Trading on the forex market gives people who want to make money an exciting way to do so. Anyone anywhere around the world can use platforms to trade currencies. But, to use these platforms, traders may need to meet some basic requirements. If you are new to forex, you will need to know what those requirements are and learn how to trade. We are here to help you find the best trading software for beginners on the forex market.
How can I begin to trade
You hear about the success of other traders aLand may think this is a quick way to make money. To be sure, it can be, and some traders are lucky enough to come into a windfall right away. But, trading is by no means easy, and you may make a lot of mistakes and losses before you realize any profits. The greats, like George Soros, will tell you don’t give up. Instead, learn from your mistakes.
Before a beginner trader starts trading, there are a few things they should work out.
- Finding a trading platform
- Developing an investment plan
- Build a target time frame
- Look for chances to trade and trading ideas on the market
- Take the time to size their trades properly
It will take a bit of time to get it out. We want to help you start your journey to trade with our beginner’s guide to finding a trading software.
What to look for in a trading platform
Every online forex broker will claim that their platform is the best. They will say they provide the best services and opportunities to trade. But, not every system has the same design or work using the same principles.
A day trading software is only as good as the person using it.
The system’s performance is based mainly on traders’ strategy and skill level. So, if you are a beginner, you need to find a platform that supports your trading skills and helps you grow. And to be an effective trader, you will need trading software on which you can depend. The two go hand in hand.
Persons new to forex trade should browse the market for the type of software that will meet their trading needs. A bit of practical experience will go a long way in helping you to develop your trading strategy.
The best thing to do is open dummy accounts on different forex platforms to see how they work. You can try different strategies and develop a trading system that works for you. You may be able to use any trading platform often enough to be thought of as a day trader. But some have better tools, features, and resources for fast-paced trading that other software does not have.
Professional traders: what do they want in a broker
Learning from those who went before you will never get old. So let’s find out the reasons behind professional traders’ trading software choices offered by particular brokers.
Being able to execute fast-paced and reliable deals is a staple for the success of professional traders. You may be surprised to know that they also look for brokers with the lowest trading commissions. That’s because a trader can end the day after snagging a sizable profit and not go home with it. High commissions will do that to you if they are over the amount of money you made.
Because you are trading throughout the day, you may have to pay a commission on each deal brokered. Those deals include anything you buy and anything you sell on the market. So, the expenses will pile up.
Your broker must also make the most of order executions because, in trade, the difference between failure and success is paper-thin. Entering the market and leaving it at the right moment will allow you a better chance to take home small profits all throughout the trading day. You cannot have trading software that responds too slowly to the fast-moving market changes. Having the right software is the best place to start.
And last but least, is the efficiency of customer service. Professional traders like to have access to a prompt broker representative to deal with technical outages and any other trading problems they may have. An effective customer service response time is also the margin between profit and loss.
Brokers who have the best customer response team will offer support via chat and phone. There will be no wait time to get a response.
Now you know what the professionals seek in trading software. Here are a few of the most important things that will let you know that a platform is ideal for beginner traders.
1. Simple interface
The first and most important is how a beginner interacts with the interface. The software must be easy to understand and easy to use.
Note, if the software (mobile or desktop is hard to navigate or has a lot of delays, two things can happen. You stand to lose a lot of money. Or, you can miss out on chances to make lucrative trades.
2. Educational content
The next thing beginners should look for is the educational content inputted into the software. The best trading software offers demo/dummy accounts that beginners can set up to trade. They supply virtual cash so traders can learn the proper way to buy or sell.
3. Trading trends/market research
The third thing on our list of must-haves is access to high-quality research on trading trends and other market research. Your trading platform should help you analyze trading data patterns. Most of the better software comes with tools that help new traders grasp a basic understanding of the most fundamental trading concepts. It also gives them a great way to test their trading skills against other investors on the market. In short, extensive market research will help new traders succeed at what they do.
4. Zero fees and commissions
Now, it would be nice if all the best trading software for beginners offered these features for free. The fact is some do, and others charge a fee. How low or high the price is depends on the firm and the services offered. These fees pile up when you conduct multiple transactions in a day.
5. Excellent order execution
Executes quality deals with how smooth and quick trade happens on a particular platform.
6. Real-time quotes
To be an effective trader, you need the most recent pricing information at the drop of a hat. The platform of your choice should have pricing data available at the ready. Traders should have the ability to create beneficial deals as soon as the chance comes up.
The best trading software for beginners have charts that include lots of indicators. Customizing these charts will show traders technical details within their strategy.
Bac testing is an essential first step to trade strategy development. It involves running a simulation of how the strategy you plan to use performed in previous trades.
9. Opening an account should be easy
Most trading software allows traders to open an account with ease. It may take up to 3 or five steps in just a few minutes. Others may take a business day or two to set up so the firm can run a background check on you. The goal is to attract new traders. A complex signup process may turn them away.
