The Best Forex Trading Software in Australia

When selecting the best forex trading software in Australia, it’s essential to consider your trading style, experience level, and the features you prioritise. Whether you’re a beginner looking for an intuitive platform or an experienced trader seeking advanced tools, the right software can significantly impact your trading success.

In this guide, we’ve reviewed the top five forex trading platforms available to Australian traders, evaluating their strengths, weaknesses, and suitability for different trading needs.

1. TradingView - Best Forex Trading Software Overall?
2. MetaTrader 4 - Top Automated Forex Trading Platform?
3. MetaTrader 5 - Best for Forex and Share CFD Trading?
4. cTrader - Good Robot Forex Trading Software?
5. NinjaTrader - Good Platform for Futures and Forex Trading

1. TradingView - Best Forex Trading Software Overall?

TradingView is the best forex trading software for Australian traders needing reliable charting tools and in-depth market analysis. It offers a wide range of chart types, technical indicators, and customisable features that suit both beginners and experienced traders. With its strong community for sharing ideas and real-time data integration, TradingView is the top choice for traders who prioritise detailed analysis and collaborative trading.

For traders looking to optimise their TradingView experience, selecting the right forex brokerage is crucial. To explore the best options for 2024, check out our guide on The Best Forex Brokers in Australia.

Technical Analysis and Charting Tools

TradingView is a go-to platform for traders who need reliable and versatile charting tools. It provides a wide selection of chart types, such as candlestick, line, and bar charts, which are fundamental for analysing market trends. The platform includes over 100 built-in technical indicators, including moving averages, Bollinger Bands, and MACD. These tools enable traders to conduct detailed market analysis with ease.

The platform's drawing tools are comprehensive, allowing traders to mark up their charts with trend lines, Fibonacci retracements, and custom notes. This functionality is crucial for those who want to plan trades or track their strategies over time. TradingView also supports the comparison of multiple assets on a single chart, which is particularly useful for analysing correlations or assessing different time frames.

Moreover, TradingView accommodates custom indicators developed by its user community, giving traders the flexibility to tailor their analysis to specific strategies. The platform’s advanced price scales, such as logarithmic and percentage options, add to the precision of market assessments, making it easier for traders to interpret and act on data.

This combination of features makes TradingView an effective tool for traders who require both depth and flexibility in their market analysis.

Economic Calendar and Fundamental Analysis?

TradingView provides essential tools for fundamental analysis, which is crucial for traders who want to assess the underlying factors influencing market movements. The platform offers access to economic indicators, financial statements, and market news, helping traders evaluate the intrinsic value of assets.

The Economic Calendar is an integral part of this analysis, listing upcoming economic events that can impact markets. It includes data on interest rates, GDP, employment figures, and more. Traders can customise the calendar to focus on specific regions or events, allowing them to prepare for market changes effectively.

By combining these tools, TradingView enables traders to make informed decisions based on comprehensive economic data.

Risk Management?

Effective risk management is crucial when trading on any platform, including TradingView. This platform allows traders to set precise stop-loss and take-profit levels directly on their charts, helping manage potential losses and secure gains. By using TradingView’s tools to plan trades with a clear risk-to-reward ratio, traders can better protect their capital and make more informed decisions, reducing the emotional impact that often leads to costly mistakes.

Social Trading Features

TradingView offers strong social trading features that cater to traders who value community engagement. The platform hosts a large community where users can share ideas, strategies, and chart analysis. This interactive environment is beneficial for traders who want to learn from others or confirm their own trading concepts. Users have the option to follow other traders, comment on shared ideas, and participate in discussion groups focused on specific markets or strategies.

The ability to broadcast live trading sessions is another key feature of TradingView. This allows experienced traders to share their insights in real-time, serving as a valuable resource for beginners and a platform for more experienced traders to present their strategies. The integration of the social feed with TradingView's charting tools means that traders can easily link their analysis to their posts, making it straightforward for others to understand the thought process behind each trade.

