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Best Forex Brokers with Free Trading Tools

Did you know that many forex brokers offer free forex trading tools? This is to help their traders stay on top of the financial markets and make better trading decisions. By choosing a forex broker with free trading tools, you can create more robust trading strategies and you improve your chances of making profitable trades.

Best Forex Brokers For Trading Tools

Here are our top forex brokers offering free trading tools.

Broker

Features

Broker Reviews

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* 1:1000 leverage

* 210+ instruments

* $15 min. deposit

* Free education

* 1:1000 leverage

* 1200+ instruments

* $50 min. deposit

* Tight spreads

* 1:500 leverage

* 100+ instruments

* Free education

* 1:1000 leverage

* 950+ instruments

* Copy trading

* Low deposit
* 1:500 leverage
* Great bonuses

* Crypto trading
* 1:500 leverage

* $100 min. deposit
* Welcomes EA & HFT

* 1:1000 leverage
* 1000+ instruments
* $10 min. deposit

FP Markets

* 1:500 leverage

* 10,000+ instruments * $200 min. deposit

* Ultra low latency

* 1:500 leverage

* 800+ instruments

* $10 min. deposit

* African broker

*1:500 leverage
 *Low spreads
* Fast withdrawals

* 1:400 leverage
* 200+ instruments
* $5 min. deposit

* 1:500 leverage

* $100 min. deposit

* STP broker

* Great support

* Crypto trading
* 1:500 leverage
* $5 min. deposit

* Great trading tools

* 1:500 leverage

* 300+ instruments

* $50 min. deposit

* Great education

* 1:500 leverage

* 80+ instruments

* $200 min. deposit

Excellent support

* 1:500 leverage

* 1000+ instruments

* $50 min. deposit

* Crypto CFD trading

What Are Trading Tools?

The term trading tools covers a wide range of trading technology – from EAs and Chart Indicators, to trade calculators and trading signals. It’s important to choose a forex broker with a wide range of free trading tools. This is so that you can carry out market research, make detailed trading plans, and get the best possible results.

Expert Advisors

Expert advisors (EAs) are trading algorithms designed to help traders monitor the markets, automate
certain trading actions, and generate trading signals. You install them directly on your trading platform, usually MT4, and run them based on a set of pre-determined rules. Some EAs come standard-built, but for a small fee it’s also possible to buy custom-made EAs that have been tailored to your trading strategy.

Chart Indicators

Chart indicators, also known as charting tools, are used to help traders better analyse and understand the data that is in front of them. At a basic level, charting tools can be used to adjust data to different timeframes, highlight key information and draw patterns directly on charts. At a more advanced level, chart indicators are used to carry out specific analysis techniques such as the Fibonacci method. They are an essential part of any trading toolkit and they should be used to help you develop a well-thought-out, consistent, and logical trading strategy.

Trading Calculators

Trading calculators can be a handy addition to any trader’s toolkit. They can help you convert currencies, calculate your margin requirements, and forecast your potential profit and loss for a trade. They are very helpful for less confident traders, especially beginners, who may need a bit of extra help making these essential calculations. Many good brokers provide trading calculators and it’s worth checking if you get any free calculators with your trading account.

Trading Signals

Trading signals are alerts that let you know about new opportunities to trade. Trading signals can either be ‘hand-made’ i.e. generated by real people, with real experience. Or they can be generated automatically using advanced algorithms. Both types work well, and both are based on in-depth market analysis and research. Some provides choose to use a combination of these methods. This means you get the advantages of both systematic data-driven analysis and of good old-fashioned expert judgement.

How To Choose A Great Forex Broker

  • Trading Conditions – Good forex brokers will offer you a wide range of trading instruments. Look for brokers that also offer you the opportunity to trade with high leverage, low commissions, tight spreads. This will help you ensure that you’re in the best possible position to trade.
  • Market Analysis – Good forex brokers will usually post weekly market updates to help you keep on top of the news. Look for a broker that also provides daily fundamental and technical analysis. This will help you to carry out additional market research and check your own work.
  • Forex Education – Good forex brokers will make sure you have the educational resources you need to become a better online trader. Look for a broker that offers free access to trading courses and forex webinars. This will help you develop your skills and learn how to get more out of your tools.

For more information about the best forex brokers in Nigeria, check out our forex broker reviews.