Introduction
In the current forex market, there are several trading platforms majorly used by various traders. These forex trading platforms are electronically performed online, and a challenge arises in choosing the best among them more especially due to high competition in software.
We have compiled a list of the best trading platform available in the market today, and also what makes them being considered the best trading platform.
- Meta Trader 4(MT4)
MT4 is a forex trading platform which is primarily used in analyzing financial markets assisted by expert advisors. A lot of traders prefer MT4 to trade because it provides excellent trading opportunities to nearly all traders of various skill levels.
MetaTrader 4 platform is designed for two primary reasons. The first one is Forex Trading and futures trading. With that, traders can efficiently analyze financial markets with the platform, perform trading operations, run trading robots, and also copy deals for different traders.
Millions of traders like MetaTrader 4 because of its convenience and flexibility. Another reason why the platform has become an incredible household name today is that MT4 offers signals for most online traders or investors.
The platform comes handy for traders because it can be used to facilitate and analyze the online transactions in the Forex Market. As a result, you can access additional trading tools among them live market prices and live news feed and hence know the best time to trade.
How does MetaTrader 4 operate?
As a trader with interest in using the MT4 platform, you first have to download it in your internet accessing device, computer, smart device or tablet. The platform itself has plenty of fantastic features which enable traders to follow the markets trends such as price fluctuation.
You can also open your price charts as a trader to analyze the charts and locate the trade setups. However, in case you are new in the forex market, you can get assistance in operating the platform with the help of special programs called Expert Advisors which automatically does the analysis job on your behalf. MT4 can run multiple commands and decrease the overload to your operating system.
What are the benefits of using the MT4 platform?
Security
Anyone who engages in online transactions is often exposed to scams and hacks. But by trading on MetaTrader 4, your safety is guaranteed since the platform meets the highest security standards by encrypting data between the trader and the server.
Flexibility
The most critical aspect of the MT4 platform is the worldwide connectivity and broader reach. With this, a lot of people prefer the platform to conduct forex trade. And as a result, you can meet traders easily form the vast international community hence improve your flexibility in forex trade.
User-friendly
MetaTrader 4 platform has an eye-appealing and extremely user-friendly interface. That allows both experienced and inexperienced traders to trade with minimal hitches. One fantastic aspect is that you can access the platform at any location with the help of a smart device.
Customization
MetaTrader 4 platform supports full customization features which include the ability to develop your robots and technical indicators.
- Meta Trader 5 (MT5)
MetaTrader 5 is a multifunctional trading platform which allows traders to enjoy the freedom of trade from different locations and at any time of the day. By far, MetaTrader 5 remains the best choice for traders because a trader can access essential services in one place. Among the services includes access to trading robots, Copy Trading and the Virtual Hosting service (Forex VPS).
How MT5 functions
The platform has millions of users around the world who are attracted because of some far-reaching advantages including some technical analysis tools such as the trading robots. Moreover, the MT5 gives the trader an opportunity to trade signals and copy deals of successful traders.
You can as well discuss trading strategies and analyze multiple financial instruments, not forgetting performing trading operations. MT5 is also very flexible and offers maximum data protection since all transmitted data are securely encoded.
Benefits of using the MT5 platform
An organized presentation of data
The MT5 platform provides traders with technical analysis which is much accurate. As a result, traders can examine the forex market in details and know the best time to trade securities.
Accessible
By the help of smart devices such as mobile devices, MetaTrader 5 enhances access to the global market. Mobile version of MetaTrader 5 can be installed in the traders’ smartphone which enables them to trade easily without the need of accessing computer devices. Traders who operate iOS and Android OS can install MT5 platform.
Easy to navigate interface
MT5 is designed to execute an efficient trade for instance, in foreign exchange. That makes it possible to access crucial charts and trends in real time.
MT4 and MT5 Forex Trading platform
As a Forex trader, you can decide to either use MT4 or MT5, which are by far the most popular platforms. So which is better? Well, it depends on the one whose preference suits you.
But a noticeable difference between the platforms is that MT4 has basic forex trading options as opposed to MT5 which has flashy new features and an advanced menu of options.
MetaQuotes Software developed MT4 and released it in 2005. On the other hand, MT5 was released in 2010 and is generally a modified version of MT4.
Differences between the two platforms are discussed below: –
- As opposed to MT4, MT5 has a variety of charts and timeframes. Furthermore, MT5 has an unlimited number of charts, and one can open multiple charts at a time.
- With MT5, one can get fundamental analysis among them news events, schedules, expected impacts, and forecasts. Unfortunately, that feature is absent in MT4.
- MT5 has multiple indicators & analytical object tools as opposed to MT4.
- When we come to the choice of brokers, MT4 has many brokers compared to MT5. Moreover, a lot of brokers offer critical services on MT4 only.
Conclusion
Although both platforms have outstanding advantages and disadvantages, MT4 remains the most popular in the forex trading.