What makes a good Forex trading platform and where can you find it? In this second part 11 Forex experts talk about their favorite trading platform. They talk the pros and cons, each from their own perspective. Read part 1 here.
1The best trading platform really depends on your needs.
By Shaun Overton – Shaun is a Specialist in Forex Programming and the Founder of OneStepRemoved. He offers services for MetaTrader, NinjaTrader and other popular charting languages.
The best trading platform really depends on your needs. If you're a trader at home trading in his pajamas, then common platforms like MetaTrader are perfect. They are reliable and simple to use.
If you're a proprietary trading firm with millions in capital, then MetaTrader is woefully inadequate. You probably use Trading Technologies.
The perfect trading platform is the one that meets your needs without unnecessary bells and whistles.
2MT4 lets you learn without the cost many other platforms impose
By LXV Research – LXV Research is an independent investment research provider. The subscription based research is their core service, offering commentary on investment opportunities.
Our preferred trading platform for FX and trading generally is Interactive Brokers. Why? There are a number of reasons including:
- Transparent pricing.
- Low cost – very competitive commissions.
- Can trade FX side-by-side with other asset classes – which is something we like to do.
The 22 currencies that they provide cover all the currency pairs we want to / like to
IB is a listed entity, so the credit risk is low and the company provides a more than adequate level of insurance coverage for our account size.
The proprietary trading platform, Trader Workstation, provides many different order types which come in handy, particularly when trading FX. We have also found customer support to be of a much higher standard than other platforms.
3MetaTrader 4 is still preferred by most traders and all brokers
By RobotFX – RobotFX MetaTrader expert advisors and indicators can help reduce the time traders usually spend analyzing the charts and signals.
In a nutshell, due to its simplicity regarding usage but also the complex customization that can be achieved using various expert advisors, indicators and other plugins, we'd vote for MetaTrader 4. It has been the leading trading software for years, and it is still preferred by most traders and all brokers.
4The best Forex trading platform is MetaTrader 5
By Andriy Moraru – Andriy Moraru is Founder and Editor of EarnForex. EarnForex provides visitors with tools and information to become successful Forex traders themselves.
I believe that currently the best Forex trading platform is MetaTrader 5. As a developer, my main reason for thinking so is the powerful development tools available in it, including the MQL5 coding language itself and the MQL Standard Library, which make it easier to create new indicators and expert advisors with serviceable and reliable code.
As a trader, being able to backtest and optimize on real ticks data, to choose between hedged and netting trading modes, to view Depth of Market data, to create my own custom trading instruments is a game-changer. And then, there is also that huge public code base of custom indicators, scripts, and robots created for MT5 during the years of its existence.
Certainly, MetaTrader 5 lacks some features (forward compatibility of code, detachable charts, native support for macOS or Linux, etc.), but I have tried a lot of other platforms and could not find anything better yet.
5Try Centerpoint Securities. CP checks all the boxes
By Paul Koger – Paul Koger is head trader and founder of Foxy Trades LLC where he shares his very best trading strategies. As part-time trader, Paul specialises in swing trading.
I believe the current best stock broker in the industry is Centerpoint Securities. They have the best trading tools, a highly advanced trading platform and the biggest amount of shares to borrow.
The latter is essential if short-selling stocks is in your arsenal of trading strategies.
I've tried 5 different brokers and CP checks all the boxes that I look for in a proper
6The MT4 platform is one of the most flexible trading terminals out there
By Sir Forex – Sir Forex is a social network for traders, where you are able to personalize your own Forex profile. Browse the Forex Activity Feed, Like, Comment, and Share other traders’ posts.
Looking for the best trading platform? Well, this is something that might be hard to determine due to the different preferences of the different traders. However, this article will give you information about the most used retail Forex trading platforms on the market – the MetaTrader 4 platform. Keep reading and you will understand why most of the Forex traders prefer MT4 than any other trading platform. Then you will be able to decide if this is the best trading platform for you.
What is MetaTrader 4
MetaTrader 4 is a product of MetaQuotes Software Corporation and it is a trading platform. It is the most supplied and demanded trading platform on the market. Nearly all Forex brokers have the MetaTrader 4 platform available for trading because of its features and convenience. This is why most of the retail trading mass is using this exact trading platform.
Main Advantages of the MT4 Platform
Now let’s discuss why this trading platform is so demanded and preferred to any other trading platform.
Easy to Use
The simplicity stays behind this trading platform. Every person with minimal computer knowledge could install the platform, run it, and start conducting trades. Of course we do not advise you to do so if you do not have the needed trading experience and education. After all, there is money involved.
