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Forex Trading Software

What Is the Best Forex Trading Software for New Traders?

Forex trading software varies widely. You can get forex trading software for free or you can pay thousands of dollars for the software the pros use. When you’re starting out trading forex, it’s important to educate yourself as to your options when it comes to choosing one forex trading software over another.

Here are a few important things you should be looking for when you’re looking for forex trading software that meets the needs of a beginning trader:


When you’re starting out, you want to find something that is within your price range. You don’t want to be like that kid who shows up at the park with the nice Nike shoes, the brand new Nike shorts, even the Nike socks, and then you can’t even make a lay-up.

As a beginner, choose forex trading software that’s either free or easily affordable.

Installation Process

You want something that is easy to download and install. Some of the more elaborate FX trading platforms, it seems like you need a PhD in Information Technology to even get the program loaded to your computer. Unless you have that PhD, that’s not cool.

Forex trading software that’s incredibly easy to install is the best option for beginners. The good news is that software that’s not hard to use is not hard to find.


Even for experienced forex traders, solid technical support for your forex trading software is a must. For beginners, flying without a co-pilot can be disastrous in a game like forex, where pressing the wrong button can cost you real money.

To avoid technical problems, or solve them when they occur, you need to know that you can get someone on the phone or at least have emails returned promptly. This is one reason to pay for forex trading software; free versions often lack sufficient support.

Look for a good FAQ on the company website, too, that answers common software questions. Excellent forex software providers proactively support their users by disseminating information that helps you make the most of your FX trading platform.

Charts Can Cost You—But So Can No Charts

You may notice, as you evaluate foreign exchange trading software options, that there is something of a dividing line in the industry between forex trading software that allows you access to advanced charts, and forex trading software that offers only basic charting functions. The former you usually have to pay for, the latter is usually the free version.

While you won’t want to dole out money for the deluxe forex trading software until you’ve earned your stripes using the cheap stuff, it can be worth upgrading to a more robust program if you’re a heavy forex chart user (which you should be as a trader).

Lack of charts, if it affects your trading decisions, can cost you more than the price of purchasing a software package that includes great charting functions.

More robust software packages have some awesome charting capabilities, for example you can actually make trades directly from charts.

Another function that may be worth paying for, as a side note, is forex trading software that keeps extensive records of your past trades, and lets you manipulate that data so you can make better trades in the future. Rarely will you find free or cheap forex trading software that lets you backtest your past trades to learn from your mistakes.

Forex Robots for Beginners

In addition to your forex trading software that enables you to place trades, you may consider using a forex robot program to generate trade ideas for you.

However, you must realize that most forex robots are only as good as the humans who are their masters. For instance, you must configure the settings appropriately or else your robot may cause you to lose all the money in your account, very quickly.

Three forex robot FX trading software programs that we recommend for beginners are Forex Autopilot, Forex Megadroid, and FAP Turbo.

For the beginner specifically, the Forex Autopilot is a strong candidate. Priced right around a hundred dollars, it’s the least expensive of the three, easy to download, easy to install, easy to operate, and it comes with fast and friendly customer service.

Forex Trading Software Is a Tool, Not Magic

Whatever success or failure you are having with forex trading, you must realize that it might be because of your software, but it also might be because of other factors.

That being said, choosing the right forex trading software can be a game-changer for the beginner FX trader.

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