TradingView Subscription Pricing

TradingView offers three main subscription plans:

• Essential: $12.95 per month. Includes 2 charts per tab, 5 indicators per chart, 10,000 historical bars, and no ads. Suitable for basic trading needs.
• Plus: $24.95 per month. Offers 4 charts per tab, 10 indicators per chart, 10,000 historical bars, and more alerts. Ideal for more active traders.
• Premium: $49.95 per month. Provides 8 charts per tab, 25 indicators per chart, 20,000 historical bars, and the most advanced features. Best for professional traders requiring extensive data and tools.

Each plan includes a 30-day free trial, allowing you to explore the features before committing. Discounts are available for annual subscriptions.

Pros of TradingView

• Great user experience and easy to navigate
• Powerful charting tools with extensive indicators
• Accessible on any device with an internet connection
• Strong community for sharing ideas and learning
• Risk management tools
• Excellent mobile trading app?

Cons of TradingView

• Full features require a paid subscription
• Trade execution depends on the broker's setup
• Can be overwhelming for beginners due to the vast range of tools

Final Verdict on TradingView

TradingView is the leading forex trading platform for Australians offering powerful charting tools, a strong community for idea sharing, and customisable features. While the subscription fees may be a consideration, the platform's overall value and ease of use make it an excellent choice for both beginners and experienced traders who prioritise detailed analysis and collaboration.

2. MetaTrader 4 - Top Automated Trading Platform?

MetaTrader 4 (MT4), developed by MetaQuotes Software in 2005, is the most popular trading platform globally for retail forex trading. Known for its user-friendly interface and extensive range of tools, MT4 suits both beginners and seasoned traders. The currency trading platform's versatility allows new traders to learn the basics through its intuitive design and demo accounts, while experienced traders benefit from advanced features like algorithmic trading and custom tool development, supporting more sophisticated strategies.

Algo Trading with Expert Advisors?

MetaTrader 4 (MT4) supports algorithmic trading through Expert Advisors (EAs), enabling traders to automate their strategies. These EAs are scripts written in the MQL4 language, which is designed for developing trading robots and custom technical indicators.?

The platform's MQL4 IDE (Integrated Development Environment) allows for the creation, testing, and optimisation of EAs. This functionality is crucial for traders looking to backtest their strategies using historical data to evaluate their performance before deploying them in live markets.

Traders can access a marketplace within the platform to purchase or download a wide variety of pre-built EAs. Additionally, MT4 allows users to modify these EAs or create new ones from scratch, providing flexibility for traders with different levels of programming expertise.?

The automated trading signals ensures that trades are executed precisely according to the predefined conditions, reducing the potential for human error and enabling round-the-clock trading.

Trading Tools

MT4 offers an extensive range of trading tools essential for technical analysis. Key features include:

• Over 30 Built-In Technical Indicators: Preloaded indicators such as moving averages, Bollinger Bands, and the MACD are fundamental for analysing market trends and price movements.
• Customisable Indicators: Each indicator is fully customisable, allowing traders to adjust parameters like periods and calculation methods to fit their specific trading strategies.
• Support for Custom Indicators: Traders can develop their own indicators using the MQL4 language, enabling the creation of tailored tools that meet specific trading needs.
• Nine Timeframes: The platform offers nine different timeframes, ranging from one minute to one month, allowing for granular analysis of market trends.
• Multiple Chart Types: MT4 supports three types of charts—line, bar, and candlestick—providing versatility in how market data is visualised.

These features collectively make MT4 a comprehensive tool for traders who require detailed market analysis.

Demo Accounts

MT4 provides a demo account feature, which is a vital tool for both beginners and experienced traders. For Australian traders new to forex markets, the demo account offers a risk-free environment to learn how to use the platform's tools, execute trades, and understand market dynamics without the fear of losing real money. This is particularly important for traders who are new to forex and need time to build confidence and competence.

For experienced traders, the demo account serves as a testing ground for new strategies. Traders can simulate live trading conditions using virtual funds, allowing them to evaluate the effectiveness of their strategies before applying them in a live trading environment. The demo account mirrors the live trading experience closely, including the same price feeds, execution speeds, and available financial instruments, making it an invaluable tool for refining online trading approaches.

