Thanks to the accessibility of online trading, trading on the forex market has become an increasingly popular activity in recent years. You no longer need a direct line to a broker or a job in Wall Street to speculate on currency pairs. All that’s required is an internet enabled device, an internet connection, and a trading account.
But before you start trading, you will have to open an online forex trading account. In this article, we are going to discuss how to choose the right forex trading platform.
Forex trading is done online. MT4 or MetaTrader 4 is the main platform for forex traders, but there are other options. Most online brokers will offer a choice of trading platforms, so you can take your pick.
MT4 is a relatively new software product, developed by MetaQuotes Corp. It came into being around 10 years ago and has since evolved into one of the most popular platforms thanks to its stability and ease of use. MT4 is very intuitive and easy to navigate. When you open up your MT4 trading software, you will see four windows featuring different currency pairs, a Market Watch window with bid and ask prices, and a navigator window where you can view your account. The Terminal at the bottom has links to your Account History, Mailbox, Alerts, Experts, and other areas.
The software can be customized to suit your preferences. Play around with different color schemes and templates. You can maximize and minimize charts, zoom in on data, and change time frames.
MT4 is compatible with all platforms, including Android and iOS. It works well on mobile, so you can trade on the go.
MT5 is the big brother of MT4. It offers the same features, plus a few extra. It supports more orders and is faster, so it is well suited to professional traders and brokers. Like MT4, it can be downloaded to mobile devices and all most operating systems.
Sirix from CM Trading is relatively new, but it is reliable and safe to use. It has all the features offered by MT4, including a secure interface, encrypted services, backup options, and real-time trading tips. It is available for mobile decides on multiple platforms, which is making it a popular choice with traders everywhere.
Choosing the Right Platform
You need to get a feel for whichever trading platform you use. The only way to do this is to start trading for real. You can try out any of the platforms above by opening a demo account on the platform of your choice. Select a forex trading broker that offers more than one trading platform and see how it works in practice.
- Are the windows easy to navigate?
- Can you find the tools you are looking for when you need them?
- Can you customize the look of the platform?
- Does it work on your operating system?
- Is there a mobile app?
Try out each platform and test it thoroughly. Once you are happy with the interface and feel confident about how everything works, make your final decision.
The right trading platform can make or break you. When things are happening fast, and you need to close a position, having the right tools at hand is essential. Take note of the above information and select the platform that best suits your needs.