The effectiveness of trading operations largely depends on the platform for trading. The investor must understand what features of the terminal it is worth paying attention to and how to choose the optimal software development. Thanks to special knowledge, a beginner will be able to competently start on the international market and protect himself from numerous mistakes. To trade in the Forex market, special tools are used – trading platforms or terminals. What is it, how to use them, features, description and differences of trading terminals, we will consider in this article.
Trading platform – a program that allows you to conclude transactions in the foreign exchange market. With its help, brokers provide the trader with real-time information about what is happening on Forex. In the Forex trading platform, charts are analyzed, technical analysis of the market situation is carried out, transactions are opened and closed.
Trading platforms can be classified in different ways:
- Universal trading terminals, thanks to which Forex trading can be carried out by traders using MetaTrader programs (MT4, MT5). Trading platforms developed by brokers and used only when trading with a particular company (WebTrader from Forex, Trader Workstation from Interactive Brokers or L2 Dealer from IG Markets);
- Trading programs that must be installed on a computer or laptop (MetaTrader 4, MetaTrader 5, ActTrader, cTrader);
- Mobile applications for installation on a smartphone (Mobile Terminal for Android and iOS);
- Paid or free terminals.
For high-quality and convenient trading on the Forex market, the analyzed trading programs should correctly reflect the quotes of foreign currency assets, charts in various forms, contain the tools of the trader for technical analysis, timely execute commands regarding transactions.
THE MOST POPULAR PLATFORMS ARE:
Metatrader 4 at this stage is the most popular forex trading platform in the world. Developed by Metaquotes Software, it started in 2005 and quickly became a favorite program for traders, thanks to its user-friendly interface, a variety of technical indicators and the ability to automatically trade. MT4 client terminal is free to download. All you need to do to try to trade on the platform is to open a free demo account with Metatrader Forex broker.
Metatrader 5 is the successor to MT4, released in 2010. However, 5 years after the release of MT4, fans of the older platform created a real ecosystem from expert advisors, their own indicators, solutions for Forex signals, etc. Unfortunately, MT5 does not work with expert advisers and indicators, with the code for Metatrader 4. That is why traders have no motivation to leave the old MT4 platform. For a long time, many brokers only offered demo accounts for MT5, but today there are a large number of brokers who offer to use the platform on a real account.
WebTrader is a terminal for online trading in an Internet browser. WebTrader is developed on the basis of MetaTrader 4, and can work separately from MT4 as an independent trading system. User-friendly interface and modern design make organizing the trading process as simple as possible. WebTrader is compatible with all operating systems. You can trade anywhere in the world by simply opening the program in a browser on your computer.
ActTrader is a full-fledged trading platform for Forex trading, which has removable windows and a workspace that traders can design to their liking. Unlike MT4 and MT5, ActTrader has one-click trading functionality that allows traders to open and manage positions very quickly.
In 2011, ActForex released FXApps, an analogue of the MQL4 CodeBase. FxApps is the app store for the ActTrader platform.
For those who have no programming knowledge, ActForex has prepared ActVat, a visual strategy editor based on the ActTrader platform, which allows you to automate your strategies and does not require writing any code.
cTrader is a trading platform that is gaining popularity around the world. cTrader is a true ECN platform developed by Spotware, which uses STP and NDD technologies, which guarantees the broker’s non-interference in the trading process and provides instant execution of orders without delays and “slipping” prices.
Some analysts even say that cTrader may soon bypass the Metaquotes MetaTrader platform in popularity and prevalence. The interest in cTrader is quite explainable, since the platform is designed both to meet the needs of brokers and retail traders. It has significant opportunities to support automated trading (algorithmic trading). cAlgo allows traders to create programs for autonomous work in the financial markets, which completely exclude human participation from bidding.
Sirix is a trading platform from Leverate, a software developer for forex brokers. The platform is available in three versions: for web, mobile devices and tablets. Every day, hundreds of thousands of traders in 30 different languages use the Sirix platform. The platform integrates perfectly with the MetaTrader4 trading platform, with the broker’s website, CRM and other supporting programs.
All 3 types of platforms are perfectly tuned, synchronized with each other due to the minimum delay period. To enter any of the platforms, the same username and password are used.
Ninja Trader is one of the most famous Forex trading programs today, with stocks and futures. The platform is multifunctional, it is used for technical analysis, trading, creating and testing your own strategies. Using a wide range of tools, visualization of market dynamics is flexibly customizable. The Ninja Trader interface is very convenient, and the incredible speed and stability is ensured by a direct connection to the quotes providers that you can choose.
