Top 10 Trading Software | Test & Comparison For Traders

While your trading software might seem a secondary consideration, it’s often the make-or-break of your trading experience.

Moreover, your choice of trading software can leave you without certain tools that have a real and practical impact on your ability to conduct technical analysis, and execute profitably.

Here we look at what in our opinion are the top 10 trading software options for retail traders.

Top 10 Trading Softwares
Key Facts Trading Platforms
  • Trading software is essential for success in trading, offering crucial tools for technical analysis and trade execution.
  • Top trading platforms include TradingView, MetaTrader, cTrader, with choices depending on personal needs and trading strategy.
  • Considerations for choosing software include features, compatibility, ease of use, broker integration, and cost.
  • Costs vary widely, with some platforms free and others requiring subscription fees or charging for additional features and data feeds.
  • Integration with brokerage accounts is crucial for seamless trading, with platforms like MetaTrader and TradingView popular choices.
  • The best trading software depends on the trader’s specific needs, with research and comparison necessary to find the ideal platform.

List of the 10 best trading platforms

In our opinion, these are the 10 best trading platforms available right now:

  • TradingView: A highly popular charting platform known for its advanced technical analysis tools and vibrant trading community.
  • MetaTrader: A staple in the trading world, offering robust features and versatility with its MetaTrader 4 and MetaTrader 5 versions.
  • cTrader: Recognized for its intuitive interface and advanced order execution capabilities, appealing to those seeking ECN connectivity.
  • XTB: A well-regarded brokerage with its own proprietary xStation 5 trading software, known for user-friendliness and comprehensive tools.
  • eToro: A social trading platform allowing users to copy trades of successful traders, with a focus on community and education.
  • Libertex: Offers a user-friendly platform and access to a wide range of financial instruments, including stocks, indices, and cryptocurrencies.
  • Capital.com: Modern trading platform featuring AI-powered trading signals and customizable risk management tools.
  • ActivTrades: Provides its proprietary trading platform alongside MT4 and MT5, with a focus on advanced features and tools for traders.
  • Markets.com: Popular for its access to a wide range of financial instruments and advanced charting tools for technical analysis.
  • IG: A well-established broker offering a proprietary platform with a wide range of trading instruments and exceptional analytical tools.

What to consider when choosing professional trading software?

Identify what you personally need from software: Every trader’s desires will differ-this will tie into your trading goals and trading plan. Here’s what to consider when choosing your software:

  • Features and functionality: Look for software that offers a comprehensive set of features, including advanced charting tools, technical indicators, and order execution capabilities.
  • Compatibility: Ensure that the trading software is compatible with your operating system and devices-if you like to trade on the go, software suitable for mobile devices becomes non-negotiable.
  • User-friendliness: Opt for software that is intuitive and easy to use, especially if you’re a beginner trader (look for features like customizable dashboards, indicators, and user-friendly interfaces that don’t demand mental gymnastics to figure out).
  • Broker Integration: Check if the trading software is compatible with your current or preferred brokerage, which will allow for seamless integration and trading account management.
  • Cost: Consider the cost of the trading software, including any subscription fees, commissions, or other charges. You can identify software that offers competitive pricing and value for money by comparing options side by side on a spreadsheet or list.

The 10 best providers of trading software

1. TradingView

Trading Software TradingView
TradingView website

TradingView is a very popular charting platform that offers advanced technical analysis tools, real-time data, and a vibrant online trading community. It’s compatible with a wide range of brokers, including FP Markets and Vantage Markets.

  • Cost: TradingView offers a variety of subscription plans, including Free, Essentia ($12.95/month or $155.40/year), the Plus version ($24.95/month or $299.40/year) or the full package Premium ($49.95/month or $599.40/year).
  • Availability: TradingView is available worldwide, and traders can access TradingView’s platform on any modestly current device without the need to download and install the software.
  • Eligible brokers: TradingView integrates with multiple brokerages worldwide, although the availability of broker integration might vary depending on your location (and the brokerage’s partnership with TradingView), most traders anywhere can find a reputable broker that supports TradingView.
  • Regulation: TradingView itself is not a brokerage firm and does not directly handle your funds or execute trades per se, and the regulation then falls upon brokerage firms integrated with TradingView, and this depends on the jurisdiction(s) in which they operate.
  • Markets Offered: TradingView offers you access to stocks, commodities, forex, cryptocurrencies, bonds, and indices. It’s important that you choose a platform that caters for your chosen marketplace(s), as the availability of specific markets depends on the data providers and exchanges supported by TradingView, as with any other platform.
  • Customization/tools: TradingView offers extensive customization options, allowing you to personalize your charts, indicators, and thus trading strategies. TradingView provides a wide range of technical analysis tools, including drawing tools, indicators, and multiple chart types. You can also create custom scripts (and indicators) using TradingView’s Pine Script programming language.
  • Support: TradingView support is comprehensive, and includes a document library, tutorials, forums, and various customer support channels. That said, the person-to-person is by most accounts terrible, even for premium subscribers, and Trustpilot rates them a 2-star company, based on 724 reviews, of which 48% gave them 1 star…
Software providerProsCons
TradingView✅ User-friendly interface❌ Limited order execution options
 ✅ Loads of charting tools as well as technical analysis features❌ The advanced features require a subscription
 ✅ Good social networking and community engagement 
 ✅ A web-based platform usable from any device 

2. MetaTrader

Trading Software MetaTrader
MetaTrader 5 (MT5) website

MetaTrader is the original for many, and remains a leading trading platform known for its robust features and versatility. It is available in both MetaTrader 4 and MetaTrader 5 versions (MT4 and MT5), and is compatible with brokers like Vantage Markets, RoboForex, and many more.