Rich on Indicators
There are many built in indicators in the default version of MetaTrader 4. You will be able to use them all right after you install and run the platform.
You can easily modify EVERYTHING on this platform – charts, colors, indicator setups, etc. Then you simply save the template and apply it to every chart you want. Or you can even make that your default template, which will visualize it on every chart you open.
MQL Programming Language
Yes, that is a thing nowadays! MetaTrader 4 lets you program your own robot that will execute trades on your behalf. Of course you will need to know how to write in the MetaTrader 4 coding language called MQL4.
Same applies for indicators. You can also program your own indicator on MT4 if you know how to code in MQL4. If not, you can simply find a trading community such as Sir Forex and download a custom indicator that is built by someone else. Then you simply add the file into the custom indicators folder of the platform and you are ready to go!
Disadvantages of MetaTrader 4
One of the more bright disadvantages of the MT4 trading platform is that it does not include a Level 2 window. The absence of a Level 2 window limits the traders to count only on their chart without actually being able to see orders on different levels. This is a big drawback especially if you are trading stocks.
But the best thing is that you can always try and find a Level 2 indicator online and add it to the platform as a custom indicator. Isn’t that great? It sure is!
The MetaTrader 4 platform is one of the most flexible trading terminals available on the market. It is rich on features and at the same time easy to use. This is why it ranks as the number 1 Forex platform for retail trading. So, is this the best Forex trading platform for you?
7I like to get the best of both worlds
By Nick Bencino – Nick is a Professional Forex trader who shows you how to master Forex Price Action. He offers a weekly newsletter with latest price action analysis and trading tips.
I personally use a separate charting software in conjunction with my trading platform of choice. I like to get the best of both worlds since many trading platforms don't have sufficient charting. Usually this is because there has to be a compromise when you combine both into a single platform and I have yet to see a result that takes my fancy!
I trade with Dukascopy's JForex which I have used for a few years now and love it. It has advanced order features that I find are integral to my own trading.
The charting software I use is TradingView – the charts are incredibly smooth, there is a lot of customisation available and all around has the best potential of any charting software I have come across.
8MT4 still remains the most popular trading platform today
By Philip Pankaj – Philip Pankaj is founder of myfxpair.com. His website is mainly designed to educate and guide investors in the world of Forex.
Both MetaTrader 4 and 5 are the current working platforms of the cyprus-based MetaQuotes corporation, a software company focussed on the financial industry. Both platforms are designed for individual traders and investor wishing to analyse and execute on the Forex and commodity market.
Using a programming language called MQL, they are very robust and simple in structuring a robot (expert advisor) or Indicator allowing for a galaxy of wide range frrelancers to build custom-made Expert Advisors and Indicators.
As you have probably already deduced, MT5 was launched on 2010 and it is 5 years successor to MT4. However, MT4 still remains the most popular trading platform today.
But if you’ve landed on this page, you probably have some questions of your own and want to arm yourself with the facts before deciding which platform to use. Here we’ll aim to give you those facts.
MT4 or MT5 – What you should use?
One of the first things a user will notice is that MT5 has been given a roomier dashboard, making the buttons clearer and easier to use. However, this curtails the charting area, which means that the Fibonacci retracement tools work less precisely on MT5, so if you’re a fan of Fibonacci, maybe MT4 is for you. However, if you prefer to have a well laid out and easy-to- use interface, maybe its successor is more up your street.
|Pending Order Types||6||4|
|Depth of Market||✓||✗|
|Embedded MQL5.community chat||✓||✓|
|Hedging||✗||✓(based on broker )|
The other major differential design factor was its compliance with the U.S.A.’s “no hedging rule”, which states that clients of Forex brokers in the U.S.A. must deal on a F.I.F.O. (first in, first out) basis. This means that if for example a trader goes long 1 lot of EUR/USD, and then goes long an additional 1 lot of EUR/USD, the first trade must be closed before the second trade can be closed.
While Metatrader 4 logs every trade individually and allows for management of each individual position separately, Metatrader 5 automatically aggregates all positions.
Therefore, only Metatrader 4 can deal with hedging: Metatrader 5 caxnnot. This is fine for traders in the U.S.A. as they are legally barred from hedging in any case, but in most of the rest of the world, many traders find an inability to execute hedging operations a very annoying an unnecessary handicap.
It is probably the major reason why many traders have come to feel annoyed at being “pushed” into using Metatrader 5 in the place of Metatrader 4 by their brokers and arguably by MetaQuotes as well.
