What is the Best Forex Trading Platform?
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This article will take a look at the best 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.
Forex trading (FX) 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 beginning 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 (MT4), which is the most popular software used by traders in the retail Forex market. Whilst MetaTrader 4 is the dominant choice for many professional traders, there are other options which have developed in recent years.
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 offered 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:
- 1-click trading
- Lots of available Expert Advisors
- Over 50 indicators
- Pending orders
- Limit orders
- Multi charting
- Nine different time-frames
Advantages of MetaTrader 4
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, and Windows. Needless to say, these mobile platforms are also very stable and powerful.
Disadvantages of MetaTrader 4
Occasionally you may find that some brokers offer wider spreads on the MT4 platform in comparison with the smaller spreads they may offer through their main trading platform (assuming that the broker in question offers several trading platforms to trade on.). Additionally, Some professional traders argue that the platform is slower in comparison with other trading platforms.
Source: MetaTrader 4 - Market Watch - Several different currency pairs opened in Mini Terminals
MetaTrader 4 Supreme Edition Add-On
Whilst MetaTrader 4 is quite a powerful platform in itself, Admiral Markets offers a plugin for it known as MetaTrader 4 Supreme Edition. It's a plugin that has over 50 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 access to a more flexible 1-click-trader, also known as the '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.
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 current market share and the trading features available.
Drawbacks with cTrader
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 using a Windows phone. MetaTrader 4 and 5 are certainly the best Forex trading platforms for mobile trading.
Generally, each item we have discussed here 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 for the best FX software. They are time tested, and have been proven to work over and over again.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.