  • Cost: MetaTrader is free to use, but trading fees (commissions) are charged, because the brokerage pays a hefty amount for the MetaTrader license that allows them to integrate and offer the platform as their own.
  • Availability: MetaTrader is available worldwide, and you can download it from the official MetaQuotes website or using authorized brokers.
  • Eligible brokers: MetaTrader is widely supported by innumerable brokerage firms around the world, and many brokers offer MetaTrader as their primary trading platform. A host of stock, futures, and forex brokers offer MetaTrader 4 or 5. It’s rare that your location and/or the broker’s partnership with MetaQuotes (or lack thereof) will prevent you from using the software if you choose it.
  • Regulation: MetaTrader itself is not a brokerage, and thus regulation of your trading affairs will hinge upon your brokerage firm’s applicable jurisdiction.
  • Markets Offered: MetaTrader grants access to various financial markets, including stocks, forex, indices, commodities, and crypto.
  • Customization/tools: MetaTrader offers extensive customization options, allowing you to customize charts, indicators, and tweak your trading strategies. MT4 and 5 also come with a wide range of technical analysis tools, including indicators, drawing tools, and various chart types. You can create custom indicators, scripts, and expert advisors (automated trading algorithms) using the MetaQuotes proprietary programming language (MQL4 for MetaTrader 4 or MQL5 for MetaTrader 5).
  • Support: MetaTrader’s support is also comprehensive, and includes innumerable library downloads, as well as recommended tutorials and forums. Rated only 1.5 stars by Trustpilot, however, actually accessing a MT human being to resolve issues you might have seems difficult at best, and often impossible.
Software providerProsCons
MetaTrader✅ Wide range of technical indicators and analytical tools❌ Steeper learning curve awaits beginners 
 ✅ Customizable interface with support for automated trading (Expert Advisors)❌ Limited fundamental analysis tools
 ✅ Access to a large community of traders and developers 
 ✅ Available for desktop, web, and mobile devices 

3. cTrader

Trading Software cTrader
cTrader website

cTrader is a powerful trading platform known for its intuitive interface and advanced order execution capabilities. Much is made of its electronic communications network (ECN) and the platform finds many clients among those disgruntled with slippage on other platforms. cTrader is compatible with brokers like FP Markets.

  • Cost: cTrader is available for free to download and use, and you can access cTrader’s basic features, including charting, technical analysis tools, and order execution, without paying any subscription fees. Some brokers might offer premium features (or additional services) for a fee, but the core cTrader platform itself is free of charge.
  • Availability: cTrader is available worldwide and can be downloaded from the official cTrader website (or via authorized brokers).
  • Eligible brokers: cTrader is being supported by a growing number of brokerages around the world, and many brokers have made cTrader their primary trading platform. A diverse range of brokers support cTrader, including forex brokers, CFD brokers, and crypto brokerages, and although the availability of specific brokers may vary depending on your location and the broker’s partnership with Spotware, few traders will struggle to employ the platform if they so desire.
  • Regulation: Since cTrader is not itself a brokerage firm, handling no client funds nor executing trades, the jurisdictional regulation of your chosen brokerage firm applies.
  • Markets Offered: cTrader provides access to many financial markets, including stocks, forex, commodities, indices, and even cryptocurrencies, and you’re able to trade a wide range of instruments, including currency pairs, CFDs, futures contracts, and options through the platform. As with almost any other trading platform, the availability of specific markets may depend on your broker’s offer of specific financial instruments too.
  • Customization/tools: cTrader offers extensive customization options, allowing you to customize indicators, charts, and your trading workspace. It’s a more intuitive and fleshed-out platform, and you can even create custom indicators and trading algorithms using cTrader’s proprietary programming language, cAlgo. cTrader also allows traders to open pending orders when markets are closed, and charts are detachable, making it easier to employ multiple monitors simultaneously.
  • Support: cTrader offers comprehensive support through documentation, tutorials, community forums, and customer support channels. They score significantly higher on Trustpilot than TradingView and MetaTrader, so for some traders this will be a decisive factor.
Software providerProsCons
cTrader✅ Intuitive interface with advanced charting capabilities❌ Limited availability compared to other platforms 
 ✅ Transparent pricing with direct market access (DMA)❌ Requires brokers that support cTrader
 ✅ Access to a wide range of markets and diverse assets 
 ✅ Seamless integration with brokers offering the cTrader platform 

4. XTB

Trading Software XTB
XTB website

XTB is a popular brokerage firm that offers its own proprietary trading platform with a range of advanced features and tools for traders. While you can trade on MT4 with XTB, their proprietary xStation 5 trading software has had great reviews from traders.

