Few Best Platform To Use For Forex Trading.
Now, we live in the age of technology and which has changed our way of life. It has contributed to almost every sector including business/economy.
As a result, now we can trade online from any corner of the world. And when it comes to online trading Forex or foreign exchange is getting popular day by day.
Forex online trading is the first choice for people who are interested in online trading because it has some amazing trading platforms. Many traders often face confusion that which platform is the best.
So, for them, today I’ll be highlighting a few best trading platforms of 2019(approved by professional traders).
Therefore, without wasting any time, let’s begin.
MetaQuotes Platform
When talking about online FOREX trading, most brokers will supply you with various trading platforms, but the MetaTrader platform is the most common. This software was developed almost ten years ago.
There are two main choices of trading platforms offered by MetaQuotes Corp — MetaTrader 4 and MetaTrader 5.
MetaTrader 4
MetaTrader 4 is a Forex platform, specifically designed for FX trading. Because retail Forex is a relatively new industry, it did not have reliable third-party software until MetaTrader 4 appeared.
This is a reliable trading platform that gives traders many useful features, including:
1-click trading
- Many Expert Advisors available
- More than 50 indicators
- Order pending
- Limit order
- Multi charting
- Nine different time frames
Advantages of MetaTrader 4
These are just a few of the benefits of MetaTrader 4. One of its strongest selling points is its stability. You really can rely on this platform. Apart from that, it also comes with a set of powerful mobile applications.
This application is available for almost all types of operating systems, including iOS, Android and Windows. Needless to say, this mobile platform is also very stable and strong.
Disadvantages of MetaTrader 4
Sometimes you may find that some brokers offer wider spreads on the MT4 platform compared to the smaller spreads they offer through their main trading platforms (assuming that the broker concerned offers several trading platforms to trade.).
In addition, some professional traders argue that platforms are slower compared to other trading platforms.
MetaTrader 5
Similar to MetaTrader 4, this is one of the best Forex trading platforms. In general, MetaTrader 5 is slightly faster, supports more types of orders, comes with a larger number of indicators and has several additional features.
Although this is a better platform, there is no great revolutionary difference that can make MetaTrader 4 redundant.
What’s good about MetaTrader 5 for traders and brokers is that it can handle a greater number of trading instruments compared to MetaTrader 4.
Advantages of MetaTrader 5
While MetaTrader 5 is similar to MetaTrader 4 there are a number of different advantages not found in other forex trading platforms. For example, MetaTrader 5 has:
21 time frames that traders can see. This includes 11 types of ‘minute’ charts (such as M1, M2, M3, etc.), seven types of ‘hourly’ charts (such as H1, H2, H3, etc.) as well as daily, weekly and monthly charts.
Most platforms, such as MetaTrader 4 only come with nine-time frames.
Six types of pending orders include buy-stop, sell-stop, buy-limit, sell-limit, buy-stop-limit and sell-stop-limit orders. MetaTrader 4 and other platforms usually offer the first four types of pending orders.
Ability to switch between ‘hedge’ mode and ‘net’ mode. The hedge mode allows the ability to trade in opposite positions and has revolutionized trading options for Forex traders.
Market Depth (DOM) function that allows Forex traders to see offers and offers at prices that differ from financial instruments.
cTrader
In recent years, Spotware has developed ‘cTrader’ as a competitive trading platform for Forex traders. While the platform does offer sophisticated charting and trading features, similar to the MetaTrader platform there are some differences:
Because MetaTrader is one of the most well-known platforms for automated trading, MetaTrader has a large online community that shares new strategies and indicators.
This also makes it easier to find support on the internet for the MetaTrader platform, while support may be limited to cTrader automated trading capabilities.
cTrader does not allow the adjustment of indicators and has limitations for using third-party programs while MetaTrader excels in a fully customizable platform.
MetaTrader comes with additional features such as economic calendar, real-time market news, and ‘trading signal’ functionality while cTrader does not have these features.
Because this platform is available in web browsers, there has not been a strong emphasis on developing mobile applications to date. Currently, cTrader is available for Android and iOS devices only.
Although this may include most traders, it prevents those who use Windows phones. MetaTrader 4 and 5 are certainly the best Forex trading platforms for cellular trading.
NinjaTrader
The NinjaTrader trading platform has been around since 2004 and is designed for forex, futures and active stock traders.
While the platform offers advanced charting, automated strategy development, and trading simulations, those who wish to trade from their platform must purchase a lifetime license or lease the platform on a quarterly or annual basis.
One of the main reasons the MetaTrader platform is so popular and commonly used is the fact that they are free to traders through their brokers.
Also, NinjaTrader acts primarily as a Forex trading platform and not a market data provider.
This means in order to receive end-of-day or real-time market data, users must connect their platform to one of the market data providers that is operated with NinjaTrader such as Google Finance or Kinetick.
In the end, every trader has their own choices, it’s very hard to specifically say which one is the best. So, what do you think which one is best?
