Forex trading is performed online via an electronic trading platform. Naturally, many traders are curious as to what the best trading platform software is. In fact, 'which Forex trading platform is the best?' is one of the main questions that a trader asks when starting their Forex journey. This is especially true in current times, as there is a lot of competition in terms of software. The trading software industry is heavily dominated by MetaQuotes Corp - the company behind MetaTrader 4, which is the most popular software used by traders in the retail Forex market.
Whilst MetaTrader 4 is the dominant choice for traders, there are other options which have developed in recent years. Let's take a look at the available choices in your search for an online Forex trading platform. We'll look at what actually makes a good trading platform and how to choose the right platform for your trading style.
When it comes to trading FX online, most brokers will supply you with various trading platforms, yet MetaTrader platforms are the most common. This software was developed nearly ten years ago. There are two primary choices of the trading platform by MetaQuotes Corp - MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is a Forex platform, which was specifically designed for FX trading. As retail Forex is a relatively new industry, it didn't have reliable third party software available until MetaTrader 4 appeared. This is a reliable trading platform that provides traders with lots of useful features, which include:
These are just a few of the benefits of MetaTrader 4. One of its strongest selling points is its stability. You can really count on this platform. In addition to this, it is also supplied with a powerful set of mobile apps. These applications are available for nearly any type of operating system, including iOS, Android, Windows and BlackBerry. Needless to say, these mobile platforms are also very stable and powerful.
The main disadvantage of MetaTrader 4 is that it is not currently available as a web based Forex trading platform, so it does requires installing software. This can be a disadvantage for Mac users, as MetaTrader 4 is not compatible with OSX and doesn't offer a web application as an alternative. However, with Admiral Markets you can use MetaTrader 4 on a Mac - as Admiral Markets users have access to a native app, an exclusive feature that is not available anywhere else.
Whilst MetaTrader 4 is quite a powerful platform in itself, Admiral Markets empowers it with MetaTrader 4 Supreme Edition. It's a plugin that has 56 additional tools for traders. Once you have downloaded your MT4 Forex trading platform, you will need to download Admiral Markets MetaTrader 4 Supreme Edition and install this package over the original MetaTrader 4 installation.
This plugin significantly increases the advantages of MetaTrader 4 - and it also allows users to access to a more flexible 1-click-trader, also known as mini-terminal. New orders, like OCA orders, will become accessible and you will be even able to drag and drop your stop-losses and take-profits. Admiral Markets recognises the great advantages of MT4 and has developed this add-on to make it even better for its clients.
Quite similar to MetaTrader 4, this is one of the best Forex trading platforms. In general, MetaTrader 5 is slightly faster, supports more types of orders, comes with a larger amount of indicators and has some additional features. Whilst it is a better platform, there aren't any huge, revolutionary differences which can make MetaTrader 4 redundant.
What is good about MetaTrader 5 for both traders and brokers is that it can handle a larger amount of trading instruments compared to MetaTrader 4. This platform isn't currently available as a web application, but MetaTrader 5 comes in a number of mobile applications across multiple operating systems.
In recent years, Spotware has developed cTrader as a competing trading platform for Forex traders. Despite improvements, it's hard to view cTrader as serious competition for MetaTrader 4 and 5 based on market share and trading features.
As this platform is available in a web browser, there hasn't been a strong emphasis placed on the development of mobile apps until recent times. At the moment cTrader is supplied for Android and iOS devices only. Whilst this probably does cover the majority of traders, it does hinder those on a Windows phone or Blackberry. MetaTrader 4 and 5 are certainly the best Forex trading platforms for mobile trading.
Generally, each item we have discussed is a free Forex trading platform, so you do not have to pay anything to use them. The only thing you need to do is to open an account and start trading. There's lots to consider when choosing the best Forex platform for beginners - but MetaTrader 4 and MetaTrader 5 frequently top the list of the best FX software. They are time tested and have been proven to work over and over again.