10. Affordable minimum deposit
We strongly suggest starting with a dummy if you are new to trading. You can practice and build up your skills. Once you think you are ready to begin live trading with hard cash, choose a platform that allows you to start with a low deposit.
There are several reliable software options that allow you to conduct trade for a hundred dollars or less. Others ask for as much as five hundred and higher. That kind of ask is for people who have the money to spare.
11. Great customer service
One of the perks of online trading is that traders can conduct their business after market hours. If that is the case, they should have access to customer support. Their agents should give quick and easy answers to their questions.
There are two aspects of transparency that a beginner trader should look into. They should do this research before signing up for an account with any trading software.
You should first find out if the company you want to sign up with is regulated. Any regulated trading company will have that information displayed on its platform.
Regulation usually means that the company is reliable and safe. Unregulated brokers may be dodgy, and investing with them means you are at a greater risk of losing money.
- open and honest fees
The company’s reports on fees should be clear. Nothing should remain hidden. A trader should know for what exactly they are signing up. Fees have a way of eating into your profits. So, before you begin to trade, do some research into every cent you have to pay to the company. You will read more about those later as we explore some of the best trading software for beginners.
These are some things that beginner traders should look for in trading software. I’m sure if you do some extensive research, you may come up with a few more of your own. But, it’s time to jump into our list of best trading software for beginners. Then, we will answer some frequently asked questions about trading platforms you may want answered.
Note, the software discussed here is not ranked. These platforms are in random order. They are also not the only software that beginners can use. There are tons of them available on the market. Beginner traders should find trading software with similar characteristics.
The brokerage firm, Roboforex, started operating in 2009. It provides financial market services to traders living in one hundred and sixty-nine countries. Over 3.5 million traders use this platform, including some of the most reputable professionals on the market. It is a safe and trusted regulated broker.
Roboforex made our list of best software for beginners because it offers all of the features listed above.
Here are some of the features Roboforex has for beginner traders.
- It has a lot of educational material
- Available on all devices, including mobile, desktop, and web-based versions
- Expert advisors available
- Has three different kinds of orders for execution
- Tools to create graphic analysis
- You can program a trading robot of your own
- Offers fifty ready-to-use indicators to perform technical analysis
- Gives updates on events on the financial market as they happen
- Low startup requirements
While Roboforex checks a lot of the boxes, it does have its drawbacks, which we list below
- Currency pair numbers are small
- Missing cryptocurrency tools when using Roboforex’s R-trader account.
The list of drawbacks when trading with Roboforex is small, but it might be a deal-breaker for some. Still, this firm comes with high beginner recommendations.
TD Ameritrade is considered one of the most ideal options for new investors. It delivers an excellent mix of the simple interface, educational content, and traders have a ton of research material at their fingertips.
It is a full, well-rounded brokerage experience that meets the needs of new and advanced investors. For new investors, TD Ameritrade offers the best educational information.
The second thing about TD Ameritrade that makes it beginner-friendly is the customizable trading experience. What does this mean?
Both the firm’s web and mobile platforms are well designed. The user interface gives clients hands-on, self-paced learning. That way, users can watch their trading strategy development. With TD Ameritrade, the user of the software is the priority. That is why using it is so simple.
TD Ameritrade offers several trading platforms that any investor can use. It works for the day trader and the passive investor.
This firm’s mobile and web-based platforms are great for beginners. And as you grow your trading skill, you can graduate to using the more robust thinkorswim platform.
As good as TD Ameritrade is, it has its disadvantages like everything else. These disadvantages have no direct impact on the beginner’s experience. Still, we want you to know what to expect as you deepen your involvement in the trade.
No fractional shares
Fractional shares are a benefit to beginner traders who have limited capital. It allows them to fatten their portfolio with high-priced securities little by little. TD Ameritrade does not provide this feature. But, there is hope that fractional shares will soon make their debut on this platform.
Fund fees and account fees are higher than competitor fees
TD Ameritrade offers a wide range of investing options, probably more so than most of its competitors. But these competitors supply more cost-effective options. Investors who trade on margin should be aware that the margin rates of this firm are also less competitive than some of its competitors.
Sweeping uninvested cash into the money market fund is not an option
Unlike several of its competitors, TD Ameritrade will not automatically transfer uninvested money to a money market fund. But, it does give traders the option of entering a sweep program. Or, they can keep the cash in an FDIC account where it is protected.
Webull has zero commissions and no minimum deposits. Everyone (beginners and professionals) have access to the same smart tools that will help them make wise investment decisions. These two features alone make this firm an excellent choice for beginners.
On the flip side, Webull does not offer the type of content that will teach beginners trade tricks. There is no spoon-feeding on offer here. It also does not offer mutual funds.
That does not mean that Webull cannot work for you as a beginner’s platform. You can learn to trade using Webull, while studying conducting trade from other avenues.
E*trade is one of the long-standing popular forex brokers on the market.
