Last updated Apr 29, 2019 Published on Aug 9, 2017
Choosing the right Forex trading platform is essential if youre going to be trading on every single day. You need a flexible trading platform that fits all your personal trading needs. Trading the market is a difficult process, you want to make sure you make your life as easy as possible so you can focus on the market action.
Going forward, youre going to learn the most important features that you need to seek when choosing a Forex trading platform. First, you need an easily operated and accessible Forex trading platform that offers you all the tools needed for your fundamental andtechnical analysis.
You need a reliable and stable trading platform that doesnt go offline the moment you open a trade. Furthermore, its crucial to have a secure trading platform that can offer you a transparent trading environment. Ultimately, as a trader, you want to research the best platforms before you trade with your hard earned money.
We live in a fast moving world where new technological innovations have enabled an explosion of ultra-competitive Forex trading platforms. We have written a practical guide that covers the most popular and trusted Forex trading platforms and the most competitive platforms.
TheMetaTrader 4 trading platformis without a doubt the most popular Forex trading platform. Millions of traders with different levels of experience and different trading needs have chosen MetaTrader 4 as their main trading platform. The MT 4 platform was first released in 2005 and it was developed by MetaQuotes Software. Since its widely accepted and used by many traders, MetaTrader 4 is provided by the majority of the Forex retail brokers. Also, readEverything you need to know about brokers.
The MetaTrader 4 is not just a charting platform, its also a platform that you can sync with your broker. You can connect it with multiple accounts, and unlike with the regular charts, the MetaTrader 4 provides you with full functionality where you can set automated trades also called Expert Advisors or EAs.
The MT 4 platform is rich intechnical indicatorsas it comes with more than +50 free indicators that you can customize and you can modify. For a novice trader, the MetaTrader 4 is the best technical analysis solution and charting software as its very intuitive to use.
With the MT4 platform, you can also have the One-click trading option which is the fastest way to trade through a chart.
TradingViewis a web-based Forex trading platform. Actually, its also a multi-asset online trading platform because it offers charting solutions for stocks, commodities, indexes and many other instruments. Its easy to use and you can access the TradingView platform through any web browser. What really sets this software apart from other trading platforms is the social aspect of trading.
TradingView is more than just a simple trading platform. Its a social network that allows traders to interact with each other and share ideas. With TradingView, you can use technical analysis, and also publish and share ideas for feedback. In this way, Tradingview was designed from the ground up as a great community for traders.
TradingView offers a broad range of charting tools that can help you improve your Forex analysis. You can also subscribe for a monthly fee to their Pro account where you can have access to even more features.
cTraderis a cutting-edge Forex trading platform catered for institutional traders. Even though you can easily customize the default interface of the cTrader platform has a professional design that can cover almost all your trading needs. Unlike other trading platforms, cTrader is a very stable platform that rarely freezes which is something that all trading platforms should strive for. The cTrader is a standalone trading platform, but at the same time, you can access the platform through any internet browser which means you wont need to go through an installation process.
The main feature and characteristic of cTrader is the DOM (Depth of Market) ladder. This feature allows you to see the liquidity available on both sides (buy and sell side) of the market. This means that youre connected directly to the liquidity providers instead of trading against your broker.
TradeStationis a platform with great tools and integrations. It has a data feed, and they also act as a broker. This means youll have everything you need, all in one place. TradeStation, like many other trading platforms, can be accessed through a desktop computer, web browser and last but not least through mobile apps. Just about everyone who invests or trades can have a great experience with TradeStation. In terms of usability, TradeStation is a bit more complex because its a multi-asset platform, not just for Forex trading.
When it comes to trading speed, you should always be concerned about how fast you can execute your trades. How many milliseconds does it take to execute a trade? Trading is about speed and velocity of movement and in this case, TradeStation is very fast. The only downside with TradeStation is the fact that youll need to pay a small monthly fee in order to be able to trade through this platform. If youre thinking seriously about trading, TradeStation is one trading platform that you can consider using.
One of the reasons why so many traders choose TradeStation is because it has Easylanguage which is a proprietary programming language used to create automated trading strategies and build indicators. Best of all, you canbacktest and optimizeyour strategy.
Choosing the right trading platform can be detrimental to your future success, especially if youre just getting started. There is no perfect product that can satisfy all users. Knowing this, you should choose a Forex trading platform that can meet all your trading needs. Above all, the best platform should make your life easier as a trader. You can also readFading the Momentum in Forex Trading.
With so many options to choose from, youll want to factor in the most important features that your trading is dependent on. Once you figure out what your trading needs are, you can move from there and narrow down your available choices. Last but not least, no matter what your preferred trading platform is, make sure you first have a profitable trading strategy.
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With over 50+ years of combined trading experience, Trading Strategy Guides offers trading guides and resources to educate traders in all walks of life and motivations. We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more. We provide content for over 100,000+ active followers and over 2,500+ members. Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow.
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Disclaimer: Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.