Trading Software

Trading software provides tools that help investors analyze markets and make trades. The best software includes advanced technical analysis and pattern recognition technology, signals and copy trading tools, plus automated robots. Importantly, leading software can help identify profitable trading opportunities and automate order execution in line with chosen strategies.

But whether you are after trading software for beginners or veteran investors, with more options than ever before, doing your research has never been so important. In this guide, we explain how software packages work before comparing the tools offered by the top forex, stock, commodity and crypto brokers. We also explore software demo accounts, computer equipment, and regional differences.

Best Trading Software 2023

1. Forex.com
2. eToro USA Securities
3. NinjaTrader
4. OANDA
5. Webull
6. IG Group
7. Pocket Option
8. IQCent
9. Moomoo
10. Nadex

#1 - Forex.com

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Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Forex.com is excellent for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score.

- DayTrading Review Team

• Instruments: Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options
• Regulator: CySEC, IIROC, NFA, CFTC, FCA, CIMA
• Platforms: MT4, MT5, TradingView
• Min. Deposit: $100
• Min. Trade: $1
• Leverage: 1:200

CFD Trading

Go long and short on a range of popular financial markets with intuitive platforms and reliable execution. 99.76% of trades are executed in less than a second with an average speed of 0.02 seconds.

Forex Trading

Forex.com is a leading FX broker. The brand offers a huge range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.2 with a $5 commission per $100k.

Stocks Trading

Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.

Crypto Trading

Trade major cryptos against USD, EUR, GBP and AUD. All traded with tight spreads. No virtual wallet is required, just a trading account. Cryptos are not available in the US, UK or Canada.

Pros

• TradingView integration
• Multiple account currencies including USD, EUR and GBP
• Fast order execution speed

Cons

• No copy trading tool
• Tools and platform access varies between countries
• $15 inactivity fee

Visit Forex.com

#2 - eToro USA Securities

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eToro is a social investing platform that offers stocks, ETFs, options, and crypto. eToro securities trading is offered by eToro USA Securities, Inc.

• Instruments: Stocks, Options, Cryptos, ETFs
• Regulator: SEC, FINRA
• Platforms: Own
• Min. Deposit: $10
• Min. Trade: $10
• Leverage:

Stocks Trading

Trade US stocks from the country's largest exchanges.

Crypto Trading

eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

Pros

• Copy trading
• Strong regulatory oversight
• Low minimum deposit

Cons

• No MT4 integration

Visit eToro USA Securities

#3 - NinjaTrader

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NinjaTrader offer investors futures and forex trading. Use auto-trade algorithmic strategies and configure your own platform while trading with the lowest costs.

• Instruments: Forex, Stocks, Crypto, Futures, Options, Commodities
• Regulator: NFA, CFTC
• Platforms: Own
• Min. Deposit: $50
• Min. Trade: Varies by asset
• Leverage:

Forex Trading

Trade currencies, including pairs with the USD

Stocks Trading

Take positions on large public companies and household names.

Crypto Trading

Trade micro Bitcoin with low fees

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#4 - OANDA

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OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.

We recommend OANDA for traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick for US traders with authorization from local regulators and a secure trading environment.

- DayTrading Review Team

• Instruments: Forex
• Regulator: CFTC, NFA
• Platforms: MT4, TradingView
• Min. Deposit: $0
• Min. Trade: $0
• Leverage: 1:30 EU, 1:200 Global

Forex Trading

OANDA offers over 70 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.

Stocks Trading

Over 1600 shares are available from leading stock exchanges. There are also no commissions on US stocks and traders benefit from free expert insights and market reports.

Crypto Trading

Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Users can also trade digital currencies in a few taps through the iOS and Android mobile app.

Pros

• The OANDA web platform offers advanced charts plus guaranteed stop-loss orders (GSLOs)
• Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
• Transparent pricing structure with no hidden charges

Cons

• Customer support not available on the weekend
• Stock trading not available in all countries

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#5 - Webull

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Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.

Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions.

- DayTrading Review Team

• Instruments: Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs
• Regulator: SEC, FINRA
• Platforms: Own
• Min. Deposit: $0
• Min. Trade: $5
• Leverage:

Forex Trading

Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.

Stocks Trading

Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.

Crypto Trading

Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.

Pros

• Easy-to-use investment platform and mobile app
• Respected brand with strong regulatory oversight
• Promotions with free stocks

Cons

• Sometimes sudden changes in trading conditions
• High deposit and withdrawal wire fees for non-US residents
• Day trading is limited for customers with less than $25,000 deposited

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#6 - IG Group

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IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.

IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 18,000+ markets and top-tier market research.