  • Cost: XTB offers commission-free trading on most instruments, including commodities, forex, indices, and cryptocurrencies. Spreads vary depending on the market and trading conditions, although XTB boasts competitive pricing compared to other brokers, making their coin on the spreads. You might incur swap fees for holding positions overnight, and additional fees may apply for certain account services and some kinds of withdrawals.
  • Availability: XTB operates in multiple jurisdictions and is available in over 150 countries across the globe. That said, the availability of some services (and features) might vary depending on your location and local regulatory requirements.
  • Eligible brokers: XTB is a brokerage firm that provides its trading services directly to clients, and you’re getting both platform and brokerage with XTB.
  • Regulation: XTB is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Polish Financial Supervision Authority (KNF) in Poland.This grants some measure of confidence in the safety and security of your trading funds, as XTB is wholly compliant.
  • Markets Offered: XTB offers access to a wide range of financial markets, including forex, ETFs, indices, stocks, commodities, and cryptocurrencies. On XTB, you can trade over 1,500 instruments across various asset classes, with leverage options available.
  • Customization/tools: XTB’s xStation platform offers extensive customization options, allowing you to tailor your trading experience to suit. XTB sports advanced charting tools, technical indicators, and drawing tools for in-depth market analysis. XTB also provides account management tools, risk management features, and trading analytics to help you make better trading decisions. You can also access MT4 via XTB.
  • Support: You can access educational resources, market research, and trading insights through XTB’s website, blog, and educational webinars, and they also offer customer support via phone, email, and live chat (with multiple languages supported). They score higher than the three options above on Trustpilot, notwithstanding that there are some ghastly complaints there too, as there are with every software provider.
Software provider ProsCons
XTB✅ Competitive pricing as well as tight spreads and low commissions❌ Limited availability in some regions
 ✅ Regulated by top-tier financial authorities❌ Customer support isn’t always up to scratch
 ✅ User-friendly platform with advanced charting and analysis tools 
 ✅ Wide range of trading instruments including forex, indices, commodities, and crypto tokens 

5. eToro

Trading Software eToro
eToro website

eToro is a social trading platform that allows users to copy the trades of successful traders and investors through its CopyTrader feature. It offers a very user-friendly interface on its innovative proprietary platform, while also presenting a wide range of assets with which to trade.

  • Cost: eToro offers commission-free trading on stocks, ETFs, and cryptocurrencies (for non-leveraged positions), while for leveraged positions and other asset classes such as forex and commodities, eToro charges spreads or overnight fees. Also, withdrawal fees and currency conversion fees may apply for certain transactions. There is also the Premium account option called eToro Club, which provides additional benefits and features for a monthly fee.
  • Availability: eToro is available in over 140 countries worldwide, including the United States, Europe, Australia, and Asia. Like any other platform, sometimes the availability of specific services and features varies depending on your location and local regulatory requirements.
  • Eligible brokers: eToro is a brokerage firm that provides its trading services directly to clients, and you can open a trading account with eToro on the company’s website or mobile app.
  • Regulation: eToro is regulated by top financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia.
  • Markets Offered: eToro offers access to a wide range of financial markets, including stocks, cryptocurrencies, ETFs, commodities, and forex. You can trade over 2,000 instruments across various asset classes, with fractional shares and leveraged trading options available. eToro’s social trading arrangements also allow you to follow and copy the trades of experienced traders, thus benefiting from diversified portfolios and investment strategies.
  • Customization/tools: eToro offers limited customization options compared to traditional trading platforms, as the focus here is on social trading and copy trading features. eToro does provide basic charting tools, technical analysis indicators, and news feeds for conducting your own market analysis.
  • Support: The broker provides customer support via email, live chat, and a help center, with multilingual support available in multiple languages. eToro’s social trading community allows users to interact with other traders, share insights, and discuss trading ideas, providing a supportive environment for beginners and experienced traders alike, and it shows. Of more than 22,000 reviews, Trustpilot gives them a 4-star (4.2) rating.
Software providerProsCons
eToro✅ Social trading platform allowing users to copy trades of successful traders❌ Higher fees compared to some competitors 
 ✅ User-friendly interface with a focus on community and education❌ Limited customization options for advanced traders
 ✅ Wide range of assets including stocks, ETFs, and crypto 
 ✅ Offers both manual and copy trading options 

6. Libertex

Trading Software Libertex
Libertex website

Libertex is a user-friendly trading platform that offers access to a wide range of financial instruments, including stocks, indices, commodities, and cryptocurrencies. It also offers traders the proprietary Libertex trading platform, alongside MT4 and MT5, WebTrader, and a mobile app.

  • Cost: Libertex offers commission-free trading on most instruments (stocks, cryptocurrencies, commodities, and forex) and spreads will vary depending on trading conditions in specific markets. Pricing is generally competitive, although you might incur those overnight swap fees for holding positions overnight, as well as variable fees for other account services.
  • Availability: Libertex operates in multiple jurisdictions (it’s available in over 110 countries worldwide), although as with other platforms your location and local regulation can impact services and features, it’s by and large fully functional for the majority of traders.
  • Eligible brokers: Libertex is another brokerage firm providing its services directly to you, and you can open an account on the company’s website.
  • Regulation: Libertex is regulated by top-tier financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) in Cyprus and the Financial Services Commission (FSC) in Mauritius.  
  • Markets Offered: Libertex will give you access to a wide range of financial markets, including stocks, crypto, forex, commodities, and indices. You can trade more than over 250 instruments across various asset classes, with leverage options available for certain markets.
  • Customization/tools: Libertex offers limited customization options compared to traditional trading platforms, as the focus is on simplicity and ease of use. That said, the platform does provide basic charting tools, technical analysis indicators, and market news updates for research.
  • Support: Libertex offers educational resources, trading guides, and market analysis to help clients learn about trading and make informed investment decisions. Moreover, there’s customer support via email, live chat, and phone, with multilingual support. There’s a 24/5 support team on call to assist you with account related queries, technical issues, and trading questions. They’re still brokers out to make a buck, but Trustpilot rates them a 4-star company out of almost 10,000 reviews-support is good.
Software providerProsCons
Libertex✅ User-friendly platform with simple interface❌ Limited educational resources
 ✅ Access to a wide range of trading instruments including stocks, commodities, forex, and crypto❌ Limited customization options compared to other platforms
 ✅ Competitive pricing with low spreads and commissions 
 ✅ Offers demo accounts for practice trading 

