One of the best methods to invest in other countries currency market is through forex trading. Everyone is familiar with the fact that technology can play a game-changing role in any of your investment. Use of the platform technology has an impact on almost all of the aspects of one’s trading. Use of technology makes it very easy to understand and analyze news events sharing of forex goals and making and analyzing forex charts.
From the past few years with the rapid change in the technology and increase in its use make it a critical element to consider while making investment decisions. The other vital aspect to consider in forex trading is the selection of the best forex trading platform. There are few things to analyze before deciding trading platforms like trade execution, market analysis, and strategy development.
Below is the listof the best trading platform:
- MetaTrader 4 (MT4)
MetaTrader is considered as the top-rated trading platform and is the first choice of many traders. It provides with the best technology to its customers to achieve their trading goals. With the use of the MT4 one can do both analysis and execution.
- MT4 has the option of customized trade marketing.
- It has three different modes for execution to increase performance.
- It contains many valuable tools like proprietary Expert Advisors and board collection.
- It can be easily downloaded through web or mobile.
- It has strong stability.
- It is also available with powerful mobile apps.
- It is available on all type of operating system like iOS, windows.
- Sometimes it offers widespread.
- It is a bit slower.
ZuluTrade is one of the pioneer names in social trading which uses the strategy to copy trades of other traders, but all of this is done in real-time. It is the best option for all of those people whodo not want to spend their time reading and analyzing the reports generated by traders to come to a conclusion.
- It automatically all the trades of other traders.
- With the complete report of the Top Trader spreadsheet, it is easy to make a decision.
- It can also be used as an educational tool.
- It helps in decision making.
- It saves time and is best for those who do not have time.
- Behind a successful trader, there is a complete list of inconsistent traders.
- For an effective combination of traders, one needs complete monitoring.
For active forex trading market, one of the best trading platforms is NinjaTrader, which is performing its functions since 2004. If you are more interested in the execution of trading from here than one must buy a lifetime license or a lease platformon quarterly or yearly basis.
- There are like a trading platform and is not act like one of the market data providers.
- It has many advanced features that come with the affordability.
- It has an additional feature of market replay.
- It has two main versions
- They can also provide market data if one connects its NinjaTrader with the market data provider of Google Finance or Kinetick.
- It provides the best customer and tier up support.
- There is no monthly lease plan available for the execution of trading.
cTrader is a new platform in the industry of forex trading and is developed by Spotware. Most of its features, like advanced charting and trading features, are similar to MT4, but there is alsosome difference between the two platforms.
- All the new strategies and features are shared through its online community.
- It is also available in a web browser.
- It is the best platform for auto-trading.
- Its online community is significant.
- Due to the cTrader auto-trading capabilities support is limited for cTraders.
- It has no customization offer and has many limitations on the third party.
- Mirror Trader
Mirror trading platform will give you an entirely different experience of the forex trading but with the same principle. Just like other trading platforms, one can also commit the transaction in mirror trading but in entirely different manners.
- It has more than ten famous brokers all around the world.
- It focuses on real-time indicators.
- Mirror Trader developers tested each strategy before launching it in the market, and that is the main difference between mirror traders and all other forex platforms.
- It also has tools for the currency market.
- It helps to avoid all the excess news and data and put the focus only on the leading indicators.
- It allows it is every user to create their own strategies based on results of renowned brokers.
- By using it, you do not have to pay to account managers.
- Mirror Traders are usually slow to the changes in the automatic strategy.
- It is tough to access performance.
- MetaTrader 5
One can safely say that MetaTrader 5 is an upgraded version of the MetaTrader 4 because of their similarity in many features. It is one of the best forex trading platform and is more advanced than MetaTrader 4. Its main attractions are that it supports more order types, it is fast and has a more significant number of indicators.
- It has two different modes of hedging mode and netting mode.
- It has an additional feature of 6 types of pending orders.
- To see bids and offer prices, it provides a feature of Depth of Marketing (DOM).
- It has timeframes as many as 21.
- It can show hourly, daily, weekly as well as monthly charts.
- One can easily switch between hedging and netting mode.
- For novice traders, MetaTrader 5 is not a recommended trading platform.
- One need to purchase it to have full access to all the features.
The last name we explain as the best forex trading platform in our list is the Currenex. Do not judge it by its name before understanding the features of this program.
- It uses an extensive network to provide access to forex trading liquidity.
- It has advanced reporting tools for forex trading.
- It has more advance market depth options.
- Its most significant advantage comes in the form of absence of spread.
- It doesn’t require any pre-transaction cost.
- It provides support to all the new traders.
- Its minimum order size is 500,000, and one cannot place an order below this limit.
These are one of the best forex trading platforms, and I am sure that you might find this article very useful. It will surely help you a lot to select the best forex trading platform for you.