The question of choosing a platform for regular trading on the exchange is of paramount importance for any trader. As a matter of fact, without a platform you are not yet a trader at all. But how to choose? What criteria should you focus on?
Choosing a platform (trading terminal) on Forex. How and which one to choose?
Terminals for stock trading. Forex Platforms The trading platforms designed for the Forex market are all about the same user-friendly and useful. It all depends on the specific preferences of the particular user. True, there are also quite objective criteria that should be paid attention to when choosing a platform. The program should be chosen, focusing on any little things that may come in handy in the future.
First of all, the functionality of the platform should interest the trader. For an exchange trader, this indicator is important, since you can often find offers to download a free or cheap version of a particular platform, which obviously does not correspond to the terms of trade.
For example, the most popular trading platforms are MT4 and the more modern MT5, which we recommend. But there are also a great many of their modifications and optimized versions, sharpened for certain currency market conditions. Let’s take a look at the most frequently used platforms and terminals in order, but which one to stop at is up to you.
Trading platform MT4 and 5 (MetaTrader) – the best terminal for Forex trading
In the first place, as we have already found out, MetaTrader4 (and 5 versions). This is perhaps the most convenient system. Since, among other things, it contains more than software. Here is a whole range of useful add-ons, advisor programs and tips that are designed to make a trader’s life interesting and profitable.
All the tools used in MT4 help to establish a connection between the trader and the dealing center when performing certain trading or non-trading operations.
The main advantage of this terminal is that it is provided to the trader for free. The program is a file for installation on a personal PC. Moreover, there are two installation options: real or demo. In the demo mode, a beginner trader can practice, get his hands on it. Just do not immediately rush headlong into a serious voyage, as soon as the demo account has grown decently.
MT4 vs MT5
The MetaTrader4 platform has a whole set of undeniable advantages
More than 100 special instruments are preinstalled in the trading platform to make the trading process more efficient, there are 54 Forex currency pairs, 72 CFD options, that is, trading is carried out in oil, non-ferrous metals, stocks and indices. There is also Bitcoin and spot metals (silver and gold).
MT4 has an NDD system (completely Non Dealing Desk). This algorithm works without any involvement of a dealer while clients’ orders are being executed. With this system, the trader directly communicates and interacts with the market.
MT4 program can be used not only on a regular PC, but also on mobile devices. This makes it easier to observe the market. The main thing is that the mobile device is on the Android or iOS platform.
This platform can be combined without any problems with numerous advisors and indicators that are in the user library.
The main thing is that the MetaTrader4 platform allows you to optimize the trading process. A trader does not even have to sit for hours in front of the monitor, looking at charts and pictures. An automated trading system is a great option for beginners. With its help, you can bring the process of making deals and managing orders to automatism.
At the same time, the element of surprise, the influence of a trader’s nervousness on his work, is completely excluded. The main thing is that the automatic system will never lose control of the situation.
Trading platform (terminal) designed for Forex trading on the exchange – Ninja Trader
Another platform that is considered a true benchmark for traders around the world is Ninja Trader. It is used not only by beginners, but also by professionals. It is not so important what exactly you trade futures with. Ninja Trader is a flexible and variable system, functional and allows you to make money quickly. The program is easy to use and does not require additional knowledge. Analytics and trading are carried out in a transparent manner and are always clear.
NinjaTrader is one of the latest generation platforms. This terminal is a combination of advanced developments in Forex trading.