The Benefits of Forex Software Reviews (updated 2023)

Forex software reviews are a stable source of research to help you make an informed decision to move forward and select suitable forex trading software to trade the markets with and use as part of an overall trading strategy. 

At Axcess FX, we review the main types of forex trading software and the best providers in the four main software categories of platforms, EAs, Signal Services and Charting software. Importantly, our forex software reviews make sure to focus on the needs of US-based traders. Not all software, particularly trading platforms, have the necessary CFTC registration to offer services in the United States. It is a crucial consideration when looking for the best forex trading software.

About forex trading software

currency graph and bank notes

Forex trading programs encompass a wide range of different software to help forex traders to trade the foreign exchange market successfully. 

At the heart of this is the electronic trading platform itself, where brokers offer users a software interface for the placement and management of forex trades.

Technical analysis software allows for the study of chart patterns and indicator data and is an essential part of a trader’s strategy. Some tools are free, but more sophisticated features are usually a paid-for service either on the platforms themselves or with a third-party software program.

Signal generator software is a service where traders are provided with both manual and automatic signals to trade on either as a free or paid-for service.

Automated trading software employs Expert Advisors and forex trading robots to make trading decisions using algorithms. It has increased in popularity as platforms using MetaTrader allow for the smooth integration of automated software to assist trading decisions.

What are forex trading platforms?

metatrader 4 screens

A forex trading platform is a user interface provided by online brokers to allow customers to access the foreign exchange markets to trade. There are three main ways in which customers can access the platform. They are via a web-based portal, through a mobile app or a downloaded desktop app. Depending on the broker, the platform may offer additional tools such as charting software, forums, tutorial courses, a trading academy, and signal generators.

Some forex brokers have their own custom-built trading platforms, however the most widely used electronic platform is MetaTrader 4.

Developed by MetaQuotes using the MQL coding language, MT4 is not entirely open source but permits developers to integrate automated trading systems using MQL code. It is popular with experienced traders as they can migrate and integrate their trading software with a Metatrader 4 platform.

There are many considerations before deciding upon which forex broker to use. Importantly, for US-based traders, the platform provider must be authorized to undertake client business in the United States. Many online brokers offer services, but surprisingly few are accessible to US residents.

For brokers to provide trading forex services in the US, they need to be registered with the CFTC and NFA and have a deposit of $20 million held with the US authorities. In other jurisdictions, by comparison, deposits are under $1 million.

The permitted leverage levels for traders on US brokerage platforms have a limit of 50:1. It is considerably lower than multiples offered in other jurisdictions and, coupled with the large deposit, can make setting up a US service less appealing.

Considerations for traders, specifically relating to the platform include:

  • commissions and spreads
  • ECN market access
  • MT4 and MT5 integration
  • Tools including high-quality charting software and free signal indicators
  • A customizable interface
  • Access to a demo trading account
  • Robust customer support

Online brokers with a specialism to forex and a wide range of tradeable currency pairs are preferable rather than offering to trade in a multitude of asset classes like cryptocurrency, stocks, bonds, derivatives, and options.

A user-friendly interface with a simple market order entry system is also an essential consideration for traders to limit any risk of errors in the placement of market orders.

The best trading platforms that are CFTC registered

US Residents: Yes
MetaTrader availability: MT4, MetaTrader 5
Tradeable currency pairs: 80
Mobile Trading: IOS/Android mobile phone & tablet Demo trading account: $10,000
Trading signals: Yes Free
Global Tier-1 Licenses: 4 including CFTC Registered (USA)
Minimum deposit: $100
Social trading / Copy-trading: No
ig us logoIG USA
US Residents: Yes
MetaTrader availability: MT4
Tradeable currency pairs: 80
Mobile Trading: IOS/Android mobile phone & tablet
Demo account: $20,000
Trading signals: Yes Free
Global Tier-1 Licenses: 6 CFTC Registered (USA)
Minimum deposit: $0
Social trading / Copy-trading: Yes
interactive brokers logoInteractive Brokers
US Residents: Yes
MetaTrader availability: No
Tradeable currency pairs: 85
Mobile Trading: IOS/Android smartphone & tablet
Demo Accounts: Yes
Trading signals: Yes Free
Global Tier-1 Licenses: 6 CFTC Registered (USA)
Minimum deposit requirements: $0
Social trading / Copy-trading: No
oanda logoOanda
US Residents: Yes
MetaTrader availability: MT4
Tradeable currency pairs: 70
Mobile Trading: IOS/Android smartphones & tablets
Demo Account/trading simulator: Yes
Trading signals: Yes Free
Global Tier-1 Licenses: 6 CFTC Registered (USA)
Minimum deposit requirements: $0
Social trading / Copy-trading: Yes
td ameritrade logoTD Ameritrade
US Residents: Yes
MetaTrader availability: No
Tradeable currency pairs: 80
Mobile Trading: IOS/Android Apps
Demo Accounts: Yes
Trading signals: Yes Free
Global Tier-1 Licenses: 5 CFTC Registered (USA)
Minimum deposit requirements: $0
Social trading / Copy-trading: Yes

