Stockbrokers used to come to a special building to buy and sell shares. Today, everything is much easier. You can manage any asset — from various currencies to commodities from anywhere on Earth, 24/7.
A convenient and reliable platform for trading Forex has a number of necessary functions that will help you improve your work efficiency. In this article, you will learn about several top-notch forex trading platforms, their parameters, and their benefits.
Importance of Choosing the Right Trading Platform
All platforms, in general, are developed to help traders. But why are there so many of them, and how do they differ? They have individual interfaces and feature sets. When choosing, you need to pay attention to the following factors:
- The data it provides. What charts and indicators can you use to analyze the market? What basic and advanced tools does it have?
- Technical component. How stable and fast is the platform? How accurate is the data in it?
- Interface. Will you be comfortable using it?
By answering all these questions as accurately as possible, you can make the right choice.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
Without a doubt, the most commonly used Forex trading platforms are Metatrader 4 and Metatrader 5. They are called MT4 and MT5 for short. They maintain both Forex trading for beginners and experts with millions of assets. A trader of any level will find relevant functions and a wide range of tools in them. They allow you to automate the trading process with the help of advisors.
What is the difference between MT5 and MT4? It is impossible to answer this question in one sentence. Essentially, MT5 is a more advanced version with improved tools. In any case, if you choose a platform, you should take a closer look at these two options.
The greatest soft you can find here: https://forexstore.com.
TradingView and NinjaTrader
There are two more platforms that definitely fall into the TOP-10. One of them is TradingView. This is a web-based system that has extensive analytical capabilities and surpasses even MetaTrader to some extent. Moreover, it will open the door for you to a community of professional traders with whom you can chat and partner. The interface is very simple, so you can quickly understand the functionality and start working.
NinjaTrader is one more TOP Forex trading platform. It has many unique parameters. Here, you can check your strategies, add indicators to charts, and monitor the effectiveness of your actions. If you are interested in stocks or futures, NinjaTrader also provides access to these markets.
Other Notable Platforms
We have listed the most famous and popular platforms, but the list, of course, can be continued. For example, a good option is cTrader. It stands out for its high order execution speed, as well as advanced charting capabilities.
You should also pay attention to eToro and Interactive Brokers — each of these products has its own characteristics that can match your individual style.
Considerations in Choosing a Trading Platform
At the beginning of the article, we already mentioned what you need to pay attention to when selecting a platform. Here, we complete this list:
- Reliability. The platform should provide fast execution of orders and always up-to-date information.
- Interface. A clear interface will not only make your work more enjoyable but also save precious minutes on which your earnings may depend.
- Automation. If the platform allows you to use expert advisors, you can be in the market around the clock.
- Availability of a mobile version. We are not always at the computer. The mobile version will help you quickly make important decisions, wherever you are.
Summary
What is a Forex trading platform? It’s a soft that allows you to be present on the international currency market and make various transactions on it. For you, it is like a football field for a football player. The more convenient and functional the platform, the more efficient your activity and the higher your income.
Take a look at the options we have listed in this review, test them out, and see what works for you!
Forex Trading Platforms article and permission to publish here provided by Radu at mtpremium.net. Originally written for Supply Chain Game Changer and published on June 1, 2023.
Cover image by Csaba Nagy from Pixabay.