Forex trading platform, or an online trading platform, is an online system that provides access to a market for buying and selling currencies. There are different types of forex trading platforms. 

Depending on the programming language, you will see MetaTrader 4, MetaTrader 5, and cTrader.

You can get a dealing desk and a non-dealing desk platform depending on trading models.

Straight Through Processing (STP) Trading Platform runs on an internet browser and offers real-time, direct access to the market for both advanced and beginner traders. STP trading is available day, night, and 24 hours a day. 

The electronic Communications Network (ECN) Platform is similar to an exchange trading system or over-the-counter market; it electronically matches buy and sell orders between traders.

As the same company, MetaQuotes, develops both platforms, there are many similarities. However, MT4 is more widely adopted than MT5 as it is easy to use with numerous tools. The MT5 software also offers a wide range of tools, including pre-set triggers, alarms, and newsfeeds that traders can use in order to set up automated trading systems and make trades at algorithmic speeds.

But overall, MT4 is best for forex trading, and MT5 is best for commodity trading.

MT4 is very popular because it is easy to use, supports all major currencies, and allows traders to take advantage of ECN execution with a low spread. However, MT5 is the next big thing in trading platforms; it provides more sophisticated tools than MT4 and could soon take market share from MT4.

You can use MetaTrader 4 independently. You must sign up with an associated broker to use MetaTrader 4. But you don’t need to pay extra money to use MT4 with your broker as the broker buys the license from the company for their clients. However, brokers cover MT4 fees by generating revenues from the traders.

Although MT5 provides its license to verified brokers, scammers can also trick people using MT5’s name. Fake brokers use MT5’s logo to attract traders and deposit money.