Best Forex Trading Platforms to Enter the Forex Markets in 2023
There are no alternatives to using the right forex trading platforms for successful forex trading. If you already decided to start trading, then you already know the forex market offering as it is a very liquid market. However, besides platforms, you will also need a good broker. But above all, having the best forex trading platform is highly necessary.
Our dedicated research team has extensively researched best online forex trading platform that will return your investments. While researching forex trading platforms, we have considered software types and technical indicators offered by them, whether they are free or paid, and all other relevant information.
After checking all the matrixes, we have made a list of best forex broker and the best forex trading platforms. Let's dive into the details.
5 Best Forex Trading Platforms
There are hundreds of brokers available in the forex market. However, almost all the brokers offer their own platform, while some may offer a third party platform. Moreover, brokers also offer a combination of built-in and third-party forex trading platforms, as some third party platforms are more popular than the built-ins.
Although we have check all types of platforms and come out with the list of 5 best individual platforms.
Meta Trader 4
Meta Trader 4, also known as MT4, is an online forex trading platform that was introduced to give a break to the forex traders and brokers. It was developed by MetaQuotes, a Russian software company in 2005. Although Meta Trader 4 is mostly popular for forex trading, it is also used for CFDs, cryptocurrencies, and indices.
Nowadays, a broker's valuation depends on the availability of Meta Trader 4. So, you may ask why does MT4 is popular as free forex trading platform? It is because the platform is highly customizable for forex trading. Besides, trading automation is one of the best features that make it popular to the traders. Additionally, automated trading in Meta Trader will open or close trades on your behalf as per your parameter setup.
MT4 has different components, which include client terminal, data centre, administrator, mobile trade, and server.
Although Meta Trader is not free, the broker offers the client terminal for their traders for free. So, MetaQuotes provide the brokers' license so that traders don't need to pay extra for the platform. As a result, brokers can attract clients, and traders can get their expected requirements. So using MetaTrader is a win-win situation for both traders and brokers.
A good thing about MT4 is that they provide a specialized proxy server that can work as an intermediary between the client terminal and the server. Moreover, the server can be managed remotely, which can provide ease of use for the traders. It can also send quotes and news to the traders without any separate interface.
Features of MT4
MetaTrader 4 comes with a vast range of features that can easily accelerate your trading opportunity. Let’s see some of its top-notch features which can boost your trading capacity.
MT4 forex platforms offer three trading execution modes which include an instant execution, two markets with four pending execution, and the last one is two stop orders along with a single trailing stop feature.
The instant trading execution option lets you send trading orders from your chat with a click. Besides, the built-in chart in the MT4 online forex trading platform offers the way to accurately choose the entry and exit point. MetaTrader 4’s functionality can lead to multiple trading strategies that can help you to boost your forex trading experience.
The MetaTrader 4 offers numerous technical opportunities for your trading. The best features are that it allow you to see the symbols through the nine different time frames. Eventually, it can let you enjoy the in-depth price dynamic. Besides, it offers different built-in indicators, and the total number of them is 30. For the ultimate comprehensive analysis, you will get access to 24 other graphic objects. Adding up all these tools together helps you to identify the market trends. On top of that gives you the exact entry and exit point on your trading. Most importantly, it is one of those top forex trading platforms that can analyze the overall market movement for you and suggest you the best time for a trader. In one sentence, the MT4 forex trading platform will do and everything for you if you put the parameter correctly. After that, you will just need to click to initiate the trading.
Convenience and Security
When it comes to security Meta Trader, 4 can be your ultimate partner that can provide you highest possible securities while trading. The encrypted data exchange among the client terminals gives you the evident securities. Besides, it also supports the RSA digital signature for extra security. Besides, it can give you the ultimate protection in your trading account and block any kind of cyber-attack.
When you think of the convenience, MT4 forex platforms come with a super user-friendly interface that is easily understandable by novice traders too. Besides, the functions and operations are easy to handle. While trading with the platform, it will take only a few minutes to get you to start with the trading. Additionally, the well-detailed user guide will definitely indicate to you the step-by-step guide one by one. It can lead you to successful trading.
The web trading option provides you the eventual opportunity to kickoff the forex trading right from your browser through a few clicks. However, the latest browser on any operating system will work perfectly. But you will need to ensure a secured and speedy internet connection. The web version of MetaTrader 4 offers the analysis of the currency quotes and eventually executes the trading operation. In addition to that, it provides safe trading features through the encrypted server.