What is automated forex trading software?

Automated forex trading software is a computer-based program that analyzes charts over different timeframes to identify signals that can help make profitable trades.

forex robot and chart hraphic

The software known as an Expert Advisor or a Forex Robot is typically developed using the MQL coding language, which makes it compatible with the MetaTrader electronic platform used by many Forex Brokers to allow clients to trade the markets.

Large numbers of forex automation software are available on the market, all with differing strategies coded into the software. Strictly speaking, an EA tends to identify the best trading opportunities but allows the trader to place the trade manually. As such, they are considered semi-automated trading software. Forex Robots, as well as identifying trading signals, automatically enter the recommended market order with no human intervention and, therefore, are fully automated.

The distinction between EAs and forex robots seems to have become increasingly blurred, and most forex robot developers now do not differentiate between the term Expert Advisor and forex robot, seeing them as the same thing.

It is essential to undertake verification checks before purchasing and trading real money with algorithmic software:

  • Backtesting results should, wherever possible, have verification by respected industry tool, MYfxbook. Performance data using an MT4 strategy tester should also incorporate a modeling accuracy as close to 100% as possible. To do this, spreads and commissions need to take into account; many developers selling robots do not go this extra step and have modeling accuracy around the 90% mark.
  • Reading relevant forex software reviews is essential before purchasing auto trading software. Good review sites exist as well as forums. Many robots are the result of development by professional traders and have a long track record being around since the noughties. Others, though, do not have the same credibility, and reviews will help identify this.
  • Many robot developers use Clickbank as the conduit through which they sell their software. Purchasing your robot through Clickbank is preferable as they provide a 60-day money-back guarantee on products purchased. Clickbank also provides data on the customer refund rate on products. With a forex trading robot, low refund rates are a positive indication of client satisfaction with the robot.

The Forex Robot you select should be considered as an addition to your trading system and not a stand-alone solution. Therefore, it should closely correlate with your forex system, including the currency pair traded, type of strategy including timeframes, and the session traded.

We have undertaken detailed research into the most important considerations when choosing a forex robot and it has allowed us to produce a detailed guide including our top 20 list of EAs currently on the market.

A review of the best-automated forex trading software

Forex Flex EA

Forex Flex EA is a sophisticated EA which provides 12 different trading strategies which can be applied to almost any forex currency pair that MT4 is able to generate a chart.

forex flex trading software

Unlike most robots which provide short term scalper strategies, the trading strategies of Forex Flex provide a slightly longer term trading view.

Research we have undertaken as part of our detailed review of the robot identifies that the average trade length of positions identified by the Flex robot range between 1 and 12 days with an average profit on winning trades of 40 pips.

What we like about Forex Flex EA, is the relatively low draw down across the strategies, which is a key indicator of lower risk. Performance across real trading accounts is verified in MyFXBook, the industry-renowned forex performance verification website. It provides further trust of the capabilities of the trading software.

Forex Flex Ea costs from $330, is fully compatible with MetaTrader4 and comes with robust customer support provided by the developer.

Read our full Forex Flex EA review

GPS Forex Robot 3

forex robot software

An established robot with more than 10 years of verified performance date on MyFXbook, GPS Forex Robot 3 was developed by a combination of not just developers but also well-established forex traders who provided the necessary guidance to create a successful EA.