7. Capital.com

Trading Software Capital.com
Capital.com website

Capital.com is a modern trading platform that offers innovative features like AI-powered trading signals and appealingly customizable risk management tools. Note that while it boasts proprietary software, an impressive selection of CFD products, and a mobile app, ETFs, stocks, and even listed futures are few or absent.

  • Cost: Almost identical to Libertex above, Capital.com offers commission-free trading on most instruments, including stocks, crypto, commodities, and forex, and spreads vary depending on markets and trading conditions. There’ll usually be overnight swap fees, and additional fees can apply for certain account services or withdrawal types.
  • Availability: While some services and features might vary from country to country, Capital.com operates in multiple jurisdictions and is available in over 50 countries worldwide.
  • Eligible brokers: Capital.com is a brokerage, which means you open a trading account directly with them via the company website.
  • Regulation: Capital.com is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia-the usual reputable regulators.
  • Markets Offered: Capital.com offers access to a fairly wide range of financial markets, including stocks, cryptocurrencies, commodities, indices, and forex. You can trade over 3,000 instruments across various asset classes (with leverage options available for certain markets), and Capital.com offers a diverse selection of trading instruments, including leading cryptocurrencies.
  • Customization/tools: Capital.com offers extensive customization options, allowing you to customize your trading experience to your preferences. The platform provides advanced charting tools, technical analysis indicators, and trading signals.
  • Support: Capital.com comes with educational resources, trading guides, and market analysis to help you learn about trading and make informed decisions, and they also provide customer support via email, live chat, and phone. Multiple languages are supported, and the customer support team is available 24/7 to assist with account-related inquiries, technical issues, and trading questions. Eclipsing even eToro above in the Trustpilot rankings, Capital.com has earned a 4-star (4.3) rating from over 10,000 reviews.
Software providerProsCons
Capital.com✅ Innovative platform with AI-powered features for risk management and trading insights❌ Limited availability in some regions 
 ✅ User-friendly interface with customizable charting tools❌ Customer support response times are sometimes frustrating
 ✅ Wide range of trading instruments and markets 
 ✅ Offers negative balance protection to traders 

8. ActivTrades

Trading Software ActiveTrades
ActiveTrades website

ActivTrades is a reputable brokerage firm that offers its own proprietary trading platform with a range of advanced features for traders. Trading on the ActivTrades platform comes with benefits like free deposits and withdrawals, although the brokerage will levy an inactivity fee and their product range will not meet every trader’s requirements.

  • Cost: ActivTrades offers competitive pricing with tight spreads and low commissions on most instruments, including forex, indices, commodities, and shares, with transparent pricing displayed on the broker’s website. You’ll pick up overnight swap fees for holding positions overnight, and certain account services (or withdrawal types) will attract additional fees.
  • Availability: While occasionally variable services and features might vary from country to country, ActivTrades operates in over 150 countries worldwide.
  • Eligible brokers: ActivTrades is a broker, and you therefore open a trading account directly with them via their company website.
  • Regulation: The Financial Conduct Authority (FCA) in the UK and the Securities and Exchange Commission (CySEC) in Cyprus regulate ActivTrades’ affairs.
  • Markets Offered: ActivTrades provides access to a range of financial markets, including forex, crypto, indices, commodities, and shares. You can trade more than 500 instruments across various asset classes, with leverage available for certain markets. The platform comes with a diverse selection of trading instruments, including global indices, major currency pairs, precious metals, and leading crypto tokens.
  • Customization/tools: ActivTrades offers extensive customization options, and provides advanced charting tools, technical analysis indicators, and trading signals for trade entry.
  • Support: ActivTrades offers good educational resources, trading guides, and market analysis to help you upskill and make better trading decisions. Moreover, the broker provides customer support via email, live chat, and over the phone, in multiple languages. The support team is available 24/5 to deal with technical hassles, account-related inquiries, and trading questions. Just like Capital.com above, they have a high Trustpilot score, sitting at a 4-star (4.3) rating from over 1,000 reviews.
Software providerProsCons
ActivTrades✅ Regulated by top-tier financial authorities ❌ The platform offers fairly limited educational resources when compared to many competitors
 ✅ Offers a wide range of trading instruments including forex, indices, commodities, and cryptocurrencies❌ Some traders may prefer additional analysis tools 
 ✅ Competitive pricing with low spreads and commissions 
 ✅ Provides access to the MetaTrader platform 

9. Markets.com

Trading Software Markets.com
Markets.com website

Markets.com is a popular trading platform that offers access to a wide range of financial instruments and advanced charting tools for technical analysis. Markets.com allows you to trade on MT4 and MT5, but also offers its own proprietary software that has been well received by traders.

