When it comes to trading Forex, the details can be a rather daunting undertaking. Unfortunately there are many (especially new) traders who are interested in making a small fortune in a relatively short amount of time.However, those who are familiar with the FX market will understand that this is a highly unlikely scenario. It would require a massive amount of risk to achieve such accomplishment, and that amount of risk often times leads to traders losing all of their capital. Being successful in Forex trading takes a good deal of experience, knowledge and patience.
Fortunately, there is a great deal of information available when it comes to items such as; beneficial trading tips and the differences between the various trading platforms that are available. In this article,we’ll take a look at some of the best FX trading platforms in the coming year. We hope this article will provide you with some insight and a foundation to help you begin your FX trading career or, if you are already an FX trading veteran,making a decision of whether to stay with or change your current Forex platform.
MetaTrader 4 (MT4)
MetaTrader 4 is a Forex trading platform that is utilized for Forex trading, making use of expert advisors and trading within the charts. In addition to these functions, MT4 also provides mobile trading and other useful trading tools. Some of the benefits the MetaTrader 4 platform include:
- The use of technical indicators along with interactive charts for financial analysis quotes
- You can add virtual hosting that aligns directly with the platform at a economical price
- Test results from robots that indicate their effectiveness
- The ability to assess trading algorithms by being to test robots in “visual mode”
- Access to literally thousands of free/downloadable robots that are published in its Code Base
- Chart appearance customization along with supports and a flexible trading system
- Use its Trading Signals Service to copy the deals of those who have had success trades
- Favorable marketing condition alerts
MetaTrader 4 also supports mobile trading which is indispensable when you find yourself away from your primary computer. Whether you’re using a tablet or a Smartphone, you’ll have the ability to access trading on MetaTrader 4 using an Android or iPhone/iPad device. You’ll be able to utilize all of the platform’s different functions which include; technical indicators, analytical functions and all of its different graphical features.
These are some of the reasons that MetaTrader 4 is one of the most popular Forex trading platforms available and will continue to be so in 2019 as it’s considered an industry standard.
MetaTrader 5 (MT5)
MetaTrader 5 is a some what different variation of MetaTrader 4. While MT4 has been designed to be used for Forex trading, MT5 has been specifically designed for traders who desire access to stocks, futures and CFDs.
While it’s unlikely that you’ll find a broker who doesn’t offer trading through the MT4 platform, MT5 is a bit less commonly available. This is the case, even though both MT5 and MT4 come from the same company; The MetaQuotes Software Corporation, which is based in Cyprus). But, in order to understand this, let’s take a closer look at this platform.
First of all, MT5 was made available approximately five years prior to MT4. By that time, MT4 was already a popular trading platform. Another issue was its unfortunate name, which led many traders to think that MT5 was an updated and improved version of MT4,which couldn’t be further from the truth.
Even though MT5 has a similar look and feel to MT4, MetaTrader 5 was designed to accomplish certain tasks that MT4 was unable to support. In other words, MT5 was designed for a different market,altogether. MT5 is designed for market trading in stocks and commodities which is very different than trading exclusively in Forex. Keep in mind that Forex is a decentralized market. This means that it involves some major entities that provide liquidity at slightly varying prices into the Forex market.
Commodities and stocks are traded through a process that is centralized prior to anything exchanging ownership,according to legal restrictions. It has been speculated that the parent company(MetaQuotes Software Corporation) may have determined that there would be a major increase in commodities and retail stocks. Thus, they created software that fit the bill.
So, for those who want to know which is the best trading platform for their needs (MT4 or MT5), just remember that as far as functionality, convenience and features are concerned, MT5 is pretty much the same as MT4. However, MT5 is designed to work with non-Forex markets more effectively, such as commodities and stocks.
The cTrader platform offers an interface that is user-friendly and can be customized from a large number of detachable charts and various pre-sets. This makes the platform useful for just about any trader requirements. It can allow for the flexibility needed in a rapidly changing market in order to efficiently manage a trader’s positions.
Some of the benefits offered by this platform are:
- A large number of back testing facilities
- A cutting edge user interface with advanced charting ability
- A dedicated platform for auto-trading
- Charts that are detachable
- Level II pricing
- Designed for traders of any level
A trader’s; Take Profits, Stop Loss and Pending Orders can be set to be triggered the second consecutive price, the opposite side and even the consecutive opposite price. This can protect the trader from erroneous prices.