GPS 3 is one of the few Expert Advisors to have been successfully employed by a Wall Street investment firm with proven results. Most large investment firms tend to use their own in-house quants to develop their own trading algorithms; by trialing an external product is quite unusual and has made Forex GPS a well-respected robot.

The GPS 3 website actually provide the results achieved by the Investment Firm which show how a $100,000 deposit has turned into a profit of $583,000 through successful automated trading.

Read our detailed forex software review of GPS Forex Robot 3

Forex Robotron

Forex Robotron is a long-established automated trading software launched in 2007 and has over ten years of continuous performance data from real-time backtesting using the MT4 strategy tester. It has seen constant development and upgrading by its quants.

forex robotron software

The robot is programmed to automatically trade a specific time frame from the end of the NY session until the start of the Asian trading session across multiple currencies. It targets rangebound markets through both technical analysis and price action. It attempts to anticipate moves in currency prices using trade filters and dynamic money management.

Backtesting has taken place using real tick data and taking account commission, slippage, and variable spreads. It leads to a modeling accuracy of almost 100%, significantly more accurate than backtesting that omits vital factors such as slippage to gauge a robot’s performance.

Forex Robotron costs $299. The pricing includes lifetime updates, full customer support, detailed instructions, and full compatibility with MetaTrader 4.

Read our complete Forex Robotron Review

Forex Diamond

Forex Diamond is a long-established automated trading software with 20 years of backtest performance, which points to high-profit levels and low drawdowns. It is unclear whether trading costs, including commission, spreads, and slippage, are included in the performance. Separate performance results from the last two years are verified by MyFXBook and still point to the robot as being profitable. 

forex diamond software

The automated software combines three different trading strategies into one Expert Advisor—the three strategies base around signals, counter-trends, and scalping strategies. Forex Diamond is a dynamic trading system with adjustments to changing market conditions built into the coding, allowing trading in volatile markets, not just rangebound conditions.

Forex Diamond is available to purchase for $237. It includes a 60-day money-back guarantee, full compatibility with MT4 and MT5, 24/7 customer support, lifetime updates, and four currency pairs supported, GBPUSD, EURUSD, and USDJPY, and USDCHF.

Read our full forex software review of Forex Diamond EA

What are forex signal generators?

A forex signal is a trade recommendation sent by a signal service provider to a trader who is a subscriber. It advises both the appropriate time and price for opening a forex trade and the subsequent closing of the position.

Signals typically come from an FX technical analyst, an automated software trading system, or a combination of both. A combination of free and paid for forex signal services are available.

Signals are usually provided to service subscribers through rapid means of communication so trade recommendations can be placed quickly for maximum profitability. These trades that are placed manually are known as semi-automated trading signals and are communicated via Telegram Messenger, WhatsApp, email, SMS, RSS feeds, or social media channels.

us dollar bills and a graph

The signal provides all you need, and some providers will also offer recommended stop losses as part of an included risk management tool.

Providers may offer an automated trading signals service where order placement is also part of the service. For automated signals, a forex trader will link their trading accounts with the signal provider’s forex robot. It ensures that a trade signal can be acted upon immediately in real-time for maximum profitability from the trading signal. There can be a high risk of exposing retail investor accounts to multiple automated trades with no control.

Further considerations

It can be advantageous to use a signal provider as a further accompaniment to your existing forex trading program. It means the signal will need to meet your strategy, trading style, risk profile, and tolerance.

It is essential to find a trustworthy signal provider, whether this is a free or a paid service.

Free signals are often unreliable, but forex brokers who provide a free of charge trading signal service to clients with a brokerage account on their platform can buck this trend. offers its clients a well-respected free signal service with a proven track record.

If you are considering going down the paid route, essential considerations to avoid weak signal providers include the following:

  • The ease of signal interpretation
  • Fast customer service
  • The level of analysis and whether it is a human or AI-generated signal
  • The signal delivery method
  • Accuracy rate
  • Ease of integration of the signal

The best paid-for trading signal generators

Forex signals have increased in popularity as all levels of traders look to experienced FX analysts and systems to undertake technical and fundamental analysis to provide tradeable information.