  • Cost: Markets.com is free to use, and also offers competitive pricing with tight spreads and low commissions on most trading instruments (indices, forex, commodities, and stocks).
  • Availability: While services and features can vary slightly between jurisdictions, Markets.com operates in over 100 countries worldwide.
  • Eligible brokers: Markets.com is again a brokerage firm that offers its platform and trading services directly to you, meaning that in order to open trading account, you’ll go directly to their company website.
  • Regulation: Markets.com is also regulated by some of the top financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia.
  • Markets Offered: Offering diverse trading instruments (including major currency pairs, global indices, precious metals, leading cryptocurrencies, and popular stocks) Markets.com provides access to a wide range of financial markets. You can trade over 2,000 instruments across various asset classes, and leverage options are available for certain markets.
  • Customization/tools: Markets.com comes with extensive customization options that allow you to tweak your trading experience using advanced charting tools, technical analysis indicators, and trading signals.
  • Support: Markets.com does offer educational resources, trading guides, and valuable market analysis to aid your trading journey, but at the highest yet Trustpilot rating of 4.6 from over 1,000 reviews, it’s clearly the market leader when it comes to customer service. Multilingual customer support is available 24/5 to help out, and the company is streets ahead of outfits like MetaTrader and TradingView on this front.
Software providerProsCons
Markets.com✅ User-friendly platform with intuitive interface❌ Higher fees compared to some competitors
 ✅ Regulated by top-tier financial authorities ❌ Limited customization options for advanced traders
 ✅ Provides research and analysis tools for traders 
 ✅ Offers a wide range of trading instruments including stocks, forex, indices, and commodities 

10. IG

Trading Software IG
IG website

IG is a well-established brokerage firm that offers its own proprietary trading platform with a range of advanced features and tools for traders, and many who love technical analysis swear by the IG platform. While MT5 isn’t available, those who trade via IG are there for the analytical tools and educational resources.

  • Cost: IG has a variable fee structure, but is essentially free to use if you place 3 (in some jurisdictions4) trades a month. The pricing is competitive and spreads are by and large tight, and commission/pricing intel is prominently displayed on the company website-a tick for transparency.
  • Availability: IG operates in just over 16 countries worldwide, including the UK, Europe, Australia, and Asia, and the list is growing.
  • Eligible brokers: IG is a brokerage, which means that if you want to trade on their platform, you go directly to the company website and open a trading account with IG.
  • Regulation: IG is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Monetary Authority of Singapore (MAS) in Singapore. The brokerage’s regulatory status provides the assurance of responsible management and security of your funds.
  • Markets Offered: Trading through IG means access to a wide range of financial markets that include forex, indices, commodities, shares, and cryptocurrencies. You can in fact trade over 17,000 instruments across asset classes with IG, and leverage is available too. For trading instruments, you can choose from global indices, ETFs, major currency pairs, precious metals, a range of stocks, and leading cryptocurrencies.
  • Customization/tools: Most traders opting for IG are satisfied with the fairly extensive customization options available, and the platform provides advanced charting tools, technical analysis indicators, and trading signals.
  • Support: Another new-breed outfit that offers great support, IG also offers educational resources, trading guides, and diverse market analysis. There’s multilingual customer support via email, live chat, and phone 24/5, and scores a high rating of 4.1 from over 6,500 reviews on Trustpilot.
Software providerProsCons
IG✅ Established and reputable broker with a long track record❌ Platform interface may be overwhelming for beginners
 ✅ Wide range of trading instruments that include stocks, forex, commodities, indices, and crypto tokens❌ Customer support could be more responsive
 ✅ Also offers competitive pricing alongside tight spreads and lower commissions 
 ✅ Offers a range of research and analysis tools for traders

Linking professional trading software to your broker account

While proprietary software is in-built, other trading software options need to be integrated with your brokerage account. If you prefer non-proprietary software that better meets your personal trading needs, you can readily integrate platforms like MetaTrader 4 (MT4) or TradingView with your brokerage account.

Integrating MT4 with your broker account:

MT4 remains one of the most widely used trading platforms globally, renowned for its comprehensive charting tools, expert advisors (EAs), and automated trading capabilities.

connect MT4 with Capital.com
example for connecting MT4 and Capital.com (demo account)

Integrating MT4 with your broker account is a straightforward process that begins with accessing your broker’s website.

  1. Once logged into your broker’s site, locate the ‘Account” section. Here, you’ll find various options related to your trading account, including settings for live trading.
  2. Access ‘Trading Options’-this is where you’ll initiate the integration process.
  3. Select MetaTrader 4 from the list of available trading platforms. Once you’ve selected MT4, you’ll follow any additional prompts or instructions from the broker site to finalize the integration (this usually involves confirming your selection and setting up necessary permissions or other configurations).
  4. Once done, you’re able to access your broker account directly through the MT4 platform, and you’ll have seamless access to execute trades, analyze markets, and utilize the tools and indicators of the MT4 platform.

