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Interactive Brokers has emerged as the leading forex trading software platform, surpassing its competitors in terms of its powerful Trader Workstation platform, extensive market access, and affordable trading commissions. This platform has become the preferred choice for professionals at hedge funds and investment firms due to its exceptional features and capabilities.
Why Interactive Brokers Stands Out
Interactive Brokers distinguishes itself by offering substantially lower fees compared to other platforms. Its IBKR Pro tiered pricing plan provides better rates for direct access trading, making it more cost-effective for professionals. Additionally, Interactive Brokers offers lower commissions for futures trading and the lowest margin rates among the platforms surveyed.
It’s important to note that non-professional traders can benefit from $0 stock commissions through Interactive Brokers’ IBKR Lite platform.
Impressive Features of Trader Workstation
The flagship Trader Workstation platform offered by Interactive Brokers is truly impressive. It provides users with a highly customizable experience, offering features such as alerts, watchlists, and sophisticated charting tools. Traders can also take advantage of advanced order types, allowing for greater flexibility in their trading strategies.
To keep traders informed, Trader Workstation offers the latest reports from reputable sources like Reuters, Dow Jones, and more.
Essential Features for Day Traders
Trader Workstation includes several essential features that cater to the needs of day traders. Hot keys allow for rapid placement of preset orders with a single keystroke. Level 2 quotes provide valuable information by displaying the best bid and ask prices from each market participant. Additionally, the platform offers time and sales data, which is a streaming record of all stock transactions made throughout the trading day.
Global Market Access
Interactive Brokers enables traders to access a vast range of markets, with a total of 150 markets across 33 countries available for trading. From global stocks and options to futures, currencies, bonds, and funds, traders can conveniently trade various asset classes on a single platform.
Accounts can be funded in multiple currencies, and assets can be denominated in different currencies as well. This flexibility allows traders to navigate and take advantage of global market opportunities.
Quality Order Execution
For day traders, the quality of order execution is of paramount importance. Interactive Brokers offers direct market access for both stocks and options, granting traders the ability to choose how they want their orders to be routed.
To ensure optimal order execution, Interactive Brokers developed Smart Routing, a software product that continuously scans competing markets and automatically routes orders to the best ECN or market center. This innovative feature enhances the chances of achieving favorable price executions.
Industry Recognition
Interactive Brokers’ commitment to order execution quality has not gone unnoticed. According to IHS Markit, a third-party provider of transaction analysis, Interactive Brokers’ US stock price executions outperformed industry rivals in the first half of 2020. With a net price improvement of $0.62 compared to the industry average of $0.15, Interactive Brokers proved its superiority in delivering excellent trade execution.
In conclusion, Interactive Brokers stands out as the best forex trading software platform due to its powerful Trader Workstation, extensive global market access, and competitive trading commissions. Traders, especially professionals, can benefit from the platform’s advanced features, customizable tools, and superior order execution capabilities. Interactive Brokers has established itself as a reliable and trusted choice for those seeking a comprehensive and efficient trading experience.
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