Best Forex Trading Platforms to Enter the Forex Markets in 2020
For a successful forex trading, there are no alternatives to using the right forex trading platforms. 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 to have a good broker too. But above all, having the best forex trading platform is highly necessary.
Our dedicated research team has done extensive research to find out an 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? It is because of the fact that 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.
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.
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.
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.
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.
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 of them are deserved 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.