Pros of MT4

• User-friendly interface suitable for beginners
• Extensive range of built-in and customisable technical indicators
• Supports algorithmic trading through Expert Advisors
• Available on multiple devices, including desktop and mobile
• Strong community and vast library of resources and tools

Cons of MT4

• Limited to forex and CFD trading, lacking support for newer asset classes
• Older interface may feel outdated compared to newer platforms
• Limited charting tools and customisation compared to platforms like TradingView
• Upgrading to MetaTrader 5 might be necessary for traders needing advanced features and broader customer support

Final Verdict on MetaTrader 4

MetaTrader 4 remains a solid choice for forex traders due to its practical functionality, user-friendly interface, and strong support for automated trading. While it may not offer some of the more modern features or extensive asset diversity found in newer platforms, MT4 consistently provides a stable and effective trading environment, particularly for those focusing on foreign exchange markets.

3. MetaTrader 5 - Best for Forex and Share CFD Trading

MetaTrader 5 (MT5) stands out as the best software for forex and share CFD trading in Australia. With its multi-asset capabilities, enhanced trading tools, and continued support from MetaQuotes, MT5 offers a comprehensive platform for traders looking to diversify their portfolios and leverage advanced features for both manual and automated trading.

Multi-Asset Trading Platform?

MetaTrader 5 (MT5) is a comprehensive multi-asset platform designed for traders who require access to a broader range of financial markets. Unlike its predecessor, MetaTrader 4, which primarily focuses on forex and CFDs, MT5 allows trading across various asset classes, including stocks, commodities, futures, and options. This makes it a suitable choice for traders looking to diversify their portfolios within a single platform. Additionally, MT5’s advanced market depth feature provides detailed insight into price movements, which is essential for high-frequency traders and those operating in multiple markets.

Enhanced Trading Tools

MT5 offers a more advanced suite of trading tools compared to MT4, catering to traders who need deeper analysis and greater flexibility. The platform's additional features provide enhanced capabilities for both manual and automated trading, making it a more comprehensive option for those looking to refine their trading strategies.

• 38 Built-In Technical Indicators: MT5 includes an extensive range of indicators, allowing for more comprehensive market analysis.
• 44 Analytical Objects: Provides a variety of tools for traders to draw and annotate charts, enhancing precision in technical analysis.
• 21 Timeframes: Offers a broader selection of time intervals, enabling more granular analysis across different periods.
• Multi-Threaded Strategy Tester: Enables faster and more efficient backtesting, optimising trading strategies with reduced processing time.
• Multi-Currency Backtesting: Allows traders to test strategies on multiple currency pairs simultaneously, improving strategy robustness.
• Depth of Market (DOM): Offers real-time insights into market liquidity, aiding in better decision-making.
• Enhanced MQL5 Language: Supports the development of more sophisticated custom indicators and automated trading strategies.

Dedicated MT5 Support

As MetaQuotes, the developer of both MetaTrader platforms, has shifted its focus to MT5, ongoing support for MT4 has become limited. New features and updates are now exclusively developed for MT5, making it the platform with continued and dedicated support from MetaQuotes. This transition is crucial for traders who rely on up-to-date software and technical support. The increased focus on MT5 ensures that traders using the platform will benefit from the latest technological advancements, making it the better long-term choice for those deciding between the two.

Pros of MT5

• Supports multiple asset classes including forex, stocks, and commodities
• Advanced trading tools with extensive indicators and analytical objects
• Fast strategy testing with multi-threaded and multi-currency backtesting
• Real-time market liquidity insights with Depth of Market (DOM)
• Ongoing updates and support from MetaQuotes

Cons of MT5

• More complex interface for beginner traders
• Transition from MT4 might require an adjustment period

Final Verdict on MT5?

MetaTrader 5 is the top choice for Australian traders looking to engage in both forex and share CFD trading. Its multi-asset capabilities, advanced trading tools, and ongoing support make it a powerful platform for those seeking to diversify their trading strategies and access a broad range of markets.?

4. Ctrader - Good Robot Forex Trading Software?

cTrader, developed by Spotware, is a leading multi-asset trading platform known for its user-friendly interface and advanced technology. Designed to cater to both manual and automated traders, cTrader offers powerful charting tools, a wide range of technical indicators, and real-time execution capabilities. This platform is particularly popular among traders who value customisation and need precise control over their trading strategies.

