Forex trading is no longer a new topic for most folks, and the trades take place through an electronic platform. In the forex trading platform is where all the trades take place.
Therefore, anyone considering hitting the forex journey will have one major question, which is the best forex trading platform?
It’s essentially the most significant software any forex trader can think of, especially the short-term traders relying more on the technical rules and spend more hours on the trading platforms.
Besides, the trading platform you choose will significantly determine the success of your forex trading experience. Therefore, you need to understand the best trading platforms, together with their advantages and disadvantages.
Features of the Best Forex Trading Platforms
There’re several forex trading platforms that you can choose from hence making the processing overwhelming. However, once you know the features the best platform should have, it can be a walk in the park.
Here are some of the top features any “best” forex trading platform should have:
Security and Reliability
Trading forex means you’re ready to invest your money and look forward to making profits. Now imagine being on a program that only freezes once you open a trade? That would be the last thing you’ll want to imagine happening.
Therefore, the best platform should be the one that is secure and reliable. It’s the one that doesn’t crash at that moment in time when you need it the most.
Real-Time Price Quotes
As a retail trader, the cornerstone of trading successfully starts with real-time price quotes. As much as they are not inked directly to the platform but the broker, you should be considering them in your selection process.
Retail traders have a relatively short-term horizon holding trades for a few hours, especially the day traders. Therefore, nothing could come in handy like a platform with real-time price quotes.
Types of the Market Orders
As much as most trades are executed instantly, let’s not neglect the significance of the pending orders in some situations, for example, in the breakout trades.
Instead of waiting for an actual breakout to take place, breakout traders can place Sell Stop or Buy Stop orders. Therefore, a platform should offer an array of market orders.
Advanced Charting Tools
Making of trading is not an easy task as proper analysis has to be done by observing the price charts. Therefore, a good trading platform is the one that offers a plethora of charting tools such as Fibonacci levels, trend lines, and channels.
Moreover, the tools should not only be there but should be accessible, lines smooth, and connect automatically to closing and opening prices of the candlesticks.
The forex journey is not a short one, and along the way, you’ll probably want some answers to some of your questions. But where will you get your answers? How fast do you need the answers?
A good trading platform should have available support willing to help at any given time.
Top 3 Forex Trading Platforms
Meta Trader 4
Among retail traders, Meta Trader 4 is the most common platform. Even though it has been there for more than a decade, it’s still going strong and ranking highly.
What makes the platform the best is that it has a user-friendly as well as an easy interface.
The interface has five main windows, with each of them offering the best experience any trader will appreciate.
The platform’s support I very much reliable and gets back to questions quickly and willingly provides the answers. It also has automated capabilities with forex robots.
Meta Trader 5
The Meta Trader 5 is not far down in the ranking order thanks to the upgraded features. Almost all of the Meta trader 4 functionality is as well available on this platform.
However, it includes some additional technical indicators as well as a wide variety of graphical objects. Therefore, its charting capabilities are second to none, and the trader can analyze the price charts in exceptional detail.
It also has an inbuilt economic calendar accessed directly from the toolbox window. It also features an improved strategy tester to allow multicurrency as well as multi-threaded backtests by use of real ticks instead of the closing prices.
On the downside, Meta Trader 5 has few brokers supporting the platform, and its online community is far less compared to Meta Trader 4.
Ninja Traders is for the professionals in forex trading. In fact, most brokers highlight specific requirements for accessing the Ninja trader platform.
The platform offers advanced charting tools, backtesting options, automated trading capabilities, and it adds detail as well as complexity to the features.
Traders can back as well as future test the trading robots even with simulated data feeds.
Having the best forex trading platform is a no brainer for any retail trader. It’s where all the trades are made, and hence you won’t afford to make any mistake.
The Meta trader 4 is arguably the best at the moment but soon can be overtaken by the Meta trader 5 once its broker support as well as user base grows.