Choosing a trading platform for the Forex market is better to do on your own, without relying on a few advertising reviews. To do this, you need to make a list of characteristics and capabilities that platform developers offer, and then choose which ones are your priority and build your internal platform rating.
A platform for trading on the Forex market, or a trading terminal, is nothing but software that allows you to interactively attend the international currency market and make various transactions on it.
What are the main differences between trading platforms? In principle, almost all existing platforms for the Forex market are convenient in their own way but there are objective parameters that you should not forget about when choosing a platform:
Program speed and performance.
Some programs have low speed and performance, which affects both the delay in the graphical display of quotes and the timeliness of transactions - day traders lose their temper when the program slows down, although those who do not conduct intraday trading may not attach any importance to this.
Functionality
What is hidden under this parameter? The number of analytical tools, including technical indicators charts and the number of timeframes (time intervals) for them. There are also the number of simultaneous opening of quotation windows, the ability to write your own indicator and automated trading, the availability of programs for automatic trading (expert robots or advisers), modes and types of orders for transactions, fundamental analysis and economic calendar services, coverage of financial markets and trading floors, the number of available financial instruments.
The convenience of the interface
Intuitive interface, the ability to customize it, color scheme are important factors affecting the comfort of trading in the Forex market. In addition, the first impression of users depends on the design.
Security
The security of transactions and confidentiality, of course, are embedded in the platform, and these factors also depend on the brokerage company that you choose.
Mobility
Here, mobility means not only the ability to install the program on mobile devices, which is very important in the modern world but also the compatibility of the program with various operating systems.
Of course, the high functionality of the Forex trading platform is an important thing, but sometimes you can find programs with less functionality, but more adapted to specific trading conditions. For example, there is the popular MetaTrader program (MT4 and MT5), as well as many of its modifications from various companies, optimized for certain conditions of currency trading.
So, today there are many Forex trading terminals on the market from various companies, and they differ in functionality and ease of use, but often excessive functionality only confuses the novice trader, and convenience becomes a subjective thing. Therefore, here we can advise you to try various programs yourself, in order to understand which one is right for you. We recommend the most proven MetaTrader platform.
MetaTrader4 (MT4)
MetaQuotes Software Corp. developed this software for Forex trading in 2005. It replaced MetaTrader 3 and has a number of innovations and services compared to the previous version: the client terminal is the most functional and popular among brokerage companies, it created an environment for developing its own trading strategies for auto-trading, and the platform itself has a modern architecture.
This platform remains very productive and most popular today. MetaTrader 4 has a perfect security system, mobile and automatic trading, tremendous analytical functionality, the flexibility of settings and the ability to programming.
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