A lot of people do not really know that a lot of forex trading platforms grant access to other financial markets. Probably, their first exposure to the financial market had to do with forex trading, and they are so focused on it that they hardly have time for other things. However, there is more a trader can do with trading platforms asides trading the forex market. In this article, we will focus on what a trading platform is and what traders can do with it.
WHAT IS A FOREX TRADING PLATFORM?
A forex trading platform is a medium through which a trader can access the forex market. This software application gives traders the ability to place orders to sell or buy a currency pair, monitor the price movement of a trade, make analyses, and lots more. Without a trading platform, it is practically impossible for a trader to access the market. That is why traders are always on the lookout for the best trading platform there is for forex trading. Virtually every trader asked this question, at least at the beginning of their sojourn into the forex market.
THE METATRADER PLATFORMS
For some time not and still counting, the metatrader platforms have dominated the forex market to the extent that a lot of traders do not know any other but the metatrader platforms. The platform is user friendly even for beginners, with great user interface and more. As a result of the appealing nature of the metatrader platform, a lot of brokers (if not all) offer them as one of the platform options their clients can choose from.
The metatrader platforms were created by the MetaQuotes Corp. Their first creation was the metatrader 4 (MT4) which witnessed huge success in the forex market. After the MT4, came the MT5 which is quite similar to the earlier version except for some additions deemed needful on the path of the MetaQuotes Corp. The major difference between the MT4 and MT5 platforms is that MT5 can handle a larger amount of trading instruments compared to MT4. So instead of just trading currencies all day long, you might decide to do a bit of metals, energy, agriculture, and even more.
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