If you are looking for a browser recommendation, we would say that you are open to trying with any recent browser; you will just need to make sure the browser is updated. MetaTrader 4 forex trading platform can work on all the operating systems such as Windows, macOS, Linux. The reliable data with four execution modes take the web platform to another level.
Web trading comes with all the features of desktop trading software. However, you will get to see your trading histories from the inception of your trading career with the platform.
With the innovation of smartphones, we have stepped into the smartphone era, where we do almost everything through smartphones. So, the MT4 platform has focused on mobile trading too. Hence, they have created apps for iOS and Android devices, which allows the registered traders to trade from anywhere in the world anytime. The mobile platform gives you almost all the features of the web trading platform. On top of that, you can analyze and compare numerous currency pairs to continue the trading operation even when you are chilling on the weekends or sunbathing on the beach. Installing a simple mobile app can open up all these opportunities we just mentioned. However, the app is designed to work with iPad or tablets too.
The foremost advantage of MT4 mobile trading is that it gives you control of your trading account and includes all types of execution modes. Besides, you will get a notification on market news, which is really helpful to take any kind of trading decision. Another great feature of the MT4 mobile forex trading platform is that it offers a chatting feature that allows you to chat with other fellow traders.
Although meta trader 4 has other fantastic features too, these are the unique ones that make it different from other forex trading platforms.
Meta Trader 5
It is a successor of Meta Trader 4 forex trading platform, which is also considered the best forex trading platform. It is also widely known as MT5, which came to the operation in 2010. However, MT5 gets its popularity for stocks and futures, which make it a multi trading platform.
According to the MetaQuotes, MT5 is faster than the MT4 and was built to outdated the previous generation's platform. But, MT5 could not take the MT4's place in the case of an online forex trading platform.
Except for the future and stocks trading, all other features of meta trader 5 is the same as the MT4. So, it is advisable to use any of those platforms. However, if you only focus on forex trading, you should stick with the Meta Trader 4 platform.
Features of MT5
Although MetaTrader 5 is one of the top forex platforms that came after the MT4, it offers almost the same features with some extra benefits. Following are the extra benefits you will get from MetaTrader 5.
Flexible Trading Feature
MT5 trading system is powerful than its successor, which gives you in-depth market analysis with a separate account for different trades and orders. Besides, it offers both hedging options and traditional netting features. On top of that, it offers you the opportunity to meet the numerous trading objectives with multiple order execution such as market, request, instant, and exchange. MT5 platform support numerous trade orders, which obviously includes pending, market, stop and trailing stop. With all this diversity in the platform, traders can implement their intended trading strategy according to their ways.
Technical Analysis in Professional way
The MetaTrader 5 runs through the all-in-one concept and offers multiple impressive analytical tools. Besides, it allows the trader to open up to 100 currency charts and stock the different quotes simultaneously. Besides, the 21 timeframes give you the option to have a comprehensive, in-depth analysis of the major price movements as well as the minor. On top of that, the 80 technical indicators with numerous to for analysis offer flexible trading opportunities.
Furthermore, you can also customize the indicators according to your needs instead of relying on the built-in indicators. MetaTrader has its very own indicator market through which you can buy your customized indicator, while plenty of free indicators will also be available. Moreover, you can hire a programmer or freelancer to make an indicator for you from scratch. So, these features ultimately enhance your trading capability and eventually increase your profitability.
This tool basically forecasts the price of different financial instruments so that you can take your trading decision. The main goal of the fundamental analysis too is to monitor the different open-source industrial and economic indicators. You will get to use the original fundamental data from the MetaTrader 5 itself.
Besides, the news and updates from multiple international news sources get you the necessary financial information. The MT5 also offers an economic calendar that can get you the main macroeconomic events or indicators of multiple countries around the world. It ultimately helps the trader to create or alter their trading strategies based on the news and signals.
Copy Trading with the Trading signals
No trader becomes an expert overnight, and sometimes the expert traders don’t have time for manual trading. Hence, an MT4 forex trading platform introduced the copy trading features, which basically let a trader copy other pro trader’s strategy. A trader can subscribe to a pro trader and mimic their trading whenever they place an order. Most importantly you the system can do for you automatically.