1000 Pip Builder

1000 Pip Builder provides forex trading signals for European, US, and Asian time zones, so traders only operating in specific sessions have trading signals on which they can act.

1000 pip logo

Each signal employs human-based analysis from expert traders looking across both fundamental and technical factors. Whenever a trade takes place, an email and SMS are sent to subscribers, including the entry price, the take profit, and stop-loss levels to ensure every FX trade is easy to follow through.

In total, there are between 2 and 7 signals a day spread across 15 currency pairs with a monthly profit target of 350 forex pips.

MyFXBook verifies the trading results of the 1000 Pip Builder on an ongoing basis, and signal recommendations have shown to be profitable.

The cost of 1000 Pip Builder is $97 on a monthly subscription, which reduces to a monthly equivalent of $58 if paid upfront on an annual basis.

Read our detailed 1000pip Builder review is a widely followed signal provider with large numbers of views on Youtube and over 83,000 subscribers. As well as providing signals, it offers training tutorials, video courses, live streams, and chats as a broader-based community approach.

Subscribers have access to all these trading instruments, and beginner traders get mentorship from the company’s professional traders who you can access via chat. They will discuss the market action and assist you with trade placements. uses three different types of strategies to generate signals communicated to subscribers through email and SMS. The first strategy is called ‘Naked Trading,’ which just uses currency price action as a strategic base. The second strategy, called ‘FX Propulsion,’ uses technical indicators to identify bull and bear trend lines. The third strategy is ‘Trend Surfing,’ which targets significant forex market moves.

The signal service is $116 a month, although they do have 50% discount offers from time to time.

Read our full review


Zulutrade is now available for US residents following its successful launch in the USA. It is a copytrader platform that allows a mirror trader to copy the trades and strategies of expert traders or ‘signal providers.’ Once a subscriber, also known as an ‘investor,’ has identified a ‘signal provider’ to follow, the trades automatically copy in their own Zulu trading account. A specific trade amount to replicate can be specified, including a pro-rata percentage option, for example, 20% of the signal provider’s trade.

zulutrade logo

Risk management tools such as ‘Zuluguard Protect’ subscribers against erratic trade placement by signal providers.

Zulutrade is set apart from competitors by the sheer number of traders whose signals you can copy with over 10,000 traders. An advanced filter system allows traders to be filtered right down to the percentage of drawdown and whether they are trading their own money.

As long as the strategy is compliant with US regulations, subscribers can replicate it on the platform.


MQL5, as well as providing forex trading signals, is a broader forex resource website from the developers of MetaQuotes language 5. It offers a significant education element. It includes a forum where subscribers can discuss MQL5 coding and trading systems with other members and reach out to freelance programmers to build an EA. There is also a marketplace to purchase EAs and FX robots. 

The MQL5 signal service is well established in the forex trading community with those using the MT4 and MT5 trading platforms. Anyone can sign up to MQL5 as a signal provider, to allow copy traders to replicate trades in real-time.

The MQL5 marketplace verifies all currency trading results; however, as anyone can become a signal provider, filters must be used to scrutinize the quality of the signals. It is vital to filter providers by drawdown, reviews, those that use your broker, ROI, and net profit.

The cost to use MQL5 is free, but to receive signals from individual traders requires a subscription. Prices to subscribe are from as low as $20 a month to more than $100 a month for widely followed traders.

For more detailed information on forex signals, please read our guide on the top 10 forex signal providers in 2023 including essential criteria that you should be aware of before subscribing to a service.

Technical analysis software

Many platform providers offer trading software, including charting and technical indicator tools, as part of their broader service to traders using their platform. The quality of software varies between online brokers. Often more complex analysis software is offered as a paid-for premium service.

Your online forex broker’s trading tools should be one of the reasons you have chosen their service in the first place. It is in addition to critical areas such as the ease of trade placement, speed of trade execution, and robust customer service.

Trading software: Charts versus indicators

Excellent technical analysis software offers day traders (scalpers) and long-term traders, both charts and indicators. Traders may use chart patterns or indicator data points or both as a base to analyze currency movements and make informed trading decisions.

charting software on a screen

Trading software should allow the analysis of fundamental indicators like Fibonacci, moving average, and chart patterns such as candlesticks, head, and shoulders and support and resistance patterns as a standard requirement. A robust forex charting package should also allow for the study of sophisticated charting such as Ichimoku patterns. If your needs are complex, technical software on your trading platform may not meet your needs.

