setback that can cost you money.
The list goes on. But for now, go ahead, select a regulated forex broker and start trading the financial markets in a legitimate, 100% secure way.