What Are the Best Forex Trading Platforms?
Apr 18, 2021
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Have you outgrown your current trading platform? Maybe it just doesn't have the features you need in your mind to be successful, costs too much to use, or just doesn't cut it for whatever reason. Or, if you're brand new to forex, maybe you're in search of a platform that won't overwhelm you with too many bells and whistles that can be confusing, and has enough knowledge support to get you through those first few tough beginning months. Regardless of your situation, it's important to know that there are plenty of products out there that you can get a firm grasp on. Knowledge is power, and you can take that power by finding out about the top four offerings in this very competitive field. Of the five listed below, you've probably heard of them if you've been trading forex for a while. If you're a newcomer, however, some of the names might sound familiar but others, not as much. Here's a short review of the best forex trading platforms as of 2021.cTrader
cTrader is certainly in the top ring of contenders in this product niche, but there's no question it ranks a distant third, in terms of usage, to MT4 and MT5. However, cTrader is gaining converts due to its unique advantages, as noted below. In addition to excellent graphics and analytics, cTrader offers users level 2 pricing and if you're a fan of automated trades, the platform offers its own cAlgo, which is based on a much more common coding language than either MT4's or MT5's. The cTrader language is C#, a widely used programming lingo that has many uses in the non-trading world. All of cTrader's cons are related to the fact that it just doesn't have the market penetration of its competitors. For example, with far fewer users than the top two platforms, it's difficult for cTrader to attract customers who are enthusiastic about copy trading, using Expert Advisors, having high liquidity, or rapid trade execution.
NinjaTrader
This product has been around since 2004 and is U.S.-based. The entire package of software is highly advanced and offers incredible charting power for foreign exchange. Real-time data, plenty of custom charts, and hundreds of technical indicators make NT a winner for some. The programmable alerts, customizable watch lists, and automated strategies are brilliantly designed. If you like lots of data, incredible analytical power, and the ability to customize almost every feature of your software, NinjaTrader gets it done. The cons of NT are pretty substantial. It has few users, only about a half-dozen brokers offer it, and it has no app for mobile buying and selling.
MetaTrader 4 (MT4)
Among forex enthusiasts, this is the granddaddy, having been around for more than 15 years, and having built a worldwide following that consists of well more than half of all currency traders. Some call it the best, but remember, best is a relative term in a marketplace where all the top products have different features, drawbacks, and advantages. It's more about what you're looking for than what others say is the best or worst option. It's specifically designed for foreign exchange currency trades.
The software is highly stable, and because MT4 is so prevalent, you can use any broker you want. They all support it. You get multi-chart capability, single click orders, dozens of indicators, nine time periods, the ability to copy trade, the use of Expert Advisors (AI robots), social trading, and much more. MT4 could use more technical indicators. The charting capability is decent, and you can't trade CFDs with MT4, which is a big drawback for the growing community of people who prefer the simplicity of contracts for difference.
MetaTrader 5 (MT5)
The new and improved version of MT4 arrived on the market about three years after the debut of MT4. MT5 is still not nearly as widely used as MT4 (for various reasons) but it is slowly gaining acceptance. The main difference between the two: MT5 allows users to trade CFDs. And, as CFDs continue to gain popularity among new investors all over the world, so does MT5. It's super-fast, even faster than its cousin, MT4, can handle all kinds of CFDs, regardless of the underlying asset, has a huge number of indicators, and lets user place many different kinds of orders. Other pros include hedging, 21 time periods, netting, partial orders, and depth-of-market. There's really only one drawback and that’s the programming language, MQL5. It's totally different from MT4's language, so if you want to make the upgrade, you'll be entering a new world of code.
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