Forex Trading Platforms.
A Forex trading platform is the software used to make trades on the Forex market. Trading platforms are often free and are mainly available as mobile apps. The best Forex brokers will offer a range of Forex trading platforms. The most popular platforms are MT4, MT5 and cTrader, but the best Forex trading platform for you will depend on your trading experience and personal taste .
What is a Forex Trading Platform?
Trading platforms are software applications provided to traders by Forex brokers. You need a trading platform to make trades on the Forex market.
The most common trading platforms are MT4 , MT5 and cTrader.
The most popular trading platforms are third-party applications which you can install on your computer. The most common third-party trading platforms are MT4, MT5 and cTrader. Some brokers also have their own trading platforms, which are usually accessed via your browser.
Trading platforms are more than just trading applications.
Trading platforms are more than just trading applications. Most trading platforms will also have charting tools, research tools, and options for automated trading or copy trading.
Which is the Best Forex Trading Platform?
Many believe that MetaTrader 4 (MT4) is the best platform because it is the most popular and is supported by most Forex brokers. Others argue that MetaTrader 5 (MT5) is better, as it is newer and has more modern features. Others prefer cTrader for its advanced customisation and intuitive layout.
Alongside MT4, MT5 and cTrader some Forex brokers also have their own platforms. Known as proprietary platforms, they are usually web-based and are better suited to beginner traders. They also tend to have a simplified interface and fewer customisation options.
Broker’s own platforms are often easier to use for beginner traders.
With MT4, MT5 and cTrader, it is easy to switch brokers and keep your platform with all your preferences and customisations.
With MT4, MT5 and cTrader you can switch brokers but keep your platform.
But if you decide to use a proprietary platform, the platform will not move with you if you decide to switch brokers. This means you will lose any customisation and specific platform knowledge that you have gained.
First, let us have a closer look at the most popular third-party platforms.
MetaTrader 4.
Launched in 2005, MetaTrader 4 (MT4) is the world’s most popular trading platform. Like most retail trading platforms it’s available for free from MetaQuotes or any of these MT4 Forex brokers.
MT4 is considered the Forex trading industry standard due to its execution speed, customisability, broker adoption and security. Over 90% of brokers will offer support for MT4.
MT4 is the most popular trading platform in the world.
MT4 runs smoothly and executes trades quickly, even on slower internet connections. But it is most famous for its customisation options.
You can build or buy trading robots for MT4 to automate your trading.
MT4’s open-source scripting language, MQL4, allows traders to build and buy Expert Advisors (EAs), indicators and other trading robots. These can then be installed on the platform to assist with and automate trading.
MT4 also has an advanced charting package, allowing traders to view multiple charts at different timeframes. These charts can then be overlaid with indicators to provide even more precision.
Like most platforms, MT4 is also available on mobile, tablet, in a web browser and as a downloadable application. Be aware that some of the customisation options are lost on mobile devices or on a web browser.
MT4 is extremely popular, so there are thousands of reviews and guides that will help get you started and answer any questions you may have. Most MT4 brokers will help traders set up the platform and offer specialist technical support.
These are the best MT4 brokers:
Best MT4 Broker.
Scroll for more details.
Overall Rating.
Official Site.
Min. Deposit.
Max. Leverage.
MetaTrader 4 (MT4)
Beginner Friendly.
Cost of Trading.
EUR/USD - Standard Spread.
EUR/USD - Raw Spread.
Regulated By.
Total CFDs.
Currency Pairs.
Website Language: English.
Support Language: English.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
Your capital is at risk.
MetaTrader 5.
Launched in 2010, Metatrader 5 (MT5) is the most recent version of the MetaTrader platform. Though it is not as popular as MT4, MT5 is also supported by many brokers. It is more modern in appearance and features than MT4, but there is not a huge difference between the two platforms.
MT5 and MT4 are very similar trading platforms.
Like MT4, MT5 allows traders to access the Forex market. But it also provides native access to other CFDs, like equities, stocks, and commodities. MT4 only supports access to these other markets via modifications to the platform. This wider range of CFDs is also good for brokers, as it lets them offer more products to traders in a single platform.
MT5 also comes with a more advanced scripting language (MQL5), which allows for more complex algorithms than MQL4. The MQL5 back-testing function is also more reliable, permitting a more precise understanding of how an EA is going to operate in a live trading environment.
The main problem for many traders is that MQL5 is not backwards compatible with MQL4. This means that any trading robots built for MT4 will not work in MT5 and vice versa.
Trading robots built for MT4 will not work in MT5, and vice versa.
The MT5 interface may look like MT4, but it has more features. MT5 has a more advanced charting package, including 12 more timeframes and more built-in technical indicators. MT5 also has a Depth of Market function, allowing traders to see view the bids and offers for any given instrument or currency pair. Other features include an economic calendar, a live news feed, a larger number of pending order types than MT4 and an embedded chat system. MT5 is also available on mobile, tablet, in a web browser and as a downloadable application.
These are the best brokers who support MT5.