Forex trading platforms are the modern gateway to investing in international currency markets. Regardless of your trading style or preferred multi-asset instrument, the platform technology you use affects nearly every aspect of your trading experience.
It recommended that the trading platform you choose should provide information on at least 16 currency pairs, execute orders with just a click of the mouse, have charting tools to perform technical analysis.
It should also have a recording feature that will store your trading history. With all these features, you can really improve the way you trade in the Forex market and also minimize the risk of losing money.
MetaTrader 5 has been introduced a few years back by the same company that gave MetaTrader 4 and the biggest edge that the new version has is the fact that it can be integrated easily with stock and option trading. MT4 was more for the FX market and it was difficult to plug it into the stock markets but MT5 has solved that problem and is also believed to be much faster in terms of order execution. It offers customization, news feeds, charts and automated trading.
At the moment, MetaTrader 4 is the most used platforms across brokers and across retail traders. It is used by thousands of brokers, both big and small, though it is not preferred by large traders and fund managers. It has all the features which a retail trader needs and is extremely user friendly. As far as the broker is concerned, it is very easy and comparatively cheap to set it up and maintain as well. It offers customization, news feeds, charts and automated trading.
Ninjatrader and cTrader are a couple of the oldest platforms in the industry and are still preferred by a small section of traders for their ease of use and for their ability to be small but still pack a punch. They have some special features that include the order entry and the type of orders that can be u through them, something which cannot be matched by the other platforms.