Business News

Top 5 Platforms for Trading Forex

Introduction

The Forex Market has successfully spun off a huge industry. Before the advent of the internet, it was almost exclusively reserved for institutional investors such as investment banks, pension funds, and multinational companies. However, now, individual investors can participate too.

Thanks to the emergence of retail brokers that provide trading platforms. Presently, there is quite a number of them. But still, you have to research before you make your choice. This article compares the top 5 in the industry.

MetaTrader 4

Since its initial release in 2005, the MetaTrader 4, popularly known as the MT4, has grown to become the industry-standard Forex trading platform. Consisting of both a client terminal and a server terminal, the platform has been licensed to hundreds of Forex brokers who make it available for their clients to use.

Designed mainly for Forex and Futures trading, it is available in Windows, Android, and iOS forms. With it, you can analyze financial markets, conduct advanced trading activities, and operate your own Expert Advisors which are essentially trading robots. MT4 also offers Instant Trade Execution mode.

As a result, the trading functions are quick, entry and exit points can be accurately determined, and orders can be sent with just one click.

MetaTrader 5

To successfully trade in financial markets, you need a standard trading platform. MetaTrader 5 is one. Although the industry uptake has been slow, it is gradually finding its way into the hearts of those traders who are looking for an institutional multi-asset platform that offers outstanding trading capacities.

MetaTrader 5 offers those and more. On it, you can trade Forex, stocks, and futures. In doing so, you can use multiple technical analysis tools, automated trading systems, and copy trading. There are also additional services including a built-in market for trading robots and virtual hosting service for Forex trading.

MetaTrader 5 is available in both web-based and mobile forms, thereby giving users dual advantages of limitless possibilities and convenience. With MT5, you can work from any device, notwithstanding anywhere you are.

cTrader

If you are looking for advanced trading capabilities with fast entry and execution, then cTrader should be your choice. With cTrader, your orders are instantaneously filled, in a matter of milliseconds. What is even more beautiful is that the platform offers support for simultaneous order processing, meaning that multiple orders can be filled at the same time.

Additionally, there is the Level II Pricing System. This arrangement enables users to see the buy and sell orders made by traders at every time, with a full range of the available executable prices also displayed. All these essential details are fed directly into the trading portal from liquidity providers themselves.  

Email alerts are also available to update traders about developments on their accounts. These developments can include custom margin call alerts, pending orders, stop-loss, and take profits whenever they are triggered.

NinjaTrader

NinjaTrader is an award-winning trading platform that enables active traders to get started with free advanced charting, market analysis, and trade simulation. With the aid of charts, NinjaTrader allows traders to analyze markets to discover tradable ideas. Also, on the platform, you can develop rich and integrated trading apps and use simulation and back-testing to test your ideas.

NinjaTrader also allows you to automate your trades. In fact, it is so packed with many automated trading solutions that you can use multiple systems to diversify across many markets. This helps to eliminate emotions while also saving time. There is also an advanced trade management tool that will help you to predefine trade entries and exits on your trading software.

Altogether, NinjaTrader’s services help to make trading less stressful, simple, and more consistent. When you sign up on it, you automatically join over 60,000 other users, 450 professional app developers, while also having access to thousands of trading software add-ons.

Thinkorswim

Thinkorswim is an electronic trading platform offered by the U.S.-based broker, TD Ameritrade. Opening an account is free, making it becoming rapidly popular with traders. In addition to Forex signals, the platform is equipped with functionalities that support the trading of other assets such as equities, options, futures, exchange-traded funds (ETFs), mutual funds, and bonds.

Thinkorswim also doubles as an educational services platform. In fact, it is so packed with financial literacy services that newbie self-directed traders and investors alike can use it alone to educate themselves. The delivery especially is commendable as the resources are offered in multiple instructor-led formats such as online courses and one-to-many coaching programs and in-person workshops.

Furthermore, when you use Thinkorswim, you do not have to worry about technical glitches. And on rare occasions when they occur, a robust and responsive customer support service is always available and can be easily accessed via telephone, email, and live chat.

Finally, notwithstanding the platform you settle for, you deserve to have a successful Forex trading career. 1000pip Builder is here to help you achieve that. You should subscribe to their signals here.

Add Comment

Click here to post a comment

Follow us on social media

Collaboratively harness market-driven processes whereas resource-leveling internal or "organic" sources. Competently formulate.

Log-in / Register and Post your Article