When it comes to the cut and thrust of Forex trading and the FX market, you need a Forex focused platform and technical analysis software to trade successfully. After reading this, we also recommend reading our guide to the best stock trading software for Mac which covers multi-asset trading platforms, some of which also support FX trading on Mac.
Unlike stock market trading, there is no central exchange so you can trade on it 24 hours a day which makes it ideal for traders at home. There are significant gains to be made from currency volatility but the demands of the fast-moving FX market mean you really need software that specializes in Forex trading to make intelligent trades.
The best Forex trading platform for beginners on Mac will differ from those with more experience in the Forex business. It can soon become counter productive to your trading efforts when you have several charts, indicators and analysis tools open at once.
Most Forex platforms assume a certain level of familiarity with trading but there are some that are designed with beginners in mind. In a nutshell, you need to sign-up with a Forex Platform i.
Forex software includes services such as MetaTrader 4 MT4 and MetaTrader 5 MT5 which do not actually allow you to trade on markets — they merely allow you to perform technical analysis of Forex markets.
There are far more Forex brokers than there is Forex software so it usually makes sense to choose a broker you like first and then see whether it supports third-party Forex software for Mac. However, you could also choose to do this the other way round if a Mac client or desktop software is more important to you than the broker you trade with.
There are literally hundreds of Forex platforms out there but there a few things you should always bear in mind to ensure you pick a good one. This creates delays and therefore potential losses in the time between trade and execution which in the fast-moving world of currencies, can be significant. Most Forex brokers make money by capturing part of the spread i.
The attractive thing about Forex trading and the international currency market is that you can buy and sell with far more than you have in your account. This is called your Margin or Leverage and differs from broker to broker. Many Forex brokers offer a rate of leverage or margin which is typically 1: All the best Forex platforms for Mac offer free demo accounts, usually with several thousand dollars worth of pretend currency.
First we start with our selection of the best Forex trading platforms for Mac, then we look at the best Forex trading software for Mac for technical analysis.
You can find out more information, download or sign-up for a demo account in most cases by clicking on the names. AvaTrade specializes in Forex and has got it down to a tee. AvaTrade feels slick and professional but never intimidating or overwhelming when it comes to Forex. You can also watch an introduction to Forex trading on Mac with AvaTrade below:. What makes eToro different to most Forex trading platforms is that it focuses on connecting traders in order to harness collective experiences and knowledge in stock trading.
If you imagine what would happen if you mixed Facebook with a stock trading platform, then you get a good idea of what eToro is like. This is not only potentially very profitable for you, but also an excellent way for beginners to learn the ropes of Forex trading. You can even copy the entire portfolio of the most successful traders, or just their Forex portfolio if they have one.
Many of the traders on eToro appear to be quite high risk traders which carries with it high potential returns but obvious risks too.
Since most Forex platforms for Mac are based in the US, eToro may also be a more appealing option for European users too as it is based in Cyprus and is regulated under European law with all funds kept in European banks. Trading fees for eToro vary on a daily basis and you can check the latest Spreads and Fees here although in general, you may get better spread rates from other brokers as eToro is generally on the top side of spread rates.
For a more detailed look at eToro, we recommend reading our full eToro review. NinjaTrader used to be one of the most popular Forex platforms out there due to its algorithmic trading and ease of use but increased competition and monthly subscription model have seen it fall behind somewhat. NinjaTrader is now less user-friendly than many Forex trading platforms and also does not support trading of binary options. Although you can use the platform for free with a Direct Education license, you need to pay a subscription to trade with it.
NinjaTrader is definitely the most customizable Forex trading platforms for Mac with thousands of different third-party apps and add ons although note that most of these cost extra. NinjaTrader also has some useful straight talking information on how Forex trading works for beginners. FXCM Trading Station is a user-friendly but powerful dedicated Forex trading platform that offers lower commissions the more you trade.
FXCM Trading Station also offers a handy Smart Margin Watcher which monitors your positions and alerts you if your account equity drops below a certain limit or if the market moves against you. You can copy trades of the most successful traders and receive alerts when they open a new position.
Although the Forex trading community is smaller on Sirix than eToro, the actual interface looks great on OS X and is cleaner and less complicated than other community driven trading platforms.
Although there are no apps for Sirix yet, it plans to introduce them soon. MahiFX is one of the few Oceania based trading platforms which supports Forex trading. However, users from other countries can sign-up and use it but must ensure that all trading follows the rules and regulation of their residence. It also offers a few other enticing features such as no minimum deposit, no commissions and generous leverage of You can open a practice account with MahiFX to judge for yourself.
Trading is another very slick UK-based trading platform that looks great on Mac and is very user-friendly. Trading also has a native iOS app for iPhone and iPad that allows you to trade on the move without needing a browser.