Active traders will appreciate the zero-dollar commission. And beginners will gain from the platform’s vast library of training resources.
Here are a few other things that make E*trade is a good option for new investors.
E*trade has something for everybody
It makes no difference if you are a novice or a seasoned trader. E*trade features a platform and mobile app that you can work with. Both the web platform and mobile software give real-time market news and quotes.
They offer account management, screeners for exchange-traded and stock funds. A power E*trade platform allows technical studies.
It supplies drawing tools, chain views can be optimized, trading ladders, and several other features to develop one’s trading strategies.
Traders will find several options for investing on E*trade. Those include:
- Several mutual funds with no transaction fee
Educational support and resources
E*trade is one of the platforms that offer first-rate educational support and resources. They provide investment courses online and teach traders how to find a firm that shares their beliefs. There are webinars on different trade topics.
But, like every other software mentioned so far, E*trade is not perfect. Its biggest shortfall is the difficult interface. So while it has the features that beginners need to grow, the site is not easy to get around.
VantageFX ticks off quite a must haves on our list. The signup process is simple and can be done in under ten minutes. They offer one of the lowest minimum deposits to traders. It is a hybrid system that allows traders to conduct business via an electronic network or using a dealing desk. So, as a new trader, you can try both options to see which one makes you more comfortable.
Another advantage Vantage Fx offers new traders is 24hr customer support. We cannot stress enough the importance of this feature. It may well be the difference between a windfall and a heavy loss.
Vantage offers mobile access to their platform for both IOS and android. Beginners can learn and trade on the go. And there are no hidden fees. The firm is very open about what it charges traders.
As ideal as some of these features are for beginners, Vantagefx has its shortcomings, as with all the others. What’s the biggest shortfall? If you are in Canada or the US, you cannot conduct business using Vantage from these locations.
Like all the other platforms we’ve mentioned so far, Capital.com is a dependable and safe company to use to conduct trade. Setting up your account is easy and quick. They offer some of the best quality research tools. We have already discussed why those are important, but here is a breakdown of what Capital.com offers its clients.
With Capital.com, new traders have access to the most current trading insights. They will also have access to in-depth educational material. You can also get comprehensive financial evaluation, and information about the top trades for the day. All of these features will help new traders develop their skills.
Where does Capital.com fall short?
Capital.com’s biggest shortfall is the small currency account it offers. They do not trade the lesser base currencies, working only with the major currency pairs. That for me can be limiting as there traders can get lucky trading with lower value currencies.
- An inactivity fee of $10 monthly applies if you do not use your account for a long period of time. Three months is the standard.
- The conversion fee of 0.6%
- Non-trading fees
Frequently asked questions
Here, we will answer some questions that always come up with new traders.
What is the best software for day trading?
The trading software mentioned in this article are all ideal for day trading. So, we can’t tell you which to choose. But, you can learn which software will suit your personality and trading style as you develop. The best thing is to try them on for size to see how they fit you.
Start with a software that offers affordable minimum deposits and low-fees. Is it a cost that you can afford at the present moment and move on from there?
What is the easiest trading app?
The easiest trading apps are the ones with a simple-to-use interface. You can move around the platform without confusion. But easiest does not necessarily translate to ideal. A combination of factors determine if an app is suitable for a beginner trader.
An easy trading app should also come with 24hr customer support. Agents should be available to offer live service via phone call or app chat. The wait time for a response to questions and concerns should be minimal.
That being said, traders have different taste in apps. What works for one trader might not work for another. I will always believe in signing up on several trading platforms and getting a feel for how they perform. Then, you can choose the app that best suits your personality, your skill level, your trading needs.
You can only develop these three things as you practice and learn more about trading.
What is the best free trading software?
There are a lot of free trading software available. As a beginner, choosing one can get confusing. But, our recommendation is choosing a system that suits you. Try different trading software to see how they work. These systems are free, after all. You have the perfect opportunity to find which one will compliment you as a budding trader.
As you grow in the business, your tastes in software may evolve as well. That is fine and normal. But you will never know which software is best for you if you stick to only one.
A free trading software is a great way to practice, make mistakes, and learn. Take advantage of the freeness these software offers. As you grow in confidence, you can move on to a premium plan, which will most likely offer more perks and benefits.
Which is the best trading software for beginners conclusion
I do not want you to believe for even a second that the right software will automatically transform you to a good trader. Day trading is a notoriously difficult field. It would be awesome and ideal if trading software could meet all of the criteria suitable for beginners. But as we can see, each one falls short in some way. That’s why trading is not a science. Neither is there a best method. If it were a science or there was a best way, all of these brokers mentioned here would develop the perfect trading software.
What makes a good trader is not always the type of software used. It has a lot to do with the willingness of the trader to learn and grow. Take the time to understand how trading works. Take the time to learn of the latest technologies and how to use them. Put in a lot of practice. Develop your trading strategies. Learn from the best. While it won’t be easy, you will be on your way to becoming a successful trader.