Forex trading (FX) happens online on electronic trading platforms. The first step in achieving success in forex trading is choosing the top trading platforms. A good platform will give you real-time quotes and instant executions, and this will help increase your earnings. MetaQuotes Corp has distinguished themselves as leaders in forex trading by providing the best trading platform. In fact, almost all leading brokers use MetaQuotes software (MetaTrader) as their default trading platform. This is just a testament to how reliable the platform is. MetaQuotes allows traders to choose from two different versions of their trading platform.
Since there are countless of options online, this article will help you analyze the top trading platforms. Let’s analyze each of them step-by-step below to help you know the best platform to use.
This software was primarily designed for forex trading. One of the reasons why it is so popular is because retail forex is entirely new and there weren't any reliable third party software before MetaTrader came on the scene. MetaTrader has the following essential features:
· Expert advisors
· Limit orders
· 9 distinct time frames
· Over 50 market indicators
· 1-click trading
The stability of MetaTrader 4 is probably one of its greatest advantages. You can always count on your commands to execute without any errors. Secondly, there are lots of robust mobile apps that also work like a charm. The apps work seamlessly on Windows, Android or iOS mobile devices. The main demerit of MetaTrader 4 is that some brokers use it but still offer very wide spreads. This could typically cost traders a lot of money.
MetaTrader 4 Supreme Edition Add-On
In as much as MetaTrader 4 is a robust software, Admiral Markets have come up with an add-on that makes it even better by adding over 50 additional trading tools. To use this add-on, just install your MetaTrader 4 software from the MetaQuotes website or your broker's website and then download and install the MetaTrader 4Supreme edition over your installation. This plugin will enable you to have 1-click trading functionality that is more flexible than the native one. One other main advantage is the ability to drag and drop your stop loss and take profit levels. Admiral Markets realize how powerful MetaTrader is and they worked on the plugin to make the great platform even better.
MetaTrader 5 is very similar to Metatrader 4, but MetaQuotes developed it as a way of giving traders more flexibility when trading. The platform is faster than MetaTrader 4, and it also supports more order types. It also has a plethora of more features and indicators that were not in MetaTrader 5. MetaTrader 5, however, does not make MetaTrader 4 redundant because there aren’t too many differences - just some functional improvements to give traders a choice between the two platforms. One big advantage of MetaTrader 5 is it supports more trading instruments than MetaTrader 5.
Features of a great trading platform
As a trader, you want a trading platform that will give you the best value for your money and one that will help you be more profitable in your trades. This is why you must settle for nothing but the best. The following are the features you should look for in a trading platform:
· Advanced charting - your platforms should have easy to read charts because you will rely on charts when making trades. Good charting software should have the ability to add indicators to study patterns and trades.
· Instant execution - you want to go for a trading platform that gives you instant execution of orders as per the market rates. A one-second delay can cost you a lot of money. Some brokers intentionally delay the execution speeds to make more money from their clients, and you should, therefore, be careful which broker you are using.
· Lightweight - a good platform shouldn't use too much of your resources. The last thing you'd want is your computer hanging on you when you were in the process of placing or closing a trade.
· Vibrant community - always look for a platform that has a vibrant online community. This will come in handy when you get stuck somewhere, and you need some help from other experienced traders.
While it is good to test out many platforms to find one that works for you, it is best to go with what has been tested and tried by the majority of traders. In this regard, MetaTrader 4 carries the day.
Always remember that choosing the right trading platforms is critical to the success of your trading. As an investor, you need to keenly check out which FX platform may serve as the best forex platform for you.