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Top 3 Forex Trading Platforms In 2020
Platform 1) MetaTrader 4 (MT4)
Platform 2) MetaTrader 5 (MT5)
Platform 3) cTrader
When starting out in the Forex market it is very important to choose the right platform to use in the hope of becoming a profitable trader. Choosing the right platform which is intuitive and helps your strengths could be key to performing well in the market. There are many factors that traders weigh up when making this decision but it is not easy! Is the platform intuitive? Does the platform have advanced charting features? Is there an up to date news feed embedded in the platform? These are some of the common questions traders will ask when deciding their platform of choice as they attempt to make money from the market.
What may be a traders favourite platform, may be someone else’s least favourite. Here at Everything Trading go through some of the latest and seasoned trading platforms to see which ones are popular for different reasons all in the quest to make money from the market.
1: MetaTrader 4 (MT4)
The old classic that is MetaTrader 4 known in its shortened form as MT4. This platform has been around for years and years and is a favourite amongst many a trader! It first came on the scene in 2005 developed by MetaQuotes and is now used by some 1000 brokers. It is the most popular platform and has a number of advantages.
1) Ease of Use
The MT4 platform can be traded on Desktop, Web or Mobile versions meaning you can access the market anywhere at any time
2) Strong Charting Package
There are more than 50 charting indicators to analyse the market from a technical perspective. Many traders utilise the Ichimoku, Bollinger Band, and different version of the Moving Averages. There are certainly many different options for technical traders.
3) Expert Advisor Capability
MetaTrader 4 has capability to use expert advisor trading which means you can plug in algorithms also known as trading robots to trade on your behalf! So if you want to set and forget and let an algorithm do the work for you then this this should be your platform of choice.
2: MetaTrader 5 (MT5)
MetaTrader 5 is the elder brother of MetaTrader 4! It is slowly gathering momentum as traders begin to look at this new platform as MT4’s replacement. The MT5 platform has many advantages and MetaQuotes did a great job to allow brokers a greater degree of flexibility with more tradable products available. Here are some of the advantages:
1) Expert Advisor Capability
Just as the MT4 came into prominence with its array of algorithms allowed to trade, MT5 has allowed the same capabilities. If a trader wants to trade and let a robot do the job for them, then this is possible however will require the trader to find a robot that has good performance and utilise the same algorithmic model. There are many forex robots out there available to buy so if traders want to take this route then it is definitely a possibility!
2) Ability to trade more instruments
MetaTrader 5 was released in 2010 and the developers (MetaQuotes) main aim was to create a platform that allowed more instruments available to trade from the same place. At many different brokers you can now trade stocks and shares, futures, FX, crypto CFDs amongst others. MT5 has opened up a whole host of opportunity with its multiple instrument capability and many traders are taking advantage of this.
cTrader is an excellent platform created in 2003 by Spotware to rival MetaQuotes market dominating MetaTrader 4. There are many advantages to this platform and is great competition to the industry widespread MT4 and MT5 platforms. The platform is more advanced than MT4 with multiple functionaitys available for more seasons traders. VWAP and market depth are just a couple of more advanced options over its MetaQuotes rivals.