Forex trading has developed rapidly in recent years. People can make currency transactions and trade effectively without leaving their homes using Trading Software. It is one of the most notable advantages of trading on the foreign exchange market. Almost every month, we witness a huge flow of people interested in earning additional money through trading.
One must select a proper broker. Then the next step of choosing a trading platform is taken. Good trading software will make trading easier and convenient. Choosing a platform is better on your own without relying on reviews from various brokers. To do this, you need to make a list of characteristics and features that platform developers offer.
Choose which of them are your priority, and build your internal platform ranking. A Forex trading platform is a software that enables you to make currency transactions through a program and make different trades on it.
Top 3 Trading Software to use
When choosing a broker, people should consider that almost every one of them offers a wide range of options. So let’s go ahead with Forex platforms to trade with and what advantages they offer.
MT4 has been active in the Forex market since 2005. It was developed by MetaQuotes. The trading software replaced MetaTrader 3. Compared to its predecessor, it has a wide range of improvements. The architecture and strategies for trading make this software one of the most demanded ones among traders.
This platform remains very effective, which is extremely important for brokers. On a medium-end computer, it can serve more than 10,000 traders at a time. This is an incredible feature which makes it very lucrative.
It should be said that this software helped even the richest forex traders in the world to accomplish their goals and master trading strategies. MetaTrader 4 has a perfect security system, mobile and automated trading, tremendous analytical functionality, customization flexibility, and programming capability.
Five years after the release of the MetaTrader 4 platform, Metaquotes Software Corp. unveiled a new, revolutionary version. In 2010, MetaTrader 5 entered the market with an incredible set of features and a modern architecture and changed the landscape for trading software.
According to the developer, the MetaTrader 5 platform is built on an all-in-one basis. In addition to trading, technical analysis, and automated trading, the software also allows users to access the following financial markets: Forex, stock exchanges, futures, forward and options trading on the difference – all from one account. The platform contains 79 analytical tools, 21 timeframes with intervals from minute to month, a free base of technical indicators, an alert system, an economic calendar, a glass of prices, four ways to execute trades, six types of pending orders, 17 display styles, four scaling modes, the possibility of fundamental analysis.
The programming language is also 5-10 times faster than its previous version. The new program can provide more accurate predictions and higher auto trading results. This Forex trading platform is one of the most productive, high-speed, and economic developments in the world.
Individual Forex brokers release their MetaTrader versions 4 and 5 specifications to improve customer service.
cTrader trading platform is one of the latest technologies in the field of Forex trading. It works with ECN accounts and combines cutting-edge tools and features. Thus it is a good choice for both beginners and professional FX traders. It should be noted that users are provided with the highest speed of execution of orders. And give the possibility to control the full volume of current market quotes to make deals at the best prices for them, making this one of the most useful trading software.
The cTrader trading platform provides full STP access to the Forex currency market to professional and novice traders.
The ECN cTrader trading platform uses STP (Straight Through Processing) technology to process orders. This allows trading in the Forex currency market directly with the world’s leading banks (Deutsche Bank of America, Citigroup, Goldman Sachs, Barclays Plc., JPMorgan Chase, Credit Suisse, UBS), excluding broker interference. Processing orders NDD (No Dealing Desk – Trading without a dealer) guarantees the execution of transactions on the Forex market at market prices in one click.
These three platforms are currently enjoying the highest popularity on the foreign exchange market. Of course, there are other platforms available. But it ultimately depends on a trader’s choice. We should note that if we are talking about beginners who are making their first steps in trading, these trading platforms are a must for understanding the concepts of the Forex market.