Forex software review.

Forex software review.

Being profitable in forex is all about learning to maximise the smallest advantages and aside from a trading strategy, one of the most important things that a trader must consider is the software he will use.

This may sound like a trivial decision but there are many brokers in the market offering a wide range of packages for traders and it can be overwhelming to the novice at first glance. Many traders opt to go with a big name that is well-known or a type of software which is either free or mentioned on forums frequently. Very few people have the necessary time to properly research the software available yet the right package could be the very thing which brings the winning edge.

So what exactly is covered by the phrase forex software?

The term is very generic and is used to cover a variety of tools which include a trading platform, charting software and signal generating software. Also possibly included could be forex robots.

Many brokers offer free software as a benefit for signing up with their agency whereas others ask for payment for the full range of services. Choosing the right one is a matter of personal choice but one of the key factors to consider is the ease of execution and any potential delays.

For Windows users, one of the most acclaimed forex software packages is that offered by eToro, a Cypriot company that is also regulated by the FSA in the UK. The software available from eToro is some of the most innovative in the market, suitable for those brand new to forex as well as providing sufficiently in-depth charting software for professional traders.

In 2010 eToro won a World Finance Award as it was judged to be the most innovative trading platform on the market. One of the features which help it stand apart from others is its OpenBook and CopyTrader systems. These services allow traders to both follow and copy a successful trading strategy from the most lucrative traders on the network - described as a kind of Facebook for forex.

There are no variations in accounts with eToro and spreads generally begin at 2 pips with a $50 opening balance required. Both technical and market analysis are available in the charting software as well as 24 hour multi-lingual customer service support.

For traders that prefer to use a Java-based software package, such as one that one would be compatible with Linux, an alternative broker to try may be Markets.com. They offer eight different software packages which permit access from Windows PCs, as well as Linux and Mac computers, with mobile phone coverage also available.

The company is regulated by the UK FSA and is also registered and regulated across Europe by a number of different bodies. Unlike eToro, Markets.com operate a multi-level account system with access dependent on the size of the account.

The minimum deposit to get going is just $100 but those able to put in at least $20,000 are automatically awarded VIP status and granted access to a whole host of additional facilities such as mobile and SMS forex signal service.

For those wishing to contact the broker, there are 25 different local-rate numbers provided, open 24 hours as well as email support and an on-line chat facility.

Markets.com boast that their spreads are competitive from around 3 pips, although they are doubled during out of hours trading - between 10pm and 4am.

There are many firms that offer software for currency trading and sometimes the final decision will come down to something as simple as the preference for the way graphics look. An increasing number of providers offer free demo accounts and if the trading feels clunky and awkward in demo mode, it is a good indicator that this is not the right software for you, regardless of how well others may have scored it in reviews.