Best Forex Trading Platform
The finalization of the best forex trading platform is not simple. The variety and offers of the software vendors attract the forex traders. After researching the best and easily accessible trading platform, here are a few of them.
List of best forex trading platform
Presenting you the best forex trading platform along with their features.
Whether you are a beginner or a professional, this software serves you very well. This fifteen years old platform is a bit out-dated but still the first choice of brokerage firms. You can install and launch on its iOS, Windows, Android, and every system.
- MT4 has three types of charting tools that is a bar chart, line, and candlestick.
- 30 technical indicators are under the possession of this software.
- There are nine time- frames with four order types.
- You can test your skill as it facilitates you by the incredible and useful strategy testing. But it is single-threaded.
- For risk management, four pending order types (buy, sell, buy stop, and sell stop) can be availed.
After the successful response from MT4, they introduced MetaTrader5 in the financial market. This broker also gathered great respect and grabbed a position in the top forex brokers. MT5 features resemble MT4.
- MT5 has more number of indicators and charting tools that are 38 and 40 respectively.
- For risk management, a trader can utilize 6 pending order types. These are Buy Stop, Sell Stop, Buy Limit, Sell Limit, Buy Stop Limit, and Sell Stop Limit.
- 21-time frames are available at MetaTrader5.
- You can also use a strategy tester that is multi-threaded.
- After being launched in 2010, this software carries a good reputation with the preferences of the brokers. The interface is impressive.
- 70 technical indicators showing its advancement and performance.
- You can utilize 54 time-frames.
- Charting is of 4 types.
- Fast-entry and execution make it instinctive and unique.
- You can place an order of many types. As it has several order types.
Thinkorswim is the trading platform of TD Ameritrade. The robust platform has made prominence in the financial markets. This fact results in one of the top position holders of the forex trading platforms. The desktop and web version are the most praised one. This platform operates more than 50,000 forex trading platforms.
- The key to a successful platform is based on the availability of technical indicators. Fortunately, Thinksworm has left the entire famous broker in this race by winning with 348 technical indicators.
- With the help of the ThinkScript tool (a feature of Thinkorswim), you can make and create new chart patterns. However, 80 common charts are available.
- Research is appreciable for professionals.
- The mobile version has also an advanced and efficient charting system with a large number of technical indicators.
- A social trader can also try his luck on it.
Ninja Trader was launched in 2003. The award-winning platform has robust working that segregates it from the other competitors. The latest version NinjaTrader 8, has an evolution of approximately 450+ changes.
- Charting is good and helpful.
- Technical indicators reach up to 125.
- This software provides sophisticated trading with an easy and fast execution policy.
Choosing the best trading platform
It is critical to choose one platform according to your needs. But pondering on certain aspects can help you in this regard. Ignoring them can be injurious.
- For trading of never-ending products of the FX market, a trader requires such a platform that offers the most of products.
- An incompatible trading platform is the biggest obstacle for a trader. The trading platform must be able to run on any device. At least, it has availability on mobile and web.
- The more friendly the software, the more it is appreciable. It should be multi-lingual.
- Execution speed is the most notable thing about a platform. It matters a lot for day traders. Sometimes you want to avail a chance of a rally, but due to the slow speed of execution, everything is ruined.
- The availability of tools and features is necessary. Novice and skilled both need charts and indicators.
- It should provide an opportunity for social and copy trading. This feature is the requirement of every beginner or group traders.
- Automation of trade is also a worthy feature. For example, EA in MetaTrader4 has splendid working. The forex robot must be efficient.
- Back tester or strategy tester helps you to test your skill by giving you the results of previous trades’ based on the same method.
- It should keep your record, data, and history of your activities. The fee reports should be clear.
- Last but not least, the efficiency of the trading platform is the key factor of the best forex trading platform.
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