QUIK differs from its analogues in its high data processing speed. It provides access to key market areas, provides the businessman with convenient charts and the ability to apply up to 40 indicators. The user interface is configured at the request of the site participant, you can perform automatic trading.
Key features of the terminal:
- Providing access to stock and derivatives markets. The list of exchanges and securities depends on the broker providing this platform. The list of brokers who use the trading terminal can be found on the official website of the program;
- Real-time receipt of information on the course of exchange trading;
- Ability to submit various types of applications for transactions;
- The ability to automatically trade;
- Reliable protection;
- Providing relevant news from news agencies.
Mirror Trader is a trading platform that provides unique tools for trading: real-time signals, charts, indicators, oscillators and various helpers for studying the chart. Mirror Trader provides access to a database of global trading strategies. Using Mirror Trader, it is possible to open positions manually, follow and duplicate selected signals, or use automatic trading according to the chosen strategy.
Key features of the terminal:
- The ability to use the knowledge and experience of professional traders;
- Emotion control and protection against intuitive trading;
- No need to install the platform on a computer. It is possible to access the platform wherever there is an Internet connection;
- All trading signals are automatically copied to the account 24 hours a day, while the computer can be turned off;
- There is an opportunity to choose the strategies of the most successful traders and change them at any time.
Thinkorswim is an innovative trading platform with enhanced functionality. Reuters news flow, access to trading volumes, community traders, stock market financial instrument scanner, financial television, trading emulator, advanced charts, trading strategies, volatility analysis – all these functions provide extensive opportunities for successful trading.
Thinkorswim not only provides access to quotes, charts, options, scanners, but it does it absolutely free! Now you can study sectors, study options pricing, trade all listed stocks on NYSE, NASDAQ and AMEX.
ZuluTrade is a free service for automatically copying trader’s transactions. The service is used by more than 500 thousand traders and 150 thousand investors around the world. With Zulutrade Forex trading is fully automated! The beauty of such transaction copying systems is that the investor takes all the profits, unlike PAMM accounts, where a significant share is transferred to the manager. The Zulutrade portfolio can be made part of the overall investment portfolio.
In fact, this company simply delivers the signals of successful traders through its platform, and you can be serviced by any broker. At the same time, transactions are carried out even when the computer is turned off. The platform has risk management settings.
xStation is a new modern trading terminal that combines the basic wishes, tools, tactics of traders from all over the world. In the current time mode, the platform allows you to conduct operations with currencies, indices, stocks and exchange-traded funds, options.
One of the significant advantages of the platform is the ability to conduct transactions on the currency, stock and commodity markets independently or by copying the strategies of other traders. The trading platform was developed by x Open Hub, a well-known trade company, licensed by the reliable English FCA regulator.
Trading Platform Features
When choosing the best platform for trading, it is recommended to consider the following characteristics:
- Ease of use plays an important role, because trading in itself is a difficult process, and do not complicate it with computer systems. Development should be intuitive and comfortable. Pay attention to the location of the buttons and how easy it is to remember them;
- Thoughtful functionality allows you to increase the effectiveness of trading operations and quickly achieve the desired result. The more useful features present on the platform, the wider the player’s capabilities. Choose systems in the arsenal of which you can find the necessary additions. It is better to avoid software development with an excess of functionality that a trader will never use;
- The number of available exchanges plays a role for those who plan to use diverse tools and strategies. Do not prematurely limit yourself in choosing sites. Perhaps, over time, the individual will want to leave the familiar exchange and begin speculation in another market;
- The speed of software development and its performance directly affects the performance of the auction. If the system constantly crashes, then the investor will not be able to conduct profitable transactions on the sale of assets. This will be a serious obstacle to enrichment and reduce the bottom line;
- Security and confidentiality should be embedded in the brokerage trading system. Trading is considered quite a risky activity and the businessman should not increase the level of danger due to work on a suspicious platform;
- Mobility implies the ability to install the system on any device. This parameter is considered very important, because sometimes a trader has to work with various OS and gadgets. If the development will not be downloaded to the device, the investor will lose the opportunity to continue trading activities.
A free trading platform can be obtained on the website of your brokerage company. On the same web resource, you should read all available information about software development or ask a consultant relevant questions. Start downloading only after you are convinced of the high quality of the proposed system.