- DayTrading Review Team

• Instruments: Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting
• Regulator: FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin
• Platforms: MT4
• Min. Deposit: £250
• Min. Trade: 0.1 lots
• Leverage: 1:30

CFD Trading

IG offers an impressive suite of 18,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.

Forex Trading

IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

Stocks Trading

IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.

Crypto Trading

11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.

Pros

• IG offers great educational materials including an extensive library of training and support on how to day trade successfully
• Share dealing and ISAs are available for longer term investing
• IG is an LSE-listed company with a transparent financial history and a great track record

Cons

• Inactivity charge
• No copy trading platform

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#7 - Pocket Option

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Pocket Option is a global binary options broker with a sleek proprietary trading platform and competitive range of assets.

• Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
• Regulator: IFMRRC
• Platforms: MT5
• Min. Deposit: $50
• Min. Trade: $1
• Leverage:

Forex Trading

Binary and OTC options can be purchased on over 30 foreign exchange pairs.

Stocks Trading

Trade major company stocks and take positions on popular indices.

Crypto Trading

Pocket Option supports popular cryptocurrencies on a beginner-friendly app.

Pros

• Low minimum deposit
• Copy trading
• Demo account

Cons

• Weak regulatory oversight
• No MT4 integration

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#8 - IQCent

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IQCent is an offshore binary options and CFD broker with 10+ payment methods and a $50 minimum deposit. Clients benefit from copy trading tools and in-depth market analysis.

• Instruments: CFDs, Binary Options, Forex, Stocks, Indices, Commodities, Cryptocurrencies
• Regulator: IFMRRC
• Platforms: TradingView
• Min. Deposit: $50
• Min. Trade: $0.01
• Leverage: 1:500

CFD Trading

Trade leveraged CFDs on popular markets including stocks and commodities.

Forex Trading

IQCent offers major, minor and exotic currency pairs with tight spreads.

Stocks Trading

IQCent offers trading on four German stocks alongside several established indices.

Crypto Trading

Trade popular crypto tokens via leveraged CFDs.

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#9 - Moomoo

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Moomoo is an app-based stock broker that offers trading in US, Hong Kong and Chinese shares. Clients can get started with a sign-up bonus and $0 minimum deposit.

• Instruments: Stocks, Options, ETFs, ADRs, OTCs
• Regulator: SEC, FINRA, MAS
• Platforms: Own
• Min. Deposit: $0
• Min. Trade: No minimum
• Leverage:

Stocks Trading

Moomoo offers online US and Hong Kong stocks, and China-A shares trading across options, ETFs, ADRs, OTC, US, plus IPOs on a proprietary trading platform.

Pros

• Low minimum deposit
• Strong regulation

Cons

• Narrow range of investments
• No copy trading
• No MT4 integration

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#10 - Nadex

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The leading US trading Exchange. Nadex offer genuine exchange trading to global clients on Binary Options. Fully regulated by the CFTC.

• Instruments: Binary Options, Knock Outs™, Call Spreads
• Regulator: CFTC
• Platforms: Own
• Min. Deposit: $250
• Min. Trade: $1
• Leverage:

Forex Trading

Speculate on the price movement of 11 currency pairs with binary options contracts.

Stocks Trading

Speculate on 8 global indices via binary options contracts.

Pros

• Extensive educational resources
• Free demo account
• Proprietary mobile app

Cons

• No welcome bonuses or financial incentives
• No MT4 or MT5 platform integration

Visit Nadex

How Trading Software Works

Online trading software can be broken down into four categories:

1. Data – Before you start investing, you need to know the price of the stocks, futures, or currencies you want to trade. For stocks and futures, those prices will usually come from exchanges. Forex, however, doesn’t have a central exchange.
2. Charting – Experienced traders will usually chart prices in graphing software. Many vendors will also offer data feeds. These charting packages usually offer basic technical analysis indicators. Opt for a more advanced package, and you can benefit from extra indicators and the ability to back-test strategies.
3. Trade execution – With your data to hand and after analyzing it on a chart, at some point, you will want to open a position. For that, you will need some sort of trade execution software, such as an electronic trading platform. A lot of options today will also allow you to develop your own trading strategies with an application programming interface (API). They may also offer automated trading capabilities specifically for day trading.
4. Broker vs. independent vendor – Many online brokers offer software directly linked to their in-house systems. You can also use third-party applications through independent software vendors with platforms that support integration. The benefit of third-party solutions is that they often have more advanced features and enable you to trade at several different brokers through a single interface.

Tools

Mac or Windows?

When choosing your software, you need something that works seamlessly with your desktop or laptop. Any crashes or technical issues could cost you profits.