Essentially, Metatrader 5 was designed to be able to trade markets other than Forex, such as stocks and commodities, essentially because it is better able to plug into a centralized trading exchange. Forex is a completely decentralized market, with a number of major players providing liquidity into this huge market at slightly different prices, in an uncoordinated fashion.
With that being said, MT5 does offer some noticeably better features, including more sophisticated analytical tools and graphs, more timeframes and generally more trading instruments and methodologies.
Most seasoned traders will tell you that all they really want from a trading platform is something that is reliable and easy to use. They will also tell you that although Metatrader 4 might have a few annoying features, it works well enough, and allows them to stay on top of their trades and charts at the same time.
Your choice of broker is really more important than choice of platform, all the platform-centered advertising and Metatrader reviews are mostly just gimmicks that are best overlooked since practically every broker offers access to Metatrader.
9MT4 lets you learn without the cost many other platforms impose
By Scott Heywood – “Tenfortyone” trading is Scott’s method to help others who are similarly interested in trading for a living. He published The FX Robot Method – Trading Forex for a Living.
I'm not sure it's the best trading platform of all, but Metatrader 4 is the best for me and the way I trade.
I use two robots (or Expert Advisors) which handle 99% of my trading and those robots are coded for Metatrader 4. The platform is the most used in the world for FX trading, mainly because it is freely available to retail traders. This makes it easy for new traders to enter the market.
I’m always looking for ways to improve and further automate my trading and MT4 makes that easy and inexpensive. In the one platform you can code, back-test, perform charting and technical analysis and, of course, trade either demo or live accounts.
It’s important for new traders to learn as much as possible about trading without having to pay for expensive charting software or trading platforms. MT4 lets you learn without the cost many other platforms impose.
Once you get more advanced in your trading, you can create your own indicators for chart analysis, scripts to help administer your trading or your own robots to enter, exit and manage trades for you. All of this capability is available in the one free package with MT4.
Of course, you can always move to a more complex and expensive trading platform after you have had some success trading. I have not found the need to do so, but it is always an option, but I think it’s essential for new traders to be able to prove themselves and their trading first before having to spend lots of money.
10My trading platform of choice is Ninja Trader
By Akil Stokes – Akil Stokes is a full-time professional trader. After being a stock market investor and successful money manager Akil now acts as the head trading coach at Tier One Trading.
My trading platform of choice is Ninja Trader. I've been a user of Ninja Trader since 2010, and as a trader who uses technical analysis to analyze the markets, it allows me to perform all of the tasks that I need to very comfortably. I'm a trading coach so I've worked with a lot of traders who are new to the platform, and the one complaint that I've heard is that the learning curve is steep.
To be honest it depends on what platform you're coming from and how much time you put into learning how to operate Ninja, but to make things easier, Ninja trader has a massive video library on their platform, website and on YouTube that will answer any question you may have about the platform.
Lastly, what separates Ninja Trader from the other quality charting platforms out there is their customer service. Every time that I've had an issue (whether it was on my end or there’s), I've received a polite and timely response walking me through how to solve it. This is extremely important to me.
Overall, I love Ninja Trader, it's easy to operate, easy to navigate and allows me to perform technical analysis the speed needed to be a full- time day trader. I haven't switched to their updated Ninja trader 8 platform yet, but I've tested it out and it works even better with a much more up to date look to it.
11The best Forex trading platform is MetaTrader 5
By Felix from Belgium – Felix is a full-time independent forex trader who has been trading forex for the past 10 years. He travels the world while trading and currently stays in Tokyo.
For me, the best trading platform is the one the trader feels comfortable with and can efficiently use. For some traders, this might be a web-based system and for others, this is a desktop application.
My own trading platform is split up in two distinct parts. First, there is the order execution and management side. The only thing I'm using this for is to open and manage my trades. In this sense, it doesn't really matter to me which platform it is, as long as it can create the order types I want.
My preferred order execution platform is cTrader, although I also use HTTP APIs for my automated trading systems. Occasionally, I'll use MetaTrader for its expert advisor functionality.
Secondly, there's the charting platform. I will use this to analyse the markets, create watchlists and set price alerts, but not to enter orders. For charting, I use TradingView because it is a modern and very extensive platform that allows me to quickly go through a lot of charts. It's highly customizable and suits my needs perfectly.
A trading platform is often very good at specific things but lacking in other ways. Splitting up the order management and charting makes sure I can use the best of both worlds.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of InvestaWeb.