Despite its high popularity in the financial market, MetaTrader is not the only trading platform in the Forex market. Let's review other systems, which can be used as an alternative to MetaTrader of MetaQuotes Software Corporation.
Is anything wrong with Meta trader!?
We can assure you that nothing is wrong with MetaTrader! It is the most powerful trading and information platform, which works perfectly well.
Note however, that sometimes market cannot keep pace with the latest versions of MetaQuotes. Many Russian brokers, not to mention ordinary traders, still do not welcome MetaTrader 5.
There are other platforms, which are designed for a variety of purposes:
- Private platforms of hedge funds, banks, brokers created for their clients;
- User (collective) projects;
- Powerful commercial platforms created with the help of good support, with effective indicators and experts designed for different purposes.
Let's review the most popular alternatives:
Along with Metatrader, NT is one of the most popular platforms in the currency trading market. The platform was designed by the American company from Denver. NT can be used both in the Forex market and in trading of stocks, forwards, futures and options. It is the preference of hundreds of brokers around the world.
- Flexibility of interface adjustment;
- Multifunctional language, which can be used by developers of integrated applications - C#;
- Support for NinjaTrader Ecosystem.
Options of NT are wider than in MT4 and the platform maintains many high-quality and professional indicators and advisers. There are two versions of the NT Lite platform - non- automated and NT Pro, which costs about $ 50 a month and provides complete functionality. Some brokers provide this platform free to their clients.
ZuluTrade is a platform for placing, copying and analyzing signals of Forex traders around the world. The main function of the platform is "copying" of the signals of the traders who trade on real accounts through various brokers.
- Portfolio analysis of Zulu Alchemy;
- ZuluGuard security system, which interrupts copying if provider's strategies have been significantly modified;
- ZuluScript environment for developing a system of automation settings.
You can either copy signals, or trade, or act as a provider, giving a chance for other traders to copy signals for a fixed fee. This platform is slightly different from MT, but also suitable for the market.
This is a social network and a platform for trading based on the technical analysis and is desined for private traders. We will give a more detailed description of this platform, as it can be helpful to everyone (if you do not use it for trading, it can be used as an additional technical analysis).
The platform has three localization languages. The free version has a very wide functionality:
- client’s section (chart or charts) is located on HTML5, which is very convenient, as you can use your browser version;
- Real-time charting is similar to the desktop-platforms; therefore, the data on currency, stocks and indices is provided without delays;
- Provides wide variety of user and commercial technical tools.
Let's review some of its features. Open the main page:
- You can have a look at the current trading signals and ideas of other participants or place your own signals and discuss them with the other participants;
- You can review or place scripts;
- The tab “Charts” can display your saved signals.
Now, lets’ open any of the charts. In order to do this, you need to find a tool in the Ticker field. Here you can see many financial instruments from different markets:
Open a chart for the pair EURJPY:
On the top panel you can switch to different financial instruments, timeframes and bars and set up a chart.
The button "Compare" gives you a chance to compare the charts; it is convenient for viewing correlations. Just view the pair CHFJPY and you will see, that correlation is clearly displayed in the chart.
You can compare as many instruments as you wish:
Platform offers a variety of indicators arranged in various categories, including a section with custom developments and “likes” for each indicator.
It is easy to load “Stochastics", pivot points and correlation coefficient indicator for CHF. Everything can be done quickly and efficiently, similar to MT:
You can also load a reminder on the top panel, place trading signals and scale the chart window.
You can control other windows on the left-side panel. This are the windows of quotes, information and news, data, market leaders, calendar, a window of ideas, chat, personal messages; we are not going to view this part in details.
Conclusions and recommendations
Here you can find a list of the most popular trading platforms.
Even if you are going to trade on Metatrader, you can use other platforms for making analysis or for other social purposes.
Some of the platforms are created for specific purposes (more accurate and quick analysis and testing, or scalping, for multi-indicator trading).
Metatrader is suaitable for traders with various strategies and targets.
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.