Fortunately, retail investors are no longer constrained to Windows computers. Recent years have seen a surge in the popularity of day trading software for Mac devices, in particular. MetaTrader 4 and MetaTrader 5, for example, are the world’s most popular trading platforms. The Mac-compatible terminals are user-friendly and provide an easy-to-navigate interface, ideal for beginners and veterans. Signals, copy trading, plus Expert Advisors (EAs) are also available.

But regardless of whether you are looking for the best trading software for Mac or Windows, check reviews to ensure the technical tools, data feeds, portfolio trackers, back-testing capabilities, and any other features you require won’t run into compatibility hurdles.

In addition, make sure the initial download is free. Reputable brokers shouldn’t charge you for installation.

Mobile Trading Software

You can also get useful mobile trading software, normally in the form of an app on iOS or Android devices. These aren’t typically designed to replace desktop applications as they lack in the capabilities area. Instead, they are best used to supplement your normal, desktop-based system.

A key point…

Make sure when choosing your software that the mobile app is free.

A good application will provide succinct market updates, trends, and the usual stock price tickers. If it overloads you with information that pushes you towards impulsive decisions, stay clear.

Comparing Trading Software

Online brokers will often offer standard software, but if you want additional features essential for your strategies, you may have to pay significantly more. So, conduct a thorough comparison before investing with your hard-earned capital.

The key points to consider include:

Cost & Need

• Does it meet your needs? – There is no one-size-fits-all trading software. Different programs will suit different investors. Are you following a simple stock strategy such as moving average tracking? Alternatively, do you want to employ a more complicated multi-conditional strategy? Will you need a direct forex feed or real-time signals? Get a free software download trial and practice on it first to make sure it caters to your needs.
• Cost – How much does the trading software cost? It is all too easy to opt for the cheapest application. But while this may save money in the short term, you may be sacrificing essential features your strategy requires. Adding these options later may also cost you more than investing in comprehensive software to start with. Also, check to see if the program is available as part of the standard brokerage account, or does it come at an additional cost?

Technology

• Execution speed – Time is money, and nowhere is that truer than in the day trading world. Ensure your software will allow you to enter and exit positions swiftly. Check reviews for any execution red flags. A few seconds could be the difference between finishing in the red or black at the end of the day. For more information on execution speeds, see our guide.
• Accessibility – Is it a web-based software offering? If so, you will need just an internet connection to get online, plus you should have zero installation, update, and maintenance costs. This is the best option for beginners. However, if you want to employ complex algorithms, you may need computer-based installable software. This is usually a more expensive route to go down. Note, the top copy-trading software is normally available via web-based terminals.
• Features – Active traders often rely on short-term price movements to turn a profit. What does your strategy need to monitor these price fluctuations? Will you need charts, particular data feeds, news sources, and specific market access? If so, check whether these will be included as standard.
• Analytics – Does your strategy depend on technical indicators and pattern recognition technology? Will the program recognize arbitrage opportunities, for example? Comprehensive analysis software will provide you with all the features you need in one user-friendly bundle.

Forex Trading Software

Which is the best forex trading software available in today’s market? Finding the right solution isn’t always a straightforward decision with hundreds of options to choose from.

The first question should be: ‘what information, resources, and tools do you need to enhance your forex trading strategy?’

Below are some of the most popular types of currency trading software available:

• Trading platforms – These enable you to manage and execute forex trades.
• Signal generators – These provide recommended price levels for which to enter and exit positions.
• Technical analysis software – These offer historical and live charts with exchange rates, plus a wide range of technical indicators.
• Automated forex trading software – Once you have pre-programmed your rules and strategy, these programs will automatically execute positions on your behalf.

Stock Trading Software

With today’s volatile market trends, picking the right stock trading software is important. It is often said that there are very few stocks worth investing in each day. This means identifying opportunities before share prices make big moves will be what separates the profitable traders from the rest.

Before purchasing stock trading software, always check application reviews first. In addition, look for the following capabilities:

• Market scanning – These programs scan the market for opportunities and draw your attention to potential stocks via push notifications and alerts
• Charting software – These help you decipher market conditions and trends, so look for an application that offers user-friendly and intuitive charts, plus customizability options. eSignal is a particularly popular solution.
• Portfolio tracking – These track previous trades and results, helping you identify mistakes and refine strategies.
• Backtesting – These back-test your trading systems against historical data, giving you an idea of how successful your strategy may be before you risk real capital.

