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Best forex trading platform for beginners

Estimated reading time: 4 mins

A forex platform facilitates the trading transactions for the forex traders. It is provided by the online forex brokers to facilitate the placing and execution of forex transactions. The best forex platform provides all the necessary tools and the resources that are needed for easy and profitable trading.

What is a trading platform?

A trading platform is a software that links the traders and the forex brokers by relaying trading information and facilitating free system of forex trading. The quotes for the various currency pairs, trading charts, and an interface for executing trading transactions are the fundamental features of the forex trading platforms.

The forex trading platforms are automated to provide the best trading experience for the users. Most of the best online forex trading softwares can be installed on the user’s computer for ease of use. However, some brokers are capable of providing web-based platforms that offer a greater functionality at some fee or for free. DailyInvestNews.com is the best resource that can be utilized by the forex beginner. This online blog provides all information that traders need to know about financial markets, reviews on forex brokers and education guides on how to trade responsibly.

The main forex trading platforms

Forex trading platforms are automated softwares that facilitate execution of the trading transactions between the forex brokers and the traders. MetaQuotes Corp is the software company that provides the trading softwares for majority of retail traders in the forex market. Below are the most popular forex trading platforms.

1. MetaTrader 4

This forex platform is a well-designed FX trading software. It is most reliable for the retail traders and has many useful features. For instance, the platform allows

  • 1 – click trading:traders can authorize their metatrader 4 to execute their traders automatically with just a single click.
  • Expert Advisors:These are trading robots that offer investment advice for the forex traders. They can help the traders to make more informed trading decisions and usually come at a minor fee.
  • Placement of Pending orders:traders do not have to necessarily watch their charts whole day waiting for a trading opportunity. Pending orders can be placed upon anticipation of price movements so that traders do not have to miss out on profitable trades when they are not actively trading.
  • Multiple charting:MT4 provides an option for viewing of multiple charts on a single given trading period. Traders can, therefore, monitor their multiple trades at a go.
  • Stability:MT4 is highly stable given its capability to function on mobile apps or different operating systems including windows, iOS or Android.

2. Meta Trader 5

Meta Trader 5 has some interesting features that makes it one of the best trading platforms. Some of them include:

  • Fundamental analysis: MT5 provides tools for direct fundamental analysis to determine the forex market price volume movements. This analysis stems from materials such as news reports and economic calendars.
  • Copy trading: MT5 can be automated to trade signals copied from a successful trader so that you do not have to spend time analyzing or manually trading on your own.
  • Flexible trading system: MT5 can operate on conventional netting system as well as the hedging option. Traders can also place multiple types of orders, pending orders, market orders, stop orders etc.

Although similar, MT5 is slightly faster in trade executions than the MT4. This platform supports more orders compared to the MT4 and has more indicators to be used for trading analysis than the latter. MT5 has more features than the MT4, which tends to be limited to the most basic trading features for ease of new beginners. MT5 can be used to trade stocks, futures, or currencies.

There are no major differences between the MT4 and MT5. Both software platforms are the best currency trading platforms especially for the retail traders. MT5 is web based unlike the MT4 that has to be installed. It is also available across different operating systems. MT5 is ubiquitous and easily facilitates forex trading transactions for retail traders globally.

3. Spotware platforms (cTrader)

Spotware has also developed a trading platform, cTrader, that matches the capabilities of the MT4 and the MT5 platforms. cTrader has the following unique features.

  • Fast execution: cTrader has high speeds of execution ensuring that orders placed by forex traders are executed quickly.
  • Level II Pricing: the prices available for execution from the liquidity providers can be seen directly in the quotations.
  • Advanced Order Protection: Traders can scale out of the profitable positions while using this platform. It makes it possible to breakeven hard stop loss levels or set trailing stops to follow through profitable trades.

Unlike the MT4, this platform can be found on the web just like the MT5. However, it is not well developed in mobile apps compared to the MT4 and the MT5. cTrader currently suffices on the Android and iOS operating systems. Traders with a Blackberry or a Windows phone become disadvantaged in this case. The MT4 and MT5 platforms, therefore, are the best go-for platforms for mobile device traders.

Conclusion

MT4 comes out as the top forex trading platform with best features that make trading easy, profitable and enjoyable. All the above-mentioned platforms are the most popular in online forex trading. What is more striking is that they come with a forex trading signal system that kick starts your trading journey, which ultimately leads to a successful trading career.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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