Beginner’s Guide - Best Forex Trading Platform

To be good at Forex trading you must be aware of two things first what are the points that you must consider when choosing a Forex trading platform and second what are the Best Forex Trading Platforms available. Whenever you are looking for an amazing Forex Trading platform you must consider the below-stated point to make a wise choice:

Regulation: A Properly regulated Forex broker is really crucial for avoiding scams. A regulatory framework will save you from any unsavoury action concerning your Forex trading from your Forex broker. Even, in any case, something happens then you can turn to legal action to settle out the problem.

 Trading platform: You must be aware of what you want whether it is a trading platform, a mobile-based platform, or a web-based platform which you are easily able to use on any device that can utilize the internet connection. Since several trading platforms provide certain services following your preference hence you need to be very clear about what you want.

Minimum deposit: If you are new to Forex trading then investing your money into Forex trade can be risky hence it is always advisable to start from a small set of money. therefore always look for Forex brokers that offer trading options at a cheaper end.

Commission and Spreads: It is no surprise that you need to pay for the broker’s services. it is also a fact that one Forex broker may charge you comparatively less than the other so before taking any decision you must always compare online brokers' fees.

Now we are going to discuss some of the Best Forex Trading Platforms that can prove to be a great option for anyone who is into Forex trade.

Metatrader 4: Which is one of the most liked retail platforms for currency trading and has a huge trusted customer base for itself. The platform was created by MetaQuotes is a trading platform in the year 2005. Since then it has over 85% from Forex brokers around the world. Studies by Finance magnates intelligence say that about 55% of retail Forex traders preferred using MetaTrader 4 in the year 2018. Some of the reasons why this platform became quickly popular are that it in this whenever a trader becomes familiar with the platform he can quickly Switch between top Forex brokers and it is one of the most stable operating trading software which has been in the business for about 15 years and thus has become a trusted platform for many. It also has the one-click trading feature, about 50 plus indicators, a Speciality of pending and limit orders, nine timeframes, and also multi charting. 

Metatrader 5: Only after the release of MT4 the genius team of MetaQuotes developed in another trading platform known as MetaTrader 5 or MT5. One of the premier reasons for the release of a brand new platform was actually to allow the share of CFD trading. CFD trading is a derivative product that allows the traders to speculate on short-term price movement. With time as the popularity of CFD trading grew and more and more brokers started offering MT5 is because of which studies by Forex magnates MetaQuotes study states about 11.5 % of the MetaTrader users were using MT5 in the year 2020. 

cTrader: The platform was created by Spotware and is known to be the third most popular software which offers a wide number of retail foreign exchange brokers for customers. There are no statistics that have been published yet there is no doubt that this software is quite popular among the Forex traders and has managed to find its place in three of the most popular platforms. One of the highlighting advantages of using cTrader is that it has a superior analytical and graphic object of 65 and level 2 pricing which is quite impressive. 

MarketsX: This particular Forex trading platform was introduced in the market of software related to Forex trading by markets.com. It is a proprietary multi-asset trading platform and can be set to a one-stop solution for all the trading needs one has concerning the Forex trading environment. MarketsX is one such platform that is part of a FTSE 250 company that has been listed on the London Stock Exchange (LSE). One of the purposes of using MarketsX is that it has a wide variety of absolutely ingenious trading tools which includes a collection of tools regarding technical, fundamental, and sentiment analysis but it has limited accessibility.

NinjaTrader: It is an advanced forex trading platform software package that was developed in the year 2004. The majority of this platform’s users belong to North America and this forex trading platform is registered with National Futures Association (NFA). Some of the perks of this platform include customizable charts and real-time bid/ask simultaneous data, One of the tools named Market Analyzer is basically for scanning the changes in forex markets along with the capability to construct watch lists and indicator values.

ProRealTime: The last in our list of Best Forex Trading Platform was founded in the year 2001 and was developed by an IT-Finance in France. Its significant strength is the functionality known as technical analysis. In this, you will find customizable currency market scanners in addition to advanced charting facilities. Some of the advantages of using this platform include access to 100+ indicators along with filtering options of strike price in addition to expiration dates.