On the other hand, you can have access to the trading signals given by the MT5. This will allow you to know the forecast of a specific currency. So, you may know what is coming towards the marker and alter your strategy accordingly.
Algorithmic trading is an impressive feature for MT5 forex platforms, which comply with the trading automation while using the specialized application name trading robots. The robots usually operate without any kind of attachment of the user. Besides, the robots can work themselves via the underlying algorithm. So, if you contain any successful trading strategy that you have been using for months or years, you can robotize that and do the automation.
MetaTrader 5 uses MQL 5 programming languages which you can use to customize the trading algorithm.
Before cTrader hits the market, there was not any customizable platform for ECN brokers. So, it brings a solution for the ECN brokers, though it is not available to some selected brokers. Although cTrader tried to add all the features like Meta Traders, they were more into broker oriented. As a result, it is one of the best forex platforms for brokers.
It offers a user-friendly platform for brokers and traders, proxy connection, and shows the trading sessions. However, it doesn't have vast auto-trading capabilities, and it is friendly for advanced traders. Some of the best cTrader features are:
cTrader offers a premium manual trading and charting feature. However, it is one of the top multi-asset platforms that offer rich and advanced charting tools. Besides, the lucrative interface makes it easier for everyone to understand, which is available for different devices and operating systems.
The company claimed it as a revolutionary feature. With the cTrader platform, anyone can offer their trading strategy to other traders. As a result, anyone can grab the strategy and implement it in their trading. However, the copy trading feature can be paid or free, depending on the strategist’s offer. However, the copier will have to take their own risk.
It is an intuitive solution that provides the opportunity to the traders to develop algorithmic trading to automate their very own trading strategies.
The cTrader is one of the top forex platforms that offer open API to traders to build their own applications for free. The applications can enhance your trading capacity. However, this feature is mostly used by the brokers, who create an application with the cTrader’s integration. Eventually, it is an extra benefit for the traders as well as the brokers.
It is mainly for the retail traders who want to customize and built their own applications to integrate with their forex platforms. So, your trading automation gets easier with the fix API feature. However, the Fix API is free to use for all registered users.
It came to the operation not so long ago. ActTrader is a US-based company that allows private companies to offers forex trading services. In the past, only large organizations and banks could do forex trading in the USA. So, ActTrader opened the door for small and medium organizations through their platform.
However, It covers all the features as the best forex platform such as one-click trading, easy navigation, technical indicators, web trading, mobile trading, and much more.
The poupuler ActTrader desktop platform permits traders to execute complex strategies with ease, trade just one position into multiple account, set trailing stop loss, different order types and perform portfolio evaluation to boost their trading expertise.
Trade conveniently using thier HTML5 program embedded with the DNA of Act Web Trader. They ensure high reliability and safety with data encryption techniques. ActLite is equally feature-packed as the desktop variant including easy trade options like One-Click Trading.
NinjaTrader came into the forex trading market as a platform provider. They are an independent platform that offers to the brokerage firms and traders. Besides, it is free to use for the traders for charting, live trading, and market analysis.
Although it offers almost all the features like MetaQuotes, it supplies thousands of add-ons and apps from a third-party developer. Additionally, NinjaTrader provides practice trading opportunities for potential traders. So, it can be said that those features undoubtedly pronounce it as one of the top best forex platforms.
The NinjaTrader platform contains clean, completely customizable graphs. It's easy to change colours (like desktop, crosshair, gridlines, text, etc.), fonts, and pub spacing/width in addition to the general design of your graph windows. It is simple to insert specialized indicators, approaches, and drawing tools, that are customizable inside the graph.
The system supports a excellent choice of bar kinds, such as time-based, tick, quantity, variety, Heiken Ashi, Kagi, Renko, and Point and Figure bars and a fantastic assortment of graph styles, like candlesticks, OHLC (with variations ), Kagi Line, along with Mountain.
Forex trading platforms are the prerequisites to the trader as a beginner or even an expert. However, finding the best platform is not an easy task as you have to consider so many things. Out of hundreds of them, only a few deserve to be called the best. And we have listed the five best forex platforms, and you can select any of those blindfolded.
Although we have mentioned five, we will highly recommend Meta Trader 4 as it offers a tremendous opportunity for forex trading. But, again it is up to you as we have picked the best ones from hundreds of options.
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