Forex brokers typically offer tools which aim to assist with the process of trading. These tools range from charting tools to platforms which can offer signals or analyse trading performance. More advanced tools can include packages to help with building robots and to optimise trading.
However even more basic charting tools could potentially be advanced tools if utilised in sophisticated ways. Using charting tools on a demo account for example, may help unlock the potential of these tried and tested toolkits for trading.
This page offers an infographic which categorises different types of trading tools as well as longer article about Forex brokers with advanced trading tools. Additionally a selection of brokers with different and similar types of trading tools is provided.
| Online Provider | About | Minimum Deposit | Forex Trading Platforms |
|---|---|---|---|
| Automated TradersPepperstone | Pepperstone offers platforms supporting automated trading, offering this feature on MT4, MT5, cTrader and TradingView. Additonally Pepperstone provides Capitalise.ai, which lets the trader build robots to be run via their MT4 account, but without coding About | $200 Minimum Deposit | MT4, MT5, cTrader, TradingView Forex Trading Platforms |
| Self Directed TradersPlus500 | Plus500 offers a user friendly platform with a wide range of technical indicators and an integrated economic calendar and provides trading tools including the +Insights tool which offers a user friendly view of trader activity, such as top 10 trends About | $100 Minimum Deposit | Plus500's CFD Platform Forex Trading Platforms |
| Innovative ToolsDeriv | Deriv offers leveraged trading on MT5 and Deriv X. The Acuity platform is available, which provides a dashboard for analysing markets including an Economic Calendar. The Deriv X platform itself offers innovative tools, including an automatically updating trading journal About | $5 Minimum Deposit | MT5, Deriv X, Deriv EZ Forex Trading Platforms |
| Robots Without CodingRoboForex | RoboForex offers a wide range of trading platforms including R StocksTrader on which it provides a way to build online trading robots without coding and to run them without needing a VPS About | $10 Minimum Deposit | MT4, MT5, cTrader, R StocksTrader Forex Trading Platforms |
Forex providers typically offer a range of trading tools, as there is a wide range of ways to trade this market. The more basic elements are the tools on the platform, such as the chart and technical indicators. These allow the trader to analyse a market and come up with trading strategies for this market, based for example on technical or fundamental analysis. Providers generally go further, and offer tools which can assist the trader in analysis or allow for trading automation.
While charting tools can seem like a more basic offering, they allow for advanced trading. Thus to some extent, the breath and clarity of these tools, how usable they are can be factors in what the trader can do with them. Some providers focus on this sense of utility, offering clear intuitive trading platforms which are aimed at the trader who plans and executes their own trades, while also offering a wide range of charting tools, such as technical indicators.
Some trading platforms allow the trader to use and make online trading robots. These will trade strategies on behalf of the trader, in accordance with the algorithms or instructions with which they are programmed. Platforms which support robot trading will generally offer a way to build them. This may require learning a programming language, such as MQL5, or it may require learning to use a tool to create robots. Additionally there are tools which help traders build robots more traditionally made by programming them.
Another important tool is an Economic Calendar. These are normally available on the provider's website but may also be inbuilt into the platforms. An Economic Calendar is an important trading tool as it provides a pointer to possible outcomes for those who trade news and offers a survey of potential volatility for those who are not trading the news. There are also tools which enhance the basic Economic Calendar. Some providers offer tools for analysing trader performance and tools which enhance their platforms capabilities.
In general the trader will use some kind of tool for trading, even if just charting based tools, such as charting representations like candlestick charts or graphical objects to define trading strategies. A wide range of technical indicators can allow the trader to try different strategies, as indicators help define trading rules (which may at some stage be codified as robots). To find out how technical indicators work, the trader may consult an encyclopedia of technical indicators. Tools can also be tested on demo accounts, which are a way to try features and practice trading without risk.
So this page will present a range of providers with tools covering the preceeding discussion of categories and types.
User Friendly Platform Plus500
- Minimum deposit: $100
- Online trading platform: Plus500's CFD Platform
Plus500 offers a particularly user friendly, intuitive online trading platform with 2000+ CFD markets to trade. Plus500 has a wide range of markets, as well as a wide range within categories, such as Commodity CFDs.
Plus500 offers an Economic Calendar on its website but also provides one integrated into its platform. Additionally there is a Trading Academy and News and Market Insights.
The +Insights tool offers a broad overview into the activities of other traders, segmenting trader behavior on the Plus500 platform into trends such as most bought or sold, or highest return. The tools present this data in a user friendly way consistent with the rest of its platform.
Automated Trading Tools Pepperstone
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
Pepperstone offers rapid order processing and allows styles such as automated trading and scalping. Pepperstone allows automated trading on MT4, MT5, cTrader and TradingView. Each offers different languages for coding robots, and allows the trader to download robots.
Pepperstone offers Smart Trader Tools for MetaTrader, which is a suite of add-ons to enhance MT4 and MT5. Pepperstone also offers Autochartist, which scans the market for trading opportunities. As well, Pepperstone provides Capitalise.ai, which provides a way to build robots without needing to code them.
For those who want to run robots 24/7, Pepperstone provides access to VPS services and for those who have customised trading systems, Pepperstone offers access to their API.
Robots Without Coding RoboForex
- Minimum deposit: $10
- Online trading platforms: MT4, MT5, cTrader, R StocksTrader
RoboForex offers a wide range of trading accounts and online trading platforms. As well as offering MT4, MT5 and cTrader (all of which support robots), RoboForex additionally provides R StocksTrader, which offers 12,000+ CFD markets to trade. R StocksTrader also allows robots, and provides a tool for building them without coding and to run them without needing a VPS.
Innovative Tools Deriv
- Minimum deposit: $5
- Online trading platforms: MT5, Deriv X, Deriv EZ
Deriv offers leveraged trading on MT5, Deriv X and Deriv EZ. Deriv X is a user friendly platform which provides tools such as an automatically updating trading journal. Deriv EZ is a mobile platform.
MT5 offers the wide range of tools available for this platform, including automated trading with robots and the capacity to build and download additional technical indicators.
The Acuity platform is offered as well, which provides a suite of user friendly tools to assist the trader, including an Economic Calendar and trading signals.
