Forex trading platform is a piece of software/interface which allows you to enter into orders. It is also a direct link between you and your broker. Such terminals consist everything need for forex trading. Live charts, current price quotes and calendar for market examination all come built- in with trading platforms. Safe to say, it is one of the basic needs or currency exchange trader. Numerous options exist and due to this, a question arises- which one to go for? Top forex trading platforms reviews state these valid points.
Those new to forex trading, it’s important to go through the information below.
As per review of forex trading platforms- these names stand out!
Again there are plenty of options available in the market. But Top forex trading platforms reviews brings up these 2 names primarily.
Popularly known as MetaTrader 4, this is the most popular trading platforms since 2005. The trading platform hosts a simple interface and also has automatic trading features. As per top forex trading platforms reviews
Highlights the software include
An economic calendar for market analysis
Accessibility to all your trading history
Around 30 technical tools and 24 analytical instruments
Accurate charts and option of trading in 9 different timeframes
Compatibility to various mobile operating systems
MetaMarket for buying more technical tools
This is the successor of MT4 and was introduced to traders in the year 2010. And over its span of 7 years, has appealed to numerous traders. This platform as per top forex trading platforms reviews, also consist of some amazing features.
Here’s a look into a few of them
21 trading time frames
Option of opening 100 charts at a single time
Tick chart trading is also an option
Enhanced economic calendar with features like- forecast, previous trade data, impact of variables and news releases
38 built-in indicators, 46 graphical charts instruments and 22 analytical objects
Upgraded strategy tester
Also compatible with popular mobile OS
The better option!
It’s tough to state as both these platforms- according to review of forex trading platforms are considered to be impressive.
For traders wanting a more enhanced version, MT5 seems to be the option to go for. But those who want simplicity, MT4 does seem a better fit. So it all boils down to what a trader is looking for.
What do the experts feel?
In opinion of experts and also comments of users, MT4 scores slightly more than its upgraded version.
MT4 is more user-friendly and that is something most traders prefer.
EA designed does not support MT5. To do that the MQL codes need to be rewritten.
Scalping and hedging is not possible through MT5. This platform follows NFA rules as default.
So, all those who are on the look-out for a reliable and effective trading platform, MT4 is your option. Even the top forex trading platforms reviews reinstate this fact. One last word- go for brokers who offer MT4.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.