Best Online Trading Platforms For Beginners
Trading platform is electronic software, which connects the trader with the broker, and trading software is also required in order to trade currencies in the foreign exchange market. A forex trading platform is also known as the Currency Trading Platform; it is a type of software, which helps traders to analyze the Fx market, identify low risk opportunities, and for trade execution.
Trading software provides a huge variety of benefits such as providing live forex quotes, generating live charts, accessing live charts instantly for all time frames, placing and executing a variety of pending and market orders, executing expert adviser i.e. an automated script, which trades automatically, as according to pre-defined set of rules, back testing and a lot more as it differentiates from one forex trading software to another.
There are many software available in the market. Many forex brokers provide the standard platform and some also provide their own unique customized trading software. Mostly all standard forex trading software’s are available in various options, which can be installed in every type of operating system i.e. whether it is windows, mac, or a linux, and in mobiles also, whether it is ios, android, or windows.
Forex broker’s provides a demo of their platform via practice account because the trader should feel comfortable and can confidently apply for a live account.
We can have a risk free trial subscription if we opt to use the trading software’s, which are provided other than the brokers.
MetaTrader 4 – MT4
The most popular currency trading software in the world today is MetaTrader 4. It is one of the most innovative and powerful automated currency trading platforms. The good news is; MT4 is free, and more than 90% of all forex brokers provide MetaTrader 4 as a trading platform. Every trader enjoys trading with MetaTrader 4 as it is very user friendly as well as it has a lot of features with the best auto trading capabilities, where MetaTrader can observe the market for you every second, and automatically handle all your trades.
MetaTrader 5 – MT5
Yup, that’s correct; MetaTrader 5 is the successor of MetaTrader 4. MT5 was released in 2010. Due to the beta testing, MT5 was being used for demo trading, but slowly as of now, forex brokers have started offering MT5 instead of MT4, but still the preferred choice of the majority of traders is still the old gold MT4 platform.
Currenex trading platform is an ECN platform, Offering Executable Streaming Prices (ESP™), Request For Streams (RFS), Benchmark Trading, Algorithmic Trading, and complete Prime Brokerage functionality with fully integrated Straight Through Processing (STP), Currenex connects more than 70 global banks to a superior electronic trading network, making Currenex one of the deepest liquidity pools in foreign exchange market. Mostly all high volume traders having more than $20,000 as a trading capital use currenex platform.
ActTrader is an user friendly trading platform. It offers one-click execution, trading from charts, automated trading and customizing workspace by using tabs and detachable windows. Traders can hedge their positions via ActTrader. ActCharts is comprised of important real-time charts as well as analytics fully integrated into the platform. The trader can also place trade orders from the charts.
Other than the above specified; there are many other forex trading software’s available in the marketplace such as following
• Ninja Trader
• Multi Charts
• Apex Trader
• Forex Trader Pro
• and lots more
Some brokers have their own unique customized trading software’s such as following
• fxTrade by Oanda
• SaxoTrader by Saxo Bank
• JForex by Dukascopy
• VT Trader by CMS Forex
• DealBook 360 by GFT Forex
• and lots more
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