Forex trading platform is software where traders execute dealings decisions, particularly opening, closing, and overseeing trades and market situations through an online broker. Brokers provide marketplaces for free or at a discount, and the best platforms offer a combination of robust features with low costs.
The overall process is straightforward, where you should open the platform and anticipate the price movement based on available trading tools and indicators. Then, later on, as soon as you click the buy or sell buttons, it will execute your trade. Then, once you make a profit, you can close the deal anytime without anyone’s help.
What is a forex trading platform?
It is software where traders can open, close, and oversee trades from the financial market. In addition, these platforms have many indicators, tools, and timeframes to allow traders to analyze and monitor the markets progressively.
Mostly, these trading venues come in packages with different highlights like news feeds, charting toolkit, real-time quotes, and premium research. Likewise, some companies allow custom trading venues for investors’ requirements. Along with the forex, such platforms will enable you to trade different financial instruments like CFDs, precious metals, commodities, etc.
The overall process is straightforward, where you should open the platform and anticipate the price movement based on available trading tools and indicators. Then, later on, as soon as you click the buy/sell buttons, it will execute your trade. Then, once you make a profit, you can close the deal anytime without anyone’s help.
Top forex trading venues for a retail trader
It isn’t easy to find the best platform for retail traders because all their expectations are not the same. Moreover, it is difficult for beginner traders to use sophisticated platforms with monthly fees or paid tools. Therefore, another important factor for beginners is flexibility. Most of the trading venues are available on the web, desktop, Mac, Android, and iOS.
Considering this valuable requirement, we have listed some forex venues that are suitable for beginner traders:
MT4 is the most famous trading venue for retail traders. In 2005, MetaQuotes Ltd. made this trading venue. Almost 55% of retail traders have been using it since 2018. Therefore, if you are a beginner and want to build a career in forex trading, this trading venue would be the best option for you.
What are the most practical features of MT4?
MT4 design is suitable for both beginner and professional traders. Therefore, if you open the platform, you will find it easy but resourceful. The list of indicators and trading tools is available at the top of the trading venue.
Therefore, it has more space for showing the chart, as shown in the image below:
Now, let’s move to the basic features of the MT4 that might make your trading easy:
- MT4 has three execution types: instant order, buy stop order and sell stop order. If you are not in front of the platform, you can you pending orders to automate your trade.
- There are nine timeframes in the MT4 software so that you can see the market from various angles.
- MT4 software is available on desktop, Mac, iOS, and Android. Besides, if you don’t have any device, you can still access the platform from the web-based device.
- There are thousands of expert advisors, and you can use them in trading and build automated trading strategies.
- MT4 offers more than 30 built-in trading indicators, and you can create your trading indicator by using the MQL4 language.
MetaTrader 5 is a more sophisticated platform than the traditional MT4 platform. Therefore, it is often difficult for beginner traders to understand every feature of it. However, if you want to take your trading to the next level, MT5 would be the best option.
In 2008, the MetaQuotes team created MT5, a unique platform than other forex trading venues. MT5 is somewhat quicker, accompanies a more extensive measure of indicators, upholds more kinds of orders, and has some extra features.
Let’s have a look at the primary interface of the MT5:
Now, move to essential features that may influence you to choose MT5 over the MT4:
- Instead of nine, MT5 has 21 timeframes that allow traders to have a more accurate view of the market.
- Some important trading types of MT5 are: instant order, buy/ sell stop order, buy/sell stop limit order, and buy/sell limit.
- MT5 has sophisticated Expert Advisors that are more meaningful than MT4.
- MT5 has more than 70 built-in indicators and thousands of public indicators on the MQL5 website.
- Like MT4, MT5 is also available on multiple devices like desktop, Mac, iOS, and Android.
Software Systems Ltd created the cTrader trading venue as a total solution for forex trading. Investors are focusing on trading to the institutional level using this platform usually. Therefore, for beginner traders, it is quite complex.
cTrader provides quick entry and execution, level II estimating, total orders, offbeat request processing, and modern order security. In addition, it is a comprehensive, incredible, and intuitive arrangement of algorithmic trading solutions through C++ language. Therefore, traders and programmers can create trading robots along with algorithmic features to mechanize their trading procedures.
Overall, cTrader is very responsive to market requirements that make it transparent.
The Ninja Trader trading venue is a complete solution of practical features with an attractive interface. In addition, the characteristics of Ninja Trader programming are user-friendly, so both beginners and master traders can automate their trading.
NinjaTrader’s automated trading strategy, backtesting, trade simulation, and cutting-edge charting tool are free of cost always. However, to get the full benefit, you have to pay fees, while for MT5 and MT5, brokers cover all expenses regarding the platform.
Which platform is best for beginner traders?
Based on the above discussion, we can say that the MT4 is more suitable for beginner traders than MT5 or cTrader.
The MT4 offers demo accounts so that traders can become familiar with the platform and tools before jumping with real money. Moreover, all trading activities happen with a secure channel so that investors’ safety remains on their hands.
The trading venue is consistently mindful of market news that permits it to trade successfully. In addition, plenty of practical tools and features for technical and graphical analysis, online information, etc., allow making trading measures significantly more manageable and profitable.
Consequently, while selecting the best trading venue for beginners, there is a ton to consider. Yet MT4 and MT5 are primarily on top of the list as these are widely acceptable and famous among traders.
Overall, if you are new to trading, you can start with MT4. Then, later on, once you are familiar with it and want to take trading to the next level, you can choose MT5.