Integrating TradingView with Your Broker Account:

TradingView is another popular web-based platform, offering advanced charting capabilities, social networking features, and integration with numerous brokers. Linking TradingView with your broker account enables you to execute trades directly from the platform, harnessing its extensive analytical tools and community insights.

connect TradingView with your broker
connecting TradingView with your broker

TradingView works the other way around, where you’ll search at the very bottom of TradingView’s platform for a list of brokers under ‘Trading Pane’. From here, you’ll identify your broker from the list, click ‘Connect’, and fill in your brokerage account details to get going.

  1. Start by accessing TradingView’s platform, and navigate to the bottom of the interface. Here, you’ll find the ‘Trading Panel’, from where you’ll integrate with your broker account.
  2. Within the Trading Panel, locate the list of supported brokers, and scroll through the options until you find your broker listed among them.
  3. Click on your broker’s name to initiate the integration process.
  4. After selecting your broker, you’ll be prompted to connect your brokerage account to TradingView. This typically involves filling in your account details, including login credentials, and sundry other required information.
  5. Depending on your broker’s requirements, you may need to authorize TradingView to access your account and grant specific permissions for trading activities.-simply follow any prompts or instructions provided to complete this step.
  6. Once the connection is established, you’ll receive confirmation that your broker account is successfully linked to TradingView (take a moment to review your settings and ensure that everything is configured according to your preferences).

By integrating professional trading software like MT4 or TradingView with your broker account, you’ll gain access to a wealth of resources and functionality designed to up your percentage of winning trades, and your overall net profit.

That said, a great many traders prefer to meet their trading needs with a brokerage running proprietary software, simply because the software and the cost structures of the brokerage suit them perfectly.

Whether you prefer the robust capabilities of MT4 or the intuitive interface of TradingView, linking these platforms with your brokerage account should serve the purposes of your trading goals and preferred strategy-one trader’s “best platform ever” isn’t necessarily the best for the next trader in line.

What to do with trading software?

1. Create a trading strategy

You’ll use trading software to develop and backtest your trading strategies, whether based on technical analysis, fundamental analysis, or a combination of both. Different software platforms will suit different trading strategies and instruments, so it’s important to iron out your preferences at the beginning.

2. Perform technical analysis for stocks, ETFs, CFDs, etc.

The best trading software allows you to utilize advanced charting tools and technical indicators to analyze price movements and identify potential trading opportunities in various asset classes-you’re quicker and better informed because of the software you’re using.

technical analysis with Capital.com
technical analysis with Capital.com

3. Analyze charts using indicators

Apply a wide range of technical indicators, such as moving averages, MACD, RSI, and Bollinger Bands, to analyze price trends and patterns in charts-your interpretive skills grow every time you correlate indicators with charts.

4. Utilize drawing tools and detect chart patterns

Use drawing tools to annotate charts and identify key support and resistance levels, chart patterns, and trend lines-charting becomes a skilled trader’s art.

TradingView drawing tools
TradingView drawing tools

5. Buy/sell automatically when a specific signal occurs

Set up automated trading strategies or alerts based on specific technical indicators (trading signals) to execute trades automatically when predetermined conditions are met.

6. Work with Mobile Apps

You can trade while on the go with mobile apps, allowing you to monitor markets, execute trades, and manage your portfolio from anywhere, anytime. Don’t be fooled into thinking you’ll make millions in minutes while sipping cappuccino somewhere, however, as the mobility is the value, but successful trading always demands focus and diligent research.

7. Automate stock trading and use it for swing trading

Utilize automated trading strategies or algorithms to execute trades automatically based on predefined criteria, such as price movements or technical indicators.

8. Fundamental analysis using trading software

Incorporate fundamental analysis into your trading strategy by using trading software to access real-time news, economic data, and company financials.

Costs of trading software

The cost of trading software can vary quite widely, largely depending on the features included. Many trading software options come as free basic versions with limited features, while full access will require a monthly subscription fee.

Sometimes, traders can access fully functional software “for free”, but then brokerages will usually up the commissions charged on trades, or bill for the access some other way.

Trading Software Costs
example for Trading Software costs (TradingView – subscription fee)

This area will require some personal research, as trading software costs can vary significantly depending on features, functionality, the level of customization offered by the platform, and the unique architecture of a brokerage’s offer.

An overview of some common costs associated with trading software would include:

  • The initial purchase or subscription fee: Many trading software platforms require users to pay an initial purchase price or pay a monthly or annual subscription fee. This fee will give you access to the software and all of its features for a specified period. The cost can be structured as a one-time payment, or recurring subscription fees, with prices varying based on the platform’s complexity and target audience.
  • Licensing Fees: Some trading software requires users to buy a license to use the platform, either on a per-user or per-device basis. Licensing fees can add to the upfront costs of acquiring the software and may be subject to regular renewal fees after a certain period expires.
  • Data feeds and market access: Access to real-time market data feeds and connectivity to trading exchanges can incur additional costs. Trading software providers often charge fees for accessing live market data, exchange fees for executing trades on specific markets, or fees for accessing premium data sources and analytical tools.
  • Add-ons and customization: Many trading software platforms offer add-on modules or customizations that will allow you to tailor the software to your specific trading strategies and personal preferences. These add-ons usually carry an additional cost, either as a one-time payment or a recurring fee.
  • Platform upgrades and updates: Trading software providers frequently release updates (just like Windows) and new versions of platforms typically mean improved performance, new features, and patching the inevitable security vulnerabilities all software is prone to. Upgrading to the latest version of your preferred trading software might require paying an upgrade fee, or even the renewal of the subscription plan.
  • Broker integration fees: Some trading software platforms charge fees for integrating with brokerage accounts or accessing certain broker-specific features and functionalities. These fees can vary depending on the broker, as well as the level of integration being offered by the software.
  • Training and support services: Many trading software providers will offer training materials and customer support services to help users get the most out of trading with their software. While basic support is usually included with your software subscription, other premium support services or personalized training sessions will likely incur additional costs.
  • Third-party indicators and tools: Traders often use third-party indicators, tools, and a variety of plugins to enhance their analysis and trading strategies. While some trading software platforms provide a built-in marketplace for accessing these tools, others might ask you to buy them separately, either as one-time purchases or via recurring subscription fees.

