Online trading has been evolving rapidly in the past few years. When it was first invented, the few brokers that offered the services depended on MetaTrader 4 (MT4) trading platform which is a product of MetaQuotes Software Corporation. However, more trading platforms have been invented as more players came onboard and as the technology evolves.
The MetaQuotes Software Corporation released an updated version of their MetaTrader platform, called MetaTrader 5 (MT5). Several brokers have also developed their trading platforms and mobile apps the likes of TradingView, cAlgo, cTrader, Robinhood, xStation 5, Protrader, thinkorswim, Morningstar and Sierra Chart among others.
Besides, since most traders have busy schedules that do not allow them to sit in front of their computers all the time, brokers came up with indigenous platforms to allow traders trade on the Go using their mobile devices (Android and iOS devices).
Brokers have also developed social trading platforms where less experienced traders can benefit from more experienced traders.
Also, brokers have made it possible for traders to use automated trading to relive then from the stress that comes with manual trading.
Mobile trading platforms
When choosing an online trading broker, it is important to verify if the broker allows mobile trading especially if you are always on the move.
Different brokers offer different mobile trading apps, which largely depend on the trading platforms they offer. For instance, MT4/MT5 has a mobile trading app. Therefore, any broker using the MT4/MT5 will most likely allow their clients to use the MT4/MT5 mobile apps.
Since some brokers have developed their trading platforms, they have also developed mobile trading versions of those trading platforms.
Below are some of the mobile trading apps besides the MT4/MT5 mobile trading apps that are offered by some of the best forex brokers in UK:
- AvaTradeGo mobile app –Used by Avatrade broker
- cTrader Mobile – used by IG and Pepperstone brokers
- eToro mobile trading app – used by eToro broker
- MyFXTM – used by FXTM broker
- xStation mobile – used by XTB broker
- E*TRADE Mobile, and Power E*TRADE mobile – used by E*TRADE Broker
- TD Ameritrade Mobile Trader – used by TD Ameritrade
- Fidelity Mobile – used by Fidelity broker
- IBKR Mobile – used by Interactive Brokers
- TradeStation Mobile – used by TradeStation broker
Social trading was invented by a company called Tradency, after realizing that there was increased use of social networks across the world and that the social networks could be utilized in the trading platforms. Afterwards, brokers recognized the power of social trading leading to the evolution of different social trading platforms. Currently, social trading has become very popular among forex, CFDs, Binary options and spread betting traders.
Social trading platforms provide traders with a variety of community-based tools where they can share their trading experience and further develop their trading knowledge. Some of the features of social trading platforms include:
- The ability to view other traders’ portfolios, current trades, and scrutinize their trading history.
- The ability to read other traders’ news feeds and also see their sources of trading information.
- The ability to communicate with other traders on forums and ask questions or share ideas on trading strategies.
- Copy-trading or mirror trading.
- Trading signals.
Some of the best social trading platforms in UK are:
- CMS Trader
- FxPro SuperTrader
This involves the use of software commonly referred to as ‘trading robots’ or ‘expert advisors (EAs)’ to trade. There are lots of these ‘trading robots’ that are readily available online. Some of them can be downloaded for free while others come at a cost.
Also, if a trader is good at programming/coding and understands the financial markets, he/she can develop their automated trading programs.
Traders can use the MetaQuotes Software Corporation MQL4/MQL5 development platform to develop their expert advisors or use any other programming language like python depending on the programing language they fill comfortable with.
There are also platforms, like the myfxbook that allows developers to lend traders with their automated trading strategies. The trader registers with the platform, chooses the trading strategy which then goes ahead to do the trading on his behave regardless of whether the trader is online or not.