Trading is accessible for newbies to Forex trading with some useful video tutorials which show you how to take advantage of the latest Forex trading news and how to get the best out of Trading Oanda formerly known as Currensee is an award-winning currency trading platform with no minimum trade size and no minimum deposit.
You can trade on over different instruments including currency pairs Forex , indices, commodities, bonds and metals. Oanda is also one of the few Forex trading platforms to offer a Mac desktop app , although all it effectively does is retrieve the web version without using the browser.
One of the ways Oanda sells itself on its pricing transparency meaning there are no added commissions on your trades and unlike many Forex trading platforms, no minimum trading amounts. Oanda puts a strong emphasis on being transparent with customers and adhering to regulations specific to each global area.
We recommend trying a few paper trades first via an Oanda demo account to get a feel for it. Forex on the Go also offers a Forex app for Mac, although it only delivers an adapted version of MetaTrader to your Mac.
No review of Forex trading software on Mac would be complete without looking at MetaTrader 4, more commonly known as MT4 and the most recent version being MT5. The analytical tools in MetaTrader are particularly detailed with 9 different time-frames, 30 technical indicators and 23 analytical objects to drill deep down into data.
For those new to Forex trading, MT4 also allows you to automatically copy other Traders trades based on the signals of your choice. TradingView is another incredibly popular community driven web-based stock charting software that offers an easy to use way of tracking Forex currency markets. TradingView combines social networking with stock trading making it a good introduction for beginners to Forex trading on Mac.
The amazing thing about TradingView is that most of its features are completely free to use. The TradingView Forex page for example provides a clear overview of the most important global developments in the currency markets with the real-time value of major currencies such as USD, Euro, JPY and GBP immediately visible with a convenient Economic Calendar of important events and News feed for the latest currency news.
You will also see commentary from top traders giving advice and tips on currency movements and potential trades. TradingView is so good that many other stock trading resources such as Tradeable and Investopedia are integrated with TradingView for Forex trading analysis on Mac and PC. TradingView has rapidly risen from just a few thousand users in to over one million users today, mainly thanks to its wide array of charts and community driven content.
If you want to harness the knowledge and experience of thousands of other Forex traders, TradingView is a remarkably effective tool to keep ahead of Forex market trends and developments. The main advantage of the plans is that they remove all ads, give faster data, a wider range of real-time stats, more intraday reports and you can have more charts per tab open.
The same features such as charts, trade logging, account management tools, back testing and technical indicators are all available in both. Trade Interceptor is a professional currency trading app for Mac with advanced trading and technical analysis tools. Using Trade Interceptor to trade with these brokers is free and all are fully integrated with the native platform of each broker. You can even trade with multiple accounts and multiple brokers in one window. The Trade Interceptor app for Mac basically brings all the benefits of the Trade Interceptor web trading platform to your Mac desktop without having to use your browser.
Trade Interceptor provides live quotes and charts of more than 60 Forex currencies as well as Gold, Oil and Silver. You can activate a useful News feed down the left hand margin to provide news in real-time for the Asian, European and American markets.
There are lots of technical analysis indicators, trend alerts and graphical tools to help you make trading decisions. You can set alarms for price drops and spikes and choose from multiple chart layouts and templates. Trade Interceptor is updated regularly, including with new features which is important for Mac users to ensure that the software continues to work with new releases of OS X. The Mac app syncs your trading with the web platform and Trade Interceptor iOS app so that you can continue trading on the move.
Latinum is designed for discretionary non-automated traders and quickly enables you to determine risk, make orders quickly via a Mini Order Ticket feature and more easily manage order and positions with a Mini Blotter. Latinum is also very good at helping you quickly ascertain risk, execute orders and manage your positions.
You can conveniently right-click on a trade to allow scaling of trades such as partial close , two-click stop-loss and take profit editing. This makes it easier to manage, cancel or close orders and trades than on a lot of Mac Forex software. There is also a Latinum trading simulator to practice trading on and get a feel for it. Finally, if you really want to use a Windows only Forex trading platform on Mac, your best bet is to install Windows on your Mac using Parallels.
The best Forex trading platform for Mac really depends on your level of expertise when it comes to Forex. Some of the software featured here will be way to lightweight for experienced traders while others will get lost in the complexity of platforms such as Metatrader and NinjaTrader. However, what you can be sure of is that all of these platforms look and work great on Mac OS X. AvaTrade feels more professional though while remaining extremely easy to use with tons of useful tutorials for beginners and pros.
If you have any questions, issues or suggestions regarding Forex platforms on Mac, let us know in the comments below. Leave a Reply Cancel reply.More...