Customisation and Flexibility

cTrader offers a sophisticated and adaptable trading environment, tailored for traders seeking a highly customisable platform. It supports a wide range of advanced trading tools, technical indicators, and charting options, making it a versatile choice for traders at all levels. Key features and tools include:

• Technical Indicators: cTrader supports over 70 technical indicators, including popular ones like Moving Averages, Bollinger Bands, and the Relative Strength Index (RSI). These indicators can be customised and combined to enhance market analysis and trading strategies.
• Charting Options: The platform offers various chart types, including candlestick, bar, line, Renko, and tick charts. Traders can choose from multiple timeframes ranging from one minute to monthly intervals, allowing for detailed technical analysis across different time horizons.
• Customisable Layouts and Templates: cTrader’s interface is designed for maximum flexibility, enabling traders to create and save custom layouts and templates. This feature ensures consistency in trading approaches and streamlines the analysis process.
• Advanced Drawing Tools: cTrader includes a suite of advanced drawing tools such as trendlines, support and resistance levels, and Fibonacci retracements. These tools are essential for conducting thorough technical analysis and developing trading strategies.
• Order Types: The platform offers a variety of advanced order types, including Stop-Limit, Trailing Stop, Stop Loss, and Market Range orders. These options provide traders with greater control over their trade execution, which is particularly beneficial in volatile markets.
• Market Depth Analysis: cTrader includes tools for market depth analysis, allowing traders to view the order book and gain insights into market liquidity and order flow, which is crucial for making informed trading decisions.

cTrader Automate

cTrader Automate, previously known as cAlgo, is a feature within cTrader designed for algorithmic trading. It allows traders to create, test, and implement custom trading algorithms (cBots) and indicators using the C# programming language. The platform offers real-time execution and backtesting capabilities, which help traders refine and optimise their strategies. cTrader also provides an Open API for further customisation, enabling integration with third-party applications. For traders looking to expand their tools, there is access to a marketplace where pre-built cBots and indicators can be used without needing to develop them from scratch.

Pros of cTrader

• Highly customisable platform
• Advanced charting and technical analysis tools?
• Flexible order types for precise trade execution
• Real-time execution and backtesting in cTrader Automate
• Open API for third-party integration

Cons of cTrader

• Limited to ECN accounts
• Limited language support

Final Verdict on cTrader?

cTrader is a powerful and flexible platform ideal for traders seeking advanced customisation and algorithmic trading capabilities. Its extensive tools, real-time execution, and flexibility make it a strong choice for serious traders in Australia.

5. NinjaTrader - Good Platform for Futures and Forex Trading

NinjaTrader is a trading platform focused on providing advanced tools for futures and forex traders. It offers a range of features tailored to active traders who require detailed technical analysis and automated trading capabilities. NinjaTrader's strength lies in its extensive charting options, a variety of order types, and the ability to develop custom trading strategies through its integrated scripting language, NinjaScript.

Advanced Charting and Analysis

NinjaTrader provides a comprehensive set of charting tools designed to meet the needs of futures and forex traders. The platform supports multiple chart types, including candlestick, Renko, Heikin Ashi, and Point & Figure, allowing traders to choose the format that best suits their analysis. Over 100 technical indicators are available, and traders can customise these indicators to align with their specific trading strategies.

The platform allows for detailed chart customisation, including the ability to create multiple chart layouts and synchronise them across different timeframes. This flexibility is crucial for traders who need to monitor various markets or time frames simultaneously. Additionally, NinjaTrader supports custom indicators, enabling traders to develop and implement their own tools when standard options are insufficient.

NinjaScript for Algorithmic Trading

NinjaScript is NinjaTrader's proprietary scripting language, based on C#. It enables traders to develop custom trading strategies, indicators, and automated trading systems. With NinjaScript, traders can create fully automated strategies that execute trades based on predefined conditions. The platform's strategy analyser allows traders to backtest these strategies using historical data, providing critical performance metrics that help refine strategies before they are implemented in live markets.

NinjaScript also supports optimisation, enabling traders to test different parameter settings to identify the most effective configurations. This feature is particularly useful for traders who rely on quantitative analysis and want to ensure their strategies are optimised for current market conditions.

