Forex Trading Platforms provide their services to traders through financial instruments called trading platforms. These platforms are the main interface that the trader deals with, through which he opens and closes deals, and through which he uses various trading orders represented by stop loss and take profit. Not only that, global trading platforms provide a lot of advantages to traders, which in turn contribute to creating a viable and efficient trading environment.
Since these platforms are of great importance to traders, we find that forex companies compete with each other and use the latest Fintech technologies in order to develop the best of these platforms. These companies are also working on introducing the necessary modifications and improvements to the trading platforms from time to time, to suit the needs and desires of traders.
Most Famous and Best Forex Trading Platforms
1. MetaTrader 4 platform
The MT4 trading platform is the most popular and widespread in the forex market, and it is widely used by traders all over the world. This is because it has strongly contributed to simplifying the trading process, and it also provides a lot of financial tools that can help in analyzing the market and anticipating price trends in a way that leads to making meaningful trading decisions.
Advantages of the MetaTrader 4 platform
- It is completely free as the trader does not pay any money to install and use it.
- Almost free of technical problems. As the various trading orders are executed smoothly and easily at any time.
- It provides traders with a set of the most important and popular technical indicators and various trading advisors that help in analyzing the market and price trends.
- Simple and easy-to-use interface suitable for all types of traders, including beginners.
- A set of dynamic charts that contribute to providing an adequate view of what is happening in the markets.
- It includes a wide range of different trading orders including pending orders, stop loss and take profit orders.
- One-click trading feature.
- It has 9 different time frames ranging from 1 minute to 1 month.
- This platform is available as an application for computers and various operating systems, and at the same time as an application for smartphones and tablets running Android and IOS.
- The MT4 trading platform is available through the web, which can be used through (the platform’s website) without the need to download a desktop or mobile application.
- It provides an automated trading service and allows traders to use their own technical indicators and trading advisors.
- It provides a forex news service, which provides traders with the results of the most important economic indicators that are likely to have an impact on price movements.
Through this page, the MT4 trading platform is downloaded for computers, smartphones, tablets, and various operating systems.
2. MetaTrader 5 platform
MetaTrader 5 is an upgraded version of MetaTrader 4. This platform has all the advantages of MT4 but is a bit faster, and includes a number of add-ons that are mostly designed for expert traders.
Advantages of the MetaTrader 5 platform
- The MT5 platform includes all the previous features of the MT4 platform.
- It is faster compared to MetaTrader 4.
- It contains more technical indicators.
- It contains 21 different timeframes compared to the 11 provided by the MetaTrader 4 platform.
- It provides 6 different types of trading orders, such as (Buy Stop Limit, Sell Stop Limit) which are not available in MT4.
- It provides traders with “Market Depth” service which gives traders insight into the supply and demand quantities in the markets, which helps traders in anticipating price movements and trends.
- It offers more automated trading options, whereby experts can develop technical indicators andyour own trading strategies.
One of the major drawbacks of the two trading platforms (MT4 and MT5) from the point of view of many traders and experts is that they do not provide the social trading service that other types of platforms provide. From the point of view of many, this service is important as it enables beginners to copy the trades of experts and make part of the profits, and it can also be an educational tool at the same time. Social trading platforms allow expert traders to showcase your strategies and sell them to other traders for a fee Through this page, MT5 trading platform downloaded for computers, smartphones, tablets, and various operating systems.
3. cTrader trading platform
cTrader is one of the modern platforms in the forex market. However, with a set of advantages, it has managed to achieve a good reputation and to be competitive with popular trading platforms such as MT4 and MT5. Currently, many forex companies offer their clients the possibility to trade using the cTrader platform.
cTrader platform advantages
- Simple and easy-to-use interface for all traders, including beginners.
- It contains a set of charts, trading indicators and different time frames. Which helps to take a detailed look at what is happening in the markets. It also helps in analyzing and forecasting price movements.
- This platform provides market depth service, which is one of its most important advantages. This service gives traders an idea of the supply and demand quantities at certain prices, which helps them anticipate price movements and execute successful trades.
- It allows the creation of various trading algorithms through the cAlgo tool, which allows traders to program your expert advisors and implement them on the system automatically.
- This platform is available as an application for computers and various operating systems, as well as as an application for tablets and smartphones running Android and IOS systems, and this platform is also available through the web without the need to download a desktop application.
- It provides one-click trading, and also provides a set of different trading orders that include pending orders, stop-loss and take-profit orders.
How cTrader differs from MT4 and MT5
It is true that the cTrader trading platform was able to make a name for itself in the world of trading, but it was not able to outperform the MetaTrader platform, which is still to this day the most popular and widely spread among traders in the financial markets.
The most important differences are explained below:
- The MetaTrader 4 and MetaTrader 5 platforms offer the Economic Calendar service, while this service is not available in the cTrader platform.
- The wide spread of the MetaTrader platform helps traders to find the largest number of technical indicators and trading advisors that are designed to work on these platforms, and the trader can get the necessary support quickly and easily compared to the less popular and less used cTrader platform.
- There are some restrictions on the use of technical indicators and trading advisors that come from external sources, while there are no such restrictions in the MetaTrader 4 and 5 platforms.
In the forex market there are a lot of trading platforms, some companies even design their own. But the previous three types are the most widely used and widely used, as they are considered reliable trading platforms in terms of the high capabilities that they provide to traders.
On the other hand, there are a group of lesser-known trading platforms such as the Ninja Trader platform that provides a set of automated trading strategies and a set of advanced financial tools, but this platform is not available to traders for free. Another popular trading platform is the eSignal platform, which is suitable for more experienced traders who want to customize the entire trading platform.
Best Social Trading Platforms
Recently, the social trading service and platforms have spread widely among traders, which is considered by many to be an important advantage, as it provides novice traders with the possibility to copy the deals of the top traders and learn from them.
These platforms also allow trading experts to provide services for a fee. Such as the service of selling signals and service of account management, in addition to the service of selling advisors and their trading strategies. The social trading service is provided by a number of companies through platforms designed for this purpose, but the most famous companies that provide social trading service through professional platforms designed for this purpose are:
1. eToro Social Trading Platform
eToro is a multi-asset social trading and brokerage platform. It provides you the ability to view other users’ trading to follow their account activities such as seeing the amount of earned profits and various statistics to copy and repeat as your own trade.
2. Zulu Trade Social Trading Platform
Through the Zulu Trade platform, trading signals can be obtained from professional traders called “Signal Providers”. After choosing the trading strategy or the traders from which signals will be obtained, the platform implements that strategy with the possibility of controlling the deal and closing it at any time.
The best way to get to know the platform is to open a free demo account without risk to test the platform settings. The demo account includes the same functionality as the paid accounts.
3. CMS Trader Social Trading Platform
CMS Trader is a company that specializes in trading forex, commodities, precious metals, and stocks and is considered one of the best and trusted forex brokers in the world.
Those wishing to invest in the financial markets can choose more than one trading company to open accounts with, for example, a trader who wants to obtain a bonus, and trade using the MetaTrader 4 or MetaTrader 5 platform can open a trading account in one of the companies that provide these services. And if the trader wants to benefit from social trading services, he can open another trading account with one of the companies that provide this service.
In the end, the trader’s goal is to achieve the greatest benefit, and in light of the wide options available, the trader must research well and choose the trading company closest to his goals, and trade using a reliable global trading platform that actually helps him in providing a trading environment that allows him to take advantage of all the capabilities that it provides to make Successful trading decisions.