Foreign Exchange charting software is used by currency traders and for that matter trader of stocks, indices, commodities, metals and energy traded instruments.

This software is available to users via simple desktop or laptop computer and allows them to both monitor the market and interact by taking on risk.

The software usually comes in the form of charting and analytical tools which enable the user to make a qualified decision on the direction the markets could take together with an interface that allows the user to participate by taking either a long or short trading position.

Traders have a great choice of Foreign exchange trading software which is available from many vendors and brokers.

By far the most popular among retail traders is the MT4 platform that is offered by companies such as FBS, XM and FXPro.

List of Forex Brokers

MetaTrader4 the most popular trading platform

The MetaTrader4 platform is known as an industry standard for no nonsense trading functionality and flexibility.

Furthermore users are given access to a host of pre-loaded well known indicators such as the popular RSI and Stochastic.

However users are not limited to using the standard indicator suite as the MQL trading code allows traders with limited programming ability to build their own bespoke trading indicators and expert advisers.

MT4 software enables the user to monitor charts and execute orders direct on the platform.

However MT4 is not just a simple trade execution platform as it allows the user to view both simulated and real trading performance under globally accepted measurement parameters such as win to loss ratio.

MetaTrader4 is free to use

Forex investment professionals such as money managers can make use of the MT4 reporting function which allows them to prepare and publish their track records.

However clients should of course exercise discretion before they decide to sign up with a money manager and should seek independent financial advice if they feel they are unable to make an assessment of the money manager’s performance.

One of the key advantages of the Meta Trader 4 platform is that there is no cost to the trader with the only fees paid being the spread on the Forex quote or commission if the clients using a Straight Through Processing (STP) account profile.

This ease of use and the low cost makes the MT4 platform the FX software of choice for both newbie traders who wish to take their first steps into the trading world and experienced traders who are looking for a reliable, robust and relatively inexpensive trading experience.

Clients who are new to the MT4 platform can quickly download both the demo and live platform and the client opening account process is quick and easy, but complies fully with relevant regulations of your country.

For the list of MT4 online brokers, please refer to the page below.

List of MT4 brokers