Best Platforms for Newbies in the Forex Market
It is possible to make a passive income as a beginner in the forex market, but you need to go through a series of training, which usually takes about 18 months. During that time frame, you need consistent coaching, mentoring, and practice.
Also, you will have to make use of a demo account before moving to a live account. You will also need to study different materials in trader psychology and the actual trading process itself.
A lot of trading must be done as a newbie in the forex market, but then (again), you need the best forex trading platform to perform your trades. That’s why this article explains the best forex trading platforms for beginners.
The best forex trading platforms for newbies
- Meta Trader 4
Most retail forex brokerages make use of the Meta Trader 4 platform. It essential to know that if you want to go into real trading money, then you need the MT4 platform to learn the rudiments of the forex market.
The MT4 platform also allows you to trade live. The platform also offers distinct features for beginners such as easy reading for newbies to master the graphical tools and illustrations, terminal window with tabs plus a new bar to get the latest information, and a user-friendly interface.
MT4 should be the first platform you should use as a beginner, and you can download the mobile app on the Google Play store for android phones, and App Store for iOS-based devices.
The cTrader presents newbies in the forex market to ECN trading conditions. Spotware Systems created the platform. You can also make lots of exits on a forex position, and view the market complexity through its order books.
cTrader is user-friendly; you can quickly deposit and withdraw your money instantly. The platform has a desktop and web-based version. It also has the “cTrader Copy,” which allows beginners to copy the trades of famous traders.
- eToro Social Trading
One of the best trading platforms in forex in the eToro Social Trading platform. It is well-suited for beginners that want to be a good trader in the future. The platform is straightforward to use, and it has a web-based feature that quickly loads with no delay.
Subsequently, a new trader has the opportunity to make up a watchlist and copy trades from successful traders on the same platform. When considering a successful trader in the platform, you need to have a look at the Risk score, which is a very vital metric to note.
eToro social trading Risk Scoring metric can be considered as one of the best out there when selecting a Leader. You must use this platform during your learning process in forex trading.
- Meta Trader 5
MT5 is an upgrade of the MT4 platform. Although there are still questions on why Metaquotes have both MT4 and MT5. Even though MT5 is an upgrade to MT4, it hasn’t gotten the prominence that MT4 has. Most forex brokers are trying to increase MT5 market penetration by offering only stock CFDs or cryptos.