Pros of NinjaTrader

• Extensive charting tools
• Highly customisable platform
• Supports automated trading via NinjaScript
• Free to use with basic features

Cons of NinjaTrader

• Steep learning curve for beginners
• Limited to Windows desktop
• High costs for premium features and licences

Verdict on NinjaTrader

NinjaTrader is a strong platform for futures and forex traders who require advanced tools for technical analysis and automated trading. The platform's extensive charting capabilities, variety of order types, and the flexibility of NinjaScript make it well-suited for active traders who need precise control over their trading strategies.?

FAQs: Best Forex Trading Software in Australia

What is the best forex trading software?

TradingView is the best forex trading software due to its extensive charting tools and customisable indicators. It is suitable for both beginners and experienced traders who need in-depth market analysis and real-time data integration. TradingView supports a wide range of chart types and technical indicators, making it an effective tool for those prioritising detailed analysis.

What is the best forex trading platform for beginners?

TradingView is the best forex trading platform for beginners. It offers an intuitive interface that is easy to navigate, even for those new to trading. The platform provides a wide range of educational resources, including tutorials and a strong community where users can share ideas and strategies. TradingView’s charting tools are user-friendly, allowing beginners to easily customise charts and apply indicators. The platform’s free version offers sufficient features for those starting out, making it a practical choice for new traders looking to build their skills in forex trading.

What is the best charting software for forex?

TradingView is the best charting software for forex, offering a wide variety of chart types and over 100 technical indicators. Its customisation options allow traders to conduct thorough market analysis, making it a reliable choice for those focused on technical analysis.

What is the best copy trading platform?

The best copy trading platform is eToro, known for its popularity and user-friendly proprietary platform that simplifies copy trading. However, eToro's spreads are higher than those offered by other brokers. For more advanced traders, MetaTrader 4 or 5 with Trading Signals is recommended, as it offers greater flexibility, lower spreads, and a broader range of trading tools, making it a preferred choice for those seeking more control over their trading strategies.

Why Trust Us?

Our approach to reviewing the best forex trading software in Australia is rooted in hands-on experience and rigorous evaluation. We are committed to providing accurate, user-focused insights, leveraging our deep knowledge of the forex market and trading platforms. Our team of experts has years of experience in the trading industry, allowing us to assess software from both a technical and practical standpoint.

Personal Experience in Trading

We have personally tested and used each platform listed in our review, ensuring that our recommendations are based on firsthand experience. This process involved setting up accounts, executing trades, and utilising the platforms' features extensively. By doing so, we gained a thorough understanding of the strengths and weaknesses of each software, allowing us to provide genuine insights into their usability, functionality, and performance.

Rigorous Testing and Evaluation

Our reviews are backed by quantitative measurements. We evaluated each platform's performance in various categories, such as charting tools, ease of use, customisation options, and available indicators. We compared how each platform handles real-time data, trade execution, and user interface, ensuring that our assessments are comprehensive and reliable.

Objective Comparisons and Analysis

What sets our reviews apart is our commitment to objectivity. We compare each platform against its competitors, highlighting unique features, advantages, and potential drawbacks. For example, while TradingView excels in charting and community features, MetaTrader 4 is stronger in automated trading capabilities. These comparisons help you make informed decisions based on your specific trading needs.

Continuous Updates and Industry Knowledge

The forex market and trading software are constantly evolving. We stay updated on the latest developments, ensuring that our reviews reflect the most current information. Our knowledge of how platforms have improved over time—whether through new features or enhanced user support—adds another layer of credibility to our evaluations.

Tailored Advice for Australian Traders

Our content is specifically tailored to the needs of Australian traders. We understand the regulatory environment, market preferences, and specific challenges faced by traders in Australia. This localised focus ensures that our recommendations are relevant and practical for Australian users.

Useful Resources

To further support your trading decisions, we have compiled a list of useful resources:

1. Australian Securities and Investments Commission (ASIC) - Forex Trading
2. Investopedia - How to Start Forex Trading
3. BabyPips - Learn Forex Trading
4. Myfxbook - Australian Economic Calendar
5. Wikipedia - MetaTrader Software
6. TradingView Tutorials

These resources offer additional information on forex trading, regulatory guidance, and educational materials, helping you make well-informed choices in your trading journey.