The Forex market offers so many advantages and exciting experiences that it became one of the biggest and most popular markets in the world. With high leverage, high liquidity and an availability of 24 hours a day, it’s hard to say ‘no’ to forex trading. Of course, behind the advantages, there are also some complex aspects that count as steps towards your chances of gaining profit.
One of these aspects is the forex trading platform you trade on. Let’s find out which the best 3 forex platforms are, as well as their pros and cons.
The MetaTrader 4 platform (MT4)
The MetaTrader 4 platform for forex CFD trading is the perfect interface for both novice and experienced traders. Designed by MetaQuotes Inc., this platform is easy to navigate and it provides multiple features and trading tools. To begin with, a huge pro is that you can use it for free and some reputable online forex brokers like Tradefw.com offer all its versions, from Desktop to iOS and Android. This feature values more than you think, as you can place and follow your trades any time, in any place – all you need is a good internet connection. Over the time it became a standard of professionalism for online brokerage companies to provide this platform to their traders, because it pretty much covers everything for a complete trading experience!
Some of its main features are:
- Built-in market for Expert Advisors and Custom Indicators;
- CFD trading;
- Cryptocurrency trading;
- Interactive customizable charts;
- Virtual Private Service (VPS) service;
- The possibility to back-test strategies;
- The possibility to be customized with the latest indicators or auto trading systems (Consultancy Experts).
And many other features can be added to the list. As nothing is perfect, MT4 has its cons as well. For instance, the platform doesn’t have a full-size tick chart, it doesn’t close all open position with one click and it doesn’t offer level II Market data.
The MetaTrader 5 (MT5) platform
The MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks and futures. It was supposed to be the improved version of the MT4 one, right? Although it does offer copy trading, a set of superior tools for comprehensive price analysis as well as the use of algorithmic trading applications, there are a limited number of online forex brokers that adhered to it and made it their trading playground. It seems like the MetaTrader 5 platform still has a long way until it will beat the MT4’s performances. Here are some of its best features:
- Volume calculations in units;
- Trading signals;
- One-click trading;
- Automatic software updates;
- Advanced chart trading;
- Demo accounts;
- 21 frames.
The MT5 platform comes with some disadvantages as well. It doesn’t have customizable time offset, you still can’t close all open positions with just one click, you can’t reverse or double positions with one click and you still don’t have a full-size tick chart.
The cTrader platform
Created and owned by Spotware Systems LTD, the cTrader is another highly-used platform and provides a superior trading experience for FX products. Believe it or not, some of its features beat both the MT4 and MT5 platforms! It has a pleasant aspect and it is extremely user-friendly, ideal for traders with any level of experience. Here are some of its greatest features:
- Mobile browsers trading;
- Level II market data;
- Full-size tick chart;
- Double/reverse position in one click;
- Partial fills;
- 26 frames;
As you can tell, after comparing all three platforms, the cTrader has most of the features that the MT4 and MT5 platforms don’t have. But don’t get too excited because it does have some disadvantages as well. For example, it doesn’t offer trading signals, which are extremely important. Also, it doesn’t have built-in real market news, an Economic Calendar and you can’t trade cryptocurrency or CFDs. These are huge cons that can affect your trades, but overall, it remains a top forex trading platform.
After this brief analysis, the facts speak for themselves. While the MetaTrader 5 and the cTrader platform are widely-used, popular and offer the necessary tools for winning trades, the MetaTrader 4 platform still manages to stand out and remains the best choice.