It’s essential that you carefully consider the costs associated with trading software, and weigh them up against the platform’s features, functionality, and potential benefits for your strategy.

Also, you will need to factor in ongoing expenses like data fees, platform upgrades, and support services when budgeting for your trading operations, and when looking at overall net profit potential.

By evaluating the total cost of ownership and assessing the return on investment, you can make far better informed decisions about which trading software best aligns with your needs and objectives.

How to sign up with a trading software provider

Once you’ve chosen your preferred trading platform, you’ll make the purchase (or simply open a demo account), set up your account, and verify your identity, in variable order, depending on the platform.

Trading Software registration
registration at XTB

You’ll visit the provider’s (official) website and start to sign up-look for a “Sign Up” or “Create Account” button (it’s typically displayed prominently on the homepage).

Complete the registration form by providing the personal information required (generally your name, email address, phone number, and country of residence-some platforms will also capture your banking details here).

Choose the type of account you want to open (a live trading account, or a demo account for practice trading). Demo accounts are often available for free and allow you to test the platform’s features for suitability, without risking capital.like purchase

You’ll choose a username and password to secure your account, and some platforms may also offer additional security measures (like two-factor authentication) and it’s always good to opt into greater security on your trading account.

Trading Software creating account
account registration (XTB)

There might be some additional steps involving a language choice, currency options, and trading details. You’ll have done your homework on integrating the platform (if necessary) with your brokerage account, and by and large you’ll now be set up to start trading with a demo account.

If you’ve opened a live trading account, you’ll need to deposit funds before you can start trading.

Once set up, you’ll ideally explore the platform’s interface, and familiarize yourself with the available markets. Depending on the platform you’ve chosen, you may have the option to download trading software to enable a more seamless trading experience.

Apart from familiarity with the user interface, this is also a good time to familiarize yourself with whatever tutorials, recorded and upcoming webinars, and library articles the platform may offer to improve your trading skills and knowledge.

Taxes

Taxes for traders can vary quite substantially, depending on the country you live in, the type of trading you engage in, and your overall financial situation.

A general overview of key tax considerations for traders would include:

  • Capital gains tax: In many countries (including the US, Canada, and the UK), traders are typically subject to capital gains tax on profits made from trading with almost any securities, including crypto. The tax rate for capital gains will vary, based on factors like your income level, the duration of your investments, and whether the gains are considered short-term or long-term.
  • Short-term vs. long-term capital gains: In some jurisdictions (including the US), capital gains are categorized as either short-term or long-term, depending on the duration of your investment, and short-term capital gains are typically taxed at higher rates than long-term gains. The distinction between short-term and long-term can vary by country, so it’s essential that you familiarize yourself with the tax laws applicable to your situation.
  • Trading as Business Income: For individuals who engage in trading as their primary source of income or as a business activity, profits will likely be taxed as ordinary income rather than as a capital gain. This can have implications for tax rates and deductions available to you as a trader, and will also likely involve different reporting requirements.
  • Tax deductions and expenses: You might be eligible to deduct certain expenses related to your trading activities, like brokerage fees, software costs, and sundry research expenses. The offer of deductions (and the specific expenses that qualify) can vary by jurisdiction, and are usually subject to limitations.
  • Wash sale rules: In some countries like the US, wash sale rules apply to prevent traders from claiming tax deductions for losses on securities that are then repurchased within a short period. They’re designed to prevent fraudulent claims, and remember that trading leaves a distinct electronic record, and that your broker will comply fully with any regulations in order to maintain their license.
  • Foreign exchange (forex) trading: Tax treatment for forex trading can sometimes be complex, and varies depending on whether trading is conducted as an investment or as a business activity. In some jurisdictions, forex gains may be subject to capital gains tax, while in others, they may be treated as ordinary income. Your brokerage can be very helpful in understanding your liability, as they’re extremely familiar with tax implications in the jurisdictions in which they operate.
  • Tax reporting and compliance: Traders are tasked with reporting their trading activity accurately and in compliance with applicable tax laws. It might necessitate keeping detailed records of trades (usually easy to simply collate and print out), keeping slips (invoices) of legitimate expenses, and filing appropriate tax forms and returns within the prescribed deadlines.
  • Tax advisors: Because of the potential complexities involved in tax treatment for traders, you might want to seek guidance from a tax advisor or similar professional with expertise in trading tax matters. Forking out for a savvy advisor can pay dividends in knowing that you’re compliant with tax laws, while also optimizing tax strategies (the aim being to pay as little as possible).

