You are new to trading. You don’t have the experience compared to other seasoned traders out there. Now, you are looking for a platform that’s best in the field. But there are a lot of candidates to choose from. So, what is really the best trading platform for Forex?
Trading in the Forex market has become a lot easier, thanks to the emergence of online trading, the number of traders has vastly increased in recent years. Gone were the days when you needed to have a direct line to a Forex broker to be able to speculate on a currency pair. Now, all that you need is a mobile device that supports a trading platform, a stable internet connection, and of course, a trading account.
As for this trading account, this needs your utmost consideration. You must open a trading account first from a trusted Forex broker. MetaTrader 4 and MetaTrader 5 are both made to cater to the needs of Forex traders. MT4 is considered the main platform for traders in the Forex market.
MT4 was developed by MetaQuotes and since its creation, it became popular to the public and widely used by Forex traders, both beginners and experienced traders. MT4 is favored by many because of its stability and user-friendly interface. This trading platform is also very easy to navigate and intuitive as well. Upon opening the MT4 trading software, you can see four windows that feature different currency pairs, the bid and ask price window, the navigator window, and the Market Watch. There is also a Terminal located at the bottom of the screen with links directed into Experts, Alerts, Mailbox, and Account History.
Moreover, the trading platform can be easily customized to better enhance your trading experience. Users can choose from different color schemes as well as templates, zoom in and out the charts and the data or change the time frames. For traders who want to trade on the go, MT4 can be downloaded on iOS and Android devices.
The latest version of MetaTrader is the MetaTrader 5 or simply known as MT5. It has an upgraded feature of MetaTrader 4 and supports a much faster and easier execution of orders. Because of that, MT5 is more suited to those traders who already have experience in the field rather than those budding traders. You can also download MT5 on your mobile devices, both for iPhone and Android.
Choosing the Right Trading Platform
You can’t say if the platform is ideal for you if you haven’t tried its features. Because of that, you need to test the platform using a demo account. Demo accounts are quite useful not just to test the tides of the trading platform you are interested in but also to test the trading strategy that you have without spending real money on a live market.
Ask yourself these questions before picking a trading platform:
- Is it easy to navigate?
- Are the tools that I want accessible?
- Is the look customizable?
- Is it appropriate for your operating system?
- Is the mobile app available?