In order to trade on the Forex, or the international foreign exchange, you must rely on a broker as an intermediary. Brokers provide trading platforms for a trader to open an account on and start trading currencies.
There are many platforms that provide access to the instruments offered by the broker, and many other useful tools. Which are the most popular Forex platforms at the moment and how to choose the right one?
The most popular platforms
There are at least several different trading platforms for Forex traders (more information). A mention should be made to the following platforms among these:
Meta Trader 4
This popular Forex platform by Meta Quotes is widely recognized. It offers a simple design and intuitive operation, even for beginners. The platform utilizes mql, a language popular among traders. Meta Trader 4 platform enables the creation and implementation of trading robots, known as the Expert Advisers. The EAs enable automated Forex trading. This is a major help for advanced traders as they can trade currencies without having to approve their predefined transactions.
Meta Trader 5
Meta Trader 5 platform is the next installment of Meta Trader 4. Like the latter, it was created by Meta Quotes. The new version comes with a revamped layout which pleases the eye, and with extended interval selection features and other features known from Meta Trader 4. Its users may define the periodicity at their discretion without having to rely on basic values only. You can select additional orders, such as the buy stop limit or sell stop limit, which allows you to trade at better prices.
A platform developed by XTB Online Trading, xStation won the ‘Best Trading Platform 2016’ title of the prestigious Online Personal Wealth Awards. It combines transparency with a clear layout and an intuitive interface. It supports aggregated order volumes in order books. The prices come from the broker’s liquidity providers. One of the strengths of xStation 5 is an indicator showing the actual volume on the major currency pairs, leading global stock indices and some commodities and bonds. On the platform, the trader can conveniently manage their positions. For example, all positions can be closed with just one click.
A platform created by Spotware, cTrader provides information on the clients’ volumes of orders to buy and sell in a transparent order book. In addition, the prices displayed in the system come directly from the Forex broker’s liquidity providers. With help of cTrade, Forex trading becomes transparent. An advantage guaranteed by the cTrader trading platform is that the chart may be separated from the rest of the platform. It may then be displayed on another monitor. Users may also trade on the platform using a tick chart, which allows them to observe the smallest price changes on the Forex platform. It is recommended for various groups of traders.
How to choose the right Forex platform?
Choosing the right Forex platform is very important for a trader as it is usually what the success or failure of a novice depends on. A Forex platform should offer access to useful brokerage tools and tools for comprehensive technical analysis. A professional platform allows the trader to set measurable and achievable goals.
What matters for beginners is that a platform gives you the opportunity to create a demo account – an account for demonstration purposes to test in practice what Forex trading is all about and how effective your strategies are, without incurring the risk of losing your own funds. Eventually, the choice of a trading platform depends on your individual preferences and technical sophistication.