Trading platforms are software platforms for forex traders. They make the process of trading in the foreign currency markets nice and easy. As well as allowing you to trade, trading platforms such as MetaTrader 4 also provide a ton of useful information, such as charts and tools.
Most forex brokers offer at least one forex trading platform. Many use MetaTrader, but some also provide their own platform. In this article, we are going to look at the main forex trading platforms.
MetaTrader 4 and MetaTrader 5 (its successor) are the most popular forex trading platforms. Today, you will find that all brokers offer MT4 and MT5 as one of their product offerings.
MT4 is more widely used than MT5, by virtue of the fact it has been around for longer. It is ideal for new and experienced traders, and it offers a host of features that make forex trading much easier. There is a global community of people who use MetaTrader, so you will find plenty of helpful resources available. MT4 is available as a desktop platform for Windows devices, or as an app for iOS and Android. MT5 hasn’t been around as long, so not all brokers offer it as an option. easyMarkets is a good example of a forex broker that offers MetaTrader 4.
You can use MT4 for copy trading, which is handy for beginners. There are also Expert Advisors if you want to make use of an automated trading system.
MetaTrader has a wealth of features to help forex traders, so open a demo account and have a play around. This is the best way to familiarize yourself with MT4 and MT5.
The cTrader suite of forex trading platforms is rapidly gaining traction with users. It has a way to go before it achieves the universal popularity of MetaTrader, but a growing number of forex brokers are offering cTrader as an option.
There are web-based and desktop versions of cTrader. The web-based version is built on HTML 5, so it is safe and reliable. You can use cTrader to copy trades or make use of automated trading bots. The cTrader interface is easy to use and intuitive across both the desktop and mobile versions. You can customize the layout to suit your style of trading. There are plenty of useful charts and other analytical tools.
In summary, cTrader is popular with forex and CFD traders because it offers a unique and innovative experience, whether you are interested in manual trading or you feel like back-testing simulations.
TradeStation is more suited to experienced forex traders, but casual traders can use it too. The platform has been around since 1986 but it has recently had a design overhaul, with plenty of colorful charts and graphics. You can use TradeStation as a browser-based platform or download the desktop version.
Most forex traders are happy using MT4 or MT5, but if you fancy trying a different platform, read the reviews and open a demo account first.