When a trader decides to work in the foreign exchange market, it is better to use a reliable Forex trading platform, because it is the main assistant and means to become successful. It is better to make choice by oneself, not just relying on several positive reviews. For this a trader should make a list of characteristics and opportunities, suggested by terminals’ software developers, then sort out which of them are of high priority and then form up an individual platform rating.
Trading terminal is actually software that gives an opportunity to be present and take part in the international foreign exchange market.
Main distinctions of platforms
All existed terminals have their own specific advantages. However, there are some common parameters, according to which a trader can form an estimate. Besides, he can always consult an online trading platform comparison, relying on the main peculiarities.
Peculiarities
Description
1
Speed and productivity
Some programs have slow connection speed. It adversely affects quotation graphics and timeliness of made bargains. This feature is clue for day-trading platforms, because a minute of delay may bring losses.
2
Functionality
This parameter consists of:
● quantity of analytical tools, including technical indicators and graphics,
● quantity of timeframes,
● quantity of synchronously opened windows with quotations,
● opportunity to code one’s own indicator and program auto trading,
● opportunity to install desktop version or use an online trading platform,
● robots and advisors,
● different types of orders,
● a service for fundamental analysis,
● an economic calendar,
● coverage of financial markets,
● quantity of available financial instruments (futures, options, foreign exchange and so on).
3
Convenience of the interface
The intuitively clear interface, an opportunity to tune it oneself, even colors influence the process of work much. The comfort is of high importance.
4
Security
Security and confidentiality are included in all Forex trading platforms. But this factor is also dependent on a chosen broker.
5
Mobility
It is an opportunity to install a terminal on a mobile device as well as its compatibility with different operational systems. It is not convenient to buy a device or computer just because of a terminal.
It is out doubt that the higher functionality is, the better work will be. However, even professional traders recognize, a Forex platform should be adapted to certain conditions. For example, there is a popular program MetaTrader (MT4or MT5), which has a various range of modifications like MetaTrader Gain or IFX Trader, optimized for specific strategies.
Popular FX platforms: review
There are many terminals with varied functionality and convenient features. Nevertheless, a beginner trader may get entangled in all resource of a chosen program. So, he should try software himself, compare trading platforms, consult specialists and only then make a choice. Besides, with time and experience a trader may need additional tools and switch to another program.
MetaTrader 4 and 5
MetaQuotes Software Corp developed MT4 in 2005. This terminal has a rich base of services, including an opportunity to create unique strategies for automatic trading. The software is pretty efficient, because it can serve more than 10 000 trader at once. It is one of the best currency trading platform, because of its security, mobile and auto trading, vast functionality, flexibility and opportunity to code.
MT5 appeared to be a tuned version of its predecessor. It was built as all in one:
technical and fundamental analyses,
presence of robots and advisors,
access to financial markets (Forex, online stock exchange, futures, options — all from one account),
79 analytical instruments,
21 timeframe with intervals from a minute to a month,
free base of technical indicators,
system of alerts,
economic calendar,
4 ways of execution and so on.
MT4 and 5 are recognized to be one of the best trading platforms, and many traders are pretty satisfied with all features of the software.
Mirror Trader
This program is built on a principle of mirror trading in FX. It allows seeing and analyzing steps of other professional traders, and then using the same technics if needed. It has an opportunity of manual, half-automatic and auto mirror trading. Mirror Trader often participates in a trading platform comparison and is recognized to be pretty reliable.
Ninja Trader
NT is recognized to be a standard in the foreign exchange market. It allows to trade with currency pairs, shares, forwards, futures and options. It has a complex of analytical resources, trade modeling and creation of strategies. NT is safe, reliable, simple to follow and flexible. It has 2 variants: NT Lite and NT Pro. The first one is free and has no opportunity of auto trading. Pro version costs $50 per month and has a rich functionality.
Zulu Trade
It is the cheapest online trading platform, because it is free. It represents a community of 1200 traders; they cooperate and provide signals to make work more profitable. There is a chance to register and become such a signal provider, but for this it is worth choosing a good broker.
A successful trading is pretty dependent on a terminal. Actually, a program should be easy and convenient to use. With experience come a higher professional level and a need to switch to another terminal. That is why it is recommended to follow the news concerning new software, using ratings like Forex Awards Winners 2015.