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To help service the relatively new retail sector in the foreign exchange market, a variety of forex software packages have recently become available. Furthermore, the number of such packages seems to have mushroomed lately as the huge and formerly exclusive forex market has gradually found its way online and more and more personal traders have been attracted to forex as a result.
Much of this retail forex software strikingly resembles cheap copies of proprietary forex software that the interbank forex players were paying hundreds of thousands of dollars for their in-house programmers to develop in the 1980’s and 90’s. These days, some of these forex software systems can even be downloaded for free online.
| Broker | Promotion | EUR/USD Spread | Leverage | Min. Deposit | Platform | |
|---|---|---|---|---|---|---|
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Welcome Bonus of up to $250 | 3 pips | 1:200 | $50 | MarketTrader | More infoVisit website |
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Get up to 5000$ Bonus on First Deposit | 3 pips | 1:200 | 100$ | Bloombex | More infoVisit website |
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First deposit bonus gift of up to $1000 instantly | 4 pips | 1:400 | $25 | eToro | More infoVisit website |
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Deposit $1,000 or more and receive a 10% cashback | 3 pips | 1:200 | $100 | ForexYard | More infoVisit website |
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$20 Bonus - No Deposit Required! | 2 pips | 1:200 | 50€ | Plus500 | More infoVisit website |
The MetaTrader 4 Forex Software Trading Platform
One of the more useful forex software programs available for download without charge just has to be the MetaTrader 4 or MT4 forex trading platform. Basically, MT4 uses your Internet connection to provide pretty much all of the forex software services you will ever need as a personal forex trader.
- Real time forex quotes, price charts and news.
- A variety of popular and customizable technical indicators.
- Support for both live and demo forex trading accounts.
- The proprietary MQL4 language for programming Expert Advisors.
- The ability to automate trading plans and back-test them on historical data.
Software Forex Robots Can Now Completely Automate Forex Trading
When it comes to time-saving forex software, few packages can compare with the so-called forex robots. Like their name implies, these programs can completely automate the trading process.
Not only does this type forex software trading robot monitor the market for you around the clock, but it also initiates positions and enters closing orders at pre-determined levels. Even an absolute forex trading novice, with a very little forex software experience, could figure out how to install one of these trading robots and set it running live trading their forex account while they do other things.
Most of the forex software robots currently on the market operate within MT4 as so-called Expert Advisors. This group includes the more popular forex trading robots like FAP Turbo and Forex Megadroid.
Nevertheless, if you are a more advanced forex trader, perhaps with some programming experience, you do not have to buy a vendor’s automated forex trading software off the shelf to automate your trading. Fortunately, just about any objective forex trade plan can now become fully-automated as long as you can program it into MT4 using the MQL4 programming language.
Additional Forex Software Types
Some forex software vendors offer packages that provide forex trading signals, without actually automating trading. Typically, such signal-generating software monitors the forex market tirelessly, and then alerts the trader when an opportunity arises. The trader then uses their discretion to decide whether or now to take the advice of their forex software.
Other types of forex software might provide just a portion of the functionality of MetaTrader 4, like charting, trading or news services perhaps. Nevertheless, since MT4 is given away for free, that software currently seems redundant.