Gone are the days when traders and investors queue outside the brokers’ offices and wait for days to get any information. Forex is moving faster than ever now, thanks to its completely virtual transactions. Currencies are bought and sold online, which has led to a rapid rise in the number of per day dealings. Since everything is done on an electronic platform, it is natural that traders invest a lot of time in selecting the best Forex trading platform for their style.
What is the most reliable forex trading platform?
What is the best forex trading platform?
The best forex trading platform is the world-famous MetaQuotes platform Metatrader. The advantage of the Metatrader platform over others is that this is a free, reliable, stable platform with real-time data with high clarity of individual interface elements, and easy to customize. Besides, this popular platform is created for Windows, Linux, and Mac.
There is a lot of competition because of the availability of numerous trading software. This industry is dominated by MetaTrader 4, the most famous Forex trading platform, MetaQuotes Corp. In contrast, the MT4 trading platform is tough to compete with; there are certainly some other great options available to traders.
Most brokers offer various trading platforms for trading Forex, even though the MetaTrader is usually the first choice of many. The MetaTrader software was developed over a decade ago. There are two popular trading platforms under the MetaQuotes Corp umbrella, that is. MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Let’s learn more about these two platforms.
This platform was specifically coined for Forex trading by the MetaQuotes Corp. before the advent of this platform; the retail Forex industry did not have any third party software that was considered safe and reliable. There are a lot of features available on this platform that can make trading easier for individual traders, such as:
- 1-click trading
- More than 50 indicators
- Limit orders
- Pending orders
- Availability of nine different time frames
- A plethora of Expert Advisors (EA)
- Multi charting
In addition to the USPs of the MetaTrader4c mentioned above, there are some other notable advantages. One of the most crucial advantages offered by this platform is stability. This is a highly reliable platform that also comes with several powerful mobile apps. Its mobile applications are available on Android, iOS, and even Windows. A stable platform and a stable mobile platform makes MT4 one of the best Forex trading platforms.
You may notice some occasional discrepancies with regards to the spreads available on MT4. Some brokers offer a wider spread on this platform than they may offer on their main platform. Some expert traders also think that the MT4 platform is slower than other trading platforms.
MetaTrader 5 is quite similar to its predecessor but with a few adjustments. It is faster than MT4 and supports an increased type of orders. There are more numbers of indicators as well, with a few more additional features. While it is safe to say that it is an improved version, the changes are not too noticeable and certainly not enough to render MT4 redundant.
The one thing that stands out in MT5 is that it can handle more trading instruments, a plus for brokers and traders.
Advantages of MT5
It has all the USPs that MT4 offers, improved versions; of course, it also has other features to offer that are not available on any other trading platform, such as:
- Traders can view 21 time-frames. These frames have 11 types of minute charts (including M1, M2, M3, and more) and seven hourly charts (including H1, H2, H3, and more). In addition to that, there are several dailies, weekly and monthly trading charts are well. This is an improvement as no other platform has more than nine time-frames to offer.
- Pending orders of six types, such as buy-stop, buy-limit, sell-stop, sell-limit, sell-stop-limit, and buy-stop-limit orders. Even the MT4 platform offers no more than four types of these orders.
- You can easily switch between the netting mode and the hedging mode. The hedging model has revolutionized the way Forex trading is done as it allows traders to take trades in the opposite position.
- The DOM or the Depth of Market function allows traders to view offers and bids of a financial instrument at different prices.
Is Metatrader good?
Metatrader is an excellent free platform with fast execution, high stability, and a pretty interface. Metatrader has the best analytical tools on the trading market, thousands of free indicators, and expert advisors. It also works with thousands of brokers and offers great tools for first-time traders.
More Trading Platforms
cTrader is a competing trading platform developed by Spotware for Forex traders. This is comparatively a new software. It offers several advanced trading and charting features that can be compared to the ones offered by the MetaTrader platforms; there are still some noticeable differences, such as:
- Since MetaTrader has been around for over a decade, it has found many loyal users, most of whom participate actively to discuss it on various social media platforms. Because of its huge following, it is easier to seek a resolution for any problem. The same is not applicable on cTrader. It is still a new auto-trading platform with limited support.
- Customization of indicators is not possible on cTrader. It has limited third-party programs as well. Both the issues are not there on the MetaTrader platforms.
- MetaTrader offers several additional features like real-time market news, an economic calendar, signal trading functionality, and more. These features cannot be found on the cTrader.
This platform was only available for desktops for the longest time. Its mobile application was recently launched and is only available on Android and iOS. MetaTrader is available on Windows as well. The mobile applications are not as developed as the ones offered by the trading platforms of MetaQuotes.
The NinjaTrader is perfect for active Forex, stock, and futures trading. The platform was first introduced in 2004 and has become quite popular since then. You can get access to advanced charting, trader simulations, and automated strategy development for free on NinjaTrader. Still, if you wish to execute any trade, you will be asked to purchase its lifetime lease or license. You can do it on an annual or quarterly basis. This sets NinjaTrader below the MetaTrader platforms, as these are free for traders via their brokers. Some brokers even offer additional plug-ins at no additional cost as well.
Moreover, NinjaTrader doesn’t provide you with market data. It is primarily a trading platform. This means that if you wish to receive real-time or end-of-day data, you will have to connect your platform to market data providers like Google, Kinetick, or Finance.
The eSignal platform is more suitable for experienced traders who like to customize their tools and indicators. If you are a novice trader, you will find all the features a trading platform is supposed to have. However, it offers more to old players to devise new trading strategies or screen the market via coding.
You will find advanced drawing tools on this platform, like Gann boxes and time & price squares. You are also given the option to view more than 500 symbols at a given time. While all these features are available with no extra fixes, you are required to connect your platform with a broker supported by eSignal for real-time data feed or streaming. This means that you will incur monthly charges for leasing a platform.
IT-Finance, a company in France, developed the ProRealTime platform for technical analysis. What makes the platform different is its web-based software that backs-up your data on the company’s cloud. There are several advanced analytical and charting tools that you can find on this platform. You can also create customized market scanners and new trading strategies by employing the ProRealCode language.
Every user is required to pay a license fee for the software. If you wish to get real-time data, you will have to pay an additional fee for that as well.
The field is largely dominated by the MetaTrader platforms when it comes to the best Forex trading platform. They offer more to the traders and are easily accessible from any device. However, we cannot neglect the other platforms available. There is still no perfect platform out there that offers everything. Some might offer more features, while others will offer more speed. It also depends on how much experience you have when finding a platform that suits your style. If you are still confused, create a demo account on these platforms and get a first-hand experience.