There are a lot of Forex trading platforms to choose from. MT4, MT5, Trade Interceptor, and the list goes on and on. But, how do you choose from the massive list of Forex Trading Platforms? Which platform is best for you? Choosing a trading platform can be incredibly difficult and a tedious process. There are many things to consider, platform functionality, charting types, indicators to choose from, which operating system that they work on, and the list goes on and on. In this article we tackle 3 of the best trading platforms available for Forex traders.
MetaTrader 4 (MT4)
No top Forex trading platform list would be complete without MetaTrader 4. This trading platform developed by Metaquotes software is the leading trading platform for Forex trading, with an estimated 80% of Forex traders using it. Metatrader 4 provides advantages associated with mobile trading and web trading, among other useful trading tools. Some of the benefits of the Forex trading platform MetaTrader 4 include:
- The use of technical indicators along with interactive charts for financial analysis.
- An advanced backtesting software package that allows traders to back test their automated trading strategies.
- Highly customize-able charting and platform layout options. Traders can save their profile and templates, which allows them to move their chart setups from one computer to the next.
MetaTrader 5 (MT5)
The MetaTrader 5 platform was designed for multi-asset trading in 2010 by the same company that developed the MetaTrader 4 platform. While it is unlikely that you will find a broker that does not offer the MT4 platform, the same cannot be said for MT5. While it has gained in popularity in recent years the Forex trading platform MT5 has not had the same success as its brother MT4. At this stage there is probably only a couple dozen brokers that offer MT5, where as there are close to 4000 brokers that offer MT4. But, that does not mean this platform does not have it’s own benefits and advantages over other trading platforms.
Even though MT5 has a similar look and feel to MT4, MetaTrader 5 was designed to accomplish a certain task that MT4 was unable to support. In other words, MT5 was designed for a different market all together. MT5 allows traders to trade real on-exchange products such as Futures and Stocks. Even though the computer programming language is different from MT4, it still has a very easy to use programming language that allows traders to code their own automated strategies and indicators.
So, for traders who are looking to trade multiple assets from one trading platform, MT5 is an excellent option.
Trade Interceptor was initially designed as a mobile trading app with advanced charting and technical analysis features. From there it expanded into a web trading application in addition to its mobile trading application. Recently, in 2016 a Forex broker, ThinkMarkets, purchased TradeInterceptor and has revitalized the platform to become one of the more popular ones for Forex trading. The platform has the ability to provide analysis of evolving trading patterns and opportunities with its advanced AI functionality. Some of the other key benefits include:
- Up to 200 notifications that are cloud based.
- 14 different chart types, 50+ technical analysis drawing tools and over 80 custom indicators pre-installed.
- Split chart screen on the mobile application, which to our knowledge is the only mobile app that currently offers this.
So, when choosing a Forex trading platform you should remember these 3 top Forex platforms. But, most importantly it is important to choose a platform that you are comfortable with. Comfort is King. You want to make sure that you know exactly how the platform functions, because trading is a fast paced game. You do not want to be trying to figure out how to buy or sell in the market, or exit a trade in a fast moving market.