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Introduction
When it comes to forex trading, having the right software can make all the difference. In this article, we will take a closer look at some of the best forex trading software options available in the market. We will explore their features, benefits, and overall performance to help you make an informed decision.
IG: A Prominent Broker
We’ve had a fruitful trading experience with IG, a prominent broker that is monitored by ASIC in Australia, along with five other crucial jurisdictions. IG offers a wide range of trading options, including CFD trading over a broad spectrum of 13,000 instruments. Australian and English traders can also enjoy the distinctive feature of share trading.
IG Trading Account
IG’s CFD Account is the broker’s main retail investor account. This account features market maker style execution, with spreads from 0.6 pips. For high-volume traders or professional investors, IG offers the DMA account. Here are some reasons to explore IG’s accounts:
- Guaranteed stop-loss order (GSLO) on all trades through a limited risk account
- Stock trading specifically for Australian traders
- Zero commission trading (except for share CFDs)
- High-volume FX discounts (only for DMA accounts)
Trading Platform Execution Speed
According to IG’s website, the broker states that 98.3% of market orders are processed within 0.014 seconds across every trading platform. Additionally, IG states that 89% of its trades were executed at the intended exchange rate without slippage.
When we tested the execution speeds ourselves, we found that while IG didn’t perform as well as others, the broker was still fast. Our chief of technology research, Ross Collins, tested the execution speed of 20 other top brokers using MetaTrader 4. He found that IG had an average execution speed of 0.174 seconds for limit orders and 0.141 seconds for market orders.
Shares CFD and Share Trading
IG distinguishes itself as one of the rare Australian brokers providing domestic and global shares available both as CFDs and the underlying assets themselves. Only a few other brokers offer this combination, including CMC Markets, Trading 212, ThinkMarkets, and BlackBull Markets. It’s worth noting that IG charges up to 0.1% commission fees for shares CFDs.
IG’s Specialized Platforms for Share Trading
Part of IG’s appeal is its diverse platform range, with four excellent platforms, including the broker’s proprietary software and the popular MetaTrader 4.
We particularly like IG’s share trading platform, L2 Dealer, which won our best DMA trading platform for shares and CFDs. The L2 Dealer platform is tailored for DMA trading with access to level 1 and level 2 data. Level 1 data means prices are sourced directly from the exchange, while level 2 data enables you to engage directly with the exchange’s order book.
You can also trade shares on IG’s proprietary platform, including DMA trading, while currency trading is available on all of IG’s platforms.
Our Verdict on IG
Overall, we like IG for several reasons. The broker stands out for its share trading platform, L2 Trader, as well as its entire platform range. In addition, IG has an excellent range of 17,000 markets and a fast execution speed to trade these markets.
Bold: Best Forex Trading Software
To summarize, IG is a prominent broker that offers a wide range of trading options, including CFD trading and share trading. Their platforms are specialized for share trading and offer fast execution speeds. While there are other options available, IG stands out for its diverse platform range and excellent market offerings. If you’re looking for the best forex trading software, IG is definitely worth considering.
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