Other Instruments & Markets

On top of the ones above, you can also get your hands on the following:

• Commodity trading software – There is a rich supply of international applications for the commodities markets. Plus, you can find some of the best free online trading and charting software around.
• Bitcoin day trading software – As the market is still expanding, there are new options popping up every month. You can also find some of the best trading simulator software that is normally free. eToro is a particularly good choice for crypto investors.
• Emini trading software – E-mini options continue to grow so you can choose between generic systems or specialist Emini software. Good scalping options are also available, with plenty of reviews on forums.
• Penny stocks software – There is healthy competition here. In particular, there are plenty of easy-to-use buy and sell signal software for penny stocks.
• Software for NSE – You can find free programs for Indian markets, or you can choose from the ever-growing list of paid options.
• Software for cryptocurrency – These include robots, prediction software, or you can find plenty of manual solutions. You can also now get your hands on useful virtual money management software to keep your online wallet heavy.

Journal Software

Day trading journal software allows you to keep online log books. Why would you want that? Because they maintain a detailed account of all your previous positions.

They usually record the instrument, date, price, entry, and exit points. This could allow you to fill in your tax returns with ease and analyze recent trade performance.

Importantly, it can help you identify mistakes, enabling you to invest smarter in the future. This makes it some of the most important intraday trading software available.

Where to Buy Day Trading Software

Make sure that when you compare programs, you check reviews first. Even those that proclaim to be one of the ‘top 10-day trading software’ can have some serious drawbacks. Also bear in mind that the easiest application won’t necessarily be the best.

Consider the popular and well-regarded options below:

• ZuluTrade – Automate trades and offers copy signals or traders to follow (particularly popular in the US)
• NinjaTrader – An advanced platform that also allows developers to build their own indicators
• MetaTrader – Market-leading multi-functional trading platform. Integrated with many top brokers
• AlgoTrader – This is ideal if you are looking for customizable, open-source software to implement automated strategies
• eSignal – Advanced charts and graphs to support short-term and long-term trading strategies. Extensive customization capabilities, plus custom indicators available
• TD Ameritrade – Some of the best live and virtual day trading software available, scoring particularly high in US reviews
• eToro – Leading social trading network. Copy profitable traders – or become a ‘leader’ and earn when other traders follow you
• TradingView – A leading charting package with a wealth of technical analysis tools and the ability to build and back-test strategies. The software can monitor price charts over 30-day changes, plus automate investments and copy trades
• Trading Station 2 – A cloud-based trading platform developed exclusively for the forex broker FXCM
• JSE software – Considered one of the best futures day trading software available
• Etrade software – Nifty trading software that is fast, reliable, and used by investors of all levels
• MCX day trading analysis software – One of Tim Sykes’s highly recommended systems
• Consors software – This German application offers some of the best trading simulation software for free

Software Strategies

Choosing the right trading software is an important decision. It is also important that any solution integrates with your trading strategies. If you are investing in forex using a simple price action strategy, for example, you may have everything you need with your broker’s standard program.

However, tools such as TradingView can help you build and back-test more advanced strategies, including using your own code if desired. Complex trading systems may also require software with a wide range of indicators and technical tools at a few clicks’ notice to help make fast and accurate decisions.

Importantly, for advanced traders, strategy needs are likely to be greater, and may require optional advanced features that are often expensive.

Demo Accounts

If you want to test a specific software before committing to it, the best way to do so is through a demo account. A paper trading solution is essentially a practice account where you trade for free with virtual funds using the real program and its features. It is a great way to trial software, strategies, and develop your own skills. We list the top investing demo accounts here.

Regional Considerations

Tailored for Specific Markets

The best trading software for traders in Australia and Canada may fall short in Indian and South African markets. This is because the software in India may be be designed to analyze and take into account intricate Indian market dynamics. Spider Software, for example, provides technical analysis software specifically for Indian markets.

If you want to trade stocks in the West, you may find an application from far afield won’t give you access to all the data feeds and news resources you need to trade successfully.

There is also the question of cost. You can get plenty of free charting software for Indian markets. Still, the same powerful and comprehensive software in the UK, Europe, and the US, often comes with a price tag.

So, make sure your software comparison takes into account location and price.

Tax Considerations

The same principle applies to day trading tax software. Your accounting software needs to be able to accurately calculate how much tax is payable to your country’s specific body, the IRS or HMRC, for example.

Apart from wasting your time, any tax errors will fall on your lap, as will any fines.

Final Word On Location

If you’re British, do your homework and find out what the best application specifically for the UK is. If you are Canadian, check you won’t encounter any tax problems when you invest in accounting software from South Africa, for example.

Final Word On Trading Software

It is worth bearing in mind that your choice of broker can restrict the tools available.

Free day trading software may seem like a no-brainer to start with. However, if it comes with the sacrifice of technical tools that could enhance investment decisions, then it may cost you in the long run.

Also remember that the best trading software for forex may not be helpful for stocks, so do your research and consider all the tips in our guide above. And most importantly, you wouldn’t buy a car without test driving it first, and your trading software and application doesn’t need to be any different.

FAQ

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