The advanced Take Profit capability can be utilized at multiple levels in order to scale out of a position. The Stop Loss function has the ability to be set at “break-even”. In addition, the server Tailing Stops provide the ability to follow positions that are profitable. There is also a “Quick Trade” function that can modify, close or open orders with just one or two clicks from any section of its platform.This is an advantage when dealing with fast moving markets.
Trading Station (FXCM)
FXCM is designed to accommodate a multitude of different trading needs. With FXCM, a trader has the option of three different trading methods without having to use multiple logins.
Trading System Mobile – With traders on the go, FXCM offers the ability to trade on mobile devices that include; tablets, Android™ phones,iPads® and iPhones®. This way, a trader can see live rates and manage/place their orders in addition to accessing charts and analyzing reports and financial news.
Training Station Web – A popular choice with FXCM traders is the Mac-friendly HTML5 Trading Station Web 2.0. This has a more user-friendly interface that traders find more intuitive.
Trading Station Desktop – This format is designed for those traders who require more advanced functionality and want a more customizable platform.This will provide a number of robust features such as; advanced back testing,detailed history and pre-loaded trading strategies.
TradingView is a Social Network that is designed to cater to investors and traders in Forex Markets, stocks and futures. But the TradingView web platform can be used for trading. For example,you can trade on TradingView live on OANDA. OANDA is a popular CFD and Forex trading broker that can accessed directly from a live account or even a demo.
In any case, a brokerage can be integrated into TradingView’s Web Platform. The brokers can then license the Trading Terminal and/or be supported on the TrainingView Web Platform. Both services can be enabled – but you would have to license each of the services separately.
The integration is a relatively simple process. In this case, the broker creates a REST Web API on their own server(s) based on TradingView’s specifications. Further technical support is then given by TradingView in order to get the trader’s TradingView Web Platform integrated.
Trade Interceptor (ThinkMarket)
ThinkMarkets was originally founded in 2010, in New Zealand, but has since grown considerably. It’s now headquartered in Melbourne, Australia, with an additional office in London. It has acquired a large clientele in the Asia-Pacific region of the world – but has a presence in over 75 different countries. ThinkMarkets (full name: TFGlobal Markets (Aust) Pty Ltd.) holds an Australian financial Services license and, unfortunately, is unable to accept U.S. clients at this time.
This particular ECN broker relies on a major liquidity provider consortium in order to offer the best pricing. This firm is regulated and authorized by the ASIC (Australian Securities and Investments Commission) with FCA oversight in the UK. It provides mobile connection with MT4 features as its standard.
Recently they purchased the Trade Interceptor platform, which has been around for awhile and has a large user base. It has the ability to provide an analysis of evolving trading patterns and opportunities with its advanced AI functionality. When used with Trade Interceptor, the trader will have benefits that include:
- Up to 200 (cloud-based) notifications at no additional charge
- 14 chart types, 50 drawing tools and over 80 indicators
- For finding trades – a proprietary “TrendRisk Scanner”
- Over 200 triggers and alerts (cloud based)
- Split-screen and quad-screen chart views.
Advantage Trader (Forex.com)
Forex.com is designed for traders that require a substantial level of sophisticated features and advanced analytical tools. Its dashboards are highly customizable along with the ability to customize your trade preferences. It provides over 80 technical indicators,many analytical tools and drawing tool options. It also features integrated trading strategies that provide 100s of pre-defined templates.
With Advantage Trader, you have a downloadable platform that is designed for those who trade at a professional level. Its features include:
- Trading directly from charts
- The ability to create custom trading systems and indicators using a scripting language
- Auto-trading that is managed by your trading system
- 24 hour trading for those markets that are available around the clock.
As with other advanced trading platforms, you will have the ability to trade on mobile devices such as;tablets, Android™ phones, iPads® and iPhones® in addition to web-based trading,when you need more advanced functionality.
Forex.com offers a suite of trading platforms that are specifically designed to meet your trading needs.They are known to provide high performance, reliability and will allow you to customize your trading experience to meet your every trading need. In other words – they assist you in trading professionally according to your style.
FOREX.com’s desktop platform provides the currency trader with the tools that are needed when looking for both ease-of-use and an “edge”when it comes to actively trading currency. It offers:
- Advanced charting features
- Advanced analytical tools
- Speed and high performance connectivity
- Interactive charting and streaming with 100pre-defined indicators
- Integrated trading strategies with potential exit and entry points
- And a fully customizable dashboard
These are a few of the options that you’ll have, when choosing a Forex Trading platform. More detailed information can be acquired when you visit the websites of these trading platforms.