A forex trading platform is a software platform used by traders to trade forex. There are different kinds of trading platforms all which are meant to make traders have a nice and easy experience when trading in the currency market. However, different versions and types of trading platforms have different terms and conditions. It is therefore important that forex traders are aware about the factors that distinguish the various trading platforms. This will help them discover which platform is the right one for their particular forex trading needs.
Types of Online Forex Trading Platforms
An easy to navigate and use trading platform is a very essential tool for traders hunting to maximize their individual trading capacity and speed. A platform can either be typical online or mobile. The typical software is either build for installation or downloading. Mobile platforms are meant to be installed on mobile devices. Here are some of the popular forex trading platforms you should be aware of if you want to invest in the forex market:
- MetaTrader 4
MetaTrader 4, commonly known as MT4, is a trading platform commonly utilized by many forex traders worldwide due to its auto-trading abilities, user friendly interface, and because of the various tech indicators it provides. MT4 allows traders to back-test strategies and to perform one-click trading from the charts.
MetaTrader 4 has four kinds of pending orders i.e. buy-limit, sell-limit, buy-stop and sell-stop.
- MetaTrader 5
MetaTrader 5 is an improved version of the MetaTrader 4. The appearance of MT5 interface is similar to that of MT4. However, MetaTrader 5 has extra features and is equipped with more capabilities than MetaTrader 4. When MT4 is compared with MT5, the latter supports more kinds of orders, is slightly faster, and comes with a huge amount of indicators. This platform can handle a sizeable amount of forex trading instruments than its counterpart MetaTrader 4.
MetaTrader 5 platform provides six kinds of pending orders i.e. buy-stop-limit, sell-stop-limit, buy-limit, sell-limit, buy-stop and sell-stop.
- ActTrader Platform
ActTrader is a type of forex trading platform that enables traders to customize their workspace with the assistance of detachable tabs and windows. The built-in one-click feature of this platform allows traders to open and control their position in the quickest way.
ActTrader platform also has an Act Vat visual plan editor that allows traders to automate their trading plans directly from charts without having to write a line of code.
Currenex is a trading platform that comes in two versions i.e. Currenex Viking Platform which runs under the ECN (Electronic Communications Network) platform, and Currenex Classic platform which runs under the market maker terms.
The Viking platform is considered appropriate for expert traders since it has an interface that may be hard to be interpreted by beginner traders. The Classic platform is considered ideal for starters because its tools and charts are simple to interpret and use.
The cTrader platform is an ECN platform that offers forex traders direct access to the currency trading market. This platform has incredible features including, providing access to a comprehensive array of liquidity providers, a wide range of technical analysis equipment and tools, and fast trade executions.
- Trade Station
Trade Station is a platform that utilizes Lua programming language. The platform is popularly utilized by large forex capital firms like Forex Capital Markets Ltd and Interbank FX as part of their online trading suites.
- Advanced Trader
Advanced Trader has an easy and friendly interface. This platform is designed to be used by starters who want to advance their forex trading skills. It offers a number of charting tools to ensure beginner traders are having an easier time when trading forex.
With Advanced Trader, you can easily switch between web, mobile and desktop versions.
Which is the Best Forex Trading Platform?
As you have seen, there are different kinds of trading platforms that you can use if you want to invest in the foreign currency market. However, since these platforms differ in one way or another, it is important you carefully analyze them so that you can know which one will suit your forex trading needs better. However, regardless of the kind of platform you will choose from the aforementioned types, don’t forget to utilize its mobile version so that you can have a chance to trade from any location.