It’s essential for you to educate yourself about the tax implications of your trading activities, and it’s worthwhile considering consulting a tax professional to help you navigate the complexities of tax law effectively.

This way, you’ll minimize the bite that the taxman takes out of your profits, and maximize your overall gains.

Start trading via the trading software

Once you’ve chosen the right trading software for your purposes, and linked it to your brokerage account, you can start trading the financial instruments you’ve selected for your trading strategy, directly from the platform.

Assuming that you:

  1. Understand the basics of trading;
  2. Have selected a trading platform that suits your personal needs and preferences, based on factors like the user interface, features, compatibility with your devices, security measures, and (importantly) available markets;
  3. Have opened a trading account with your chosen (reputable) brokerage;
  4. Funded your account.

You’re then ready to familiarize yourself with the features and functionalities of the trading software you’ve chosen, and you should explore tools like its charting capabilities, technical indicators, order types, risk management tools, and backtesting functionalities.

Trading Software demo account
use a demo account to get familiar with a new Trading Software

A great many trading platforms offer demo accounts that can help traders get acquainted with the software, and this is typically a fantastic way to become familiar with things, even for seasoned traders, without risking capital. You’ll hone your skills and develop the confidence necessary to enter live trading via the platform.

Based on your initial objectives and your demo experience, you can develop and refine your trading plan, considering things like your trading goals, your personal risk tolerance, available (disposable) funds, trading strategy/ies, and rules for entering and exiting trades.

You’ll consider factors such as your financial objectives, time horizon, your preferred trading style (day trading, swing trading, or longer term investing), and the markets you want to trade.

Once you feel comfortable with the trading software and have your trading plan clearly in mind, you can enter live trades via the platform. By sticking to your trading plan, managing risk appropriately, and staying disciplined in your trading decisions, you’ll shorten any likely learning curve and feel familiar soonest.

Trading is an ongoing learning process, and being part of a trading community is a huge aide for new traders, or indeed any retail trader.

Learn to set up your trading software in our training

You can find the best trading software for your purposes with help from Witzel Trading, because nothing beats having a seasoned trader running you through a list of checks based on their extensive experience in the markets.

We all neglect certain key issues when starting out and, perhaps especially for established traders, having Witzel Trading look at your platform, strategies, and overall success can illuminate potentially game-changing recommendations around your trading game. 

Traders who set up their platform through our training skip over the newbie mistakes and omissions, and start trading with the best chance of success from the outset. Avoid having to grind your way through several platforms over a year or two to figure out who enables what, and choose your software guided by people who have sampled everything out there.

Conclusion: Find the best trading software now

When looking for trading software to aid your endeavors, it’s essential that you make a list of side by side comparisons that will highlight any non-negotiables that, for you, will eliminate potential candidates. 

With that said, it’s very seldom going to be apples with apples, and even a shortlist of promising software options can remain confusing in their complexities, especially for new traders, as you’re unlikely to understand the implications of limited functionality or omitted features here and there.

This is why we advocate that you choose your software in collaboration with Witzel Trading, because we know the ins and outs of every worthwhile platform, and especially know what is essential for any trading style and what is simply over-priced or unnecessary add-on fluff.

Join us at Witzel Trading, and make the best decision on trading software from the word go. Your future success from profitable trading can be largely aided or hindered by the platform you’re running, so this is one of the most crucial aspects of profitable trading for any retail trader.

Frequently asked questions on Trading Softwares:

What is the best software for trading?

The best trading software for you will depend on your individual needs, preferences, and trading strategy. Some of the most popular and all-round best options include TradingView, MetaTrader, and cTrader, but at least as many traders will swear by their broker’s proprietary software-it all depends upon your personal trading needs. Your needs will determine the best platform for you. Research different trading software options to find one that suits your needs and preferences by visiting the provider’s website, and consider and compare factors like the user interface, available markets, trading tools, and their fees.

Is there free trading software?

Yes, there are free trading software offers, but they almost always come as a loss leader, with the truly functional and optimized ‘full package’ dangling in the background for you to purchase. As a general rule, trading is too complex to be wondering about whether your profit would increase if only you had this or that feature-pick a software platform and get full functionality so that you know you’re not missing certain indicators or other functionalities. You might opt for free software (like XTB) that “bills” you on the offered spreads, so thorough homework (and preferably some communication) is called for before you choose a platform.

Does trading software really work?

Trading software is optimized in terms of available indicators, sophisticated charting, and even speed of execution of trades to maximize traders’ success, so yes it works. If by “works” you mean “Does trading software guarantee success?” then the answer becomes more complex. Utilizing good trading software guarantees your best chance of competing with the most rapid and sophisticated platforms of institutional traders, and without a good platform beneath you, you’ll be at a serious disadvantage. Only your own desire to learn and apply trading understanding and skills can deliver profitable results, but trading software is definitely worth its cost. Good trading software is a non-negotiable component of every successful trading reality.

Witzeltrading.com

Contact

Witzel Capital LTD.

  • ΗΕ423345 
  • 1Apriliou, 14, Megaro Asprou, office 3,
    Agios Nicolaos
  • 6035
  • Larnaca
  • Cyprus