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Social Forex Trading

These days, virtually everyone is connected to social media in some way, so it’s not surprising that there is a new trend in trading called social trading. It’s become pretty popular, and it’s not hard to see why. People love to share, whether it’s photos of cats being cute, people being silly, or themselves giving advice. As traders, it’s the last one that we’re interested in.

You’d think that in Forex trading people would play their cards close to their chest, but no, human beings are social creatures who can’t resist the urge to share what they know, and now

they can do that with the rest of the world, so they do!

As a trader, you thrive on information (or at least, you should do) and social media has now given you access to an avalanche of information from other traders. You can look at the trading histories of hundreds of others, and just steal them—use them as templates, copy them into your trading platform, test them out, and see what happens. You’ll be able to trade consistently without having to stay connected to the markets, and as a beginner, social trading is a godsend. If you’ve got little or no understanding or experience of the markets, social trading is like a free (or very cheap) degree in economics!

Of course, every silver lining has a cloud (or so the pessimists say) and the danger of social trading is that following other people’s advice can sometimes lead you off the edge of a cliff. Forex trading demands that you be smart enough to mitigate your risks. Nobody likes a margin call. Maybe that’s why dedicated platforms for social trading have started to become popular.

With some of these spaces, you can get your own individualized social trading news feed, post a bio, and share your stats and portfolio with others. It’s a great way to quickly find what successful forex traders are doing and copy their investments or techniques.

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Then, of course, there’s the actual interaction. Connecting with other traders and sharing tips with them, benefiting from their hard-won knowledge, and avoiding the need to spend countless hours poring over charts and figures. It’s a great way to start earning without needing to pick up all the skills and experience that traders usually have before they trade for real.

Of course, if you’re using a dedicated social trading platform then there is going to be a cost element. Some charge a flat fee for each transaction, so yes, if you’re using the platform then you’re also using it for trading currencies, but you’re benefiting from charting tools and access to people with skills that you would never normally encounter. Earning while learning and connecting is the way to look at it.

Social trading is one of the best new ideas that the age of the Internet has thrown up, so go in with your eyes open, and don’t expect to come out with your pockets full. Half-full maybe, which is still pretty good for a beginner. You can’t put a price on being a member of a reliable trading community, and the price they do put on the service is very reasonable, considering how much time it can save you in getting your trading career off the ground, and how much it can help you make the kind of informed decisions that will reduce your losses and increase your successes.

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The Secret to Big Online Profits? Trade with the Best Forex Software for 2020 and Start Earning

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:

  1. Is the forex software licensed and regulated?
  2. Is the forex software platform user friendly?
  3. What are the spreads on the financial assets you’re trading? The lower the spread – the more profitable your trade is?
  4. Are there any complaints online about this software (don’t worry, we took care of this for you)?
  5. 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.