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Choose What Suits You: Comparison of the Best Trading Platforms
After choosing the most preferable broker and registration process, the next step is to choose a trading platform that will meet all your needs and match your experience level. This step is crucial for two reasons. First, starting your trading journey without a platform will be unusual and less effective. Second, the platform also has a significant influence on your deals.
The main differences between all available platforms are the quantity and quality of their instruments or options for executing trades, analyzing market data, and managing trading accounts. We’ve written this article to help you better understand how to choose the perfect platform for you, so let’s explore the crucial points.
Forex platforms: Analyzing opportunities and tools
Forex trading platforms are essential software for everyone who wants to trade. Therefore, it’s important to understand what it can offer and how to find the best trading platforms for your goals.
Usually, a platform provide access to real-time market data, charting tools, indicators, and the ability to execute trades.
Take a look at the shortlist of 5 most known online trading platforms:
Platform’s name | Data of First Release | Advantages | Disadvantages |
MetaTrader 4 | 2005 | A big community of professional traders. | It’s stopped being technically supported by MetaQuotes. Limited support for non-Forex markets. |
MetaTrader 5 | 2010 | Wide range of trading instruments and strategic opportunities. | Limited support for non-Forex markets. |
TradingView | 2011 | Intuitive and user-friendly experience. | A limited number of Forex brokers are connected to the platform |
cTrader | 2011 | Wide range of instruments and trading tools. | May not be beginner-friendly. |
Thinkorswim | 1999 | Professional-level charting. Has futures, options, and forex capability | Can be unavailable in your country. |
Remember that almost all the mentioned platforms are improving their weak sides and making the functionality wider. Moreover, some difficulties can be advantages from person to person and vice versa.
MetaTrader
Considering all trading platforms, it’s difficult not to mention forex MetaTrader. It is one of the most popular trading platforms worldwide among forex traders and brokers, and it is designed by MetaQuotes Software.
Now, two versions of MetaTrader are available: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both are relevant and useful nowadays despite the fifth age difference in the first launches.
Overview of the Functionality and Customization of the Platform.
The first step before installing MetaTrader is choosing the right version for your needs, goals, and experience level. Let’s review the main features and highlight the major differences between MT4 and MT5.
MetaTrader 4
This version launched in 2005 and quickly became the market standard for forex and CFD trading. The MT4 community is enormous and very loyal, so even though it is no longer technically supported, it is still very famous.
It’s really important to note that MetaQuotes has already stopped supporting MT4 so that no more updates will be for this version. |
MetaTrader 5
Five years later, after launching MetaTrader 4 in 2005, MetaQuotes designed another version of MetaTrader — MT5. The crucial difference between MT5 and its predecessor is the different program languages in which they were written.
We can start describing other differences between MT5 and MT4 with the word more. More markets: it supports trading in forex, stocks, futures, and commodities. More time frames and technical indicators. More advanced features include an economic calendar, additional order types, and improved order execution policies.
Despite this, they are two functioning and competitive platforms, and it’s impossible to identify one 100% better version because it, first of all, should be suitable to your trading style.
Note: MT5 is not the updated version of MT4. It’s two different platforms because they were designed using separate program languages. |
MetaTrader download and installation instructions
Installation is simple and has no difference between MetaTrader’s 4 and 5 versions.
- Download the installer. You can find it on the MetaQuotes website or your broker’s site.
- Follow the instructions of the downloaded file to download MetaTrader.
- Launch the platform and log in using broker-provided details.
- Customize settings, charts, and indicators in accordance with your trading strategy.
- You’re all set! Start practicing.
As you can see, MetaTrader downloading is a straightforward and quick process.
Criteria for Choosing the Best Platform for Trading
Comparing forex trading platforms can seem complicated if you don’t know what you should compare. Use these criteria as a small guide to facilitate this process.
- Security: You should check the platform’s security measures because you will share personal information and your trading data, which must be protected robustly.
- Customer Support: The broker’s customer support usually solves all problems, but it is great to have additional assistance that can work faster or better. You should also check this criteria if you want to trade without a broker.
- Platform Interface: The platform should have an intuitive and user-friendly interface to facilitate smooth navigation and efficient trading.
- Tools and Features: Check which technical analysis tools, indicators, and customizable features your platform covers.
Problems you may encounter
As with all other services, trading platforms can be complicated and contain benefits and some issues.
- Technical Problems: You may experience technical problems, such as software crashes or issues with connection, from time to time, which can interrupt some trading activity.
- Learning Tricks: New traders might initially find some platforms complex and challenging to navigate.
- Compatibility Issues: Not every platform may be available for all operating systems or devices.
- Price: Some forex trading platforms charge fees for advanced features or require a minimum deposit, which might not suit all traders.
Tips for trading on any platform
- Get to Know How the Platform Works: Despite the fact that all online trading platforms serve almost the same goal, it will be practical to familiarize yourself with all the features to navigate them quickly.
- Use a Demo Account: If you aren’t a professional trader, don’t forget to try a free opportunity available in almost all brokers.
- Set Notifications: Use notifications to stay informed about significant market movements and trading opportunities.
- Stay Updated: Keep your platform and its plugins updated to ensure optimal performance and security.
When you compare trading platforms, you’ll notice that they all have pros and cons. Nevertheless, while disadvantages can be crucial and more powerful than advantages for one person, they can be vice versa for another. So, before comparing and choosing an online platform, you should always rely on your own goals and needs.
FAQ
Minimum deposit requirements are different from platform to platform and broker to broker. Some offer no minimum deposit, making it very affordable for beginners. Meanwhile, the minimum amount of the deposit can reach $500 or more and starts from $50. So, you should check all requirements by yourself, compare them, and only then start trading.
Yes, you can use a Spread-Free or Zero-spread account to trade without the spread fee on the available platform, which your broker offers. However, even though these accounts aren’t completely free, you can be charged for other commissions.
Different trading platforms offer various ways to start your trading journey. First of all, this kind of trading is risk-free because it involves practicing strategies, analysis, and skills with virtual funds without investing real money. During this time, you’ll get to know the platform and its specifics because almost everything will be the same as in a real trading account.