Technical indicators offer a black and white approach to market analysis using data points. High-value trade opportunities identify, and for traders with an analytical approach, they are a useful tool. What, though, if, like with charting patterns, your broker’s software package is limited? What if you need an indicator that is not available?

Third-party providers

The best forex charting software will have a large number of chart patterns and technical indicators beyond the industry standard. Some software offers up to 100 different technical indicators for you to select. It may be that the analysis tools on your trading platform are not sufficient to carry out the necessary analysis to execute your trading system. In this situation, it may require the use of analysis software from a third-party provider.

Many software providers exist, and here is a short overview of some of the best products on the market. Not all third-party software is compatible with trading platforms and may need employment as a stand-alone part of forex trading systems.

The best technical analysis software


TradingView is a cloud-based charting platform available on any internet connection with a web browser or through IOS and Android mobile devices.

tradeview logo

The platform only has integration with a few online brokers, which means trades analyzed with the software need placement outside the platform. Oanda is one of the brokers that has integrated the TradingView interface to work with its trading platform.

TradingView has powerful charting tools and trading features available on its paid-for subscription accounts. They include multiple chart layouts with up to 8 charts allowed in every browser tab. Over 50 drawing tools are also available and over 100 pre-built technical analysis studies.

Beyond a basic free subscription account, there is a three-tiered subscription service with TradingView. Subscriptions start at $14.95 a month for the pro account and five indicators per chart up to $59.95 for the premium account, which permits 25 indicators per currency chart.


Esignal is, first and foremost, a charting platform and provides some of the most advanced forex charting software available. It best provides to the needs of active traders who use technicals as part of their strategy. The data it offers for financial instruments, including forex, is high-quality, which is not surprising as its owner, Intercontinental Exchange, operates the NYSE. 

Esignal provides access to hundreds of different indicators and extensive charting options beyond basic bar and candlestick charts. Complex charts such as Renko, Kagi, and Heiken Ashi are all available on Esignal.

With Esignal, users do pay a premium for the excellent quality of data. The most basic ‘classic’ subscription starts at $56 and up to $373 a month for the elite’s most expensive’ plan. It is considerably more expensive than competitors such as Trade View.


A wide choice of online platforms and third-party providers of forex software are available for forex traders. Before deploying software to use as part of your trading system, reading forex software reviews from trusted sources is essential. Importantly, the software provider’s background can provide comfort that there is a robust developer behind the trading software. For trading platforms, confirmation that the broker is CFTC registered is also a source of support.


Can US citizens trade forex?

US-based traders can trade forex, but there are restrictions around trading CFDs and also through which brokers to trade. The CFTC and NFA have imposed strict regulation over leverage ratios and require brokers to hold substantial margin deposits to become CFTC registered.

Do I need a license to trade forex?

A license is not needed if a US citizen wants to trade forex. There are few barriers to entry to trade forex, unlike securities that require a minimum balance of $25,000 to trade in the equity markets. Forex is often called the last free market, with some forex brokers not requiring a minimum deposit to start FX trading.

Does automated forex trading software work?

Automated and algorithmic trading systems are proven to work, but there are question marks over how many can make consistent profits. As such, it is essential to take extreme care when choosing automated software. Differences lie between systems developed by quant professionals and those created by developers lacking high-level forex knowledge. Issues also lie in the alpha-decay of automated forex systems where profitability slowly erodes over time due to improvements in market efficiency.

Can I learn forex on my own?

The online resources available today allow self-education to attain the required level of knowledge to trade forex. There is sufficient information available to get solid forex education from online learning tutorials and online libraries to forex forums and chats.

Written by Chris Gillie


Chris Gillie is the founder of Axcess FX, a forex software review and research website. He is a former investment banker who worked in FX Sales on the UBS London trading floor. Chris has been using forex trading software as part of his trading set-up since the late 2000s and the embryonic days of MetaTrader and the MQL coding language.

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