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What are the top 5 forex platforms

01 Trading PlatformsNot all trading platforms are created equal. Depending on the broker that you use, chances are that you have a choice to choose between the numerous trading platforms that are available these days.

But as with anything, choosing a trading platform is more of a personal choice than anything else. What works for you, might not work for the trader next door. Still, today, there are numerous choices that are available for a trader.

While most brokers offer a free trading platform, there are also trading platforms that you can purchase and simply plug in to the feed from the broker that you prefer to trade with.

If a forex broker is chosen based on the trading conditions that they offer, then a trading platform is chosen based on the features that are available for a trader. From platforms that are available as a trading app, to professional trading platforms, here are the top five forex trading platforms.


The MT4 trading platform

02 MT4

 

If you trade forex, chances are that you might have come across the MT4 trading platform. Offered by the Metaquotes company, the MT4 trading platform is by far the leader in retail forex trading. Available free of cost, the MT4 trading platform is quick and easy.

Due to its popularity, there is also a large eco-system that surrounds this trading platform. This means that as a trader you can choose from the in-built trading indicators to custom expert advisors and scripts.

Available as a desktop application, the MT4 is also offered via the Google play store or the iTunes App store as a free to use trading platform. This makes it easy for traders on the go to make use of this revolutionary yet free trading platform.

You get access to the markets any time you want and developing customized indicators or EAs is just a click away.

 

 


The MT5 trading platform

03 MT5

 

The MT5 trading platform is an improved version of the MT4 trading platform. This trading platform is also offered by the Metaquotes company and is free to download and use. However, the acceptance of the MT5 trading application has been a bit slower compared to the MT4 usage.

Just as its older sibling, the MT5 trading platform is also widely available with various forex brokers. You can choose to install the desktop version or simply download the mobile trading app free of cost.

The main difference between the MT4 and the MT5 trading platform is the scripting language. Most of the MT4 compatible trading indicators, scripts or EA’s needs to be re-written to be compatible with the MT5 version.

This is one of the reasons attributed to the slow acceptance of the MT5 trading platform. Still, there are some distinctive advantages with the MT5 platform. For one, you can noticeable see new features such as the order depth with your broker.

This enables you to see where larger orders are pending. Other features include the ability to use custom chart types.

 

 


The cTrader platform

04 ctrader

 

 

The cTrader platform is relatively new but has become a strong contender to the Metaquotes family of trading platforms. The cTrader platform is developed and offered by a company called Spotware. The cTrader, because of its uniqueness has become the de facto alternative to the MT4 or the MT5 versions.

A unique aspect of the cTrader trading platform is that it enables you to customize your trading platform such as sorting out the currency pairs based on your favorites and also provides additional statistics. With the cTrader platform, you can also create customized scripts and indicators as well as develop automated trading expert advisors known as bots.

One of the things that is unique only to the cTrader platform is the way you can split your orders. Position management, which is a key for most traders is easy to handle when you are using the cTrader platform.

You can access the cTrader platform free of cost and there is also the mobile app versions of this trading platform that you can try out.

 

 


The NinjaTrader

05 ATM Cutout

 

 

The Ninjatrader trading platform is widely used in the futured markets. However, a few forex brokers also offer this platform to trade spot forex.

The Ninjatrader platform is a bit more advanced compared to MT4 or MT5 and even the cTrader platform. The Ninjatrader platform is available free of cost and it allows you a lot of flexibility to customize your charts.

There is a great selection of technical indicators that you can use, and you can also build your automated trading strategies. Ninjatrader is however a bit higher end in the market. This means that if you want a custom indicator or an EA to be coded, the costs are a bit higher.

 

 

 

 

 

 


Multicharts

06 Multicharts

 

Consider Muticharts to be the Mercedes or the Porsche in the world of financial trading platforms. Multicharts trading platform comes at a hefty price. This platform is mostly used with high end trading firms.

A typical single license will set you back by at least a $1000, if not more.

The Multicharts platform works on a similar model to NinjaTrader. You can purchase the platform and plugin to the feed from your broker. There are other options such as using the FIX protocol.

Multicharts offers you the flexibility to use custom chart types with relative ease and order executions are easy. Still, this is a high end platform, mostly preferred by professional traders.

 

 

Besides the above, there are also numerous other trading platforms. At the end of the day, it comes down to the preferences and the budget of a trader. Most retail traders prefer to make use of a free forex trading platform that gives them the option to conduct the basic technical analysis and execute orders with ease.

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