Trading with a convenient platform is the key to a stable profit.
If you are going to trade Forex and steadily increase your investment successfully, then you need to choose a convenient platform for trading. Do not forget that the software will allow you to complete transactions efficiently, pick the best assets, and conduct technical analysis. Many brokerage companies use standardized trading clients that will enable you to adequately invest in the foreign exchange market and buy valuable assets. It is necessary to choose the best platform to minimize risks and work as comfortable as possible.
The main differences between trading platforms
Each platform has its characteristics and the nuances ring in general; each option presented on the market is currently suitable for trading in one way or another. Nevertheless, several objective criteria will allow you to accurately determine the most reliable platform and choose it as your reference point in the Forex market.
Here are a few requirements that you should consider:
- Program speed and performance;
- Functionality;
- The convenience of the interface;
- Security.
Your Forex trading platform should be as quick as possible in terms of opening transactions since it is critically important for any trader. Minimal delay can ruin scalping strategies or other trading options. Choose the option that allows you to project various charts, indicators, and quickly conclude transactions, regardless of the location of your trading terminal.
Functionality is the second on the list but no less essential criteria for each trader. In particular, under these parameters is the number of analytical tools, a window with technical analysis, and the ability to switch between timeframes. Your trading platform should be as functional as possible to provide you with the best trading conditions. For example, some platforms support the work of expert robots or advisers. It is essential if you want to automate the process of earning on exchanges.
The convenience of the interface and general security are two key points that can be combined. Comfortable settings and the ability to quickly set basic parameters will help you to always be in the black. Inconvenient platforms with many complicated settings will only waste your time. You should also pay attention to the confidentiality and overall security of the platform. It is critical when you operate with vast amounts of money.
List of the Best Forex Trading Platforms in 2020
To identify the most preferred version of the trading platform, you should turn to a real software package. Let’s look at the best trading platform that is currently available to each trader. Detailed analysis and direct comparison of the functionality will allow you to choose the best option that satisfies all your needs.
MetaTrader 4
This Forex platform was developed in 2005. MetaQuotes Software Corp. created this client terminal to replace the previous version by adding new functionality and a development environment for trading strategies. This version includes automatic trading and distributed architecture. At the moment, MT5 is one of the most popular platforms for any brokerage company. The high-security system and the ability to trade in the mobile version format allow each trader to use all analytical tools for successful trading.
The main advantage of this version is the flexibility of settings and the ability to create programmable options for automatic trading. This trading platform allows you to trade in one click and provides nine timeframes for each trader. You can customize various technical indicators and graphical objects. There are more than 30 indicators that allow you to predict the price movement and calculate the future strategy accurately. To the whole, many traders still use this platform as one of the most stable tools for making money on Forex.
MetaTrader 5
MetaTrader5 is an updated version of the previous part four. It was developed by the same company but in 2010. A new set of functions and architecture allows the trader to make transactions even faster and use additional features. Among the main changes were improved technical analysis and automated trading. Thanks to new developments, the platform supports up to 79 analytical tools and 21 timeframes.
There are more than 17 styles of the screen display, and the ability to conclude deals with various zoom modes. Thanks to the built-in fundamental analysis function and the new software package, this version has become much faster than the previous one. It is currently one of the most innovative trading options for average users.
NinjaTrader
Ninjatrader is a recognized leader in the Forex market. Many brokers use this software package in Europe and the United States. The main advantage of this complex is two versions of the trading platform in lightweight form and a professional version. You can rely on the use of manual trading, various time frames, and convenient nuances for building a trading strategy.
Here you can trade not only in the Forex market but also in binary options and various assets. The free version has limited functionality, while the professional solution has a monthly subscription. High performance is achieved due to the minimum consumption of system resources. That is why this trading terminal advises all beginners who are just starting their steps in the Forex world.
cTrader
cTrader is a well-known trading platform that is convenient for working with ECN accounts. Many functional nuances will appeal to both experienced traders and beginners. You can get full STP access to the foreign exchange market and process orders using accelerated technology. Use over 83 currency pairs and a multi-functional platform with various charts. Adjust marker markers to display all tools and add 50 indicators with combination and optimization depending on timeframes.
Convenient interface and the ability to quickly access various instruments will help you effectively trade on any platform. Here you can count on the most efficient interface and complete autonomy to complete trade transactions. In general, this is a modern professional tool for a trader that allows you to trade efficiently and without restrictions. The minimum delay guarantees you an accurate display of graphs.
Trading Station
Trading Station is one of the well-known trading platforms developed by FXCM. The main feature of this terminal is the convenience of opening orders and a large number of instruments. You can also export information in real-time and fine-tune your trading strategy. The terminal allows you to quickly receive reports on the trading account using linear tools along with technical indicators.
The system includes news from reputable agencies that allow you to quickly pick up a new strategy depending on the current market situation. You can also set a trailing stop order and hedge your trades. In general, this is a very convenient interface that will allow you to understand all the nuances of Forex trading in the shortest possible time. The program will enable you to trade using the minimum delay for various daily strategies quickly.
ZuluTrade
ZuluTrade is the most famous social trading platform. Here you can set various strategies and choose the format of interaction with financial markets. The main advantage is complete automation and the absence of the need to develop your plan. This option is suitable for beginners who are just starting their strategy. The only drawback of the platform is the restriction on entry into the market for $500. Here you can connect to social trading and view the transactions of various investors.
The user can also trade independently or use the services of providers to copy transactions. Anonymous technical analyzes will allow you to study various strategies and earn stable profits. It is an exciting platform for those who want to participate in automated trading and discover new ways of developing trading strategies. Some orthodox traders look at this platform in disbelief because of its replication in the media. Nevertheless, this is an excellent option to start.
Oanda
Oanda is a company that was founded in 1997 and provided various trading opportunities for traders. Here you can use multiple indicators and track trading sessions. The trading client has various indicators, parameters, and settings for trading on various timeframes. Users can check multiple assets and change the interface depending on the needs. In general, the trading terminal looks modern and offers different assets for work.
Here you can place pending orders, save various settings for orders, and trade with one click. There are different analytical materials, fine-tuning of the trading strategy, and multiple tips. Here you can start your trading and familiarize yourself with additional features in a special section.
Thinkorswim
Thinkorswim is a popular trading platform that has the option of direct trading from charts and customizing various charts. Here you can be guided by financial news and create your indicators for more advanced trading. Here you can use the virtual account and the testing mode of various functions without risk. Regular updates and fast response times are significant for technical analysis and scalping.
It has CNBC Plus tools for testing financial markets here. You can also count on convenient functionality for professional trading on various accounts. In general, the trading terminal provides advanced settings that are suitable for any professional trader. Form your strategy of dependence on the comfort of using various indicators and control the profit depending on the chosen asset.
Final Conclusion
The first thing you need to remember is that there is no perfect trading platform that will trade in your place. Any software algorithm has its advantages and disadvantages. Choose a platform depending on your preferences and trading style. If you are a beginner trader, then the most simple and minimalistic interface will suit you. Advanced traders using many trading tools will want to see more complex programs. Turn your gaze to what suits you best. Then you can successfully trade Forex every year.
