Top Forex trading platforms and how to find one
Let us now take a more detailed look at each of these platforms to see what they have to offer to their users and why people actually choose them. Although some of the reasons may be very similar, there are still some differences that experts manage to find on these platforms. Let’s outline some of them.
MT4 is the most popular Forex trading platform out right now. It can be found with almost every single broker that exists in the market. One of the main reasons is because it was one of the first-ever Forex trading software that was created.
The reason why MT4 is considered the best FX trading platform is its age. You see, although the design may look outdated, MT4 is really well optimized. Every software has bugs, but because MT4 has been around for so long, pretty much all of them have been fixed.
Furthermore, if you ever have some kind of issue on the platform it’s very easy to get a solution from the community because of how big it actually is.
MT4 also has the advantage of being available on a lot more broker platforms than any other software. Because of this, traders have the opportunity to switch brokers but keep the same platform that they are used to.
Both MT4 and MT5 have the same design. In fact, it is almost impossible to tell them apart. But MT5 is not considered one of the best trading platforms Forex has to offer because it’s similar to MT4, but because it is slightly better.
You see, the main advantage to MT5 is that it has everything that MT4 has but more of it. For example, MT4 has 9 timeframes, whereas MT5 has 21. This can also be said about indicators, Expert Advisors, charting mechanics and many other tools.
Also, MT5 was not created with only Forex trading in mind, it is optimized for things like CFD trading as well, which could come in handy for people looking to diversify without changing their platforms.
Overall, MetaTrader 5 can be considered an “upgraded” version of MT4, but not to a point that makes it the obvious choice. The people that use this software are still quite subjective in their rating of it.
We can easily say that cTrader is definitely among the top 5 Forex trading platforms in terms of popularity. When it comes to using the platform, it gets a bit more subjective.
CTrader is very well optimized much like MT4. The company behind it, Spotware, was very delicate in building this platform with both beginner and expert traders in mind. Things like chart types, timeframes, indicators and EAs are very easy to access and use as well.
In terms of design, cTrader has a much more modern feel to it. Whereas MT4 looks like it was designed for Windows XP, cTrader looks more like the beloved Windows 7 or Windows 10 models.
Thankfully, cTrader also has a large community that is always ready to help if there are any issues with the software.
- Good design
UTIP is an upcoming platform, but it is nowhere near as popular as MT4 or cTrader. However, it has formed quite a large community around it in specific countries such as Russia. But no worries, it is optimized for multiple languages.
The reason why it is considered one of the best software for trading Forex is due to how well it is designed for scalpers. The platform has a specific tool called “Fast orders”. It’s a method for traders to open and close their trades with just one click as fast as they want.
Scalping itself is an FX trading strategy where traders close positions within seconds after opening them. Thanks to this one-click option they are able to do this much faster and much more often.
In terms of design though, UTIP resembles MT4 quite a lot, but still has a bit more modern feel to it. However, as already mentioned UTIP is an upcoming platform, so it is not available with every broker. So, whenever a trader wants to switch they may have to switch their software as well and learn it all over again.
Ninja Trader is also an upcoming platform, which is more similar to cTrader than MT4 or MT5, but we aren’t discussing similarities here, we’re trying to find the best Forex trading platforms for beginners as well as experts.
In terms of optimization, most users say that the software is more than enough for what they need on a daily basis. In terms of placing trades, using tools and generally interacting with the system it seems to be at a satisfactory level.
One major difference with Ninja Trader is that it can be purchased. Even though this may sound like a disadvantage, there is some understanding as to why people would buy it. For example, when traders use MT4 or MT5, it’s technically free. However, the broker may sometimes have a markup on their spread in order to pay for the MT4 license that they provide.
With NinjaTrader, brokers are not forced to buy the license because the traders themselves buy the software or pay monthly subscriptions. Although paying for software is not necessarily a good thing, it still has the potential of being cheaper than the markup on spreads over the years.