To trade the forex market, you need to use the trading platform so you can execute your trades. These trading platforms can be different in offering features, options, instruments of trading, etc.
The most popular trading platforms are MetaTrader 4, MetaTrader 5, and cTrader. These three platforms offer a variety of tools that besides forex trading, allow you to analyze the market price with advanced technical tools.
We will explain these trading platforms to give you a quick view of the trading platforms that are the best for you as a beginner in forex trading.
MetaTrader is one of the first and oldest platforms used by forex traders in the financial market. The trading software is offered on most of the forex brokers as it’s widely known. With MetaTrader 4, you can use advanced charting tools to research the market. The design on MetaTrader 4, looks a bit outdated since it’s around for many years.
But the interface of the trading software is very easy to use for a beginner too. If you want to use indicators on the platform, you can do that as it supports hundreds of indicators and also supports expert advisors and automatic trading. You can also receive trading signals with some other tools that can be integrated on MetaTrader 4.
However, not all trading account types by forex brokers support the MetaTrader 4 platform. Since some brokers have limitations of the trading account types on MetaTrader 4 with currency trading and other financial products. However, if you use a Standard account type or some other account types, most of the forex brokers would offer the platform on the trading account type.
You can use the MetaTrader 4 on mobile devices too. The platform can be used on Android, iOS devices, you can also use the trading software on Windows, Mac, or Linux. In general, MetaTrader 4 is one of the platforms that a beginner in forex trading should use.
As a summary, some of the main features on MetaTrader 5 include:
User-friendly design and interface
Advanced trading tools to analyze the market
Hundreds of indicators and expert advisors (EA) available
Supports tools as Smart Trader Tools, Autochartist, etc.
MetaTrader 5 is similar to the MetaTrader 4, but the MetaTrader 5 trading software has been released more later. And the reason why it was released years later than the previous version, it’s because of improvement features, speed, tools, and other factors.
MetaTrader 5 compared to MetaTrader 4, offers more advanced trading tools and features. The design on the trading software platform is similar to MT4, but it uses a bit more modern design. With MetaTrader 5, you have more options when it comes to timeframes.
You can switch to 21 timeframes to analyze the market candlesticks in more detail. MetaTrader 5 it’s easy to use for a trader that’s new in the forex trading. The platform it’s known to offer most of the financial instruments offered by the forex broker that you use.
The economic calendar on the platform gives you real-time information about events that can affect the market price (exchange rate). MetaTrader is fast to use as it has a faster speed than MetaTrader 4. You also have 6 pending order types compared to 4 that are offered on MetaTrader 4. You can use the MetaTrader 5 on Windows, Mac, Linux, Android, and iOS devices.
As a summary, some of the main features on MetaTrader 5 are:
Built-in economic calendar
Advanced pending orders
Compatible with different trading tools
Access to exclusive indicators and expert advisors
cTrader is another trading software platform that can be used to trade, but it’s not as popular as the MetaTrader platform. But the cTrader platform was designed to offer a full experience for the trader.
It uses a unique design compared to other trading platforms and offers a smooth user interface experience. And cTrader can be used from both experienced and beginner traders. You can trade all financial instruments like currency pairs, stocks, shares, indices, etc.
Compared to the other trading software platforms, cTrader offers advanced risk management for your account. You can protect your account balance with the “smart stop out”.
This risk management feature closes your positions partially if the margin level falls below the smart stop out level. cTrader offers the fastest latency speed, so your trades can be executed much faster. You can use cTrader on different devices such as Windows, Mac, Linux, Android, or iOS.
To summarize the cTrader trading software platform, some of the main features are:
Multiple order types
Multiple time frames and zoom levels
Trade copying option
Hundreds of expert advisors and indicators