Choosing a Forex trading platform can be quite tricky.
There are a lot of things to consider from the best platforms for desktop, mobile or your tablet, to the best platform for your favorite indicators.
In this guide we review the best Forex trading platforms for your trading and how you can get the most out of them.
Metatrader 4 (MT4) Trading Platform
Metatrader 4 is the most widely used and popular trading platform in the world.
The reason MT4 is so hugely popular and is used by millions of traders right around the world is because it comes with everything a trader needs and is super easy to use.
With MT4 you have the ability to use a huge range of technical indicators that are built directly into your charts, customize your charts however you want them to look and even use custom indicators.
After opening a free account you gain access to a wide range of different orders including instant trading, free demo / virtual trading and expert advisors.
Just some of the Metatrader 4 platform features include;
- Easily use different alerts and notifications including push notifications to your phone.
- Customize your charts to make them look anyway you like.
- Easily use many order types including; pending orders, stop loss and take profit orders.
- Financial news and updates built directly into the platform.
- Chat with other registered community traders.
- Push notifications from the desktop platform.
A very popular feature of MT4 is the indicators that come built directly into the platform and that you can easily select and use on your charts. These indicators include;
- Accelerator/Decelerator Oscillator
- Average Directional Movement Index
- technical indicators
- Awesome Oscillator
- Bears Power
- Bollinger Bands
- Bulls Power
- Commodity Channel Index
- Force Index
- Gator Oscillator
- Ichimoku Kinko Hyo
- Market Facilitation Index
- Money Flow Index
- Moving Average
- Moving Average Convergence/Divergence
- Moving Average of Oscillator
- On Balance Volume
- Parabolic SAR
- Relative Strength Index
- Relative Vigor Index
- Standard Deviation
- Stochastic Oscillator
- Williams’ Percent Range
Metatrader 5 (MT5) Trading Platform
The Metatrader 5 (MT5) platform is very similar to MT4 with a few updates and tweaks.
The major differences are there are added built in indicators and time frames that are not available with MT4.
However; MT4 has been around for much longer and has proven to be much more popular. Because of that MT4 has had many, many more custom indicators built for it that you can add and use that cannot be used in MT5.
Similar to MT4 you gain access to many different order types, desktop and mobile trading and the ability to use the webterminal.
Metatrader 5 offers a large range of indicators and analytical objects and some of these cannot be found inside MT4.
- 38 different technical indicators
- 44 analytical objects
- 21 different time frames
- 1-minute trading history
- The ability for unlimited number of charts
cTrader is a more advanced trading platform and is not normally recommended for the new or beginner trader.
cTrader does come with some more advanced features that some other platforms do not come with.
Some of the cTrader features include;
- Incredibly fast trade entry and execution
- Level two pricing
- A full range of advanced order types
- Different types of risk management tools
With cTrader you will be able to see the full range of executable prices. These prices come directly from the different liquidity providers your broker is using.
cTrader also gives you the ability to use advanced order types that some other platforms do not provide. These include; advanced take profit, breakeven, and trailing stop losses.
TradingView Web Platform
TradingView is the newest platform of all the reviewed platforms.
Whilst TradingView can be incredibly handy for quickly checking prices of a huge range of markets directly from the internet, it is missing some key ingredients to compete with the bigger platforms.
The TradingView platform can only be connected with a very small range of brokers. Most of these brokers are market makers who don’t have great reviews. This means that if you want to actually make real trades using TradingView you would either have to use one of these brokers or sign up to another broker and make trades through their charting platform.
For the charting and analysis side of things TradingView does a very nice job of making the charts clean and easy to use.
A major positive is that you will be able to quickly and easily find a massive range of markets from individual stocks to Forex pairs and quickly assess their chart.
Another very nice feature of TradingView is their community. They have a large community of traders posting trading ideas and discussing different market events.
The Best Forex Trading Platform Overall
The reason Metatrader 4 (MT4) is so popular becomes clear the longer you use it. It is incredibly easy to add indicators, find and make trades and go through your trading history.
You have the ability to change your charts and layout to whatever suits you and all of your desktop and mobile devices can be synced to the one trading account making it a great trading platform.