When you want to trade forex one thing you are sure to be presented with is choice. From currencies to brokers, you can customise the experience to exactly what you are looking for. The key element you need to decide upon when creating your forex game plan is what trading platform you will use to handle your investments. Each broker you come across will offer different forms of trading platform to you. You may be asking what are the best forex trading platforms? This article strives to answer that question by looking at the major players in the field.
It was introduced back in 2005 and has been touted as one of the best forex trading platforms since. MetaTrader 4 is considered to be the industry standard in many people’s eyes, as it provides users with a reliable, robust, and fully customisable trading platform. Fancy yourself as a bit of programmer? Then MetaTrader 4 has you covered, as you can use your MQL knowledge to write scripts that will improve your UI. The usability of MetaTrader 4 is what has made it so popular, to the point where newer release MetaTarder 5 can’t come close to it. The downside of MetaTrader 4 is that it is pretty much Windows exclusive, so OSX users are out of luck should they want to try it.
Considered the king of the hill when it comes to propriety forex trading platform, as it offers a retail trading volume that pretty much eclipses the competition. Firstly, the interface is noted for its reliably and friendly UI. It also delivers big when it comes technical analysis, as it offers users a huge range of tools that aid you when it comes to decision-making. Lastly, what really makes it one of the best forex trading platforms around is its integration ability with automated trading systems.
If you exclude the above you’ll find that most proprietary forex trading platforms are generic in both design and use. While many have completely ignored the social element found within Forex trading. eToro has created eToro OpenBook with social trading in mind. You can view what other traders are doing in real time, meaning you can see the moves the major players are making, allowing you to mirror them if you wish. No other platform offers this level of social trading, which is why it is considered one of the best forex trading platforms money can buy.
FXCM Trading Station 2
Coming from one of the biggest names in the world of forex, FXCM Trading Station 2 has yet to crack the illusive “top 3” in terms of popularity, but given its quality it may just be a matter of time. Carrying many distinctive features, FXCM Trading Station 2 allows you to trade directly from the chart, meaning that your response time to market movements will be sharper. They also have a library of over 600 custom indicators that dwarf what the competition brings to the table. FXCM Trading Station 2 definitely ranks as one of the very best forex trading platforms.
Spreadbetting, CFD trading and Forex are leveraged. This means they can result in losses exceeding your original deposit. Ensure you understand the risks, seek independent financial advice if necessary. The value of shares and the income from them may go down as well as up. Nothing on this website constitutes a solicitation or recommendation to enter into any security or investment.
Alexander Bowring is a London based writer and a Southampton Solent University Screenwriting graduate. He has worked alongside TV personality and Telegraph feature writer Alison Cork, whilst also having produced content for ITV, This Morning, Canvas8, Who’s Jack, Alison at Home, and Bonallack & Bishop Solicitors. Alexander also has a keen interest in investments.