Forex trading platforms are designed to help traders navigate the complexities of the forex market, the largest and most active financial market in the world. They typically provide traders with the tools to execute trades and maximise profits. Some of the most common features offered by trading platforms include charting tools, analysis tools, technical indicators, news and market data, and much more. In this article, we’ll take a closer look at popular forex trading platforms used by traders to make informed trading decisions.
MetaTrader 4
One of the world’s most widely used trading platforms is MetaTrader 4 (MT4). Developed by MetaQuotes in 2005, MT4 is today one of the most popular forex trading platforms among global traders. This is largely due to its ability to cater to different trading styles and levels of expertise. The platform is also easy to use, with almost everything a trader needs for forex trading.
MT4 benefits
The MetaTrader 4 trading platform offers many robust tools, accommodating trading strategies of any complexity. The platform is widely renowned for its analytical capabilities which include 30 built-in technical indicators, 23 analytical objects, online quotes and interactive charts with 9 timeframes allowing for a quick response to any price changes. MT4 simplifies trading through the intuitive user experience it delivers. An easy-to-understand interface provides quick and easy access to important features like charts, currency prices, signals, and indicators.
The MetaTrader 4 platform is highly flexible. This makes forex trading less complicated and more convenient. The system offers 3 execution modes, as well as two market orders, 4 pending orders, 2 stop orders, and a trailing stop. Traders also have the ability to send orders directly from the chart in a single click. The built-in tick chart feature provides a precise method for establishing entry and exit points. All the tools provided by MT4’s trading system give traders a way to implement different trading strategies ranging in difficulty in the forex market.
MetaTrader 4 is accessible across multiple devices. MT4 mobile applications allow traders to trade in the forex market from almost anywhere in the world with internet connectivity. Functionality on the mobile versions is similar to the desktop alternatives. This includes analytical tools, interactive quote charts, monitoring of trades and account status, one-click buying and selling of financial instruments, etc. MAC users can also download the MetaTrader 4 trading platform on their Mac device, with access to tools available for Windows also.
The MT4 platform allows for algorithmic (automated) trading and trading robots (Expert Advisors or EAs). Automation allows traders to develop, test and apply Expert Advisors (trading robots) and technical indicators. Practically any trading strategy can be implemented as an EA, controlling both market and trading analysis. Trading robots execute trades using technical signals based on predefined criteria, removing the emotional aspect from trading. While the speed and accuracy of automated trading is appealing, it is not without risk so monitoring of trades vigilantly is vital.
MetaTrader 5
MetaTrader 5 (MT5) is a multi-asset platform. It supports trading forex, stocks and futures. It offers copy trading, innovative price analysis tools, algorithmic trading applications like trading robots and EAs, and more.
Additional advantages of MT5
The MetaTrader 5 provides a robust trading system. This includes Market Depth and a system of separate accounting of orders and trades. Order accounting systems include the traditional netting system and the hedging option system. Also available are 4 order execution modes, namely Instant, Request, Market and Exchange execution. Diverse trade orders include market, pending and stop orders, and trailing stops.
MT5 offers impressive technical analytical tools. A trader can open up to 100 charts of currency and stock quotes at a time. 21 timeframes support a comprehensive detailed analysis of all minor price movements. The platform also provides 80+ technical indicators and analytical tools. Traders can also choose from thousands of free indicators from the Code Base, purchase or rent more than 2500 ready-made algorithmic applications from the Market, or order custom indicators from professional programmers.
Other forex trading platforms
While the MT4 and MT5 forex trading platforms are two of the most renowned trading platforms globally, others are used by different traders. This includes cTrader.
cTrader
cTrader by Spotware is a forex and CFD trading platform. It offers a range of charting tools, order types, pricing, and more. The platform is said to have an appealing user interface and backend technology. It is also available on multiple devices. Other features include:
- Fast entry and execution.
- Simultaneous order processing so multiple orders can be filled at once.
- Choice of trigger methods (pending orders, stop loss).
- Level II pricing.
- Advanced order protection.
- Two stop-out types (Smart Stop-out and Fair Stop-Out).
- Volume tooltips and symbol information.
- Market Snapshot and market sentiment.
