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When you choose a broker to work with, trading platforms are the first things you need to get familiar with. Functional features of trading platforms and the usability of software can impact the result of your trading activity. Our experts have tested the best trading platform and compiled the rating for you so that you could choose software that will satisfy your
needs. We paid attention to software developers, their functional features, and their usability.
A trading terminal is a program developed for trading on financial markets. Forex trading platforms are used by brokers to provide their clients with the possibility to make deals in real time.
By using terminals, traders can:
Some of the top forex trading platforms feature instruments that might be used for testing strategies and systems of automated trading. Such software developments also have tools to analyze the productivity of the trading process. Trading terminals store the records of deals, based on which traders can create a statistical report.
Our trading platforms list includes popular terminals that might be used both by beginners and experienced traders. Developments for professional traders feature more functional options and analytical instruments. For instance, cTrader supports an unlimited number of charts and allows users to share their experiences with the help of solutions called ChartShots and ChartCasts.
Many brokers develop their own trading platforms. Such developments are, usually, easy-to-use that’s why they are very convenient for beginners. New traders use not all the available trading tools so simple design, availability of basic functions, and a user-friendly interface are the top-priority original online trading platforms.
Depending on the level of compatibility with operating systems, there are 3 major types of trading terminals:
Trading platforms are developed with different programming languages. It impacts the user’s possibility to add new indicators. The company MetaQuotes has developed such platforms as MetaTrader 4 and MetaTrader 5 that are based on the MQL4 and MQL5 programming languages. Developers can add or improve indicators if there is a need for users. cTrader is written with the C# language, which also means new instruments might be added. However, users of Libertex don’t have such a possibility.
When you choose a trading terminal, it’s better to find out whether it’s supported by its developer. The most popular trading software developers, including MetaQuotes, work on the worldwide market so they can guarantee quality software.
When creating our rating of top trading platforms, we take into account a number of basic aspects:
Trading platforms for stocks and other instruments must feature no bugs. This is extremely important for active traders who open many deals. Investors say that even a good web-based platform may feature more bugs than desktop ones. Bugs are quite common for free web-based terminals. If orders are executed with delays, traders may suffer significant losses.
Choosing a good platform for trading depends on traders’ strategy and experience. Those who prefer speculative strategies work on MetaTrader 4 and MetaTrader 5. Beginners often choose free terminals for trading. Libertex is a good option for new traders. However, currently, it’s available only at the Forex Club broker. Such platforms as MT4 and MT5 are good for classic trading strategies. If you want to use advisers and trading robots, MT5 is your option.
A lot of traders pay attention to mobile terminals. They are very convenient and user-friendly, however, they display a limited number of the necessary functions. Mobile versions have fewer indicators, charts and allow you to open and close deals, watch quotes of assets. This is a good option if you don’t have access to your personal computer, for example, when you need to close a deal while being on the move.
Before you start working on any trading platform, it’s a good idea to sample its features and tools. A demo account is the most popular and convenient way to test a terminal. This way, you will avoid the risk of losing real money and will gain valuable experience of working with a trading platform.